Consumer Portfolio Services saw a drop in quarterly auto contract dollars, but the company remains “pleased” with its operating results for the fourth quarter of 2015, Chief Executive Charles Bradley said in a press release yesterday.
CPS purchased $269.2 million of new contracts during 4Q15, down from the previous quarter’s $287.5 million, but up 1.8% from the same time a year prior.
However, 4Q15 was the 17th consecutive quarter of increasing quarterly earnings, Bradley said, thanks to its total revenue, which was at $95.3 million for 4Q15 — a 14.2% increase compared to the same time the year prior.
In addition to its quarterly earnings, CPS also announced it has added a third $100 million revolving credit facility with Credit Suisse and Ares, bringing the company’s total short term funding capacity to $300 million.