Consumer Portfolio Services Inc. on April 26 announced its earnings for the first quarter ended March 31, 2001.
The company's net income for the three months ended March 31, 2001, was $186,000, or $0.01 per share, on 21.4 million diluted shares outstanding, compared with a net loss of $11.1 million, or $0.55 per share, on 20.1 million diluted shares outstanding for the same period in the prior year. Total revenues increased by $17 million, from $374,000 for the year-earlier period to $17.3 million for the three months ended March 31, 2001.
Purchases of contracts from automobile dealers increased 21 percent to $190.7 million from $157.6 million for the prior year's period. During the three month period ended March 31, 2001, the company sold $198.9 million of contracts, compared with $154.5 million for the same period in the prior year. The aggregate outstanding balance of contracts serviced by the company at March 31, 2001, was $381.3 million, a decrease of 44.9 percent from $692.5 million at March 31, 2000.
Balances of accounts past due over 30 days represented 2.6 percent of the servicing portfolio at March 31, 2001, compared with 3.3 percent at March 31, 2000. The annualized net charge-off rate for the three month period ended March 31, 2001, was 8.23 percent, compared with 13.89 percent for the three month period ended March 31, 2000.
As of March 31, 2001, the inventory of repossessed vehicles was 1.8 percent of the servicing portfolio, compared with 2.6 percent at March 31, 2000.
"We are very pleased with the results of the quarter. This is our first profitable quarter in two years. This is another important step in the process of rebuilding our company," said Charles E. Bradley Jr., president and chief executive officer.
Consumer Portfolio Services purchases, sells and services retail installment sales contracts originated predominantly by franchised dealers for new and late model used cars. The company finances automobile purchases through approximately 4,500 dealers under contract across the United States.
