Turning to the cost and profit metrics. During the year a variety of items contributed to the decline in operating profit despite an approximate 4 million increase in revenue. All other things equal, we estimate for illustrative purposes the revenue increase would be expected to contribute an incremental operating income of approximately 1 million. Instead operating income excluding the prior-year impairment charge related to expose declined by approximately $500,000.So, what drove the GAAP of approximately $1.5 million in operating income? First there were targeted investments in the P&L related to the global strategy, notably our expansion into Asia. This totaled approximately $450,000. Next we implemented a significant system upgrade for the first time in ten years. The P&L expenses associated with this upgrade was approximately $300,000 including depreciation related to the equipment purchases.
Collectors Universe's CEO Discusses F4Q12 Results - Earnings Call Transcript
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