IRVINE, Calif.--(BUSINESS WIRE)--Spectrum Group International, Inc. (SPGZ.PK) today announced financial results for its quarter ended September 30, 2009, and also provided results for the comparable period in the prior fiscal year.
For the three months ended September 30, 2009, the Company’s revenues were approximately $978.7 million, comprising $930.5 million from its Trading segment and $48.2 million from its Collectibles segment. For the three months ended September 30, 2008, the Company’s revenues were approximately $1.045 billion, comprising $1.007 billion from its Trading segment and $38.0 million from its Collectibles segment. Net income for the three months ended September 30, 2009, was $268,000, or .01 per share, and pre-tax loss was $879,000, compared with net income for the three months ended September 30, 2008, of $2.4 million, or .08 per share, and pre-tax income of $3.7 million. For the three months ended September 30, 2009, the Company recorded a $1.6 million income tax benefit which results from an estimate of taxable loss that is expected to be monetized through the utilization of a net operating loss carry-back claim.
Greg Roberts, President and Chief Executive Officer, commented, “Our Trading operations performed well in the first quarter of fiscal 2010, achieving $1.9 million in operating income, as compared with $4.3 million in the first quarter of fiscal 2009. We experienced a decrease in revenues in our Trading segment of $76.5 million, or 7.6%, to $930.5 million for the three months ended September 30, 2009, compared with $1.007 billion for the three months ended September 30, 2008. This decrease was the result of a number of factors, including lower precious metals market volatility and lower demand for precious metal products worldwide, offset by higher precious metal prices.”
Mr. Roberts continued, “Our Collectibles segment revenues increased by $10.2 million, or 26.8%, to $48.2 million for the three months ended September 30, 2009, compared with $38.0 million for the three months ended September 30, 2008. This increase in revenues is primarily attributable to increased revenues in our North American Numismatics operations. Overall, the Collectibles segment experienced an operating loss of $600,000 for the three months ended September 30, 2009, compared with an operating loss of $2.9 million for the three months ended September 30, 2008.”
Mr. Roberts added, “The Company’s adjusted pre-tax income (a non-GAAP financial measure) for the three months ended September 30, 2009, was .7 million, compared with $2.9 million for the three months ended September 30, 2008.” See Appendix B for an explanation of the adjustments of non-GAAP financial measures used in this release.
More information regarding the Company’s financial results for the first quarter of fiscal 2010 is set forth in the Company’s Report on Form 10-Q, as filed with the Securities and Exchange Commission.
About Spectrum Group International, Inc.
Spectrum Group is a consolidated global collectibles network. The Company is a leading auctioneer of stamps, coins, rare and fine vintage wine, and arms, armor and militaria,
targeting both collectors and dealers. Spectrum is also a merchant/dealer of certain collectibles and trader of precious metals. The Company's collectibles offerings span the modest to ultra high-end price spectrum. Spectrum conducts its operations in two business segments: collectibles and trading.
Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer of Irvine, California, Corinphila Auktionen of Zurich, Switzerland, Heinrich Köhler Auktionshaus of Wiesbaden, Germany, and John Bull Stamp Auctions, Ltd of Hong Kong. Spectrum Group’s collectibles companies in the numismatics field include Bowers and Merena Auctions (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online coin auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Wine Auctions is engaged in the sale by auction of rare and fine vintage wine. Spectrum Group also owns Greg Martin Auctions, which conducts auction sales of antique arms, armor and militaria.
The trading activities of Spectrum Group are conducted through A-Mark Precious Metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace. A-Mark’s subsidiary Collateral Finance Corporation, which is the Official Numismatic Lender of the American Numismatic Association, provides financing on a wide array of bullion and numismatic products.
SAFE HARBOR STATEMENT
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 could cause actual results to differ are identified in our public filings with the Securities and Exchange Commission (SEC), and include the fact that we have disclosed that you should not rely upon our previously published financial statements and the fact that we have not filed all of our reports required by the Securities Exchange Act of 1934. More information about factors that could affect our business and financial results included in our public filings with the SEC, which are available on the SEC’s website located at www.sec.gov.
The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "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. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Financial Tables are attached.
Contact:
Spectrum Group International, Inc.
