NEWPORT BEACH, Calif., May 8, 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 third quarter of fiscal 2013.
Operational and Financial Highlights:
- Service revenues increased 11% in this year's third quarter to a quarterly record of $14.5 million, driven by a 13% increase in coin services revenues and a 12% increase in cards and autographs services revenues. Coin services revenues increased to $10.1 million from $8.9 million in last year's third quarter, reflecting a mix of new services revenue, increased show grading activity and pricing changes implemented January 1, 2013.
- The services gross profit margin for the third quarter was 64% of revenues, compared to 62% in last year's third quarter, due primarily to the increased revenues in the quarter.
- Operating income increased by 35% in the third quarter to a quarterly record of $3.9 million from $2.9 million in last year's third quarter. Operating margin increased to 27% of revenues, compared with 22% of revenues in last year's third quarter.
- Income from continuing operations was $2.4 million, or $0.29 per diluted share, and $3.8 million, or $0.47 per diluted share, for the third quarter and nine months, respectively, of fiscal 2013, compared to $1.7 million, or $0.22 per diluted share, and $4.3 million, or $0.54 per diluted share, for the same periods of the prior year.
- The Company's cash position increased to $18.7 million at March 31, 2013 from $17.5 million at December 31, 2012. Cash at June 2012 was $21.2 million. Net cash used of $2.5 million for the nine months was comprised of cash generated from continuing operations of $6.5 million, offset by cash payments of $8.2 million of dividends to stockholders, $0.5 million for capital expenditures and $0.3 million used in our discontinued operations.
- On April 4, 2013, we announced that our PCGS coin authentication and grading business will expand its international services by establishing operations in Shanghai, China.
- On April 29, 2013, we announced our quarterly cash dividend of $0.325 per share, which will be paid on May 31, 2013 to stockholders of record on May 17, 2013.
Commentary and OutlookRobert Deuster, Chief Executive Officer, stated, "We are very pleased with the performance of all of our coin and sports related businesses this past quarter. Considerable emphasis on enhancing our mix of services for our coin customers is now paying off in increased grading revenue, especially at shows and international grading events. The sports and autographs business continues to show double digit year-over-year growth. All of this allows our operational efficiency programs to drive improved bottom-line results.