NEWPORT BEACH, Calif., Aug. 30, 2012 (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, 2012. Fourth Quarter Operational and Financial Highlights:
- Grading, authentication and related service revenues were $11.6 million in this year's fourth quarter and $47.9 million for fiscal 2012, compared to $12.2 million for last year's fourth quarter and $43.8 million for fiscal 2011. The decrease of $0.6 million, or 4% in this year's fourth quarter service revenues, compared to last year's fourth quarter, was attributable to modern coin service revenues which decreased by 31%, or $1.0 million. For the year, the increase of $4.1 million, or 9% in service revenues, compared to the prior year, included a $2.5 million, or 9% increase in coin service revenues, and a $1.1 million, or 11% increase in cards and autographs service revenues.
- The gross profit margin on service revenues was 59% in this year's fourth quarter and 61% for the year, compared to 62% for the corresponding periods of the prior year.
- Operating income was $1.9 million for this year's fourth quarter and $9.2 million for fiscal 2012, compared to $1.6 million for last year's fourth quarter and $8.3 million for fiscal year 2011. The prior year periods included non-cash impairment charges of $1.4 million related to our Expos business.
- Income from continuing operations was $2.5 million, or $0.31 per diluted share, for this year's fourth quarter and $6.8 million, or $0.85 per diluted share, for fiscal 2012, compared to $1.0 million, or $0.13 per diluted share, for last year's fourth quarter and $5.0 million, or $0.65 per diluted share, for fiscal 2011. The current period results reflect an income tax benefit of $1.3 million related to the Company's investment in a subsidiary and a lower effective tax rate resulting from a change in state taxes.
- The Company's cash position at June 30, 2012 was $21.2 million, compared with $21.9 million at June 30, 2011.
- On July 30, 2012, we announced our quarterly cash dividend of $0.325 per share, to be paid on August 31, 2012 to stockholders of record on August 17, 2012.