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TheStreet Open House

Collectors Universe's CEO Discusses F2Q2012 Results - Earnings Call Transcript

Stocks in this article: CLCT

We will then open the call for questions. Strategically, a number of important initiatives occurred this quarter. We developed a plan and framework for our first significant trip across the Pacific. During the last week of March and first week of April we will have a team of 22 attend a significant show in Hong Kong where we will conduct onsite grading and begin the process of building relationships in this area of the world.

Second within our online division, we initiated a listing fee. What does this mean? In addition to our membership, our customers now pay a modest listing fee for inventory listed. We believe our marketplace is equal to or superior to other options. At the same time, the price for our services has been significantly below our competitors, most notably eBay.

While no customers warmly embraces a new fee, we have been encouraged by the acceptance from our clients and importantly I see it as an affirmation of the quality and value of the service we deliver for them. Moreover we think this step leads to greater crispness in this business.

Notably coins that are sold will no longer show as being available for purchase. Why would a client pay a fee for an item that it has already sold. Next, we inked a number of advertising deals for our European websites, further evidence of the extension and possibilities for our product and services broadly defined in foreign countries.

Next our East Coast office for autograph authentication is meeting our objectives and providing better service and access to our customers while more aggressively competing against the firms in the Northeast.

Finally during the quarter we initiated and completed a significant upgrade to our core software systems. The project came in on time and on budget. It is very easy to say these words but many people worked long and hard to make this happen and we all know the many horror stories when it comes to these types of major IT projects. These are several examples of the types of actions we are taking that focus on and support our stated strategy which is to protect our core business and extend prudently and pragmatically.

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