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Collectors Universe's CEO Discusses F4Q12 Results - Earnings Call Transcript

Throughout fiscal 2012, I have discussed our investments in targeted growth and strategic initiatives notably Asia against the background trends in our core authentication in grading activities. Overall, revenues grew solidly for the year driven largely by both unit and average selling price increases.

A few data points. Units in our vintage coin line were essentially flat while ASP had a modest increase. Units in our World Coin Division grew by approximately 24% and ASP average selling price by approximately 28% for the year. Paris units doubled which is encouraging but ASP declined by approximately 15% for the year.

Units in our bulk division declined by 3% while the ASP increased by 7%. However, in the fourth quarter, units in our bulk division declined by approximately 12% and ASP declined by almost 22%, a significant and rampant slowdown compared to the trend during the first three quarters of the year.

At PSA, an 8% increase in ASP drove its revenue increase for the year. PSA/DNA was our standout performer for the year with units increasing by almost 40%, partially driven by our opening of an east coast office in the second half of the year. I wanted to highlight these data points and it is important to understand that within our key two key divisions, there are different lines of businesses that while they are related, can operate someone independently of one another.

Moreover in descending order of magnitude, our largest line of business on a revenue basis within the company is our Bulk Modern Coin division followed by our vintage coin division and then PSA, our card division and collectively these three represent approximately 70% of total grading and authentication revenue. Thus when we experience a slowdown in an area such as bulk like we did in the fourth quarter, it challenges the overall corporate results.

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