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DGSE Companies, Inc. Reports Fourth Quarter And 2012 Full Year Results

This press release includes statements which may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

       

DGSE COMPANIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 
December 31,
2012 2011
 
ASSETS
Current Assets:
Cash and cash equivalents $ 4,911,087 $ 5,976,928
Trade receivables, net of allowances 718,501 1,578,892
Inventories 11,932,729 10,717,291
Prepaid expenses   321,709     84,971  
Current assets related to continuing operations 17,884,026 18,358,082
 
Assets related to discontinued operations   -     1,253,676  
 
Total current assets   17,884,026     19,611,758  
 
Property and equipment, net 4,849,937 4,478,957
Intangible assets, net 3,169,840 3,397,367
Other assets 211,069 160,491
   
Total assets $ 26,114,872   $ 27,648,573  
 
LIABILITIES
Current Liabilities:
Line of credit $ - $ 2,999,887
Current maturities of long-term debt 146,949 451,674
Current maturities of capital leases 28,285 21,184
Accounts payable-trade 3,561,794 1,497,492
Accrued expenses 1,250,319 3,017,394
Customer deposits and other liabilities 2,617,592 1,836,748
   
Current liabilities related to continuing operations 7,604,939 9,824,379
 
Liabilities related to discontinued operations   -     54,454  
 
Total current liabilities   7,604,939     9,878,833  
 
Line of credit, related party 3,583,358 -
Long-term debt, less current maturities 1,843,062 2,447,336
Capital leases, less current maturities   -     30,914  
Total liabilities 13,031,359 12,357,083
 
Commitments and contingencies
 
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 30,000,000 shares authorized; 12,175,584 and 12,163,943 shares issued and outstanding 121,755 121,639
Additional paid-in capital 34,045,654 33,942,579
Accumulated deficit   (21,083,896 )   (18,772,728 )
Total stockholders' equity 13,083,513 15,291,490
   
Total liabilities and stockholders' equity $ 26,114,872   $ 27,648,573  

       

DGSE COMPANIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 
For the Year Ended

December 31,

For the Three Months Ended

December 31,

2012     2011 2012     2011
 
Revenue:
Sales $ 127,876,610 $ 139,158,986 $ 37,502,187

$

41,531,254

Cost of goods sold

  103,592,557     119,044,251     30,145,415     31,303,837  
Gross margin 24,284,053 20,114,735 7,356,772 10,227,417
 
Expenses:
Selling, general and administrative expenses 24,802,391 13,204,410 6,771,623 5,492,082
Depreciation and amortization   696,477     305,780     248,217     139,787  
25,498,868 13,510,190 7,019,840 5,631,869
 
Operating (loss) income   (1,214,815 )   6,604,545     336,932     4,595,548  
 
Other expense (income) :
Loss on settlement of debt with related party - 4,360,713 - 2,640,713
Other (income) expense, net (60,093 ) 29,315 (11,209 ) 31,060
Interest expense   306,450     573,215     52,654     135,326  
  246,357     4,963,243     41,445     2,807,099  
 
(Loss) income from continuing operations before income taxes (1,461,172 ) 1,641,302 295,487 1,788,449
 
Income tax expense   160,483     40,353     160,483     40,353  
 
(Loss) income from continuing operations (1,621,655 ) 1,600,949 135,004 1,748,096
 
Discontinued operations:
Loss from discontinued operations, net of taxes of $0 (689,513 ) (587,414 ) - (283,789 )
       
Net (loss) income $ (2,311,168 ) $ 1,013,535   $ 135,004   $ 1,464,307  
 
Basic net (loss) income per common share:
(Loss) income from continuing operations $ (0.13 ) $ 0.14 $ 0.01 $ 0.16
Loss from discontinued operations   (0.06 )   (0.05 )   -     (0.02 )
Net (loss) income per share $ (0.19 ) $ 0.09   $ 0.01   $ 0.14  
 
Diluted net (loss) income per common share:
(Loss) income from continuing operations $ (0.13 ) $ 0.14 $ 0.01 $ 0.16
Loss from discontinued operations   (0.06 )   (0.05 )   -     (0.03 )
Net (loss) income per share $ (0.19 ) $ 0.09   $ 0.01   $ 0.13  
 
Weighted-average number of common shares
Basic 12,175,361 10,831,971

12,175,584

11,997,108

Diluted 12,175,361 11,201,196

12,350,754

12,366,333





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