<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File Number 1-11416
------------
(Check One):
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 1998
--------------------------------------------------------
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
-----------------------------------------
- -------------------------------------------------------------------------------
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
- -------------------------------------------------------------------------------
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
- -------------------------------------------------------------------------------
PART I -- REGISTRANT INFORMATION
CONSUMER PORTFOLIO SERVICES, INC.
- -------------------------------------------------------------------------------
Full Name of Registrant
- -------------------------------------------------------------------------------
Former Name if Applicable
16355 LAGUNA CANYON ROAD
- -------------------------------------------------------------------------------
Address of Principal Executive Office (Street and Number)
IRVINE, CA 92618
- -------------------------------------------------------------------------------
City, State and Zip Code
<PAGE>
PART II--RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expenseand the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check box if appropriate)
[X] (a) The reasons described in reasonable detail
in Part III of this form could not be
eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report, semi-annual
report, transition report on Form 10-K, Form
20-F, 11-K, Form N-SAR, or portion thereof,
will be filed on or before the fifteenth
calendar day following the prescribed due
date; or the subject quarterly report of
transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth
calendar day following the prescribed due
date; and
[ ] (c) The accountant's statement or other exhibit
required by Rule 12b-25(c) has been attached
if applicable.
PART III
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. (ATTACH EXTRA SHEETS IF NEEDED)
The report on Form 10-K of Consumer Portfolio Services, Inc. (the "Company"),
which report includes the Company's financial statements for the year ended
December 31, 1998, could not be filed within the prescribed time period due to
unforeseen delays arising in its preparation. Such delays are attributable, in
part, to the demands on the Company's staff arising out of its efforts to
complete a securitization transaction in March 1999. As previously reported, the
Company makes a practice of selling, in securitization transactions,
substantially all of the automotive receivables that it purchases. Throughout
the several weeks preceding the date of this notice, the Company has been
involved in the negotiation of terms of, and preparation of documents for, such
a transaction. No such transaction was completed in March, and, although the
Company continues to seek to complete such a transaction, there can be no
assurance to that effect. The Company's executive, accounting and legal staff
involved in the negotiation of terms of such a transaction, the preparation of
documents and the analysis of the legal and accounting implications of the
proposed terms of such transaction are the same staff responsible for preparing
and filing the report on Form 10-K. The Company has therefore been unable to
prepare and place into final form its annual report on Form 10-K for the year
ended December 31, 1998, within the prescribed time period and without
unreasonable effort or expense.
The Company undertakes to file such report on Form 10-K for the fiscal year
ended December 31, 1998, with the Commission not later than 15 days after the
required filing date.
<PAGE>
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
Jeffrey P. Fritz (949) 753-6800
----------------------------------- ----------- ------------------
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
The Company does expect that a significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report. The Company expects to
report as follows with respect to its results of operations for the year ended
December 31, 1998:
For the year ended December 31, 1998, total revenues increased 68% to $126.3
million, compared with $75.3 million in the prior year. Net earnings increased
39% to $25.7 million, or $1.50 per share, on 17.5 million diluted shares,
compared with $18.5 million, or $1.17 per share, on 16.1 million diluted shares
in the prior year.
For the year ended December 31, 1998, purchases of contracts from automobile
dealers increased 71% to $1,078.3 million, compared with $632.1 million for the
prior year. Contracts sold during the year in the form of asset-backed
securities increased 65% to $948.3 million, compared with $573.3 million for the
prior year. The aggregate outstanding balance of contracts serviced by the
Company at December 31, 1998, increased by 70% to $1,538.9 million, compared
with $902.7 million at December 31, 1997.
- -------------------------------------------------------------------------------
CONSUMER PORTFOLIO SERVICES, INC.
- -------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: April 1, 1999 By: /s/ JEFFREY P. FRITZ
-------------------------- ----------------------------
Name: Jeffrey P. Fritz
Title: Chief Financial Officer
<PAGE>
INSTRUCTION: The form may be signed by an executive officer of the registrantor
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
- ------------------------------------------------------------------------------
Intentional misstatements or omissions of fact constitute
Federal Criminal Violations (See 18 U.S.C. 1001)
- ------------------------------------------------------------------------------
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240 12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in or
filed with the form will be made a matter of public record in the Commission
files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall be
clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers unable
to submit a report within the time period prescribed due to difficulties in
electronic filing should comply with either Rule 201 or Rule 202 of
Regulation S-T or apply for an adjustment in filing date pursuant to Rule
13(b) of Regulation S-T.
