Collectors Universe Announces Record Revenues For Third Fiscal Quarter.Business Editors NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--May 1, 2000 Collectors
Misc This is a list of noted collectors.
Net revenues for the third quarter rose to $12,321,000, an increase of 99% over net revenues of $6,193,000 for the third 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 $6,425,000 and auction revenues increased to $5,896,000 in the third quarter, an increase of 29% and 389%, respectively, over the prior year's third quarter. Income before income taxes increased 59% to $1,139,000 for the third quarter from $715,000 for the comparable prior year period. For the third quarter of the current fiscal year, the company provided for income taxes at a 45.5% rate. For the third quarter of this prior fiscal year, the company was partially taxed as an S Corporation which resulted in a blended income tax rate of 13.0% for the prior year period. Net income of $621,000, or $0.02 per share, was recorded for the current third quarter compared with a net income of $622,000, or $0.03 per share, for the comparable period last year. Net income for the third quarter, excluding charges for amortization of goodwill, was $800,000, or $0.03 per share, compared with $698,000, or $0.04 per share, in the third quarter of the prior fiscal year. For the nine months ended April 1, 2000, net revenues increased 116% to $31,048,000, from $14,344,000 reported for the corresponding prior year period. Grading and authentication revenues increased to $18,095,000 and auction revenues rose to $12,953,000 for the current nine month period, increases of 50% and 505%, respectively, over the prior year's comparable nine month period. Income before income taxes increased 139% to $2,077,000 for the current nine-month period from $868,000 for the prior year's nine-month period. For the nine-month period of the current fiscal year, the company provided for income taxes at a 48.2% rate. For the prior fiscal year, the company was primarily taxed as an S Corporation and provided for income taxes at a 10.9% rate. Net income for the current nine-month period increased to $1,075,000, or $0.04 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from $773,000, or $0.05 per diluted share, for the prior year period. Net income for the nine months ended April 1, 2000, excluding charges for amortization of goodwill, was $1,571,000, or $0.07 per diluted share, as compared with net income, excluding charges for amortization of goodwill, of $855,000, or $0.05 per share, in the prior fiscal year's comparable period. "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased with our operating performance for the third quarter," said David G. Hall, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Collectors' annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue rate has reached approximately $50 million as compared to just $11 million two years ago. We have reported increases in 'cash' net income in each of the last three quarters, which affirms our strategy of rapidly expanding our business on a sustainable profit model. In March, we were delighted to have Bowers Bowers is a surname, and may refer to
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 over 8 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 with a declared value of over $9 billion. 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 adj. 1. undertaken by an individual in person; as, an in-person appearance s>. Adj. 1. in-person - an appearance carried out personally in someone else's physical presence; "he carried out the negotiations in person"; "a bidding. 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: our 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 sportscards, realized average grading fees, competition, a possible decline in the popularity of some high-end collectibles, current and projected losses in our 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 our competitors or other service providers. Certain of these risks and uncertainties, in addition to other risks, are more fully described in our Prospectus dated Nov. 4, 1999, which was part of our Registration Statement on Form S-1 filed with the Securities and Exchange Commission and the company's Form 10-Q Form 10-Q See 10-Q. for the first and second fiscal quarters ended Oct. 2, 1999, and Jan. 1, 2000, respectively.
COLLECTORS UNIVERSE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
April 1, March 31, April 1, March 31,
2000 1999 2000 1999
Net revenues $ 12,321 $ 6,193 $ 31,048 $ 14,344
Cost of revenues 6,870 1,869 15,162 4,721
Gross profit 5,451 4,324 15,886 9,623
Operating expenses:
Selling, general
and administrative
expenses 4,346 3,483 13,666 8,588
Amortization of
intangibles 243 129 637 139
Stock-based
compensation 15 -- 48 --
Total operating
expenses 4,604 3,612 14,351 8,727
Operating income 847 712 1,535 896
Interest income, net 292 (13) 542 --
Minority interest -- 16 -- (28)
Income before
income taxes 1,139 715 2,077 868
Provision for
income taxes 518 93 1,002 95
Net income $ 621 $ 622 $ 1,075 $ 773
Net income per share:
Basic $ 0.03 $ 0.03 $ 0.05 $ 0.05
Diluted $ 0.02 $ 0.03 $ 0.04 $ 0.05
Weighted average shares
outstanding:
Basic 24,649 18,104 22,631 16,765
Diluted 26,212 18,104 23,985 16,765
Results excluding amortization of
goodwill (see Note 1 below)
Operating income, excluding
amortization
of goodwill $ 1,090 $ 841 $ 2,172 $ 1,035
Net income, excluding
amortization
of goodwill $ 800 $ 698 $ 1,571 $ 855
Net income per share,
excluding amortization
of goodwill
Basic $ 0.03 $ 0.04 $ 0.07 $ 0.05
Diluted $ 0.03 $ 0.04 $ 0.07 $ 0.05
Weighted average shares
outstanding used in
computation of net
income, excluding
amortization of
goodwill, per share:
Basic 24,649 18,104 22,631 16,765
Diluted 26,212 18,104 23,985 16,765
Note 1: Results for the three and nine months period ended April 1,
2000 and March 31, 1999 are presented for informational purposes
only and are not prepared in accordance with general accepted
accounting principles. These results present the operating results
of Collectors Universe Inc., excluding charges of $245,000 and
$129,000 for the three month period and $639,000 and $139,000 for
the nine month period ended April 1, 2000 and March 31, 1999,
respectively, relating to the amortization of goodwill.
COLLECTORS UNIVERSE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(Unaudited)
April 1, June 30,
ASSETS 2000 1999
Current assets:
Cash and cash equivalents $ 13,781 $ 1,852
Accounts receivable, net 3,500 2,026
Inventories, net 6,701 3,148
Prepaid expenses and other 944 514
Deferred taxes 218 218
Total current assets 25,144 7,758
Fixed assets, net 1,739 1,201
Notes receivable from related party 164 178
Other assets 376 167
Intangibles, net 18,267 5,599
Deferred taxes 1,187 637
$ 46,877 $ 15,540
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,935 $ 2,430
Accrued liabilities 636 856
Accrued compensation and benefits 525 524
Deferred revenue 1,439 1,616
Income taxes payable 822 16
Total current liabilities 6,357 5,442
Shareholders' equity:
Common stock 25 20
Additional paid-in capital 40,377 11,586
Retained earnings (deficit) 118 (1,508)
Total shareholders' equity 40,520 10,098
$ 46,877 $ 15,540
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