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 February 7, 2013, announcing its financial results for the second fiscal quarter ended December 31, 2012.
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COLLECTORS UNIVERSE, INC.
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Dated: February 7, 2013
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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 February 7, 2013, announcing its financial results for the second fiscal quarter ended December 31, 2012.
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§
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Service revenues declined by 15% to $9.6 million in this year’s second quarter, compared to $11.3 million in the same quarter of the prior year. The decline was primarily the result of a $1.9 million, or 24%, decline in coin service revenues, partially offset by a 10% increase in card and autograph service revenues. Coin service revenues in the second quarter of fiscal 2012 included $1.1 million of revenues resulting from the U.S. Mint’s 25th Anniversary American Eagle Silver Coin Program.
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§
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The services gross profit margin for this year’s second quarter was 59% of revenues, compared to 60% in the second quarter of the prior year.
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§
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Operating income at $1.0 million in this year’s second quarter, compared to $1.9 million for the second quarter of the prior year, was due primarily to the decline in revenues in this year’s second quarter. Operating expenses in this year’s second quarter declined by $0.2 million due to lower stock-based compensation expenses.
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§
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Income from continuing operations was $0.6 million, or $0.07 per diluted share, and $1.4 million, or $0.17 per diluted share, for the second quarter and first six months, respectively, of fiscal 2013, compared to $1.1 million, or $0.14 per diluted share, and $2.6 million, or $0.33 per diluted share, for the same periods of the prior year.
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§
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The Company’s cash position at December 31, 2012 was $17.5 million, compared with $21.2 million at June 30, 2012. Net cash used of $3.7 million for the first half of the year was comprised of cash generated from continuing operations of $2.5 million, offset by cash payments of $5.5 million of dividends to stockholders, $0.4 million for capital expenditures and $0.3 million used in our discontinued operations.
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§
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On January 29, 2013, we announced our quarterly cash dividend of $0.325 per share, which will be paid on March 1, 2013 to stockholders of record on February 15, 2013.
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Contact:
Joseph Wallace
Chief Financial Officer
Collectors Universe
949-567-1245
Email: jwallace@collectors.com
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Three Months Ended
December 31,
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Six Months Ended
December 31,
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Net revenues
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||||||||||||||||
Grading, and authentication and related services
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$ | 9,595 | $ | 11,307 | $ | 20,275 | $ | 23,207 | ||||||||
Product sales
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- | 165 | 550 | 337 | ||||||||||||
9,595 | 11,472 | 20,825 | 23,544 | |||||||||||||
Cost of revenues
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||||||||||||||||
Grading, authentication and related services
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3,962 | 4,492 | 8,302 | 9,030 | ||||||||||||
Product sales
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2 | 225 | 552 | 411 | ||||||||||||
3,964 | 4,717 | 8,854 | 9,441 | |||||||||||||
Gross profit
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5,631 | 6,755 | 11,971 | 14,103 | ||||||||||||
Operating expense:
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||||||||||||||||
Selling and marketing expenses
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1,552 | 1,567 | 3,368 | 3,218 | ||||||||||||
General and administrative expenses
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3,108 | 3,294 | 6,342 | 6,498 | ||||||||||||
Total operating expenses
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4,660 | 4,861 | 9,710 | 9,716 | ||||||||||||
Operating income
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971 | 1,894 | 2,261 | 4,387 | ||||||||||||
Interest and other income, net
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9 | 18 | 71 | 38 | ||||||||||||
Income before provision for income taxes
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980 | 1,912 | 2,332 | 4,425 | ||||||||||||
Provision for income taxes
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399 | 795 | 934 | 1,814 | ||||||||||||
Income from continuing operations
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581 | 1,117 | 1,398 | 2,611 | ||||||||||||
Loss from discontinued operations, net of income taxes
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(20 | ) | (32 | ) | (31 | ) | (50 | ) | ||||||||
Net income
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$ | 561 | $ | 1,085 | 1,367 | $ | 2,561 | |||||||||
Net income per basic share:
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||||||||||||||||
Income from continuing operations
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$ | 0.07 | $ | 0.14 | $ | 0.17 | $ | 0.33 | ||||||||
Loss from discontinued operations
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- | - | - | (0.01 | ) | |||||||||||
Net income
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$ | 0.07 | $ | 0.14 | $ | 0.17 | $ | 0.32 | ||||||||
Net income per diluted share:
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||||||||||||||||
Income from continuing operations
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$ | 0.07 | $ | 0.14 | $ | 0.17 | $ | 0.33 | ||||||||
Loss from discontinued operations
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- | - | - | (0.01 | ) | |||||||||||
Net income
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$ | 0.07 | $ | 0.14 | $ | 0.17 | $ | 0.32 | ||||||||
Weighted average shares outstanding:
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||||||||||||||||
Basic
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8,052 | 7,904 | 8,038 | 7,880 | ||||||||||||
Diluted
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8,113 | 7,999 | 8,099 | 7,982 | ||||||||||||
Dividends declared per common share
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$ | 0.325 | $ | 0.325 | $ | 0.65 | $ | 0.65 |
December 31,
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June 30,
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|||||||
ASSETS
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2012
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2012
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Current assets:
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||||||||
Cash and cash equivalents
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$ | 17,456 | $ | 21,214 | ||||
Accounts receivable, net of allowance of $34 at December 31, 2012 and $70 at June 30, 2012
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1,832 | 1,794 | ||||||
Inventories, net
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1,892 | 2,273 | ||||||
Prepaid expenses and other current assets
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958 | 813 | ||||||
Deferred income tax assets
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1,177 | 1,177 | ||||||
Notes receivable from sale of net assets of discontinued operations
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153 | 148 | ||||||
Current assets of discontinued operations
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27 | 27 | ||||||
Total current assets
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23,495 | 27,446 | ||||||
Property and equipment, net
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1,837 | 1,795 | ||||||
Goodwill
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2,083 | 2,083 | ||||||
Intangible assets, net
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1,674 | 1,788 | ||||||
Deferred income tax assets
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2,982 | 2,982 | ||||||
Other assets
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280 | 169 | ||||||
Non-current assets of discontinued operations
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182 | 182 | ||||||
$ | 32,533 | $ | 36,445 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current liabilities:
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Accounts payable
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$ | 1,344 | $ | 1,625 | ||||
Accrued liabilities
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1,944 | 1,917 | ||||||
Accrued compensation and benefits
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1,505 | 2,463 | ||||||
Income taxes payable
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368 | 191 | ||||||
Deferred revenue
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3,143 | 2,322 | ||||||
Current liabilities of discontinued operations
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783 | 804 | ||||||
Total current liabilities
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9,087 | 9,322 | ||||||
Deferred rent
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462 | 447 | ||||||
Non-current liabilities of discontinued operations
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1,915 | 2,145 | ||||||
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; 8,490 and 8,107 issued and outstanding at December 31, 2012
and June 30, 2012, respectively
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8 | 8 | ||||||
Additional paid-in capital
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74,136 | 73,683 | ||||||
Accumulated deficit
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(53,075 | ) | (49,160 | ) | ||||
Total stockholders’ equity
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21,069 | 24,531 | ||||||
$ | 32,533 | $ | 36,445 |
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