For the second quarter, cost of sales decreased by $2.9 million, or 11 percent, to $24.6 million, as compared to $27.5 million during the same period in 2011, driven by lower sales. Cost of goods as a percentage of sales decreased from 89.8 percent in 2011 to 86.0 percent in 2012, primarily due to the higher margins on the newly acquired SBT business.For the three months ended June 30, 2012, SG&A expenses increased by $3.4 million, or 133 percent, to $6 million, as compared to $2.6 million during the same period in 2011. $1.8 million of this increase is due to the addition of the SBT stores, and the opening of four new non-SBT stores added $692,000 in the current period, due to increased advertising costs, salaries, payroll taxes, building rent and other costs. In addition, the Company incurred $932,000 in professional fees associated with the restatement of our financial statements, and the related SEC investigation.
DGSE Reports Restated Financials For Fiscal 2010, Consolidated Financials For Fiscal 2011, And Financial Results For First And Second Quarter 2012
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