DGSE Companies, Inc.’s wholly owned subsidiary Southern Bullion Coin & Jewelry, the Southeast’s largest wholesale dealer of precious metals, rare coins and jewelry, announced today the grand opening of two new stores and plans for a third early next month. The first grand opening of 2012 took place on January 3 rd, as the 23 rd Southern Bullion Coin & Jewelry store opened in Daphne, Alabama – a suburb of Mobile. Daphne is the most populous city in Baldwin County and resides on the eastern shoreline of Mobile Bay. The store marks the second opening in the Mobile market, a metropolitan area with a population just over 410,000. Three days later, on January 6 th, Southern Bullion opened its 24 th store in Anderson, South Carolina. Anderson is one of the three primary cities that make up the thriving “Upstate” region of South Carolina, where Southern Bullion has an established store in Greenville, some 30 miles away. In early February, Southern Bullion plans on opening their 25 th national location in Destin, Florida. Destin is a popular tourist destination with over 4.5 million annual visitors and just over 200,000 full-time residents in Okaloosa County. The Destin location will be Southern Bullion’s 2 nd Florida store, located approximately 50 miles east of the existing Pensacola store. “Southern Bullion had a very successful 2011, and we look forward to expanding on that success in the coming year,” stated Southern Bullion president, Jim Vierling. He continued, “All three of these new stores complement existing locations which will allow us greater efficiencies in staffing, merchandising, management and advertising. As we move forward through 2012 we will continue to evaluate opportunities for new store openings in both existing and new markets.” All three new locations will replicate the image, experience and services of other Southern Bullion locations, which have an established base of loyal customers throughout the Southeast. The stores’ physical addresses are as follows:
- 6850-6 US Highway 90 | Daphne, AL 36526
- 112 Commons Parkway, Suite 112 | Anderson, SC 29625
- 16055 Emerald Coast Parkway, Suite 105 | Destin, FL 32542
DGSE Companies, Inc. wholesales and retails jewelry, diamonds, fine watches, and precious metal bullion and rare coin products to domestic and international customers through its Dallas Gold & Silver Exchange, Charleston Gold & Diamond Exchange, Superior Gold & Diamond Exchange, Southern Bullion Coin & Jewelry and DGSE Bullion Express operations. DGSE also owns Fairchild International, Inc., one of the largest vintage watch wholesalers in the country. In addition to its retail facilities in Alabama, California, Florida, Georgia, North Carolina, South Carolina, Tennessee and Texas, the Company operates internet websites which can be accessed at www.dgse.com, www.cgdeinc.com, www.sgde.com and www.sbcoin.com. Real-time price quotations and real-time order execution in precious metals are provided on another DGSE website at www.USBullionExchange.com. Wholesale customers can access the full vintage watch inventory through the restricted site at www.FairchildWatches.com.The Company is headquartered in Dallas, Texas and its common stock trades on NYSE Amex Exchange under the symbol “DGSE.” This press release includes statements which may constitute 'forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. In addition to the results presented in accordance with Generally Accepted Accounting Principles throughout this press release, DGSE has presented non-GAAP financial measures such as EBITDA. The Company believes that these non-GAAP measures, viewed in addition to and not in lieu of the Company's reported GAAP results, provide useful information to investors because they are an integral part of the Company's internal evaluation of operating performance. In addition, they are measures that DGSE uses to evaluate management's effectiveness. DGSE’s non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.