Consumer Portfolio Services Announces Repurchase of 1.5 Million Shares.IRVINE, Calif. -- Consumer Portfolio Services, Inc. (Nasdaq: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 ) announced that it has repurchased 1.5 million shares of 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. common stock at a price of $5.00 per share from Levine Leichtman Capital Partners II, L.P. ("LLCP LLCP Limited Liability Corporation "). Charles E. Bradley, Jr., President and Chief Executive Officer, said, "CPS believes the market is not distinguishing our business from the sub-prime mortgage industry. Our financial and operating metrics continue to improve and portfolio performance is good. In addition, our liquidity position is solid with $425 million in committed warehouse credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and over $25 million of availability under our residual financing facility. Our purchase of the LLCP shares will be immediately accretive to earnings per share." 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, low incomes or limited credit histories. We purchase retail installment sales Installment sale The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. contracts primarily from franchised automobile dealerships which are secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis through the securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. markets and service the contracts over their lives. We are headquartered in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). and have three additional servicing branches in Virginia, Florida and Illinois. About Levine Leichtman Capital Partners Levine Leichtman Capital Partners is a private investment firm that manages in excess of $2.0 billion of institutional investment capital through private equity partnerships. LLCP has a highly differentiated, multi-fund investment strategy focused on companies with revenues between $50 million and $500 million. LLCP is currently making new investments through Levine Leichtman Capital Partners III, L.P. and Levine Leichtman Capital Partners Deep Value Fund, L.P. To learn more about Levine Leichtman Capital Partners, visit their website at www.llcp.com. |
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