NEWPORT BEACH, Calif., May 8, 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 third quarter of fiscal 2013. Operational and Financial Highlights:
- Service revenues increased 11% in this year's third quarter to a quarterly record of $14.5 million, driven by a 13% increase in coin services revenues and a 12% increase in cards and autographs services revenues. Coin services revenues increased to $10.1 million from $8.9 million in last year's third quarter, reflecting a mix of new services revenue, increased show grading activity and pricing changes implemented January 1, 2013.
- The services gross profit margin for the third quarter was 64% of revenues, compared to 62% in last year's third quarter, due primarily to the increased revenues in the quarter.
- Operating income increased by 35% in the third quarter to a quarterly record of $3.9 million from $2.9 million in last year's third quarter. Operating margin increased to 27% of revenues, compared with 22% of revenues in last year's third quarter.
- Income from continuing operations was $2.4 million, or $0.29 per diluted share, and $3.8 million, or $0.47 per diluted share, for the third quarter and nine months, respectively, of fiscal 2013, compared to $1.7 million, or $0.22 per diluted share, and $4.3 million, or $0.54 per diluted share, for the same periods of the prior year.
- The Company's cash position increased to $18.7 million at March 31, 2013 from $17.5 million at December 31, 2012. Cash at June 2012 was $21.2 million. Net cash used of $2.5 million for the nine months was comprised of cash generated from continuing operations of $6.5 million, offset by cash payments of $8.2 million of dividends to stockholders, $0.5 million for capital expenditures and $0.3 million used in our discontinued operations.
- On April 4, 2013, we announced that our PCGS coin authentication and grading business will expand its international services by establishing operations in Shanghai, China.
- On April 29, 2013, we announced our quarterly cash dividend of $0.325 per share, which will be paid on May 31, 2013 to stockholders of record on May 17, 2013.