NEWPORT BEACH, Calif., Feb. 7, 2013 (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 financial results for its second quarter of fiscal 2013.
Operational and Financial Highlights:
- Service revenues declined by 15% to $9.6 million in this year's second quarter, compared to $11.3 million in the same quarter of the prior year. The decline was primarily the result of a $1.9 million, or 24%, decline in coin service revenues, partially offset by a 10% increase in card and autograph service revenues. Coin service revenues in the second quarter of fiscal 2012 included $1.1 million of revenues resulting from the U.S. Mint's 25 th Anniversary American Eagle Silver Coin Program.
- The services gross profit margin for this year's second quarter was 59% of revenues, compared to 60% in the second quarter of the prior year.
- Operating income at $1.0 million in this year's second quarter, compared to $1.9 million for the second quarter of the prior year, was due primarily to the decline in revenues in this year's second quarter. Operating expenses in this year's second quarter declined by $0.2 million due to lower stock-based compensation expenses.
- Income from continuing operations was $0.6 million, or $0.07 per diluted share, and $1.4 million, or $0.17 per diluted share, for the second quarter and first six months, respectively, of fiscal 2013, compared to $1.1 million, or $0.14 per diluted share, and $2.6 million, or $0.33 per diluted share, for the same periods of the prior year.
- The Company's cash position at December 31, 2012 was $17.5 million, compared with $21.2 million at June 30, 2012. Net cash used of $3.7 million for the first half of the year was comprised of cash generated from continuing operations of $2.5 million, offset by cash payments of $5.5 million of dividends to stockholders, $0.4 million for capital expenditures and $0.3 million used in our discontinued operations.
- On January 29, 2013, we announced our quarterly cash dividend of $0.325 per share, which will be paid on March 1, 2013 to stockholders of record on February 15, 2013.
Commentary and OutlookRobert Deuster, Chief Executive Officer, stated, "Our lower second quarter revenue compared to last year was due to expected lower modern bulk coin grading and the lower numismatic market activity this quarter. Our sports memorabilia and autograph services remain strong and growing due to higher customer demand.