NEWPORT BEACH, Calif., Oct. 5, 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 preliminary results for its first quarter ended September 30, 2012.
For the first quarter of fiscal 2013, service revenues are expected to be approximately $10.7 million and operating income is expected to be approximately $1.2 million, compared to service revenues of $11.9 million and operating income of $2.5 million for the first quarter of the fiscal 2012.
Cash at September 30, 2012 is expected to be $19.5 million, compared with $21.2 million at June 30, 2012 and $20.6 million at September 30, 3011.Michael McConnell, Chief Executive Officer, stated, "The expected results for the first quarter, reflect lower revenues and operating income from our coin business as compared to the first quarter of the prior year. In response to this general market decline, during the latter part of the quarter, we reduced our coin operating costs by approximately $1.1 million on an annual basis, to more closely align our authentication and grading capacity to current expectations. Moreover, we will continue to closely monitor our cost structure and consider other actions to improve the profitability of the business." The first quarter preliminary results discussed in this press release are subject to change based on the completion of the Company's normal quarter end review process. The Company expects to report complete results for the first quarter on or about November 8, 2012. About Collectors Universe Collectors Universe, Inc. is a leading provider of value-added services to the high-value collectibles markets. The Company authenticates and grades collectible coins, trading cards, event tickets, autographs, memorabilia and stamps ("collectibles"). The Company also compiles and publishes authoritative information about United States and world coins, collectible trading cards and sports memorabilia, collectible stamps, and operates its CCE dealer-to-dealer Internet bid-ask market for certified coins and its Expos trade show and conventions business. This information is accessible to collectors and dealers at the Company's website, http://www.collectors.com and is also published in print. The Collectors Universe, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11345 Cautionary Statements Regarding Forward-Looking Information This news release contains statements regarding our expectations, beliefs or views about our future financial performance and trends in our business and in our markets, which constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements can often be identified by the use of words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or future or conditional verbs such as "will," "would," "should," "could," or "may."