NEWPORT BEACH, Calif., Aug. 28, 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 fourth quarter and year ended June 30, 2013.
- Service revenues increased 18% to a fourth quarter record of $13.7 million, compared to $11.6 million in the fourth quarter of fiscal 2012. The increase was driven by a 25% increase in coin services revenues and a 10% increase in cards and autographs services revenues. Consistent with the third quarter, the improved coin revenues reflect a mix of increased show grading activity, new services revenues and pricing changes implemented January 1, 2013. Service revenues increased by 1% to an annual record of $48.5 million for fiscal 2013 from $47.9 million in fiscal 2012 and included a 10% increase in cards and autographs revenues. Coin services revenues were down 1% for the year due to the previously reported slower first half of the year for coins.
- The services gross profit margin was 63% in this year's fourth quarter and 62% for fiscal 2013, compared to 59% and 61% for the fourth quarter and fiscal 2012, respectively. The improved gross profit margin in this year's fourth quarter reflects the higher proportion and mix of coin revenues in the quarter.
- Operating income increased by 78% to a fourth quarter record of $3.3 million from $1.9 million in last year's fourth quarter. Operating margins increased to 24% of revenues in this year's fourth quarter, compared to 16% in last year's fourth quarter. For fiscal 2013, operating income increased 4% to a record $9.5 million from $9.2 million in fiscal 2012, with operating margins at a consistent 19% of revenues for both fiscal years 2013 and 2012.
- Income from continuing operations was $2.0 million, or $0.25 per diluted share, for this year's fourth quarter and $5.8 million, or $0.71 per diluted share, for fiscal 2013, compared to $2.5 million, or $0.31 per diluted share, for last year's fourth quarter and $6.8 million, or $0.85 per diluted share, for fiscal 2012. The fiscal 2012 periods reflect an income tax benefit of $1.3 million related to the Company's investment in a subsidiary, which increased fully diluted earnings per share by $0.16 in both the fourth quarter and fiscal 2012.
- The Company's cash position at June 30, 2013 was $18.7 million, compared with $21.2 million at June 30, 2012. Net cash used of $2.5 million for the year was comprised of cash generated from continuing operations of $9.6 million, offset by net cash dividends of $10.7 million paid to stockholders, $1.0 million for capital expenditures and $0.4 million used in our discontinued operations. Income tax payments were $2.4 million in fiscal 2013, compared to $0.4 million in fiscal 2012, as we no longer have net operating losses available to offset federal taxable income.
- On July 31, 2013, we announced our quarterly cash dividend of $0.325 per share, to be paid on August 30, 2013 to stockholders of record on August 16, 2013.