CPS Reports Lower Earnings Featured

By Staff Writer July 26, 2018

Consumer Portfolio Services Inc. announced earnings of $3.2 million for its second quarter.

This compares to net income of $4.6 million in the second quarter of 2017.

Revenues for the second quarter were $99.4 million, compared to $110.1 million for the second quarter of 2017.  Total operating expenses for the second quarter were $94.7 million compared to $102.1 million for the 2017 period. 

During the second quarter, CPS purchased $214.7 million of new contracts compared to $210.6 million during the first quarter of 2018 and $233.9 million during the second quarter of 2017.  The company's receivables totaled $2.329 billion as of June 30, a decrease from $2.332 billion as of March 31 and $2.343 billion as of June 30, 2017.

Annualized net charge-offs for the second quarter were 7.58 percent of the average portfolio as compared to 7.62 percent for the second quarter of 2017.  Delinquencies greater than 30 days (including repossession inventory) were 10.07 percent of the total portfolio as of June 30, as compared to 9.64 percent as of June 30, 2017.

Last modified on Thursday, 26 July 2018 12:45

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