NEWPORT BEACH, Calif., Aug. 30, 2012 (GLOBE NEWSWIRE) -- Collectors Universe, Inc. (Nasdaq:CLCT), a leading provider of value-added authentication and grading services to dealers and collectors of high-value collectibles, today announced financial results for its fourth quarter and year ended June 30, 2012.
Fourth Quarter Operational and Financial Highlights:
- 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.
- 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.
- 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.
- 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.
- 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.
Commentary and OutlookMichael McConnell, Chief Executive Officer, stated, "As previously disclosed, we experienced a slowdown in our modern coin submissions during the quarter. The remainder of our businesses performed at, or above, expectations for both the fourth quarter and the year. We remain focused on executing our stated strategy to protect our core business and extend pragmatically. Specifically, we continue to develop our grading and authentication services in Asia, continue to develop tactics to maximize the potential of our digital activities and remain focused on driving operational efficiencies. Looking ahead to the first quarter, after a slower start over the first six weeks of the quarter, coin submissions in recent weeks have picked up to a level more consistent with the first quarter of fiscal 2012."