Collectors Universe Announces Financial Results For First Fiscal Quarter.SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--Nov. 16, 1999-- Collectors
Misc This is a list of noted collectors.
Net revenues for the current quarter rose to $8,965,000, an increase of 127% over net revenues of $3,957,000 for the first quarter of the prior fiscal year. Grading and authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. revenues increased to $5,934,000 and auction revenues increased to $3,031,000 in the first quarter, an increase of 71% and 535%, respectively. The company reported a first quarter net loss of $55,000, or $0.00 per share, as compared with net income of $213,000, or $0.01 per share, in the first quarter of fiscal 1999. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, excluding charges for intangible amortization and stock-based compensation, first quarter pro forma net income was $108,000, or $0.01 per share, as compared with pro forma net income of $221,000, or $0.01 per share, in the first quarter of the prior fiscal year. In the prior fiscal year, the company was taxed as an S Corporation at a 1.5% tax rate. The company's provision for income taxes for the current quarter was at a 40.9% rate. Collectors Universe is a leading provider of value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. to collectors and dealers of coins, sportscards, sports memorabilia The term sports memorabilia usually refers to anything that can be directly connected to a sports event or personality. These items are generally gathered by fans of the particular sport, athlete or team that the item signifies or by collectors who find value in the rarity , rare currency and rare records. Since 1986, the company has authenticated au·then·ti·cate tr.v. au·then·ti·cat·ed, au·then·ti·cat·ing, au·then·ti·cates To establish the authenticity of; prove genuine: a specialist who authenticated the antique samovar. and graded more than 7 million collectible collectible An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles. coins and sportscards. The company also conducts high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. collectible auctions in a multi-venue format including Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , telephone and in person. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including, but not limited to: the company's limited operating history, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, grading submission rates submission rate percentage of cows in a herd which come on heat and which are mated during a specified period, usually a month; the difference, i.e. those which come on heat and are not mated, are the deferred mating group. for rare coins and sportcards, realized average grading fees, competition, a possible decline in the popularity of some high-end collectibles, current and projected losses in the company's auction business segment, inability to increase auction revenues, the limited availability When customers of the PSTN make telephone calls, they commonly make use of a telecommunications network called a switched-circuit network. In a switched-circuit network, devices known as switches are used to connect the caller to the callee. of high-end collectibles and the risk that Internet-based e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. providers could make exclusive arrangements with the company's competitors or other service providers. Certain of these risks and uncertainties, in addition to other risks, are more fully described in the company's Prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated Nov. 4, 1999, which was part of the company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission. -0-
COLLECTORS UNIVERSE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share data)
(Unaudited)
Three Months Ended
Oct. 2, 1999 Sept. 30, 1998
Net revenues $ 8,965 $ 3,957
Cost of revenues 4,037 1,337
Gross profit 4,928 2,620
Operating expenses:
Selling, general and
administrative expenses 4,764 2,370
Amortization of intangibles 195 8
Stock-based compensation 15 -
Total operating expenses 4,974 2,378
Operating income (loss) (46) 242
Interest income, net 18 6
Minority interest - (32)
Income (loss) before income
taxes (28) 216
Provision for income taxes 27 3
Net income (loss) $ (55) $ 213
Basic and diluted income
(loss) per share $ (0.00) $ 0.01
Shares used in computation of
basic and diluted earnings
(loss) per share 20,329 16,093
Pro Forma Results Excluding Amortization of Intangibles and
Stock-Based Compensation Costs (see Note 1 below)
Pro forma income from
operations, excluding
amortization of intangibles
and stock-based compensation $ 164 $ 250
Pro forma net income,
excluding amortization of
intangibles and stock-based
compensation $ 108 $ 221
Pro forma basic and diluted
income per share, excluding
amortization of intangibles
and stock-based compensation $ 0.01 $ 0.01
Shares used in computation of
pro forma basic and diluted
income per share 20,329 16,093
Note 1: Pro forma results for the three-month period ended Oct. 2,
1999, and Sept. 30, 1998, are presented for informational purposes
only and are not prepared in accordance with generally accepted
accounting principles. These results present the operating results of
Collectors Universe Inc., excluding charges of $210,000 and $8,000 for
the three-month period ended Oct. 2, 1999, and Sept. 30, 1998,
respectively, relating to amortization of intangible charges,
exclusively consisting of goodwill amortization, and charges for
stock-based compensation.
COLLECTORS UNIVERSE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per-share data)
(Unaudited)
Oct. 2, June 30,
ASSETS 1999 1999
Current assets:
Cash and cash equivalents $ 2,058 $ 1,852
Accounts receivable, net 1,883 2,026
Inventories, net 3,462 3,148
Prepaid expenses and other 992 732
Total current assets 8,395 7,758
Fixed assets, net 1,476 1,201
Intangibles, net 5,404 5,599
Other assets 1,031 982
$ 16,306 $ 15,540
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,628 $ 2,430
Deferred revenue 2,897 1,616
Other current liabilities 1,420 1,396
Total current liabilities 5,945 5,442
Shareholders' equity:
Common stock 21 20
Additional paid-in capital 11,903 11,586
Retained earnings (deficit) (1,563) (1,508)
Total shareholders' equity 10,361 10,098
$ 16,306 $ 15,540
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