Greg Manning Auctions Reports Record First Quarter Results; Aggregate Sales Increase 58%, Revenue Up 39%, Pre-Tax Income Climbs 214%.WEST CALDWELL West Caldwell, borough (1990 pop. 10,422), Essex co., NE N.J., a residential suburb of Newark and New York City; inc. 1904. It has some light manufacturing. , N.J. -- Greg Manning Auctions, Inc. (Nasdaq: GMAI GMAI Global Media AIDS InitiativeGMAI Greg Manning Auctions, Inc ) today announced record financial results for the fiscal 2005 first quarter ended September 30, 2004. Aggregate sales, which includes inventory sales plus consignment sales consignment sale auction sales of consignments of breeding cattle which are excess to the owner's requirements. , increased 58% to $65.2 million, up from $41.3 million in last year's first quarter. Revenue, which includes inventory sales plus commission income, rose to $48.1 million, up 39% from the prior year's first quarter results of $34.5 million. Pre-tax income for the fiscal 2005 first quarter was $9.1 million, a 214% increase over the $2.9 million achieved in the similar period in fiscal 2004. Net income for the first quarter was $5.1 million, up 104% from $2.5 million achieved in the first quarter last year. Earnings per share on a fully 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. basis were $0.18 up 29%, compared to $0.14 posted in the comparable period of the prior year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become earnings per share reached $0.33, up 83% from $0.18 in the first quarter of fiscal 2004. Greg Manning, First Vice Chairman, 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. and President, stated, "Our record first quarter results exceeded projections. Fiscal 2005 first quarter sales to our majority shareholder, Afinsa Bienes Tangibles, S.A., under our exclusive supplier agreement, contributed 33% of our aggregate sales, down as a percentage of total sales from the fiscal 2004 average of 40%. In fiscal 2005 and beyond, we expect continued steady growth in our non-Afinsa related businesses, as we fully develop the synergies and ultimate potential of the 11 acquisitions completed in fiscal 2004." Manning continued, "In the first quarter, the company conducted 5 live 'event' auctions for both coins and stamps, as well as 45 additional 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 auctions. Gross profit in the first quarter was $17.2 million, or 35.8% of revenue, compared to $7.5 million or 21.6% of revenue, in the same period a year ago. We look forward to another strong performance in our current second quarter, which has commenced with the first of a series of auctions of the famed Edward M. Gilbert collections The Gilbert Collection was formed by the English businessman Sir Arthur Gilbert, who made most of his fortune in the property business in California, USA. . The Gilbert Newfoundland Newfoundland, breed of dog Newfoundland, breed of massive, powerful working dog developed in Newfoundland, probably in the 17th cent., and later perfected in England. It stands from 25 to 28 in. (63.5–71. collection, sold by H.R. Harmer of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on October 22, 2004, carried a pre-sale estimate of $552,000 and realized $773,000 or 40% over the estimate, with a 100% sell through rate. Part II of the Gilbert collection, France & Colonies, will be sold in Monaco on December 4-7, 2004, as will the John R. Boker Jr. collection of the Reunion Reunion Arafat, Mt . Adam and Eve met here after 200 years. [Muslim Legend: Berra, 44] chickweed flower symbolizing a rejoining. [Flower Symbolism: Jobes, 322] Esau and Jacob after many years, they are reconciled. [O.T. Islands. These auctions are estimated to realize in excess of $2.1 million. The first Bowers Bowers is a surname, and may refer to
v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. auction of intact stamp collections valued at $2 million on December 11, 2004 in New Jersey. Combined, we have a record number of major auctions scheduled in our second quarter. Consignments for our third and fourth quarter auctions are also strong, including additional sections of the Gilbert collections and a major Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. auction." Greg Manning Auctions will host its first quarter conference call for fiscal 2005 today at 10:00 a.m. Eastern Time to discuss financial results, business developments and future outlook. To listen to a live webcast of the conference call, please go to www.gregmanning.com. Participants are encouraged to go to the site at least 15 minutes prior to the start of the call to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are 800.659.2056 for domestic callers and 617.614.2714 for international callers. The