Thor Gjerdrum
Chief Financial Officer
thor@amark.com
310-587-1414
IRVINE, Calif.--(BUSINESS WIRE)--Spectrum Group International, Inc. (SPGZ.PK) today announced financial results for its quarter ended September 30, 2009, and also provided results for the comparable period in the prior fiscal year.
For the three months ended September 30, 2009, the Company’s revenues were approximately $978.7 million, comprising $930.5 million from its Trading segment and $48.2 million from its Collectibles segment. For the three months ended September 30, 2008, the Company’s revenues were approximately $1.045 billion, comprising $1.007 billion from its Trading segment and $38.0 million from its Collectibles segment. Net income for the three months ended September 30, 2009, was $268,000, or .01 per share, and pre-tax loss was $879,000, compared with net income for the three months ended September 30, 2008, of $2.4 million, or .08 per share, and pre-tax income of $3.7 million. For the three months ended September 30, 2009, the Company recorded a $1.6 million income tax benefit which results from an estimate of taxable loss that is expected to be monetized through the utilization of a net operating loss carry-back claim.
Greg Roberts, President and Chief Executive Officer, commented, “Our Trading operations performed well in the first quarter of fiscal 2010, achieving $1.9 million in operating income, as compared with $4.3 million in the first quarter of fiscal 2009. We experienced a decrease in revenues in our Trading segment of $76.5 million, or 7.6%, to $930.5 million for the three months ended September 30, 2009, compared with $1.007 billion for the three months ended September 30, 2008. This decrease was the result of a number of factors, including lower precious metals market volatility and lower demand for precious metal products worldwide, offset by higher precious metal prices.”
Mr. Roberts continued, “Our Collectibles segment revenues increased by $10.2 million, or 26.8%, to $48.2 million for the three months ended September 30, 2009, compared with $38.0 million for the three months ended September 30, 2008. This increase in revenues is primarily attributable to increased revenues in our North American Numismatics operations. Overall, the Collectibles segment experienced an operating loss of $600,000 for the three months ended September 30, 2009, compared with an operating loss of $2.9 million for the three months ended September 30, 2008.”
Mr. Roberts added, “The Company’s adjusted pre-tax income (a non-GAAP financial measure) for the three months ended September 30, 2009, was .7 million, compared with $2.9 million for the three months ended September 30, 2008.” See Appendix B for an explanation of the adjustments of non-GAAP financial measures used in this release.
More information regarding the Company’s financial results for the first quarter of fiscal 2010 is set forth in the Company’s Report on Form 10-Q, as filed with the Securities and Exchange Commission.
About Spectrum Group International, Inc.
Spectrum Group is a consolidated global collectibles network. The Company is a leading auctioneer of stamps, coins, rare and fine vintage wine, and arms, armor and militaria,
targeting both collectors and dealers. Spectrum is also a merchant/dealer of certain collectibles and trader of precious metals. The Company's collectibles offerings span the modest to ultra high-end price spectrum. Spectrum conducts its operations in two business segments: collectibles and trading.
Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer of Irvine, California, Corinphila Auktionen of Zurich, Switzerland, Heinrich Köhler Auktionshaus of Wiesbaden, Germany, and John Bull Stamp Auctions, Ltd of Hong Kong. Spectrum Group’s collectibles companies in the numismatics field include Bowers and Merena Auctions (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online coin auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Wine Auctions is engaged in the sale by auction of rare and fine vintage wine. Spectrum Group also owns Greg Martin Auctions, which conducts auction sales of antique arms, armor and militaria.
The trading activities of Spectrum Group are conducted through A-Mark Precious Metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace. A-Mark’s subsidiary Collateral Finance Corporation, which is the Official Numismatic Lender of the American Numismatic Association, provides financing on a wide array of bullion and numismatic products.
SAFE HARBOR STATEMENT
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 could cause actual results to differ are identified in our public filings with the Securities and Exchange Commission (SEC), and include the fact that we have disclosed that you should not rely upon our previously published financial statements and the fact that we have not filed all of our reports required by the Securities Exchange Act of 1934. More information about factors that could affect our business and financial results included in our public filings with the SEC, which are available on the SEC’s website located at www.sec.gov.
The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "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. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Financial Tables are attached.
Contact:
Spectrum Group International, Inc.
Thor Gjerdrum
Chief Financial Officer
thor@amark.com
310-587-1414
