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Collectors Universe Inc. New Reports Operating Results (10-Q)

February 08, 2013 | About:
10qk

10qk

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Collectors Universe Inc. New (CLCT) filed Quarterly Report for the period ended 2012-12-31.

Collectors Universe, Inc. has a market cap of $99.2463 million; its shares were traded at around $11.78 with a P/E ratio of 16.7785 and P/S ratio of 2.0606. The dividend yield of Collectors Universe, Inc. stocks is 11.12%.

Highlight of Business Operations:

Operating income decreased by $923,000 or 49% to $971,000 and by $2,126,000 or 48% to $2,261,000 in the three and six months ended December 31, 2012, respectively, from $1,894,000 and $4,387,000 in the same periods of the prior years, respectively. Those decreases resulted primarily from a $1.7 million or 15% and $2.9 million or 13% decrease in total service revenues in the three and six months ended December 31, 2012, compared to the same periods of the prior year. The reductions in service revenues included reductions of $1.9 million and $3.4 million in the revenues from our coin authentication and grading business in the three and six months ended December 31, 2012, respectively.

For the three months ended December 31, 2012, our total service revenues decreased by $1,712,000 or 15.1%, compared to the three months ended December 31, 2011 and comprised a decrease of $1,797,000 or 18.6%, in grading and authentication fees, partially offset by an increase in other related services of $85,000 or 5.1%. For the six months ended December 31, 2012, our total service revenues decreased by $2,932,000 or 12.6% compared to the six months ended December 31, 2011 and comprised a decrease of $3,186,000 or 16.3% in grading and authentication fees, partially offset by an increase of $254,000 or 7.0% in other related services, respectively. The decreases in grading and authentication fees in the three and six months ended December 31, 2012 were attributable to decreases in coin authentication and grading fees of $1,941,000 or 27% and $3,483,000 or 24% in the three and six months ended December 31, 2012, respectively. Those decreases were due primarily to decreases of 16% and 23% in the number of coins graded in the three and six months ended December 31, 2012, respectively, and in the second quarter due to a lower average service fee earned on modern coin grading revenues due to the mix of modern coin programs in the quarter. The reduction in coin fees were partially offset by increased fees earned by our cards and autographs authentication and grading business of $251,000 or 11% and $514,000 or 10% in the three and six months ended December 31, 2012, respectively. In addition, due to the sale of PSE in June 2012, our stamp authentication and grading fees decreased by $107,000 and $217,000, compared to the three and six months ended December 31, 2011, respectively.

For the three months ended December 31, 2012, our total service revenues decreased by $1,712,000 or 15.1%, compared to the three months ended December 31, 2011 and comprised a decrease of $1,797,000 or 18.6%, in grading and authentication fees, partially offset by an increase in other related services of $85,000 or 5.1%. For the six months ended December 31, 2012, our total service revenues decreased by $2,932,000 or 12.6% compared to the six months ended December 31, 2011 and comprised a decrease of $3,186,000 or 16.3% in grading and authentication fees, partially offset by an increase of $254,000 or 7.0% in other related services, respectively.

The decreases in grading and authentication fees in the three and six months ended December 31, 2012 were attributable to decreases in coin authentication and grading fees of $1,941,000 or 27% and $3,483,000 or 24% in the three and six months ended December 31, 2012, respectively. Those decreases were due primarily to decreases of 16% and 23% in the number of coins graded in the three and six months ended December 31, 2012, respectively, and in the second quarter due to a lower average service fee earned on modern coin grading revenues due to the mix of modern coin programs in the quarter. The reduction in coin fees were partially offset by increased fees earned by our cards and autographs authentication and grading business of $251,000 or 11% and $514,000 or 10% in the three and six months ended December 31, 2012, respectively. In addition, due to the sale of PSE in June 2012, our stamp authentication and grading fees decreased by $107,000 and $217,000, compared to the three and six months ended December 31, 2011, respectively.

Our modern coin grading and authentication fees decreased by approximately $920,000 or 36% and $1,961,000 or 38% in the three and six months ended December 31, 2012, respectively, compared to the same respective periods of the prior year. Vintage grading and authentication fees decreased by approximately $511,000 or 19% and $950,000 or 19% for the three and six month periods, respectively. World coin grading and authentication revenues decreased by approximately $398,000 or 36% and $628,000 or 28% in the three and six month periods, respectively, reflecting lower U.S. submissions of world coins, partially offset by increased submissions in Hong Kong. Show grading and authentication revenues were down by $111,000 or 14% in the second quarter, but increased by approximately $56,000 or 3% in the six months ended December 31, 2012.

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