Printer Friendly

GREG MANNING AUCTIONS REPORTS SALES AND EARNINGS FOR FOURTH QUARTER AND 1993 FISCAL YEAR

 MONTVILLE, N.J., Oct. 13 /PRNewswire/ -- Greg Manning Auctions, Inc. (NASDAQ: GMAI), one of the nation's leading auction houses for rare stamps and collectibles, increased its sales and income in the year ended June 30, 1993, Greg Manning, chairman and chief executive officer, reported today.
 For the final three months of fiscal 1993, the company had net income of $53,157, or 3 cents per share, on revenue of $483,020, compared with net income of $261,060, or 20 cents per share, on revenue of $706,047 in the same period one year earlier. For the full fiscal year, the company had net income of $434,432, or 30 cents per share, on revenue of $1,620,980, compared with net income of $408,795, or 31 cents per share, on revenue of $1,340,437 in fiscal 1992.
 Gross sales, or aggregate realizations from auctions and private transactions, rose to $10,453,020 in fiscal 1993 from $9,138,180 the previous year.
 "Fourth quarter sales and profit in fiscal 1993," Mr. Manning said, "declined largely because of the exceedingly heavy level of auction activity in the fourth quarter of fiscal 1992, reflecting auctions deferred and rescheduled for May 1992 during the World Columbian Stamp Expo in Chicago. As a result, last year's final quarter produced 64 percent of our full-year net income. We also had additional expenses in the latest fourth quarter stemming from our equity offering and emergence as a public company.
 "While fiscal 1993 as a whole represented a year of gains for the company, recent business expansion programs of GMAI have dramatically improved our growth prospects for the future. Our acquisition of Ivy, Shreve & Mader Philatelic Auctions, Inc. last month and our licensing agreement with Harmer Rooke Numismatists, Ltd. (Harmer Rooke Galleries) in August will help fiscal 1994 to be a significant year for GMAI, with approximately 30 auctions scheduled. We anticipate that gross sales will increase to more than $20 million.
 "Meanwhile, we have strengthened our management team through the addition of Michael Haynes as president and chief financial officer, and promoted William Tully to chief operating officer. Moreover, GMAI is now beginning to evaluate the compatibility of our business with interactive cable television, which we feel could be the proper venue for auctions in the future. In this and other ways, we feel that we are opening up many new opportunities for growth in the years ahead."
 Greg Manning Auctions, Inc. is one of the nation's largest auction houses for stamps and collectibles, bringing together buyers and sellers located throughout the world. The company completed its initial public offering in May 1993. Its securities trade on NASDAQ under the symbols GMAIU, GMAI, and GMAIW and on the Boston Stock Exchange under the symbols GGMU, GGM, and GGMW for the company's units (two shares of common stock and two warrants), common stock and warrants, respectively.
 GREG MANNING AUCTIONS, INC.
 Statements of Income
 (Unaudited)
 Three months 12 months
 Periods ended June 30 1993 1992 1993 1992
 Aggregate sales $3,104,058 $4,886,897 $10,453,020 $9,138,180
 Operating revenues 483,020 706,047 1,620,980 1,340,437
 Income before taxes 95,197 455,129 735,636 703,849
 Income taxes 42,040 194,069 301,204 295,054
 Net income 53,157 261,060 434,432 408,795
 Net income per share (A) $.03 $.20 $.30 $.31
 Weighted average
 number of shares
 outstanding (A) 1,874,286 1,300,000 1,443,178 1,300,000
 (A) -- In May 1993 the company sold 1,495,000 shares of common stock in an initial public offering, which includes 195,000 shares granted to the underwriters pursuant to the exercise of an over-allotment option associated with the offering.
 -0- 10/13/93
 /CONTACT: Michael R. Haynes, president and chief financial officer or William Tully, chief operating officer, 201-299-1800, both of Greg Manning Auctions/
 (GMAI)


CO: Greg Manning Auctions, Inc. ST: New Jersey IN: SU: ERN

TS-WB -- NY066 -- 1734 10/13/93 13:38 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 13, 1993
Words:673
Previous Article:HARRIER AND AMERICAN DIAGNOSTICA AGREE TO MERGE
Next Article:USLIFE INCOME FUND, INC. REPORTS OPERATING RESULTS FOR THE FIRST QUARTER ENDED SEPT. 30, 1993
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters