A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a
leading full-service provider of products and services to the
global precious metals market, reported results for the fiscal
second quarter ended December 31, 2019.
Fiscal Q2 2020 Financial Highlights
- Revenues for the three months ended December 31, 2019 decreased
4% to $1.06 billion from $1.10 billion for the three months ended
December 31, 2018 and decreased 29% from $1.48 billion for the
three months ended September 30, 2019
- Gross profit for the three months ended December 31, 2019
decreased 2% to $8.1 million (0.8% of revenue) from $8.3 million
(0.8% of revenue) for the three months ended December 31, 2018 and
decreased 3% from $8.3 million (0.6% of revenue) for the three
months ended September 30, 2019
- Net income for the three months ended December 31, 2019 totaled
$1.2 million or $0.17 per diluted share, as compared to net income
of $577,000 or $0.08 per diluted share for the three months ended
December 31, 2018 and net income of $128,000 or $0.02 per diluted
share for the three months ended September 30, 2019
- Gold ounces sold in the three months ended December 31, 2019
decreased 3% to 428,000 ounces from 440,000 for the three months
ended December 31, 2018 and decreased 26% from 576,000 for the
three months ended September 30, 2019
- Silver ounces sold in the three months ended December 31, 2019
decreased 30% to 14.1 million ounces from 20.0 million ounces for
the three months ended December 31, 2018 and decreased 33% from
20.9 million from the three months ended September 30, 2019
- As of December 31, 2019, the number of secured loans increased
93% to 3,725 from 1,931 as of December 31, 2018 and increased 4%
from 3,571 as of September 30, 2019
Fiscal Q2 2020 Financial ResultsRevenues
decreased 4% to $1.06 billion from $1.10 billion in the same
year-ago quarter. The decrease in revenues was mainly due to lower
forward sales and a decrease in the total amount of gold and silver
ounces sold, offset by higher gold and silver prices.
Gross profit decreased 2% to $8.1 million (0.8% of revenue) from
$8.3 million (0.8% of revenue) in the same year-ago quarter. The
decrease in gross profit was primarily due to lower gross profit
from the Wholesale Trading & Ancillary Services segment, offset
by higher gross profit from the Direct Sales segment and higher
trading profits.
Selling, general and administrative expenses decreased 3% to
$7.9 million from $8.1 million in the same year-ago quarter. The
decrease was primarily due to lower operating expenses incurred by
the Direct Sales segment of $0.1 million, consulting expenses of
$0.2 million and recoveries on insurance claims of $0.2 million,
which were partially offset by increased overall compensation costs
of $0.2 million.
Interest income increased 34% to $6.2 million from $4.7 million
in the same year-ago quarter. The aggregate increase in interest
income was primarily due to higher interest income from the Secured
Lending segment and other finance product income.
Interest expense increased 9% to $5.1 million from $4.7 million
in the same year-ago quarter. The increase in interest expense was
primarily due to the Company’s Trading Credit Facility, product
financing arrangements, and loan servicing fees, partially offset
by a reduction in interest expense related to liabilities on
borrowed metals and the Goldline Credit Facility, which was paid
off in full during the second quarter of fiscal year 2019.
Net income totaled $1.2 million or $0.17 per diluted share, an
improvement from $577,000 or $0.08 per diluted share in the same
year-ago quarter.
Fiscal Six Months 2020 Highlights
- Revenues for the six months ended December 31, 2019 decreased
5% to $2.54 billion from $2.67 billion for the six months ended
December 31, 2018
- Gross profit for the six months ended December 31, 2019
decreased 2% to $16.5 million (0.6% of revenue) from $16.8 million
(0.6% of revenue) for the six months ended December 31, 2018
- Net income for the six months ended December 31, 2019 totaled
$1.4 million or $0.19 per diluted share, as compared to net income
of $2.1 million or $0.29 per diluted share for the six months ended
December 31, 2018
- Gold ounces sold in the six months ended December 31, 2019
increased 3% to 1,004,000 ounces from 975,000 for the six months
ended December 31, 2018
- Silver ounces sold in the six months ended December 31, 2019
decreased 9% to 35.0 million ounces from 38.3 million for the six
months ended December 31, 2018
Fiscal Six Months 2020 Financial
ResultsRevenues decreased 5% to $2.54 billion from $2.67
billion in the same year-ago period. The decrease was primarily due
to lower forward sales and lower silver ounces sold, offset by an
increase in higher gold and silver prices and higher gold ounces
sold.
