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Spectrum Group International, Inc. Announces Fiscal Second Quarter 2013 Financial Results

Spectrum Group International, Inc. (SPGZ.PK) today announced financial results for the second quarter of fiscal year 2013, which ended December 31, 2012.

Highlights for the Three and Six Months ended December 31, 2012:
  • Total revenue of $1.74 billion and $3.40 billion for the three and six months ended December 31, 2012
    • Trading segment revenue of $1.69 billion and $3.30 billion for the three and six months ended December 31, 2012
    • Collectibles segment revenue of $47.7 million and $98.9 million for the three and six months ended December 31, 2012
  • Gross profit of $11.5 million and $21.6 million for the three and six months ended December 31, 2012
  • Pre-tax income (loss) from continuing operations of $0.5 million and $(0.1) million for the three and six months ended December 31, 2012

Revenues for the three months ended December 31, 2012 decreased $391.5 million, or 18.4%, to $1.74 billion from $2.13 billion in the year-ago quarter. Revenues for the six months ended December 31, 2012 decreased $985.7 million, or 22.5%, to $3.40 billion from $4.39 billion in the year-ago quarter. Trading revenues decreased $401.9 million, or 19.2%, for the three months ended December 31, 2012 and decreased $978.9 million, or 22.9%, for the six months ended December 31, 2012 compared with the same periods last year. This decrease was primarily due to a slight decrease in average precious metals prices and a decrease in the ounces of precious metals sold. Collectible segment revenues increased $10.4 million, or 27.9%, for the three months ended December 31, 2012 and decreased $6.8 million, or 6.5%, for the six months ended December 31, 2012. The increase for the three-month period is due primarily to stronger second quarter sales in our numismatics business as a result of improved market conditions. The decrease for the six-month period is due to weaker sales in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012, due in part to lower hammer prices at auction impacting our commissions.

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