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Collectors Universe Reports Fourth Quarter And Fiscal 2012 Results

Additional information regarding these risks and information regarding other risks and uncertainties to which our business is subject is contained in our Annual Report on Form 10-K for our fiscal year ended June 30, 2012 filed with the Securities and Exchange Commission on August 30, 2012. Due to these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or in our Annual or Quarterly Reports, which speak only as of their respective dates. We also disclaim any obligation to update or revise any of the forward-looking statements as a result of new information, future events or otherwise, except as may be required by law or NASDAQ rules.

- tables to follow - 
COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
 
  Three Months Ended June 30, Year Ended June 30, 
  2012 2011 2012 2011
Net revenues:        
Grading, authentication and related services $ 11,649 $ 12,197 $ 47,859 $ 43,827
Product sales 84 62 500 605
  11,733 12,259 48,359 44,432
Cost of revenues:        
Grading, authentication and related services 4,742 4,627 18,762 16,814
 Product sales 154 46 640 435
  4,896 4,673 19,402 17,249
         
Gross profit 6,837 7,586 28,957 27,183
         
Selling and marketing expenses 1,757 1,603 6,844 6,029
General and administrative expenses 3,224 3,029 12,956 11,497
Impairment losses -- 1,368 -- 1,368
Operating income 1,856 1,586 9,157 8,289
Interest and other income, net  24 5 88 93
Income before provision (benefit) for income taxes 1,880 1,591 9,245 8,382
Provision (benefit) for income taxes (598) 611 2,425 3,346
Income from continuing operations 2,478 980 6,820 5,036
Net income (loss) from discontinued operations, including income on sale of discontinued businesses, net of income taxes   (28)   118   (71)   83
Net income $ 2,450 $ 1,098 $ 6,749 $ 5,119
         
Net income per basic share:        
Income from continuing operations $ 0.31 $ 0.13 $ 0.86 $ 0.66
Income (loss) from discontinued operations -- 0.01 (0.01) 0.01
Net income per basic shares $ 0.31 $ 0.14 $ 0.85 $ 0.67
         
Net income per diluted share:        
Income from continuing operations $ 0.31 $ 0.13 $ 0.85 $ 0.65
Income (loss) from discontinued operations -- 0.01 (0.01) 0.01
Net income per diluted shares $ 0.31 $ 0.14 $ 0.84 $ 0.66
         
Weighted average shares outstanding:        
Basic 7,933 7,716 7,905 7,682
Diluted 7,972 7,806 7,987 7,798
Dividends declared per common share $ 0.325 $ 0.325 $ 1.30 $ 1.28

 
COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
 
  June 30,
ASSETS 2012 2011
Current assets:    
Cash and cash equivalents $ 21,214 $ 21,926
Accounts receivable, net of allowance of $70 in 2012 and $66 in 2011 1,794 1,534
Refundable income taxes -- 60
Inventories, net 2,273 1,442
Prepaid expenses and other current assets 813 959
Deferred income tax asset 1,177 1,769
Notes receivable from sale of net assets of discontinued operations 148 50
Current assets of discontinued operations 27 27
Total current assets 27,446 27,767
     
Property and equipment, net 1,795 1,301
Goodwill 2,083 2,083
Intangible assets, net 1,788 1,145
Deferred income tax asset 2,982 2,956
Notes receivable from sale of net assets of discontinued operations -- 135
Other assets, including coin inventory of $750 at June 30, 2011 169 942
Non-current assets of discontinued operations 182 182
  $ 36,445 $ 36,511
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $ 1,625 $ 1,390
Accrued liabilities 1,917 1,415
Accrued compensation and benefits 2,463 2,383
Income taxes payable 191 125
Deferred revenue 2,322 2,417
Current liabilities of discontinued operations 804 743
Total current liabilities 9,322 8,473
     
Deferred rent 447 396
Non-current liabilities of discontinued operations 2,145 2,572
Commitments and contingencies    
     
Stockholders' equity:    
Preferred stock, $.001 par value; 3,000 shares authorized; no shares issued or outstanding -- --
Common stock, $.001 par value; 20,000 shares authorized; shares outstanding: 8,107 in 2012 and 7,943 in 2011 8 8
Additional paid-in capital 73,683 70,402
Accumulated deficit (49,160) (45,340)
Total stockholders' equity 24,531 25,070
  $ 36,445 $ 36,511
CONTACT: Joseph Wallace
         Chief Financial Officer
         Collectors Universe, Inc.
         949-567-1245
         Email: jwallace@collectors.com

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