Consumer Portfolio Services’ Net Rises 34% as Revenue Doubles

Consumer Portfolio Services Inc., which purchases, sells and services loans originated by auto dealers, posted a 34% gain in net income for the second quarter as revenue more than doubled. The Irvine company said it earned $5.9 million, or 36 cents a share, for the three months, up from $4.4 million, or 28 cents a share, for the second quarter last year. Revenue totaled $37.2 million, up from $18.1 million.

Six-month net income was up 35.3% to $11.5 million, or 70 cents a share, from $8.5 million, or 55 cents a share, a year ago. Revenue climbed 87.5% to $64.5 million from $34.4 million.