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Collectors Universe Reports Record Fourth Quarter And Fiscal 2013 Revenues And Operating Income

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.

Fourth Quarter and Annual Operational and Financial Highlights:

  • 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.

Commentary and Outlook

Robert Deuster, Chief Executive Officer, stated, "We are very pleased with the performance of the company during our last quarter and second half of fiscal year 2013. The strength of the coin and card market coupled with the array of new services we have introduced to collectors in 2013 contributed strongly to our record service revenue results. As we look forward into fiscal 2014, we will continue our programs to expand our online data and grading services for all of our customers and to an expanded international presence, especially in Asia."

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