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Somebody wanted some serious shares at the end of day!
seriously. haven't touched it yet but watching. frpt is the play right now i think. im in 4k at 1.18:)
set a new 52 week low today..Man this thing just can't find a bottom yet huh? lol...Maybe we should wait for a dip under $2..lol
lol I dunno I'm pretty hot, may take a dip! chart looking oversold again. lets see what happens today...
New 52 week low bro..Think we should go for a swim?
There's your $2.50 (now even lower)However, I think you'll be able to buy at $1.80 soon. Its on the restricted list now due to suspicious activity. I sold this POS today at $5000 loss and will never look back. This is one sick company. The board are liars, dont listen to those crooks.
It will get there!
One more bad market day and we test $2.30! Yes I predict a new 52 week low! Be PATIENT it is coming! Then we ROLL!!$$
Patience is KEY..Here comes my $2.50!
HOD disappeared fast, Some good magicians here.
Leonidas, it looks like its moving away from you for once.
I need $6!!! lol
Along with the whole market. I hope it wont take years to get back to $6
Working her way back down
It will come back..
I think you should have gotten in yesterday at about $2.79
woooooohooooo, lets roll!!!! lol...
Make her come down bro!! Watch PAL!! Coming down!
TOTALLY WRONG WAY!!!! man!
I know it man!! Bring her DOWN!!!
grrrrrrrrrrrr "$0.17 per diluted share, compared to $1.30 per diluted share"- this should have hit 2.50 at least!!! come on wheres our panic sellers?! doh
Hope it goes to $100 lol.....I'll take $6
Will this pig stay about $3?
Consumer Portfolio Services, Inc. Reports 2007 Fourth Quarter and Full-Year Earnings
IRVINE, Calif.--(BUSINESS WIRE)--Feb. 12, 2008--Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS" or the "Company") today announced earnings for its fourth quarter and year ended December 31, 2007.
Pretax income for the fourth quarter of 2007 increased to $6.0 million, compared to pretax income of $4.5 million for the fourth quarter of 2006. Net income for the fourth quarter of 2007 was $3.5 million, or $0.17 per diluted share, compared to net income of $30.9 million, or $1.30 per diluted share, for the year-ago quarter. Net income for the 2006 period included a net tax benefit of $26.4 million, or $1.11 per diluted share, related to the reversal of most of the valuation allowance against the deferred tax asset on the Company's books. Without the tax gain, and assuming the tax rate that was in effect in 2006, net income for the fourth quarter of 2006 would have been $2.7 million, or $0.11 per diluted share.
Total revenues for the fourth quarter of 2007 increased approximately $29.6 million, or 37.1%, to $109.5 million, compared to $79.9 million for the fourth quarter of 2006. Total operating expenses for the fourth quarter of 2007 were $103.5 million, an increase of $28.2 million, or 37.4%, as compared to $75.4 million for the 2006 period.
Pretax income for the full year 2007 increased to $24.0 million, compared to pretax income of $13.2 million for 2006. Net income for the year ended December 31, 2007 was $13.9 million, or $0.61 per diluted share, compared to net income of $39.6 million, or $1.64 per diluted share, for the year ended December 31, 2006. As discussed above, net income for 2006 included a net tax benefit of $26.4 million, or $1.09 per diluted share. Without the tax gain, and assuming the tax rate that was in effect in 2006, net income for 2006 would have been $7.8 million, or $0.32 per diluted share.
For the year ended December 31, 2007 total revenues increased approximately $115.7 million, or 41.5%, to $394.6 million, compared to $278.9 million for the year ended December 31, 2006. Total operating expenses for the year ended December 31, 2007 were $370.6 million, an increase of $104.9 million, or 39.5%, as compared to $265.7 million for the year ended December 31, 2006.
During the fourth quarter of 2007, CPS purchased $265.8 million of contracts from dealers as compared to $340.2 million during the third quarter of 2007 and $241.4 million during the fourth quarter of 2006. For 2007, CPS purchased $1,282.3 million of contracts from dealers as compared to $1,019.0 million in 2006, an increase of 25.8%. The Company's managed receivables totaled $2,126.2 million as of December 31, 2007, an increase of $560.3 million, or 35.8%, from $1,565.9 million as of December 31, 2006, as follows ($ in millions):
December 31, 2007 December 31, 2006
----------------- -----------------
Owned by Consolidated Subsidiaries
(a) $2,125.7 $1,527.3
Owned by Non-Consolidated
Subsidiaries 0.0 34.8
As Third Party Servicer for
SeaWest Financial 0.4 3.8
----------------- -----------------
Total $2,126.2 $1,565.9
(a) Before $154.4 million and $125.9 million of allowance for credit
losses, deferred acquisition fees and repossessed vehicles for 2007
and 2006, respectively.
Annualized net charge-offs during the December 2007 quarter were 6.3% of the average owned portfolio as compared to 5.9% during the 2006 quarter. Annualized net charge-offs for the full year 2007 were 5.3% of the average owned portfolio as compared to 4.5% for the full year 2006. Delinquencies greater than 30 days (including repossession inventory) were 6.3% of the total owned portfolio as of December 31, 2007, as compared to 5.5% as of December 31, 2006.
"2007 was a landmark year for CPS as our new contract purchases and total managed portfolio both reached their highest levels in our history," said Charles E. Bradley, Jr., President and Chief Executive Officer. "Our execution of the managed growth strategy we set in motion four years ago has gone very well as our year-over-year pretax income growth continues. While asset performance metrics deteriorated a modest amount in 2007 vs. 2006, we expected a bit of normalization as 2006 was one of the best years for consumer credit in the last 10 years. Despite these increases, net charge-offs and delinquencies for the quarter and year remain within the range of our seasonal expectations."
Conference Call
CPS announced that it will hold a conference call tomorrow, February 13, 2007, at 1:30 p.m. ET to discuss its quarterly earnings. Those wishing to participate by telephone may dial-in at 973-582-2717 approximately 10 minutes prior to the scheduled time.
A replay will be available between February 13, 2007 and February 20, 2007, beginning one hour after conclusion of the call, by dialing 800-642-1687 or 706-645-9291 for international participants, with pin number 34672747. A broadcast of the conference call will also be available live and for 30 days after the call via the Company's web site at www.consumerportfolio.com and at www.streetevents.com.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is a specialty finance company engaged in purchasing and servicing new and used retail automobile contracts originated primarily by franchised automobile dealerships and to a lesser extent by select independent dealers of used automobiles in the United States. We serve as an alternative source of financing for dealers, facilitating sales to sub-prime customers, who have limited credit history, low income or past credit problems and who otherwise might not be able to obtain financing from traditional sources.
Forward-looking statements in this news release include the Company's recorded revenue, expense and provision for credit losses, because these items are dependent on the Company's estimates of future losses. The accuracy of such estimates may be adversely affected by various factors, which include (in addition to risks relating 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 or the effects of recent changes in bankruptcy law, 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. All of such factors also may affect the Company's future earnings, 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 provision for credit losses may affect future performance.
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,
------------------- -------------------
2007 2006 2007 2006
------- ------- ------- -------
Revenues:
Interest income $102,904 $ 75,377 $370,265 $263,566
Servicing fees 550 458 1,218 2,894
Other income 6,047 4,058 23,067 12,403
-------- --------- -------- ---------
109,501 79,893 394,550 278,863
-------- --------- -------- ---------
Expenses:
Employee costs 13,012 10,133 46,716 38,483
General and administrative 6,573 6,249 24,959 23,197
Interest 39,588 27,700 139,189 93,112
Provision for credit losses 38,814 26,734 137,272 92,057
Other expenses 5,544 4,559 22,457 18,814
-------- --------- -------- ---------
103,531 75,375 370,593 265,663
-------- --------- -------- ---------
Income before income taxes 5,970 4,518 23,957 13,200
Income taxes 2,508 (26,355) 10,099 (26,355)
-------- --------- -------- ---------
Net income $ 3,462 $ 30,873 $ 13,858 $ 39,555
======== ========= ======== =========
Earnings per share:
Basic $ 0.18 $ 1.43 $ 0.66 $ 1.82
Diluted 0.17 1.30 0.61 1.64
Number of shares used in
computing earnings per
share:
Basic 19,697 21,626 20,880 21,759
Diluted 20,839 23,792 22,595 24,052
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31, December 31,
2007 2006
------------ ------------
Cash $ 20,880 $ 14,215
Restricted cash 170,341 193,001
------------ ------------
Total Cash 191,221 207,216
Finance receivables 2,068,004 1,480,794
Allowance for finance credit losses (100,138) (79,380)
------------ ------------
Finance receivables, net 1,967,866 1,401,414
Residual interest in securitizations 2,274 13,795
Deferred tax assets, net 58,835 54,669
Other assets 63,332 51,247
------------ ------------
$2,283,528 $1,728,341
============ ============
Accounts payable and other liabilities $ 36,813 $ 30,932
Warehouse lines of credit 235,925 72,950
Residual interest financing 70,000 31,378
Securitization trust debt 1,798,302 1,442,995
Senior secured debt - 25,000
Subordinated debt 28,134 13,574
------------ ------------
2,169,174 1,616,829
------------ ------------
Shareholders' equity 114,354 111,512
------------ ------------
$2,283,528 $1,728,341
============ ============
Operating and
Performance Data ($ in
thousands) At and for the At and for the
Three months ended Twelve months ended
December 31, December 31,
---------------------- ----------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Contract purchases 265,765 241,361 1,282,311 1,019,018
Total managed portfolio 2,126,177 1,565,905 2,126,177 1,565,905
Average managed
portfolio 2,108,272 1,539,098 1,906,605 1,376,781
Net interest margin (1) 63,316 47,677 231,076 170,454
Risk adjusted margin
(2) 24,502 20,943 93,804 78,397
Core operating expenses
(3) 25,129 20,941 94,132 80,494
Annualized % of
average managed
portfolio 4.77% 5.44% 4.94% 5.85%
Annualized return on
managed assets (4) 1.13% 1.17% 1.26% 0.96%
Allowance as % of
finance receivables 4.84% 5.36%
Delinquencies
31+ Days 4.74% 3.99%
Repossession Inventory 1.57% 1.54%
Total Delinquencies and
Repossession Inventory 6.31% 5.53%
Annualized net charge-
offs as % of average
owned portfolio 6.34% 5.92% 5.26% 4.54%
(1) Interest income less interest expense.
