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DGSE Companies, Inc. (NYSE MKT: DGSE) today announced the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012. On October 31, 2012 DGSE filed its restated Consolidated Financial Statements for the fiscal year ended December 31, 2010 and its Consolidated Financial Statements for the fiscal year ended December 31, 2011, and its Forms 10-Q for the fiscal quarters ended March 31, 2012 and June 30, 2012, respectively. With today’s filing and the October 31, 2012 filings, DGSE is current in its public company reporting obligations under the Securities Exchange Act of 1934, as amended. DGSE believes it is fully in compliance with the listing requirements of NYSE MKT, LLC.
“We are pleased to have the restatement process firmly behind us,” said James Vierling, Chairman, Chief Executive Officer and President of DGSE Companies, Inc. “While DGSE would have been profitable without the one-time restatement expenses presented in this filing, it is clear that we now need to turn our focus to expanding revenues and margins while reducing costs wherever possible.”
Mr. Vierling continued, “We believe that with the filing of our results for the fiscal quarter ended September 30, 2012, DGSE’s new management has further demonstrated its commitment to timely, accurate reporting for our shareholders. The Company believes it is fully compliant with its listing requirements, and looks forward to the resumption of trading of its common shares on NYSE MKT in the very near future.”
Third Quarter 2012 Results
In the quarter ended September 30, 2012, sales decreased by $15.0 million or 34%, to $29.0 million, as compared to $44.0 million during the same period in 2011. The decrease was primarily driven by significantly lower sales of bullion, with moderate decreases across other categories. These decreases were partially offset by the acquisition of SBT, Inc. (“SBT”) in September of 2011, which added revenues of $7.8 million during the three months ended September 30, 2012, an increase of $4.5 million over the same period in 2011.