COLLECTORS UNIVERSE, INC.
|
(Exact name of registrant as specified in its charter)
|
Delaware
|
1-34240
|
33-0846191
|
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
1921 E. Alton Avenue, Santa Ana, California
|
92705
|
|
(Address of principal executive offices)
|
(Zip Code)
|
N/A
|
(Former name or former address, if changed since last report)
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by Collectors Universe, Inc. on May 8, 2013, announcing its financial results for the third fiscal quarter ended March 31, 2013.
|
COLLECTORS UNIVERSE, INC.
|
||
Dated: May 9, 2013
|
By:
|
/s/ JOSEPH J. WALLACE
|
Joseph J. Wallace, Chief Financial Officer
|
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by Collectors Universe, Inc. on May 8, 2013, announcing its financial results for the third fiscal quarter ended March 31, 2013.
|
=\D: 6-LRR$,K;7,?!#%
M0F"?N']L@X_9E^+A(SCP[%QT_P"8G8U_$+\<%4?%CQLP5<_VLISM!Y%G:J>6
MR>0,9!!P%YXK^>?&;Q%S[@7'98\JJKV6)H1=6A*--Q*?^$;U.;PY>Z@+FWUBSB6^LQ;BVMXC-<&T:66T0.CJ3
M<11@$%/V5?VG_@C^TAX&\6Z;K[?'SX)_!SX5?&73/@X/$6MV-E\3=`N/%EC
MHK:#\+_$VI:B;:+Q!I<=YHUI::#XKNII;RVT]ITUN<>1`&YOX3?LL_ML?"/X
ML6'Q[U.\^&_CGQ#\79]=TO\`:,\*Z%XA\1:7KFJZ3XS>6^T;4#J6O22^&S-\
M&IELO#^A?\(Y9Z?<7'AQKY(DNI)%AE_:PQH?*.U
§
|
Service revenues increased 11% in this year’s third quarter to a quarterly record of $14.5 million, driven by a 13% increase in coin services revenues and a 12% increase in cards and autographs services revenues. Coin services revenues increased to $10.1 million from $8.9 million in last year’s third quarter, reflecting a mix of new services revenue, increased show grading activity and pricing changes implemented January 1, 2013.
|
§
|
The services gross profit margin for the third quarter was 64% of revenues, compared to 62% in last year’s third quarter, due primarily to the increased revenues in the quarter.
|
§
|
Operating income increased by 35% in the third quarter to a quarterly record of $3.9 million from $2.9 million in last year’s third quarter. Operating margin increased to 27% of revenues, compared with 22% of revenues in last year’s third quarter.
|
§
|
Income from continuing operations was $2.4 million, or $0.29 per diluted share, and $3.8 million, or $0.47 per diluted share, for the third quarter and nine months, respectively, of fiscal 2013, compared to $1.7 million, or $0.22 per diluted share, and $4.3 million, or $0.54 per diluted share, for the same periods of the prior year.
|
§
|
The Company’s cash position increased to $18.7 million at March 31, 2013 from $17.5 million at December 31, 2012. Cash at June 2012 was $21.2 million. Net cash used of $2.5 million for the nine months was comprised of cash generated from continuing operations of $6.5 million, offset by cash payments of $8.2 million of dividends to stockholders, $0.5 million for capital expenditures and $0.3 million used in our discontinued operations.
|
§
|
On April 4, 2013, we announced that our PCGS coin authentication and grading business will expand its international services by establishing operations in Shanghai, China.
|
§
|
On April 29, 2013, we announced our quarterly cash dividend of $0.325 per share, which will be paid on May 31, 2013 to stockholders of record on May 17, 2013.
