Printer Friendly

GREG MANNING AUCTIONS REPORTS STRONG OPERATING GAINS FOR FISCAL THIRD QUARTER AND NINE MONTHS

 MONTVILLE, N.J., June 29 /PRNewswire/ -- Greg Manning Auctions, Inc. (NASDAQ: GMAI), a leading philatelic auction house, had sharply higher revenues and net income for its fiscal third quarter and nine months ended March 31, 1993, Greg Manning, president and chief executive officer, announced today.
 For the fiscal three months ended March 31, 1993, revenues were $576,270 and net income was $212,697, equal to 16 cents per share. This compares with revenues of $214,037 and net income of $57,124, or 4 cents per share, attained in the fiscal third quarter a year ago. Aggregate sales of stamps and other property consigned by third parties for the fiscal three months ended March 31, 1993, increased 166 percent to $3,986,388 from $1,497,246 recorded in the comparable fiscal period a year ago.
 For the fiscal nine months, revenues totaled $1.1 million and net income was $381,275, equal to 29 cents per share, compared with revenues of $634,390 and net income of $147,735, or 11 cents per share, in the year earlier period. Aggregate sales of stamps and other property consigned by third parties for the fiscal 1993 nine months ended March 31, 1993, advanced 72 percent to $7,318,962 from $4,251,283 in the previous year.
 Commenting on the company's operating results, Mr. Manning said, "The gratifying year-to-year gain in revenues and net income reflects a greater amount of property consigned for sale at auctions by third parties. In the current fiscal year, we have not only sponsored more stamp auctions, our core business, but we have also held more sports trading card auctions and more philatelic private negotiated sales. While philatelic auction sales remain our largest business segment, our strategy is to strategically broaden the company's product base by expanding into new and related collectible areas."
 Mr. Manning indicated that operating results in the fiscal fourth quarter will reflect the historically lower level of summer month auction sale activity. Nevertheless, he said that Greg Manning Auctions expects to complete its initial months and fiscal year as a publicly owned company with record levels of consigned third party sales, commission revenues and net income.
 Greg Manning Auctions, Inc. is one of the world's largest stamp auction houses. It also conducts auctions of other collectibles, including sports trading cards and sports memorabilia, 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, common stock and warrants, respectively.
 GREG MANNING AUCTIONS, INC.
 Statements of Income
 Three Months Nine Months
 Ended March 31 Ended March 31
 1993 1992 1993 1992
 (Unaudited) (Unaudited)
 Aggregate third
 party consigned
 sales $3,986,388 $1,497,246 $7,318,962 $4,251,283
 Operating revenues 576,270 214,037 1,137,960 634,390
 Operating profit 340,022 90,759 622,970 228,425
 Income before income
 taxes 350,192 92,709 640,439 248,720
 Net income 212,697 57,124 381,275 147,735
 Net income per share(A) $0.16 $0.04 $0.29 $0.11
 Weighted average number
 of shares of common
 stock outstanding 1,300,000 1,300,000 1,300,000 1,300,000
 (A) In May 1993, the company sold 1,495,000 shares of common stock in an initial public offering, including 195,000 shares granted to the underwriters pursuant to the exercise of an over-allotment option. Had such shares been outstanding since the beginning of the period, net income per share would have been $.08 and $.14 for the three-month and nine-month periods ended March 31, 1993, respectively.
 -0- 6/29/93
 /CONTACT: Greg Manning, president and chief executive officer or William Tully, executive vice president, 201-299-1800, of Greg Manning Auctions, Inc./
 (GMAI)


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

PS-MG -- NY035 -- 6686 06/29/93 12:05 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:Jun 29, 1993
Words:674
Previous Article:SHAWMUT NATIONAL COMPLETES SALE OF $310 MILLION OF REAL ESTATE ASSETS
Next Article:IFL COMPLETES FINANCIAL RESTRUCTURING
Topics:


Related Articles
GREG MANNING AUCTIONS REPORTS SALES AND EARNINGS FOR FOURTH QUARTER AND 1993 FISCAL YEAR
GREG MANNING AUCTIONS INCOME ADVANCES 79 PERCENT IN FIRST QUARTER OF FISCAL 1994; EXPANSION MOVES DURING PERIOD BROADEN REVENUE BASE
GREG MANNING AUCTIONS REPORTS PROFITS TURNAROUND ON 48% REVENUE GAIN IN SECOND QUARTER
GREG MANNING AUCTIONS REPORTS LARGE PROFIT GAIN IN FISCAL 1996 THIRD QUARTER
Greg Manning Auctions Reports Record Sales, Profits Turnaround For Fiscal 1996
Greg Manning Auctions Reports Higher Profits in 1997 Fiscal Second Quarter; Second-Half Auction Activity Looks Strong
Greg Manning Auctions Reports Record Third Quarter Earnings
Greg Manning Auctions Reports First Quarter Results
Escala Group, Inc. Announces Fiscal Year 2006 Second Quarter and First-half Earnings.
Escala Group, Inc. Announces Fiscal Year 2006 Second Quarter and First-half Earnings.

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