Greg Manning Auctions Reports Positive Contribution From Bowers & Merena Coin Auctions In First Quarter; Sales Total In Excess of $13 Million.
Greg Manning Auctions, Inc. (NASDAQ:GMAI) today announced that GMAI's current fiscal 2005 first quarter has been positively impacted by one of its latest coin acquisitions, Bowers & Merena Auctions, which was acquired in February 2004. Bowers & Merena's major July 8-9 coin auction, held at the Baltimore Coin and Currency Show, realized $6.5 million in aggregate sales, and its August 14 rare coin auction in Pittsburgh had aggregate sales of $6.7 million, including the Buyer's Premium.
Greg Manning, First Vice Chairman, CEO and President commented, "Since our February 2004 acquisition, Bowers & Merena has exceeded our expectations with four major auctions completed under the stewardship of Greg Roberts, CEO of Spectrum Numismatics International - our lead coin company, and Steve Deeds, president of Bowers & Merena. These two important summer auctions will have a positive impact on sales for our fiscal first quarter, which ends September 30. In addition, another recently acquired company, Kingswood Coin Auctions, will conduct a September 16 auction. GMAI's on-line coin operation, Teletrade, which conducts multiple auction sales on a weekly basis, has also experienced an active summer, with an above average influx of new clients."
GMAI's philatelic division has also been running at full capacity, and will begin the upcoming philatelic auction season with an estimated $2 million auction at Koehler Auctions in Wiesbaden, Germany. On September 18, one of the Company's most important auctions of intact stamp collections will be held at GMA's galleries in New Jersey, featuring an impressive range of collections valued at $2.4 million. In October, another Greg Manning Galleries/PhilaChina auction, valued at $5 million (HK dollars), is slated in Hong Kong.
GMAI's newest philatelic subsidiary, H.R. Harmer, Inc. of New York City, has major auctions scheduled in October, November and December of 2004. The first auction will be Part I of a series of sales from the renowned worldwide stamp collections formed by Ed Gilbert. Harmers' inaugural auction under the GMAI banner will feature Mr. Gilbert's outstanding collection of Newfoundland stamps and postal history, and is estimated to realize more than $600,000. The firm's November auction will include a virgin holding of Post Office fresh mint sheets from the 1930's to the 1950's, of Germany, Austria, Berlin, Saar, Poland and Belgium, with a catalogue value of more than $4 million. The December H.R. Harmer auction will be a United States and Worldwide auction, including both stamps and postal history valued at over $1 million. Also, on December 4, GMAI will conduct another specialized sale of collections and dealers' inventories, with an estimated value to be in excess of $2 million.
Larry Crawford, Chief Financial Officer, commented, "In our current fiscal year, we will begin to realize the full impact and integration of the eleven acquisitions completed in fiscal 2004 as well as the H.R. Harmer acquisition, which was finalized on July 30, 2004. The synergy we have experienced between our coin companies, Spectrum, Bowers & Merena, Kingswood and Teletrade, has enabled us to seamlessly integrate these companies under the Spectrum banner with significant economies of scale. We look forward to a productive and profitable fiscal 2005 and beyond, as we continue to experience increased efficiencies in our core competencies, rare stamps and coins."
About Greg Manning Auctions, Inc.
Greg Manning Auctions, Inc. is a global collectibles merchant and auction house network, with operations in North America, Europe and Asia and on the Internet. This network was created in September 2003 when GMAI and Auctentia, S.L. effectively integrated their auction businesses, creating a GMAI-AUCTENTIA global collectibles auction network.
In North America, GMAI is a leading traditional and e-commerce - Internet, interactive telephone, and Internet and live simulcast - auctioneer and merchant/dealer of collectibles. Coins, stamps and sports cards are offered at www.gregmanning.com and www.teletrade.com. Its operations include the Greg Manning Auctions division, Ivy & Manning Philatelic Auctions, H.R. Harmer, Greg Manning Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales, Superior Sports Auctions, Bowers & Merena Galleries and Kingswood Coin Auctions.
In Europe, the leading auction houses affiliated with the network are Auctentia Subastas of Madrid, Spain (operating under the name "Afinsa Auctions"); Corinphila Auktionen of Zurich, Switzerland (65% owned by GMAI); and the Koehler group of auction companies of Berlin (66.67% owned by GMAI) and Wiesbaden, Germany.
GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid, Spain, which is engaged in the sale, marketing and production of owned and third-party collectibles, with an emphasis on specialized philatelic material.
Both GMAI and CdC currently act as exclusive supplier of collectibles - primarily stamps and coins - on a worldwide basis to Afinsa Bienes Tangible, S.A. of Madrid, Spain, one of the world leaders in marketing tangible investment products.
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that may cause such differences include changes in market conditions, changes in economic environment, competitive factors and the other factors discussed in the "forward-looking information" or "risk factors" sections included in GMAI's filings with the Securities and Exchange Commission, including GMAI's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, prospectuses and other documents that GMAI has filed with the Commission.