- Revenues in the first quarter increased by $1.1 million, or 8%, to $15.7 million from $14.6 million in last year's first quarter. That increase was driven by a $0.7 million, or 7%, increase in coin service revenues and a $0.4 million, or 11%, increase in cards and autograph service revenues.
- Coin revenues generated by our overseas operations increased by $0.6 million or 64%, to 9% of consolidated revenues and 15% of PCGS revenues, in this year's first quarter, as compared to 6% of consolidated revenues and 10% of PCGS revenues, in the same quarter of last year. Revenues from our China operation increased by $0.3 million or 65% in the quarter.
- The gross profit margin was, as expected, 61% in this year's first quarter, as compared to 65% in last year's first quarter, reflecting (i) a lower average service fee for coins earned in the US resulting from the more competitive and focused marketing program for modern coins that we introduced in January 2016 and (ii) increased investment in China to increase capacity in anticipation of higher revenue from the recently announced new customer contract with Guojin Gold Co. Ltd.
- Operating income in this year's first quarter was $2.8 million, as compared to $3.2 million in last year's first quarter, reflecting higher operating expenses of $0.6 million, related to business development costs, particularly in China and other IT initiatives in support of our businesses.
- Income from continuing operations in this year's first quarter were $1.6 million or $0.19 per diluted share, as compared to $1.9 million or $0.23 per diluted share, in last year's first quarter.
- The Company's cash position as of September 30, 2016 was $10.3 million, as compared to $11.9 million as of June 30, 2016. Net cash used of $1.6 million included $2.0 million of cash generated from continuing operations offset by $3.0 million used to pay cash dividends to stockholders and $0.6 million used for capital expenditures and capitalized software costs.
- On October 25, 2016, we announced our quarterly cash dividend of $0.35 per share, which will be paid on November 25, 2016 to stockholders of record on November 16, 2016.
NEWPORT BEACH, Calif., Nov. 02, 2016 (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 first quarter of fiscal year 2017. Operational and Financial Highlights: