Consumer Portfolio Services (CPSS) has reported 37.90 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $4.48 million, or $0.16 a share in the quarter, compared with $7.21 million, or $0.24 a share for the same period last year.
Revenue during the quarter grew 6.90 percent to $107.60 million from $100.65 million in the previous year period. Gross margin for the quarter contracted 148 basis points over the previous year period to 83.48 percent. Total expenses were 66.79 percent of quarterly revenues, up from 64.25 percent for the same period last year. That has resulted in a contraction of 254 basis points in operating margin to 33.21 percent.
Operating income for the quarter was $35.73 million, compared with $35.98 million in the previous year period.
"We are pleased with our first quarter results," said Charles E. Bradley, Jr., chairman and chief executive officer. “Despite the challenges facing our industry, such as higher delinquencies and lower recoveries at the wholesale auctions, we marked our 23nd consecutive quarter of positive earnings.”
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