participant pass-code for both is 27620345. After the live webcast, the call will remain available on Greg Manning's Web site, www.gregmanning.com, for a period of time. In addition, a telephonic replay of the call will be available. The replay dial-in numbers are 888.286.8010 for domestic callers and 617.801.6888 for international callers. The pass-code code is 62904957. About Greg Manning Auctions, Inc. Greg Manning Auctions, Inc. is a global collectibles merchant and auction house network, with operations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , 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 AUCTIONEER, contracts, commerce. A person authorized by law to sell the goods of others at public sale. 2. He is the agent of both parties, the seller and the buyer. 2 Taunt. 38, 209 4 Greenl. R. 1; Chit. Contr. 208. 3. 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 phi·lat·e·ly n. The collection and study of postage stamps, postmarks, and related materials; stamp collecting. [French philatélie : Greek phil-, philo-, philo- + Greek Auctions, H.R. Harmer of New York, Greg Manning Galleries, Spectrum Numismatics numismatics (n  'mĭzmăt`ĭks, –mĭs–), collection and study of coins, medals, and related objects as works of art and as sources of information. , Teletrade, Nutmeg nutmeg, name applied to members of the family Myristicaceae. The true nutmeg (Myristica fragrans) is an evergreen tree native to the Moluccas but now cultivated elsewhere in the tropics and to a limited extent in S Florida. 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 For a list of heads of state, see . World leaders is a MMORPG. The game involves creating a state, joining an alliance and going into war. It is mostly played by players from Israel, China, USA, Britain, Brazil and Saudi-Arabia. in marketing tangible investment In contrast to stocks, bonds, and real estate (see equity investment), tangible investments are objects; there is a wide variety, including:
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , prospectuses and other documents that GMAI has filed with the Commission. In particular, any statement related to GMAI's expected revenues or earnings or GMAI's being well positioned for future profitability and growth are forward-looking statements. The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. ," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. GMAI undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
GREG MANNING AUCTIONS, INC.
Condensed Consolidated Statements of Earnings
For the Three months ended September 30,
(thousands except per share data)
(Unaudited)
2003 2004
------------- -------------
Aggregate Sales $ 41,296 $ 65,242
Operating Revenues
Sales of inventory $ 21,523 $ 22,970
Sales of inventory - related
party 10,678 21,618
Commissions earned 2,286 3,502
------------- -------------
Total Revenues 34,487 48,090
Cost of merchandise sold 27,025 30,928
------------- -------------
Gross profit 7,462 17,162
Operating Expenses
General and Administrative 2,011 3,658
Salaries and Wages 1,887 3,316
Depreciation and Amortization 144 276
Marketing 379 799
------------- -------------
Total Operating Expenses 4,421 8,049
------------- -------------
Operating Income (Loss) 3,041 9,113
------------- -------------
Other Income (Expense) 17 (20)
Interest Income 15 230
Interest Expense (209) (256)
------------- -------------
Income before income taxes 2,864 9,067
Provision for income taxes 406 3,933
------------- -------------
Net Income $ 2,458 $ 5,134
============= =============
EBITDA $ 3,217 $ 9,599
============= =============
Three Months Ended
September 30,
Earnings per Share Schedule 2003 2004
--------------------------- ------------- -------------
Net Income $ 2,458 $ 5,134
============= =============
EBITDA $ 3,217 $ 9,599
============= =============
Basic Earnings (Loss) per Share
Weighted average shares
outstanding 16,165 27,359
============= =============
Basic earnings (loss) per share $ 0.15 $ 0.19
============= =============
EBITDA earnings (loss) per share $ 0.20 $ 0.35
============= =============
Diluted Earnings (Loss) per Share
Weighted average shares
outstanding 17,473 28,767
============= =============
Diluted earnings (loss) per share $ 0.14 $ 0.18
============= =============
EBITDA earnings (loss) per share $ 0.18 $ 0.33
============= =============
Three Months Ended
September 30,
EBITDA Reconciliation Schedule 2003 2004
------------------------------- ------------- -------------
Net Income (Loss): $ 2,458 $ 5,134
Plus:
Interest expense 209 256
Provision for income taxes 406 3,933
Depreciation 144 276
------------- -------------
EBITDA $ 3,217 $ 9,599
============= =============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion