|Over a month ago|
Consumer Portfolio: Auto Experience offer was unsolicited » 13:2710/2010/20/20
Consumer Portfolio says…
Consumer Portfolio says the acquisition offer from Auto Experience was unsolicited but that it will respond by the deadline. CEO Charles Bradley says he personally has not spoken to Auto Experience. Comments taken from Q3 earnings conference call.
Consumer Portfolio reports Q3 EPS 16c, consensus 30c » 16:3210/1910/19/20
Reports Q3 revenue…
Reports Q3 revenue $70.7M, consensus $70.79M. Q3 annualized net charge-offs were 6.39% of the average portfolio vs. 8.07% for 3Q19. Delinquencies greater than 30 days were 10.29% of the total portfolio as of September 30 vs. 15.74% as of September 30, 2019.
Consumer Portfolio receives acquisition proposal from Auto Experience » 17:5110/1410/14/20
Consumer Portfolio received on October 7 a non-binding, unsolicited indication of interest to acquire the company from Auto Experience. Other than a three-page May letter from AEI delivered to the company's CFO, and rejected at that time, neither management nor the Board of Directors of the company have had any discussions with AEI regarding a purchase of the company. Following delivery of the October 7 indication of interest, AEI issued a press release announcing its interest in acquiring the company in what AEI described as an all-cash transaction valued at $135M. CPS believes that the press release mischaracterizes the indicated terms set forth in AEI's proposal, as the indication of interest includes numerous assumptions, conditions, contingencies and other terms not described in the press release. CPS' Board of Directors will evaluate the indication of interest and in the context of all relevant factors, including an assessment of AEI's ability to perform.
Auto Experience proposes to buy Consumer Portfolio for $135M in cash » 07:0810/0810/08/20
Auto Experience announced…
Auto Experience announced it has informed the board of directors of Consumer Portfolio Services of its interest in acquiring the company in an all-cash transaction valued at $135M. An acquisition at that price would nearly double the current value of the Nasdaq-listed company. In an October 7, letter to the company formally conveying an "indication of interest," Auto Experience said it proposes to acquire CPS for approximately $6.18 per share of common stock. CPS shares closed at $3.35 on October 7. In its letter to CPS, Auto Experience said it would add value to the company and its shareholders by re-engineering aspects of CPS's operations, applying proprietary technology and enhanced digital capabilities as the market increasingly shifts online, and employing a combination of existing resources and new leadership steeped in automobile financing and digital commerce. In its letter to the company, Auto Experience asked for a response from the CPS Board by October 30.
|Over a quarter ago|
Consumer Portfolio reports Q2 EPS 13c, consensus 29c » 17:0907/2107/21/20
Reports Q2 revenue…
Reports Q2 revenue $67.3M, consensus $74.88M. "We began our second quarter of 2020 with many uncertainties related to the pandemic," reported Charles E. Bradley, Jr., Chairman and Chief Executive Officer. "During the quarter, we sent home, and later returned to the office, more than half of our workforce with no significant interruption to our operations or the services we provide our dealers and customers. We postponed our planned asset-backed securitization, then completed it when the markets recovered. Despite the challenges of the times, we are pleased with the resiliency of our staff, our customers and the subprime auto finance industry."
Consumer Portfolio reports Q1 adjusted EPS 8c, consensus 19c » 17:2304/1504/15/20
Reports Q1 revenue…
Reports Q1 revenue $70.8M, consensus $79.72M. Q1 annualized net charge-offs were 6.99% of the average portfolio as compared to 7.98% for the first quarter of 2019. Delinquencies greater than 30 days were 12.41% of the total portfolio as of March 31, 2020, as compared to 12.12% as of March 31, 2019.
Consumer Portfolio postpones Q4 earnings call amid COVID-19 concerns » 16:4703/1603/16/20
Consumer Portfolio Services announced that due to the uncertainty and concerns associated with the Covid-19 outbreak it has postponed the call previously scheduled for Tuesday, March 17, 2020 at 1:00 p.m. ET to discuss its fourth quarter 2019 operating results.
Consumer Portfolio reports Q4 EPS 13c, consensus 8c » 16:1903/1603/16/20
Reports Q4 revenue…
Reports Q4 revenue $85.7M, consensus $84.22M. In 2019, our contract purchases grew 11% over the prior year and reached $1.0 billion for the first time since 2016, reported Charles E. Bradley, Jr., Chief Executive Officer. "As of December 31, 2019, our receivables measured at fair value comprise $1.5 billion, or 62% of our total managed portfolio. Continuing provisions for credit losses on the legacy portfolio have made for a difficult transition from a financial reporting standpoint, but we are looking forward to 2020 and the continued growth of the portfolio accounted for at fair value."