- Revenues were $23.8 million compared to $29.0 million in the year ago period. The continued volatile market for precious metals, including the unprecedented decline in gold prices year to date, drove lower sales volumes.
- Gross profit was $4.5 million, or 19.1% gross margin, compared to $6.2 million, or 21.4% gross margin in the same period last year.
- The third quarter of 2013 included $95,000 in non-recurring expenses related to the previously-disclosed financial restatement and shareholder lawsuits. The third quarter of 2012 included $1.4 million in non-recurring expenses related to the restatement and shareholder lawsuits.
- SG&A decreased to $5.5 million from $6.4 million in the prior-year third quarter. The third quarter of 2013 included incremental expenses from the opening of six additional retail locations totaling approximately $0.5 million. The Company also accrued a $0.7 million charge to earnings in the current quarter related to the expected resolution of a 2010 sales tax audit in the state of Texas.
- Total expenses, inclusive of the non-recurring expenses, sales tax accrual and incremental expenses from new stores, decreased 13.3% to $5.7 million from $6.6 million in the year-ago quarter as the Company's expense reduction efforts drove a more than 14% reduction in SG&A expense and expenses related to prior restatements.
- Net loss, inclusive of the non-recurring expenses and sales tax accrual, was $1.4 million compared to $0.5 million in the year-ago period. Excluding the sales tax accrual, the Company reduced its net loss by 30% sequentially compared to the second quarter of 2013.
DGSE Companies, Inc. Reports Third Quarter 2013 Results
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