IRVINE, Calif.--(BUSINESS WIRE)--Spectrum Group International, Inc. (SPGZ.PK) today announced financial results for its quarter and nine months ended March 31, 2010, and also provided results for the comparable periods in the prior fiscal year.
For the three and nine months ended March 31, 2010, the Company’s revenues were approximately $1.372 billion and $4.054 billion, comprising $1.335 billion and $3.928 billion from its Trading segment and $37.4 million and $126.0 million from its Collectibles segment. For the three and nine months ended March 31, 2009, the Company’s revenues were approximately $1.078 billion and $3.131 billion, comprising $1.041 billion and $3.021 billion from its Trading segment and $37.1 million and $110.7 million from its Collectibles segment. Net (loss) attributable to the Company for the three and nine months ended March 31, 2010, was $(3.5) million and $(1.2) million, or $(0.11) and $(0.04) per share, and pre-tax (loss) income was $(0.7) million and $0.5 million, as compared to net income attributable to the Company for the three and nine months ended March 31, 2009 of $2.1 million and $8.3 million, or $0.07 and $0.27 per share, and pre-tax income of $3.8 million and $13.9 million. For the three and nine months ended March 31, 2010, the Company recorded income tax provision of $2.5 million and $0.5 million.
Greg Roberts, President and Chief Executive Officer, commented, “Our Trading operations achieved $1.2 million in operating income in the third quarter of fiscal 2010 as compared with $7.9 million in the third quarter of fiscal 2009. The decline in operating income is attributable primarily to lower premiums and margins resulting from an increased supply of precious metals products. We experienced an increase in revenues in our Trading segment of $293.6 million, or 28.2%, to $1.335 billion for the three months ended March 31, 2010, as compared to $1.041 billion for the three months ended March 31, 2009, due to a shift in product mix resulting from an increased demand for gold products.”
Mr. Roberts continued, “Our Collectibles segment revenues increased by $0.3 million, or 0.7%, to $37.4 million for the three months ended March 31, 2010, as compared to $37.1 million for the three months ended March 31, 2009. This increase in revenues is primarily attributable to increased auction revenues as well as an increase in revenues in the Company’s wholesale Numismatics unit. Overall, the Collectibles segment experienced an operating loss of $2.1 million for the third quarter of fiscal 2010, as compared to an operating loss of $3.3 million for the third quarter of fiscal 2009.”
More information regarding the Company’s financial results for the third 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: trading and collectibles.
Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer Nutmeg Auctions, Inc. of Irvine, California, Corinphila Auktionen AG of Zurich, Switzerland, Heinrich Köhler Auktionshaus GmbH & Co. KG of Wiesbaden, Germany, Corinphila Veilingen B.V., Netherlands, 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). 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.
Contact:
Spectrum Group International, Inc.
Paul Soth, 949-955-1250
Chief Financial Officer and EVP
psoth@spectrumgi.com
IRVINE, Calif.--(BUSINESS WIRE)--Spectrum Group International, Inc. (SPGZ.PK) today announced financial results for its quarter and nine months ended March 31, 2010, and also provided results for the comparable periods in the prior fiscal year.
For the three and nine months ended March 31, 2010, the Company’s revenues were approximately $1.372 billion and $4.054 billion, comprising $1.335 billion and $3.928 billion from its Trading segment and $37.4 million and $126.0 million from its Collectibles segment. For the three and nine months ended March 31, 2009, the Company’s revenues were approximately $1.078 billion and $3.131 billion, comprising $1.041 billion and $3.021 billion from its Trading segment and $37.1 million and $110.7 million from its Collectibles segment. Net (loss) attributable to the Company for the three and nine months ended March 31, 2010, was $(3.5) million and $(1.2) million, or $(0.11) and $(0.04) per share, and pre-tax (loss) income was $(0.7) million and $0.5 million, as compared to net income attributable to the Company for the three and nine months ended March 31, 2009 of $2.1 million and $8.3 million, or $0.07 and $0.27 per share, and pre-tax income of $3.8 million and $13.9 million. For the three and nine months ended March 31, 2010, the Company recorded income tax provision of $2.5 million and $0.5 million.
Greg Roberts, President and Chief Executive Officer, commented, “Our Trading operations achieved $1.2 million in operating income in the third quarter of fiscal 2010 as compared with $7.9 million in the third quarter of fiscal 2009. The decline in operating income is attributable primarily to lower premiums and margins resulting from an increased supply of precious metals products. We experienced an increase in revenues in our Trading segment of $293.6 million, or 28.2%, to $1.335 billion for the three months ended March 31, 2010, as compared to $1.041 billion for the three months ended March 31, 2009, due to a shift in product mix resulting from an increased demand for gold products.”
Mr. Roberts continued, “Our Collectibles segment revenues increased by $0.3 million, or 0.7%, to $37.4 million for the three months ended March 31, 2010, as compared to $37.1 million for the three months ended March 31, 2009. This increase in revenues is primarily attributable to increased auction revenues as well as an increase in revenues in the Company’s wholesale Numismatics unit. Overall, the Collectibles segment experienced an operating loss of $2.1 million for the third quarter of fiscal 2010, as compared to an operating loss of $3.3 million for the third quarter of fiscal 2009.”
More information regarding the Company’s financial results for the third 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: trading and collectibles.
Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer Nutmeg Auctions, Inc. of Irvine, California, Corinphila Auktionen AG of Zurich, Switzerland, Heinrich Köhler Auktionshaus GmbH & Co. KG of Wiesbaden, Germany, Corinphila Veilingen B.V., Netherlands, 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). 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.
Contact:
Spectrum Group International, Inc.
Paul Soth, 949-955-1250
Chief Financial Officer and EVP
psoth@spectrumgi.com