|
Contact:
Joseph Wallace
Chief Financial Officer
Collectors Universe
949-567-1245
Email: jwallace@collectors.com
|
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Net revenues
|
||||||||||||||||
Grading and authentication and related services
|
$ | 14,488 | $ | 13,003 | $ | 34,763 | $ | 36,210 | ||||||||
Product sales
|
- | 79 | 550 | 416 | ||||||||||||
14,488 | 13,082 | 35,313 | 36,626 | |||||||||||||
Cost of revenues
|
||||||||||||||||
Grading and authentication and related services
|
5,178 | 4,989 | 13,480 | 14,019 | ||||||||||||
Product sales
|
2 | 75 | 554 | 486 | ||||||||||||
5,180 | 5,064 | 14,034 | 14,505 | |||||||||||||
Gross profit
|
9,308 | 8,018 | 21,279 | 22,121 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling and marketing expenses
|
2,174 | 1,869 | 5,542 | 5,087 | ||||||||||||
General and administrative expenses
|
3,214 | 3,235 | 9,556 | 9,732 | ||||||||||||
Total Operating Expenses
|
5,388 | 5,104 | 15,098 | 14,819 | ||||||||||||
Operating income
|
3,920 | 2,914 | 6,181 | 7,302 | ||||||||||||
Interest income and other expense, net
|
8 | 26 | 79 | 63 | ||||||||||||
Income before provision for income taxes
|
3,928 | 2,940 | 6,260 | 7,365 | ||||||||||||
Provision for income taxes
|
1,541 | 1,209 | 2,475 | 3,024 | ||||||||||||
Income from continuing operations
|
2,387 | 1,731 | 3,785 | 4,341 | ||||||||||||
Income (loss) from discontinued operations, net of income taxes
|
(7 | ) | 7 | (38 | ) | (43 | ) | |||||||||
Net income
|
$ | 2,380 | $ | 1,738 | $ | 3,747 | $ | 4,298 | ||||||||
Net income per basic share:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.30 | $ | 0.22 | $ | 0.47 | $ | 0.55 | ||||||||
Income (loss) from discontinued operations
|
- | - | - | (0.01 | ) | |||||||||||
Net income per basic share
|
$ | 0.30 | $ | 0.22 | $ | 0.47 | $ | 0.54 | ||||||||
Net income per diluted share:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.29 | $ | 0.22 | $ | 0.47 | $ | 0.54 | ||||||||
Income (loss) from discontinued operations
|
- | - | (0.01 | ) | - | |||||||||||
Net income per diluted share
|
$ | 0.29 | $ | 0.22 | $ | 0.46 | $ | 0.54 | ||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
8,066 | 7,922 | 8,047 | 7,893 | ||||||||||||
Diluted
|
8,101 | 8,020 | 8,099 | 7,993 | ||||||||||||
Dividends declared per common share
|
$ | 0.325 | $ | 0.325 | $ | 0.975 | $ | 0.975 | ||||||||
March 31,
|
June 30,
|
|||||||
ASSETS
|
2013
|
2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 18,732 | $ | 21,214 | ||||
Accounts receivable, net of allowance of $31 at March 31, 2013 and $70 at June 30, 2012
|
2,502 | 1,794 | ||||||
Inventories, net
|
1,735 | 2,273 | ||||||
Prepaid expenses and other current assets
|
1,023 | 813 | ||||||
Deferred income tax assets
|
1,177 | 1,177 | ||||||
Notes receivable from sale of net assets of discontinued operations
|
- | 148 | ||||||
Current assets of discontinued operations
|
- | 27 | ||||||
Total current assets
|
25,169 | 27,446 | ||||||
Property and equipment, net
|
1,834 | 1,795 | ||||||
Goodwill
|
2,083 | 2,083 | ||||||
Intangible assets, net
|
1,577 | 1,788 | ||||||
Deferred income tax assets
|
2,982 | 2,982 | ||||||
Other assets
|
335 | 169 | ||||||
Non-current assets of discontinued operations
|
182 | 182 | ||||||
$ | 34,162 | $ | 36,445 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 1,693 | $ | 1,625 | ||||
Accrued liabilities
|
1,910 | 1,917 | ||||||
Accrued compensation and benefits
|
2,082 | 2,463 | ||||||
Income taxes payable
|
1,738 | 191 | ||||||
Deferred revenue
|
2,678 | 2,322 | ||||||
Current liabilities of discontinued operations
|
788 | 804 | ||||||
Total current liabilities
|
10,889 | 9,322 | ||||||
Deferred rent
|
466 | 447 | ||||||
Non-current liabilities of discontinued operations
|
1,791 | 2,145 | ||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $.001 par value; 3,000 shares authorized, none issued or outstanding
|
- | - | ||||||
Common stock, $.001 par value; 20,000 shares authorized; 8,490 and 8,107 issued and outstanding
at March 31, 2013 and at June 30, 2012, respectively
|
8 | 8 | ||||||
Additional paid-in capital
|
74,328 | 73,683 | ||||||
Accumulated deficit
|
(53,320 | ) | (49,160 | ) | ||||
Total stockholders’ equity
|
21,016 | 24,531 | ||||||
$ | 34,162 | $ | 36,445 |