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Consumer Portfolio Services, Inc. (CPSS)

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Previous Close4.2900
Open4.0000
Bid0.0000 x 2900
Ask0.0000 x 800
Day's Range3.9920 - 4.2750
52 Week Range1.0000 - 5.1200
Volume11,318
Avg. Volume33,215
Market Cap94.773M
Beta (5Y Monthly)2.58
PE Ratio (TTM)4.67
EPS (TTM)0.9000
Earnings DateApr 14, 2021 - Apr 19, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est4.67
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • ACCESSWIRE

    Consumer Portfolio Services, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / February 24, 2021 / Consumer Portfolio Services, Inc. (NASDAQ:CPSS) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on February 24, 2021 at 1:00 PM Eastern Time.

  • CPS Announces Fourth Quarter and Full Year 2020 Earnings
    GlobeNewswire

    CPS Announces Fourth Quarter and Full Year 2020 Earnings

    Pretax income of $6.5 million for the fourth quarter and $20.1 million for 2020Net income of $4.1 million, or $0.17 per diluted share for the fourth quarterNet income of $21.7 million, or $0.90 per diluted share for 2020New contract purchases of $743 million for the full year 2020 LAS VEGAS, NV, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $4.1 million, or $0.17 per diluted share, for its fourth quarter ended December 31, 2020. This compares to a net income of $29,000 in the fourth quarter of 2019. Revenues for the fourth quarter of 2020 were $62.4 million, a decrease of $23.3 million, or 27.2%, compared to $85.7 million for the fourth quarter of 2019. Total operating expenses for the fourth quarter of 2020 were $56.0 million compared to $84.8 million for the 2019 period. Pretax income for the fourth quarter of 2020 was $6.5 million compared to pretax income of $0.9 million in the fourth quarter of 2019. For the twelve months ended December 31, 2020 total revenues were $271.2 million compared to $345.8 million for the twelve months ended December 31, 2019, a decrease of approximately $74.6 million, or 21.6%. Total expenses for the twelve months ended December 31, 2020 were $251.0 million, a decrease of $85.6 million, or 25.4%, compared to $336.6 million for the twelve months ended December 31, 2019. Pretax income for the twelve months ended December 31, 2020 was $20.1 million, compared to $9.2 million for the twelve months ended December 31, 2019. Net income for the twelve months ended December 31, 2020 was $21.7 million, or $0.90 per diluted share. This compares to net income of $5.4 million, or $0.22 per diluted share for the twelve months ended December 31, 2019. Results for the twelve months ended December 31, 2020 include a net tax benefit of $8.8 million related to the revaluation of the Company’s net operating losses and other tax adjustments. Without this tax benefit, net income and net income per diluted share for the twelve months ended December 31, 2020 would have been $12.9 million and $0.54 per share, respectively. During the fourth quarter of 2020, CPS purchased $166.7 million of new contracts compared to $174.0 million during the third quarter of 2020 and $247.5 million during the fourth quarter of 2019. The Company's receivables totaled $2.175 billion as of December 31, 2020, a decrease from $2.250 billion as of September 30, 2020 and a decrease from $2.416 billion as of December 31, 2019. Annualized net charge-offs for the fourth quarter of 2020 were 5.18% of the average portfolio as compared to 7.92% for the fourth quarter of 2019. Delinquencies greater than 30 days (including repossession inventory) were 12.08% of the total portfolio as of December 31, 2020, as compared to 15.46% as of December 31, 2019. “We began 2020 with the highest expectations and then adjusted to the changes brought about by the pandemic,” reported Charles E. Bradley, Jr., Chairman and Chief Executive Officer. “As the year unfolded, we experienced the interruption and return of the asset-backed securitization market, briefly higher delinquencies followed by improvement to even lower levels than before the pandemic, and the resilience and fortitude of our staff as we navigated work-from-home and enhanced office health protocols. We are looking forward to a return to pre-pandemic world in 2021.” Conference Call CPS announced that it will hold a conference call on February 24, 2021, at 1:00 p.m. ET to discuss its quarterly operating results. Those wishing to participate by telephone may dial-in at 877 312-5502 or 253 237-1131 approximately 10 minutes prior to the scheduled time. The conference identification number is 3998868. A replay of the conference call will be available between February 24, 2021 and March 3, 2021, beginning two hours after conclusion of the call, by dialing 855 859-2056 or 404 537-3406 for international participants, with conference identification number 3998868. A broadcast of the conference call will also be available live and for 90 days after the call via the Company’s web site at www.consumerportfolio.com. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives. Forward-looking statements in this news release include the Company's recorded figures representing allowances for remaining expected lifetime credit losses, its pandemic-related markdown of carrying value for the portion of its portfolio accounted for at fair value, its pandemic-related charge to the provision for credit losses for the its legacy portfolio, its estimates of fair value (most significantly for its receivables accounted for at fair value), its provision for credit losses, its entries offsetting the preceding, and figures derived from any of the preceding. In each case, such figures are forward-looking statements because they are dependent on the Company’s estimates of losses to be incurred in the future. The accuracy of such estimates may be adversely affected by various factors, which include (in addition to risks relating to the COVD-19 pandemic and to the economy generally) the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company’s ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company’s realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company's business is concentrated. The accuracy of such estimates may also be affected by the effects of the COVID-19 pandemic and of governmental responses to said pandemic, which have included prohibitions on certain means of enforcement of receivables, and may include additional restrictions, yet unknown, in the future. Any or all such factors also may affect the Company’s future financial results, as to which there can be no assurance. Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to losses to be incurred in the future may affect future performance. Investor Relations Contact Jeffrey P. Fritz, Chief Financial Officer844 878-2777 Consumer Portfolio Services, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three months ended Twelve months ended December 31, December 31, 2020 2019 2020 2019 Revenues: Interest income $67,710 $83,274 $294,982 $337,096 Mark to finance receivables measured at fair value (6,477) - (29,528) - Other income 1,201 2,449 5,707 8,704 62,434 85,723 271,161 345,800 Expenses: Employee costs 19,372 21,847 80,198 80,877 General and administrative 7,630 7,895 31,981 33,004 Interest 22,962 27,595 101,338 110,528 Provision for credit losses - 21,454 14,113 85,773 Other expenses 5,996 6,045 23,411 26,456 55,960 84,836 251,041 336,638 Income before income taxes 6,474 887 20,120 9,162 Income tax expense (benefit) 2,331 858 (1,557) 3,756 Net income $4,143 $29 $21,677 $5,406 Earnings per share: Basic $0.18 $0.00 $0.96 $0.24 Diluted $0.17 $0.00 $0.90 $0.22 Number of shares used in computing earnings per share: Basic 22,555 22,529 22,611 22,416 Diluted 24,537 23,950 24,003 24,064 Condensed Consolidated Balance Sheets (In thousands) (Unaudited) December 31, December 31, 2020 2019 Assets: Cash and cash equivalents $13,466 $5,295 Restricted cash and equivalents 130,686 135,537 Finance receivables measured at fair value 1,523,726 1,444,038 Finance receivables 492,133 897,530 Allowance for finance credit losses (80,790) (11,640) Finance receivables, net 411,343 885,890 Deferred tax assets, net 28,512 15,480 Other assets 38,162 53,009 $2,145,895 $2,539,249 Liabilities and Shareholders' Equity: Accounts payable and accrued expenses $43,112 $47,077 Warehouse lines of credit 118,999 134,791 Residual interest financing 25,426 39,478 Securitization trust debt 1,803,673 2,097,728 Subordinated renewable notes 21,323 17,534 2,012,533 2,336,608 Shareholders' equity 133,362 202,641 $2,145,895 $2,539,249 Operating and Performance Data ($ in millions) At and for the At and for the Three months ended Twelve months ended December 31, December 31, 2020 2019 2020 2019 Contracts purchased $166.71 $247.50 $742.58 $1,002.78 Contracts securitized - 275.00 741.87 1,014.10 Total portfolio balance $2,174.97 $2,416.04 $2,174.97 $2,416.04 Average portfolio balance 2,202.22 2,418.61 2,315.75 2,404.71 Allowance for finance credit losses as % of fin. receivables 16.42% 1.30% Aggregate allowance as % of fin. receivables (1) 18.23% 3.57% Delinquencies 31+ Days 10.43% 13.55% Repossession Inventory 1.65% 1.91% Total Delinquencies and Repo. Inventory 12.08% 15.46% Annualized Net Charge-offs as % of Average Portfolio Legacy portfolio 6.96% 12.05% 11.72% 12.16% Fair Value portfolio 4.61% 5.17% 4.33% 3.80% Total portfolio 5.18% 7.92% 6.51% 7.95% Recovery rates (2) 41.9% 33.1% 38.7% 33.9% For the For the Three months ended Twelve months ended December 31, December 31, 2020 2019 2020 2019 $ (3)% (4) $ (3)% (4) $ (3)% (4) $ (3)% (4)Interest income $67.71 12.3% $83.27 13.8% $294.98 12.7% $337.10 14.0%Mark to finance receivables measured at fair value (6.48)-1.2% - 0.0% (29.53)-1.3% $- 0.0%Servicing fees and other income 1.20 0.2% 2.45 0.4% 5.71 0.2% 8.70 0.4%Interest expense (22.96)-4.2% (27.60)-4.6% (101.34)-4.4% (110.53)-4.6%Net interest margin 39.47 7.2% 58.13 9.6% 169.82 7.3% 235.27 9.8%Provision for credit losses - 0.0% (21.45)-3.5% (14.11)-0.6% (85.77)-3.6%Risk adjusted margin 39.47 7.2% 36.67 6.1% 155.71 6.7% 149.50 6.2%Core operating expenses (33.00)-6.0% (35.79)-5.9% (135.59)-5.9% (140.34)-5.8%Pre-tax income $6.47 1.2% $0.89 0.1% $20.12 0.9% $9.16 0.4% (1) Includes allowance for finance credit losses and allowance for repossession inventory. (2) Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale. (3) Numbers may not add due to rounding. (4) Annualized percentage of the average portfolio balance. Percentages may not add due to rounding.

  • CPS to Host Conference Call on Fourth Quarter 2020 Earnings
    GlobeNewswire

    CPS to Host Conference Call on Fourth Quarter 2020 Earnings

    LAS VEGAS, Nevada, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced that it will hold a conference call on Wednesday, February 24, 2021 at 1:00 p.m. ET to discuss its fourth quarter 2020 operating results. Those wishing to participate by telephone may dial-in at 877 312-5502, or 253 237-1131 for international participants, approximately 10 minutes prior to the scheduled time. The conference identification number is 3998868. A replay of the conference call will be available between February 24 and March 3, 2021, beginning two hours after conclusion of the call, by dialing 855 859-2056 or 404 537-3406 for international participants, with conference identification number 3998868. A broadcast of the conference call will also be available live and for 90 days after the call via the Company’s web site at www.consumerportfolio.com. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives. Investor Relations ContactJeffrey P. Fritz, Chief Financial Officer844-878-2777