Consumer Portfolio Services Inc. Announces First Quarter Earnings Conference Call Thursday, May 16, 2002.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--May 15, 2002 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 ) today announced financial results for its first quarter ended March 31, 2002. The company's net income for the period was $16.4 million, or $0.76 per diluted share, based on 21.7 million diluted shares outstanding, compared with net income of $186,000, or $0.01 per diluted share, on 21.4 million diluted shares outstanding for the comparable period in the prior year. The company's net income reflects an extraordinary gain of $17.4 million, or $0.81 per diluted share, resulting from the excess ("negative goodwill") of net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. acquired over purchase price paid in the company's acquisition of MFN MFN abbr. most-favored nation Financial Corp., which closed March 8, 2002. "The first quarter has been an eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. one for CPS," said Charles E. Bradley Jr., president of Consumer Portfolio Services. Bradley continued: "We are coming off what we consider to be a successful year in 2001 and we continue to move forward. The acquisition of MFN strategically positions us to be a significant player in the automobile finance market. "The individual strengths and complementary nature of the two entities enable us to take advantage of available opportunities. At the same time, we are confident that we can achieve significant operational synergies by combining these two organizations." Consumer Portfolio Services also announced that it will hold a conference call on Thursday, May 16, 2002, at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time), to discuss its quarterly results. Those wishing to participate by telephone may dial-in at 800/350-7822 approximately 5-10 minutes prior to the scheduled time In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas . A replay will be available for 24 hours Adv. 1. for 24 hours - without stopping; "she worked around the clock" around the clock, round the clock beginning at one hour after conclusion of the call by dialing 800/633-8284. The reservation number is 20614472. 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 dealers under contract across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This release includes certain "forward-looking statements," including the statement or implication to the effect that the company believes it will achieve operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. savings or synergies in connection with its acquisition of MFN Financial Corp. Factors that could affect operating expense savings or synergies include the ability of company staff to perform tasks previously performed by others and the real estate markets in regions in which the company may close acquired facilities. |
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