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

More information regarding the Company’s financial results for the quarter ended December 31, 2012 is set forth in the Company’s Report on Form 10-Q, as filed with the Securities and Exchange Commission on February 13, 2013.

           
Three Months Ended
   
 

December

December

Increase/ Increase/
in thousands, except per share data

31, 2012

31, 2011

(Decrease) (Decrease)
(unaudited)

(1)

 

$

%

(unaudited)
Revenues

 

 

$

1,736,289 $ 2,127,808 $ (391,519 ) (18.4 )%
Gross profit 11,459 9,945 1,514 15.2 %
Operating expenses 11,345 15,554 (4,209 ) (27.1 )%
Operating income (loss) 114 (5,609 ) 5,723 102.0 %
Pre-tax income (loss) from continuing operations 523 (1,083 ) 1,606 148.3 %
Provision for income taxes (income tax benefit) 1,062 (127 ) 1,189 936.2 %
Loss from continuing operations (539 ) (956 ) 417 43.6 %
Net income (loss) from discontinued operations (483 ) 483 100.0 %
Net income (loss) (539 ) (1,439 ) 900 62.5 %
Less: net income attributable to non-controlling interest 699 444 255 57.4 %
Net income (loss) attributable to Spectrum Group International, Inc.

 

 

$

160 $ (995 ) $ 1,155 116.1 %

Earnings (loss) per share

 

Basic – continuing operations

 

 

$

0.01 $ (0.02 ) $ 0.03 (150.0 )%
Basic – discontinued operations

 

 

$

$ (0.01 ) $ 0.01 NM
Diluted – continued operations

 

 

$

0.01 $ (0.02 ) $ 0.03 (150.0 )%
Diluted – discontinued operations

 

 

$

$ (0.01 ) $ 0.01 NM
Basic – attributable to Spectrum Group International, Inc.

 

 

$

0.01 $ (0.03 ) $ 0.04 (133.3 )%
Diluted – attributable to Spectrum Group International, Inc.

 

 

$

0.01 $ (0.03 ) $ 0.04 (133.3 )%

_________________

(1) Adjusted to reflect discontinued operations.

NM = not meaningful

           
Six Months Ended
   

December

31, 2011

December

(1)

 

Increase/ Increase/
in thousands, except per share data

31, 2012

(restated) (Decrease) (Decrease)
(unaudited) (unaudited) $

%

 
Revenues

 

$

3,401,156 $ 4,386,862 $ (985,706 ) (22.5 )%
Gross profit

21,639

27,970 (6,331 ) (22.6 )%
Operating expenses 22,762 30,235 (7,473 ) (24.7 )%
Operating income (loss) (1,123 ) (2,265 ) 1,142 50.4 %
Pre-tax income (loss) from continuing operations (144 ) 5,729 (5,873 ) (102.5 )%
Provision for income taxes 1,170 2,843 (1,673 ) (58.8 )%
Net income (loss) from continuing operations (1,314 ) 2,886 (4,200 ) (145.5 )%
Net income (loss) from discontinued operations (663 ) 312 (975 ) (312.5 )%
Net income (loss) (1,977 ) 3,198 (5,175 ) (161.8 )%
Less: net (income) loss attributable to non-controlling interest 615 (1,020 ) 1,635 (160.3 )%
Net income (loss) attributable to Spectrum Group International, Inc.

 

$

(1,362 ) $ 2,178 $ (3,540 ) (162.5 )%

Earnings (loss) per share

Basic – continuing operations

 

$

(0.02 ) $ 0.06 $ (0.08 ) (133.3 )%
Basic – discontinued operations

 

$

(0.02 ) $ 0.01 $ (0.03 ) NM
Diluted – continuing operations

 

$

(0.02 ) $ 0.06 $ (0.08 ) (133.3 )%
Diluted – discontinued operations

 

$

(0.02 ) $ 0.01 $ (0.03 ) NM
Basic – attributable to Spectrum Group International, Inc.

 

$

(0.04 ) $ 0.07 $ (0.11 ) (157.1 )%
Diluted – attributable to Spectrum Group International, Inc.

 

$

(0.04 ) $ 0.07 $ (0.11 ) (157.1 )%

_____________

(1) Adjusted to reflect discontinued operations.

NM = not meaningful

About Spectrum Group International, Inc.

Spectrum Group International, Inc. (together with its subsidiaries, “we,” the “Company” or “SGI”) is a global trading and collectibles network. We are a trader of precious metals and an auctioneer of coins and wine, serving both collectors and dealers. We are also a merchant/dealer of certain collectibles. Our collectibles offerings span the price spectrum from modest to ultra-high end. Furthermore, we offer loans to coin dealers, collectors and investors backed by their precious metals, rare coins, and other collectibles as collateral.

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