This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DGSE Reports Financial Results For Third Quarter Of 2012

For the nine months, the Company recognized losses from the discontinued operations of Superior Galleries of $768,000. As of the third quarter of 2012 the Company believes that it has recognized all material losses related to the discontinued operations of Superior Galleries.

As noted earlier, in 2011 the Company had a loss on settlement of debt with a related party of $1.7 million which decreased to $0 in the current year. The prior year loss was incurred in connection with the issuance of 400,000 shares of our common stock to NTR, our majority stockholder, in exchange for $2,000,000 in debt forgiveness.

Prior to the charge to discontinued operations, the Company had a loss from continuing operations of $1.7 million for the nine months ended September 30, 2012. Net loss after discontinued operations for the period was $2.4 million.

Excluding discontinued operations and one-time expenses associated with the restatement of our financial statements the Company would have generated a profit of $1.1 million for the three quarters ended September 30, 2012.


“While the overall market for precious metals has been much softer in 2012 compared to the record setting 2011, where gold hit an all-time high, DGSE was able to largely mitigate the impact of revenue losses through significant margin improvements and the addition of SBT’s stores, which have added over $22 million in revenue in the first three quarters of 2012,” stated Mr. Vierling. “Although the Company’s continuing operations lost $1.7 million year to date, we have incurred $2.7 million in one-time costs associated with the restatement of our financial statements. Excluding these one-time expenses and the Company’s discontinued operations, the Company would have earned over $1 million year to date.”

“The restatement effort has been a significant drag on both the Company’s expenses and new management’s attention this year. With the restatement behind us, DGSE is highly focused on opening new stores, growing its existing business and reducing costs wherever possible,” stated Mr. Vierling. “We also look forward to the resumption of trading for our stock. While we have greatly appreciated the expression of support from many of our key stockholders, especially our majority stockholder NTR, we know that the trading halt has been difficult and frustrating. We are absolutely committed to ensuring transparency and liquidity for our shareholders in the future,” concluded Mr. Vierling.

4 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs