CPS Reports Lower Earnings, Higher Delinquencies Featured

By Staff Writer May 06, 2019 580

Consumer Portfolio Services Inc. announced earnings of $1.7 million for the first quarter.

This compares earnings of $3.1 million in the first quarter of 2018.

Revenues for the first quarter were $88.2 million, a decrease of $15.3 million from the first quarter of 2018.  Total operating expenses for the first quarter were $85.6 million compared to $99 million for the 2018 period. 

During the first quarter, CPS purchased $243 million of new contracts compared to $251.80 million during the fourth quarter and $210.6 million during the first quarter of 2018. 

The company's receivables totaled $2.393 billion as of March 31, an increase from $2.381 billion as of Dec.31 and an increase from $2.332 billion as of March 31, 2018.

Annualized net charge-offs for the first quarter were 7.98 percent of the average portfolio as compared to 8.16 percent for the first quarter of 2018.  Delinquencies greater than 30 days (including repossession inventory) were 12.12 percent of the total portfolio as of March 31, as compared to 8.74 percent as of March 31, 2018.

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Last modified on Monday, 06 May 2019 12:56