Welcome to our dedicated page for Consumer Port news (Ticker: CPSS), a resource for investors and traders seeking the latest updates and insights on Consumer Port stock.
Consumer Portfolio Services, Inc. (CPSS) delivers specialized auto financing solutions for subprime borrowers through nationwide dealer partnerships. This news hub provides investors and industry observers with essential updates about the company's operations and market position.
Access timely corporate announcements including quarterly earnings results, strategic initiatives, and regulatory developments. Our curated collection features press releases about contract acquisitions, securitization activities, and servicing operations that drive CPSS's business model.
Stay informed about key developments in subprime auto financing through verified updates on dealer network expansions, credit portfolio performance, and industry trends. Bookmark this page for direct access to primary source materials and objective reporting about CPSS's role in the specialty finance sector.
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.
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced a conference call scheduled for August 12, 2021, at 1:00 p.m. ET to discuss its Q2 2021 operating results. Participants can dial in to join the call and a replay will be available from August 12 to August 19, 2021. CPS specializes in indirect automobile financing, primarily focusing on individuals with credit challenges by purchasing retail installment sales contracts from franchised dealerships. The company funds contract purchases mainly through securitization markets.
Consumer Portfolio Services (CPSS) announced the closing of its third term securitization in 2021, marking its 40th senior subordinate securitization since 2011. This transaction involved the sale of $291 million in asset-backed notes secured by $300 million in automobile receivables. Notably, it is the 23rd consecutive securitization to receive a triple 'A' rating from at least two agencies. The weighted average coupon on the notes is approximately 1.55%. The transaction enhances CPS's financing for future receivables, with a pre-funding structure in place.
Consumer Portfolio Services (CPSS) reported a net income of $5.2 million, or $0.21 per diluted share, for Q1 2021, reflecting a significant decrease from $10.8 million or $0.45 per diluted share in Q1 2020. Revenues declined by 10.8% to $63.1 million, down from $70.8 million a year earlier. However, pretax income rose 155.3% to $7.9 million. The company purchased $205 million in new contracts, showcasing a robust recovery in originations. Charge-offs decreased to 6.3% of the average portfolio, and delinquencies improved to 7.77%.
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) has announced a conference call scheduled for May 11, 2021, at 1:00 p.m. ET to discuss its first quarter 2021 operating results. Interested participants can join by calling 877 312-5502 or 253 237-1131 for international calls, with a conference ID of 7645419. A replay will be available from May 11 to May 18, with dial-in numbers provided for both domestic and international listeners. The call will also be broadcast live on the company's website.
Consumer Portfolio Services (Nasdaq: CPSS) has successfully closed its second term securitization for 2021, totaling $240 million in asset-backed notes secured by automobile receivables. This marks the 39th securitization since 2011, maintaining a commendable record of receiving a triple 'A' rating from at least two agencies. The transaction includes five classes of notes with a weighted average coupon of 1.65%. Initial credit enhancement is set at 1% of the original receivable pool, and CPS plans to sell an additional $84.5 million in receivables in May 2021.
Consumer Portfolio Services, Inc. (CPSS) reported a net income of $4.1 million or $0.17 per diluted share for Q4 2020, compared to $29,000 in 2019. Total revenues decreased by 27.2% to $62.4 million. For the full year, net income reached $21.7 million or $0.90 per share, up from $5.4 million in 2019. The company purchased $743 million in new contracts in 2020. The annualized net charge-offs improved to 5.18% of the portfolio, and delinquencies dropped to 12.08% from 15.46% a year prior.
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) will hold a conference call on February 24, 2021, at 1:00 p.m. ET to review its fourth quarter 2020 operational results. Participants can dial in at 877-312-5502 or 253-237-1131 for international access. A replay will be available from February 24 to March 3, 2021, and can be accessed using the same conference identification number, 3998868. CPS specializes in providing indirect automobile financing for individuals with credit challenges, purchasing retail installment sales contracts from dealerships secured by late-model used vehicles.
Consumer Portfolio Services (Nasdaq: CPSS) announced the closing of its first term securitization of 2021, marking its 38th senior subordinate securitization since 2011. The transaction involved the sale of $230.5 million in asset-backed notes backed by $245.0 million in auto receivables. Notably, this is the 21st consecutive securitization to receive a triple 'A' rating. The securitization includes a pre-funding structure, projecting future sales of approximately $60.6 million in receivables.
Consumer Portfolio Services (CPSS) renewed its two-year revolving credit agreement with Citibank on December 18, 2020. This agreement allows CPS to secure loans against automobile receivables, either currently held or to be purchased. CPS can borrow on a revolving basis until December 18, 2022, with options for full repayment or amortization afterward.
The renewal supports CPS's strategy of maintaining three $100 million warehouse lines with multi-year revolving commitments, enhancing its financing capabilities.
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