CPS reports fiscal 1995 results, names two new directors.IRVINE, Calif.--(BUSINESS WIRE)--May 16, 1995--Consumer Portfolio Services Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPSS CPSS Committee on Payment and Settlement Systems CPSS Commission on Public Secondary Schools CPSS Cincinnati Prehospital Stroke Scale (STR - Smile, Talk, Raise both arms) CPSS Certified Professional Soil Scientist ) Tuesday reported net earnings of $6.7 million, or $1.20 per primary share, for the fiscal year ended March 31, 1995, compared with a net loss of $1.8 million, or 42 cents per primary share, for the prior year. Fiscal 1995 revenues were $22.5 million, a 116-percent increase over revenues of $10.4 million for the prior year. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, fiscal 1995 earnings per share were $1.11 compared tith a loss of 42 cents for the prior year. The results for the prior year ended March 31, 1994, include a one-time, non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $6.5 million resulting from the release from escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. of 600,000 shares of the company's common stock pursuant to an agreement between the company, its controlling shareholder, and the underwriter of the company's 1992 initial public offering. Without this charge, net income for the prior year would have been $4.7 million, or 92 cents per primary share and 87 cents per fully diluted share. In addition, the results for the prior year were not fully taxed due to net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. which were in effect and became fully utilized in that period. CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. reported that purchases of contracts from auto dealers increased to $150.6 million for the fiscal year ended March 31, 1995, up from $53.1 million for the prior year. In addition, during the year the company completed acquisitions of two bulk portfolios aggregating $13.7 million. Contracts sold to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. equaled $140.6 million in the fiscal year ended March 31, 1995, up from $58.1 million in the prior year. The aggregate outstanding balance of contracts owned and/or serviced by the company was $193.6 million at March 31, 1995, compared with $65.5 million at March 31, 1994. "We are pleased with the success of the past year, the continued expansion of our contract acquisition program and the growth of our servicing portfolio. The economics provided by our increased size, together with the proceeds from our recent secondary public offering, put CPS in a strong position to expand the company and continue the trend of improving results into the next fiscal year," reported Charles E. Bradley Jr., president and chief executive officer. In addition, the company announced the election of two new directors to its board of directors. At its regularly scheduled quarterly board meeting on April 13, 1995, Thomas L. Chrystie and Robert A. Simms were elected, increasing the number of directors to six. Chrystie, 61, is a private investor and a director of Titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. Industries, Eonyx Corp. and Wyoming Properties. He was formerly chief financial officer of Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. with additional responsibilities in planning and development. He is also a Trustee Emeritus e·mer·i·tus adj. Retired but retaining an honorary title corresponding to that held immediately before retirement: a professor emeritus. n. pl. of Columbia University Columbia University, mainly in New York City; founded 1754 as King's College by grant of King George II; first college in New York City, fifth oldest in the United States; one of the eight Ivy League institutions. and a Trustee of Columbia Presbyterian Medical Center. Simms, 56, is chairman and chief executive office of Simms Capital Management Inc., and a director of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bancorp., The Halecrest Co., Arrhythmia arrhythmia (ārĭth`mēə), disturbance in the rate or rhythm of the heartbeat. Various arrhythmias can be symptoms of serious heart disorders; however, they are usually of no medical significance except in the presence of Research Technology Inc., and the National Football Foundation and Hall of Fame. Simms also serves on the board of overseers of Rutgers University Rutgers University, main campus at New Brunswick, N.J.; land-grant and state supported; coeducational except for Douglass College; chartered 1766 as Queen's College, opened 1771. Campuses and Facilities Rutgers maintains three campuses. and was formerly a partner in Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. & Co. "We are excited to welcome Mr. Chrystie and Mr. Simms to our board and look forward to their input as CPS faces the challenges and opportunities that lie ahead," added Bradley. Consumer Portfolio Services purchases, sells and services loans originated by automobile dealers for new and late model used cars. The company services loans in 49 states and has purchased contracts in 35 states. For more information on Consumer Portfolio Services via facsimile at no cost, simply call 800/PRO-INFO and dial client code 090. -0-
Consumer Portfolio Services Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars rounded to nearest thousand,
except for earnings per share data)
Year Ended March 31
(unaudited)
1995 1994(a)
Revenues $ 22,505 $ 10,424
Expenses
One-time non-cash charge(a) -- 6,450
Other expenses 11,358 5,262
11,358 11,712
Income before income taxes $ 11,147 $ (1,288)
Income taxes 4,481 490
Net income $ 6,666 $ (1,778)
Primary earnings per share $ 1.20 $ (0.42)
Weighted average primary shares 5,571,634 4,260,274
Fully diluted earnings per share $ 1.11 $ (0.42)
Fully diluted weighted
average shares 6,269,176 4,260,274
Note A: Results for the year ended March 31, 1994, include a one-time, non-cash charge of $6.5 million resulting from the release from escrow of 600,000 shares of the company's common stock pursuant to an agreement between the company, its controlling shareholder, and the underwriter of the company's 1992 initial public offering. Without this charge, net income would have been $4.7 million, or 92 cents per primary share and 87 cents per fully diluted share.
Consolidated Balance Sheets
Year Ended March 31,
(unaudited)
1995 1994
Assets
Cash $ 5,645 $ 2,089
Investments in Spread Accounts 23,323 10,497
Contracts held for sale 21,896 648
Other assets 7,112 3,304
$ 57,976 $ 16,538
Liabilities and Shareholders' Equity
Liabilities
Warehouse line of credit 19,730 --
Other liabilities 6,252 1,337
Convertible subordinated debt 5,000 5,000
30,982 6,337
Shareholders' Equity 26,994 10,201
$ 57,976 $ 16,538
CONTACT: Consumer Portfolio Services Inc., Irvine Charles E. Bradley Jr., 714/753-6800 or The Financial Relations Board Jody Martin, Moira Conlon, 310/571-9195 |
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