CONSUMER PORTFOLIO SERVICES, INC. (NASDAQ:CPSS) Files An 8-K Results of Operations and Financial Condition
ME Staff 8-k
CONSUMER PORTFOLIO SERVICES, INC. (NASDAQ:CPSS) Files An 8-K Results of Operations and Financial Condition Item 2.02. Results of Operations and Financial Condition.
On October 29, 2019, the registrant announced its earnings for the quarter ended September 30, 2019. A copy of the earnings release is attached as an exhibit to this report.
Item 8.01. Other Events.
The registrant’s earnings release disclosed the annualized rate of net chargeoffs on receivables held by the registrant on an aggregate basis, both those receivables that are described in its financial statements as finance receivables (“legacy portfolio”) and those that are described as finance receivables measured at fair value (“fair value portfolio”). The following table provides additional detail:
CONSUMER PORTFOLIO SERVICES INC Exhibit EX-99.1 2 cps_8kex9901.htm NEWS RELEASE RE EARNINGS Exhibit 99.1 NEWS RELEASE CPS ANNOUNCES THIRD QUARTER 2019 EARNINGS §Pretax income of $2.8 million §Net income of $1.8 million,… To view the full exhibit click here
About CONSUMER PORTFOLIO SERVICES, INC. (NASDAQ:CPSS)
Consumer Portfolio Services, Inc. is a specialty finance company. The Company’s business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans. Through its automobile contract purchases, the Company provides indirect financing to the customers of dealers having limited credit histories, low incomes or past credit problems, who it refers to as sub-prime customers. It serves as an alternative source of financing for dealers, facilitating sales to customers. The Company offers approximately eight financing programs to its dealership customers and prices each program according to the relative credit risk. Its financing programs are Bravo, First Time Buyer, Mercury/Delta, Standard, Alpha, Alpha Plus, Super Alpha and Preferred.
