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DGSE Companies, Inc. Reports Second Quarter 2013 Results

Stocks in this article: DGSE

DGSE Companies, Inc. (NYSE MKT: DGSE), a leading wholesaler and retailer of jewelry, diamonds, fine watches, precious metal bullion and rare coin products, today announced its financial results for the three and six months ended June 30, 2013.

Second Quarter 2013 Summary

  • Revenues were $29.5 million compared to $28.6 million in the year ago period, a 3.3% increase
  • Gross profit was $4.1 million, or 14% gross margin, compared to $4.0 million, or 14% gross margin in the same period last year
  • Total expenses decreased 12.7% to $5.3 million from $6.1 million in the year-ago quarter as expenses related to prior restatements declined, and the Company's expense reduction efforts reduced expenses across the board
  • SG&A from continuing operations, excluding non-recurring expenses related to the restatement and shareholder lawsuits, decreased to $4.9 million from $5.0 million in the prior-year second quarter, inclusive of incremental operating expenses from five additional retail locations
  • Net loss was $1.1 million compared to a loss of $2.4 million in the year-ago period. The year-ago period included a $0.2 million loss from discontinued operations, net of taxes
  • Opened three new locations, one each in the Dallas-Fort Worth, Atlanta and Charleston (South Carolina) metro areas

James Vierling, Chief Executive Officer and Chairman of the Board, stated, “We continued to focus on our strategic initiatives and have opened three new locations in 2013. In April, we opened a Southern Bullion Coin & Jewelry retail location in Cumming, near Atlanta, Georgia. In June, we opened a Dallas Gold & Silver Exchange retail location in Garland, Texas, which represents DGSE’s ninth retail location in the Dallas-Fort Worth metro area and, now provides the Company complete east-west coverage of the area. Last week, we opened our second Charleston Gold & Diamond Exchange retail location, in Summerville, South Carolina to service the north and western parts of the historically strong Charleston market. Relative to these retail location openings, our efforts to reduce operating expenses continue to be successful, as we decreased our total expenses by almost $800,000, even while incurring $342,000 in incremental operating expenses related to new stores opened in the last 12 months. We remain focused on funding retail location openings from operating cash flow as we have done in the past.”

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