COLLECTORS UNIVERSE, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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1-34240
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33-0846191
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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1921 E. Alton Avenue, Santa Ana, California
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92705
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(Address of principal executive offices)
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(Zip Code)
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N/A
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(Former name or former address, if changed since last report)
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press release issued by Collectors Universe, Inc. on August 30, 2012, announcing its financial results for the fourth fiscal quarter and fiscal year ended June 30, 2012.
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COLLECTORS UNIVERSE, INC.
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||
Dated: September 4, 2012
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By:
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/s/ JOSEPH J. WALLACE
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Joseph J. Wallace, Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press release issued by Collectors Universe, Inc. on August 30, 2012, announcing its financial results for the fourth fiscal quarter and fiscal year ended June 30, 2012.
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·
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Grading, authentication and related service revenues were $11.6 million in this year's fourth quarter and $47.9 million for fiscal 2012, compared to $12.2 million for last year's fourth quarter and $43.8 million for fiscal 2011. The decrease of $0.6 million, or 4% in this year's fourth quarter service revenues, compared to last year's fourth quarter, was attributable to modern coin service revenues which decreased by 31%, or $1.0 million. For the year, the increase of $4.1 million, or 9% in service revenues, compared to the prior year, included a $2.5 million, or 9% increase in coin service revenues, and a $1.1 million, or 11% increase in cards and autographs service revenues.
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·
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The gross profit margin on service revenues was 59% in this year's fourth quarter and 61% for the year, compared to 62% for the corresponding periods of the prior year.
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·
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Operating income was $1.9 million for this year's fourth quarter and $9.2 million for fiscal 2012, compared to $1.6 million for last year's fourth quarter and $8.3 million for fiscal year 2011. The prior year periods included non-cash impairment charges of $1.4 million related to our Expos business.
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·
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Income from continuing operations was $2.5 million, or $0.31 per diluted share, for this year's fourth quarter and $6.8 million, or $0.85 per diluted share, for fiscal 2012, compared to $1.0 million, or $0.13 per diluted share, for last year's fourth quarter and $5.0 million, or $0.65 per diluted share, for fiscal 2011. The current period results reflect an income tax benefit of $1.3 million related to the Company's investment in a subsidiary and a lower effective tax rate resulting from a change in state taxes.
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·
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The Company's cash position at June 30, 2012 was $21.2 million, compared with $21.9 million at June 30, 2011. On July 30, 2012, we announced our quarterly cash dividend of $0.325 per share, to be paid on August 31, 2012 to stockholders of record on August 17, 2012.
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Three Months Ended
June 30,
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Year Ended
June 30,
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2012
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2011
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2012
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2011
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Net revenues:
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||||||||||||||||
Grading, authentication and related services
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$ | 11,649 | $ | 12,197 | $ | 47,859 | $ | 43,827 | ||||||||
Product sales
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84 | 62 | 500 | 605 | ||||||||||||
11,733 | 12,259 | 48,359 | 44,432 | |||||||||||||
Cost of revenues:
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||||||||||||||||
Grading, authentication and related services
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4,742 | 4,627 | 18,762 | 16,814 | ||||||||||||
Product sales
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154 | 46 | 640 | 435 | ||||||||||||
4,896 | 4,673 | 19,402 | 17,249 | |||||||||||||
Gross profit
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6,837 | 7,586 | 28,957 | 27,183 | ||||||||||||
Selling and marketing expenses
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1,757 | 1,603 | 6,844 | 6,029 | ||||||||||||
General and administrative expenses
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3,224 | 3,029 | 12,956 | 11,497 | ||||||||||||
Impairment losses
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- | 1,368 | - | 1,368 | ||||||||||||
Operating income
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1,856 | 1,586 | 9,157 | 8,289 | ||||||||||||
Interest and other income, net
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24 | 5 | 88 | 93 | ||||||||||||
Income before provision (benefit) for income taxes
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1,880 | 1,591 | 9,245 | 8,382 | ||||||||||||
Provision (benefit) for income taxes
