Consumer Portfolio Net Income Up 59%

Consumer Portfolio Services Inc. said net income rose 59% in the third quarter on higher revenue.

The company, which purchases, sells and services loans originated by automobile dealers, reported net income of $2.7 million, or 37 cents a share, for the fiscal quarter ended Dec. 31, up from $1.7 million, or 30 cents a share, for the same period a year earlier. Revenue increased 27% to $8.4 million from $6.6 million.

For the nine-month period, net income was $7.6 million, or $1.04 a share, a gain of 65% from the year-ago figure of $4.6 million, or 80 cents a share. Revenue was up 52% to $24.3 million from $16 million.