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Consumer Portfolio Services reports developments tied to its specialty auto finance business, which purchases and services retail installment sales contracts from automobile dealers and provides indirect financing to borrowers with limited credit histories or past credit problems.
Company news commonly covers quarterly earnings, contract purchase volume, portfolio balances, delinquencies and net charge-offs, as well as asset-backed securitizations backed by automobile receivables. Updates also address warehouse credit facilities, residual-interest securitizations, forward flow arrangements, dealer relationships, and loan and collections systems used to originate and service auto contracts.
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.
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.