(2) Net interest margin less provision for credit losses.
(3) Total expenses less interest and provision for credit losses.
(4) Pretax income divided by average managed portfolio.
CONTACT: Investor Relations Contact
Consumer Portfolio Services, Inc.
Robert E. Riedl, 949-753-6800
Erica Waldow, 888-505-9200
SOURCE: Consumer Portfolio Services, Inc.
Copyright ©2006 Consumer Portfolio Services, Inc. All rights reserved.
http://www.consumerportfolio.com
These guys have a nice stake... Millenco LLC 1,469,618 shares
DUDE! This thing is not suppose to go up til it get's down to at least $2.50!! Someone is fired! lol
There goes another 18 cents! They want to bring it to my $2.50 target bro! lol
Consumer Portfolio Services, Inc., Announces 2007 Fourth-Quarter and Full-Year Earnings Conference Call -- Wednesday, February 13, 2008
IRVINE, Calif.--(BUSINESS WIRE)--Feb. 8, 2008--Consumer Portfolio Services, Inc. (NASDAQ:CPSS), today announced that it will release its 2007 fourth-quarter and full-year earnings after the market closes Tuesday, February 12, 2008. Management will then host a conference call on Wednesday, February 13, 2008, at 1:30 p.m. ET to discuss the earnings.
Dial-in number for the call is 973-582-2717.
A replay of the call will be available until February 20th, by calling 800-642-1687, or 706-645-9291 for international participants, with pin number 34672747.
This call is being webcast by Thomson/CCBN and can be accessed at the CPS Web site at www.consumerportfolio.com.
The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (www.streetevents.com).
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc., is a specialty finance company engaged in purchasing and servicing new and used retail automobile contracts originated primarily by franchised automobile dealerships and to a lesser extent by select independent dealers of used automobiles in the United States. We serve as an alternative source of financing for dealers, facilitating sales to sub-prime customers, who have limited credit history, low income or past credit problems and who otherwise might not be able to obtain financing from traditional sources.
ahha they want to fill you maybe next week
Did you see I set an entry of $2.50 and since I said that it has just kept coming down..lol
nice getting there... watching!
Intresting these guys filed on 2/6/2008 and have 1,111,634 shares 5.6%
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=5697929&Type=HTML
Make that 15 cents closer to that $2.50 target...
LMAO!! Yea..CPSS shaving another 7 cents at this time..So proves we are going lower..LMAO!
hmmmm, I dont know, up .19 on very good volume for this time of day. This proves we are headed higher IMHO.
OOPS, sorry, wrong stock...was looking at JADE
9 cents closer to that $2.50 target
I think that if they miss it may test it
Leonidas, do you really think it would go below the 52 again?
The only reason its down this far is the subprime mess/general market downturn. Last quarter the stock was at $6 when they reported, they met expectations and the stock started its long retrace. I dont think we'll get under $3 any time soon but hey, it could. I'm holding long till $7
Good luck trading this, I'm a trader too but I dont trade this one, only because I'm underwater here.
Been shorting GG MEOH and trading shipping stocks and ETFC
What do you think of the MSFT/YHOO deal?
Hey Veteran..Earnings coming any time now..Hate to say this but I hope they miss..Would love to see a sell off and watch it dip under that 52 week low so I can LOAD the BOAT!!<<I know I know I am mean and GREEDY!
She bounced right back as usual..Man this is a fun one to trade!
hey just got on, what happened here today?
Yes, he's been buying right along. All of them have.
Eventually it will find its way up.
I'll be here waiting.
Come on Hawk..$3 one more time for the New Year's sake! lol
$3.31 is plenty low enough, there are no sellers period below $3.20
What is the P/E at $3.31..lol..Is this thing going to re-test $3??? I can only hope right?
Would love to see this hit $3 again!
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