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(598 | ) | 611 | 2,425 | 3,346 | |||||||||||
Income from continuing operations
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2,478 | 980 | 6,820 | 5,036 | ||||||||||||
Net income (loss) from discontinued operations, including income
on sale of discontinued businesses, net of income taxes
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(28 | ) | 118 | (71 | ) | 83 | ||||||||||
Net income
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$ | 2,450 | $ | 1,098 | $ | 6,749 | $ | 5,119 | ||||||||
Net income per basic share:
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||||||||||||||||
Income from continuing operations
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$ | 0.31 | $ | 0.13 | $ | 0.86 | $ | 0.66 | ||||||||
Income (loss) from discontinued operations
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- | 0.01 | (0.01 | ) | 0.01 | |||||||||||
Net income per basic shares
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$ | 0.31 | $ | 0.14 | $ | 0.85 | $ | 0.67 | ||||||||
Net income per diluted share:
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||||||||||||||||
Income from continuing operations
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$ | 0.31 | $ | 0.13 | $ | 0.85 | $ | 0.65 | ||||||||
Income (loss) from discontinued operations
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- | 0.01 | (0.01 | ) | 0.01 | |||||||||||
Net income per diluted shares
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$ | 0.31 | $ | 0.14 | $ | 0.84 | $ | 0.66 | ||||||||
Weighted average shares outstanding:
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||||||||||||||||
Basic
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7,933 | 7,716 | 7,905 | 7,682 | ||||||||||||
Diluted
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7,972 | 7,806 | 7,987 | 7,798 | ||||||||||||
Dividends declared per common share
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$ | 0.325 | $ | 0.325 | $ | 1.30 | $ | 1.28 |
June 30,
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||||||||
ASSETS
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2012
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2011
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Current assets:
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Cash and cash equivalents
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$ | 21,214 | $ | 21,926 | ||||
Accounts receivable, net of allowance of $70 in 2012 and $66 in 2011
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1,794 | 1,534 | ||||||
Refundable income taxes
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- | 60 | ||||||
Inventories, net
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2,273 | 1,442 | ||||||
Prepaid expenses and other current assets
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813 | 959 | ||||||
Deferred income tax asset
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1,177 | 1,769 | ||||||
Notes receivable from sale of net assets of discontinued operations
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148 | 50 | ||||||
Current assets of discontinued operations
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27 | 27 | ||||||
Total current assets
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27,446 | 27,767 | ||||||
Property and equipment, net
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1,795 | 1,301 | ||||||
Goodwill
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2,083 | 2,083 | ||||||
Intangible assets, net
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1,788 | 1,145 | ||||||
Deferred income tax asset
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2,982 | 2,956 | ||||||
Notes receivable from sale of net assets of discontinued operations
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- | 135 | ||||||
Other assets, including coin inventory of $750 at June 30, 2011
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169 | 942 | ||||||
Non-current assets of discontinued operations
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182 | 182 | ||||||
$ | 36,445 | $ | 36,511 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current liabilities:
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Accounts payable
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$ | 1,625 | $ | 1,390 | ||||
Accrued liabilities
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1,917 | 1,415 | ||||||
Accrued compensation and benefits
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2,463 | 2,383 | ||||||
Income taxes payable
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191 | 125 | ||||||
Deferred revenue
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2,322 | 2,417 | ||||||
Current liabilities of discontinued operations
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804 | 743 | ||||||
Total current liabilities
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9,322 | 8,473 | ||||||
Deferred rent
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447 | 396 | ||||||
Non-current liabilities of discontinued operations
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2,145 | 2,572 | ||||||
Commitments and contingencies
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||||||||
Stockholders’ equity:
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||||||||
Preferred stock, $.001 par value; 3,000 shares authorized; no shares issued or outstanding
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- | - | ||||||
Common stock, $.001 par value; 20,000 shares authorized; shares outstanding: 8,107 in 2012 and 7,943 in 2011
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8 | 8 | ||||||
Additional paid-in capital
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73,683 | 70,402 | ||||||
Accumulated deficit
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(49,160 | ) | (45,340 | ) | ||||
Total stockholders’ equity
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24,531 | 25,070 | ||||||
$ | 36,445 | $ | 36,511 |
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