Consumer Port Stock Price, News & Analysis

Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced the nomination of Stephen H. Deckoff and James E. Walker III for election to its Board of Directors. This recommendation follows discussions with Black Diamond Capital Management, which owns approximately 22% of CPSS's outstanding shares. CEO Charles E. Bradley, Jr. endorsed the nominees, citing his long-standing acquaintance with them. The annual shareholders' meeting is anticipated in July 2022, with further details to be disclosed in the upcoming proxy materials.

Consumer Portfolio Services (CPSS) reported strong financial results for Q4 2021, with net income of $19.0 million ($0.71 per diluted share), up from $4.1 million ($0.17) in Q4 2020. Q4 revenues increased 11.1% to $69.4 million. Total operating expenses dropped 19.5% to $202.1 million for the year, leading to a pretax income of $65.7 million. New contract purchases reached $1.146 billion for 2021, a 54% increase year-over-year. The company also noted improved credit performance, with annualized net charge-offs at 2.57% compared to 5.18% in Q4 2020.

Consumer Portfolio Services (CPSS) announced a conference call on February 15, 2022, at 1:00 p.m. ET to discuss Q4 2021 operating results. Participants can join by calling 877 312-5502 (international: 253 237-1131) about 10 minutes before the start time, using conference ID 9319729. A replay will be available from February 15 to February 22, 2022, by calling 855 859-2056 (international: 404 537-3406). The call will also be streamed live on the company’s website, www.consumerportfolio.com.

Consumer Portfolio Services (Nasdaq: CPSS) has announced the renewal of its two-year revolving credit agreement with Ares Agent Services, effective February 2, 2022. This agreement allows CPS to secure loans backed by automobile receivables, with borrowing available until January 31, 2024. Post-revolving period, CPS has options for full repayment or amortization until January 31, 2028. The CEO, Charles E. Bradley, Jr., stated the renewal aligns with the company's strategy of maintaining substantial warehouse lines.

Consumer Portfolio Services (Nasdaq: CPSS) has successfully closed its first term securitization of 2022, marking its 42nd senior subordinate securitization since 2011. The transaction involved the sale of $316.8 million in asset-backed notes, backed by $330.0 million in automobile receivables. The notes received a triple “A” rating from two agencies and are structured with five classes of notes, featuring an average coupon rate of approximately 2.54%. Additionally, the securitization includes credit enhancements to support principal payments.

Consumer Portfolio Services (CPSS) has successfully closed its fourth term securitization in 2021, marking its 41st since 2011. The transaction involved the sale of $349.2 million in asset-backed notes backed by $360.0 million of automobile receivables. All notes received a triple 'A' rating from Moody's and DBRS Morningstar. The weighted average coupon on the notes is approximately 2.09%, and the transaction features initial credit enhancements of 4.00%. A pre-funding structure allows for the sale of additional receivables, facilitating long-term financing.

Consumer Portfolio Services (CPSS) reported a significant rise in third-quarter earnings for 2021, achieving net income of $13.7 million or $0.52 per diluted share, a 232% increase from the prior year. The company's pretax income soared to $19.5 million, up from $5.9 million in Q3 2020. However, total revenues decreased to $68.6 million, down from $70.7 million year-over-year. New contract purchases reached $327 million, a 14% rise compared to the previous quarter. CPS also repurchased approximately 2 million shares of its common stock, reaffirming its commitment to shareholders.

Consumer Portfolio Services (CPSS) will host a conference call on October 28, 2021, at 1:00 p.m. ET to discuss its third quarter 2021 operating results. Participants can join via phone by calling 877-312-5502 (international: 253-237-1131) about 10 minutes prior. The call will be available for replay from October 28 to November 4, 2021, using the same conference ID 9262788. Investors can also access a live broadcast via the company’s website and on-demand for 90 days post-call.

Consumer Portfolio Services, Inc. (CPSS) reported a net income of $9.7 million, or $0.39 per diluted share, for Q2 2021, up from $3.0 million in Q2 2020. The pretax income soared by 199% to $13.9 million. However, total revenues fell to $66.8 million, slightly down from $67.3 million in the same quarter last year. Year-to-date revenues decreased by 5.9% to $129.9 million, but total expenses dropped significantly by 17.1% to $108.1 million in the six months ended June 30, 2021. New contract purchases reached $286 million, a 39% increase over Q1 2021.