Gross profit decreased 2% to $16.5 million (0.6% of revenue)
from $16.8 million (0.6% of revenue) in the same year-ago period.
The decrease in gross profit was primarily due to lower gross
profit from the Wholesale Trading & Ancillary segment, offset
by improved gross profit from the Direct Sales segment and higher
trading profits.
Selling, general and administrative expenses increased 2% to
$16.1 million from $15.8 million in the same year-ago period. The
increase was primarily due to higher overall compensation costs of
$0.3 million and deductibles on insurance claims of $0.2 million,
which were partially offset by lower operating expenses incurred by
the Direct Sales segment of $0.1 million and lower information
technology costs of $0.2 million.
Interest income increased 30% to $12 million from $9.2 million
in the same year-ago period. The aggregate increase in interest
income was primarily due to interest income earned by the Secured
Lending Segment and other finance product income.
Interest expense increased 25% to $10.2 million from $8.2
million in the same year-ago period. The increase in interest
expense was related primarily to the Company’s Trading Credit
Facility, notes payable, product financing arrangements, and loan
servicing fees, partially offset by a reduction in interest expense
related to liabilities on borrowed metals and the Goldline Credit
Facility, which was paid off in full during second quarter of
fiscal year 2019.
Net income totaled $1.4 million or $0.19 per diluted share,
compared to net income of $2.1 million or $0.29 per diluted share
in the same year-ago period.
Management Commentary “The second quarter
was highlighted by double-digit growth in interest income and
stabilized operating expenses, which drove the second consecutive
quarter of profitability,” said company CEO Greg Roberts. “This
consistent performance is due to our diversified platform of
products and services as well as the cost optimization measures we
implemented in fiscal 2019 which made A-Mark a leaner organization.
Our Secured Lending segment continues to perform well and provides
us with solid interest income, as demonstrated by the record number
of loans outstanding at quarter end, which was up 93%
year-over-year.
“Overall, we’re encouraged by our operational and financial
performance in the second quarter and first half of fiscal 2020,
and we remain optimistic about our prospects for the balance of the
year. We believe our competitive position, robust platform,
expanding customer base and diversified business model will help
drive predictable growth and increased profitability in the years
ahead.”
Conference CallA-Mark will hold a conference
call today (February 6, 2020) to discuss these financial results.
The company's CEO Greg Roberts, President Thor Gjerdrum and CFO
Kathleen Simpson-Taylor will host the call at 4:30 p.m. Eastern
time (1:30 p.m. Pacific time). A question and answer session will
follow management's presentation.
To participate, please dial the appropriate number at least five
minutes prior to the start time and ask for the A-Mark Precious
Metals conference call.
U.S. dial-in number: 1-877-407-0789International number:
1-201-689-8562Conference ID: 13698642
The conference call will be broadcast simultaneously and
available for replay via the Investor Relations section of A-Mark’s
website at www.amark.com. If you have any difficulty connecting
with the conference call or webcast, please contact A-Mark’s
investor relations team at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern
time through February 20, 2020.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Conference ID: 13698642
About A-Mark Precious MetalsFounded in 1965,
A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading
full-service precious metals trading company and wholesaler of
gold, silver, platinum and palladium bullion and related products.
The company’s global customer base includes sovereign and private
mints, manufacturers and fabricators, refiners, dealers, financial
institutions, industrial users, investors, collectors, and
e-commerce and other retail customers. The company conducts its
operations through three complementary segments: Wholesale Trading
& Ancillary Services, Secured Lending, and Direct Sales.
A-Mark operates several business units in its Wholesale Trading
& Ancillary Services segment, including Industrial, Coin and
Bar, Trading and Finance, Transcontinental Depository Services
(TDS), Logistics, and the Mint (as more fully described below). Its
Industrial unit services manufacturers and fabricators of products
utilizing precious metals, while its Coin and Bar unit deals in
over 200 different products for distribution to dealers and other
qualified purchasers. As a U.S. Mint-authorized purchaser of gold,
silver and platinum coins, A-Mark purchases bullion products
directly from the U.S. Mint for sale to customers. A-Mark also has
distributorships with other sovereign mints, including Australia,
Austria, Canada, China, Mexico, South Africa and the United
Kingdom. Through its TDS subsidiary, A-Mark provides customers with
a variety of managed storage options for precious metals worldwide.
Through its A-M Global Logistics subsidiary, A-Mark provides
customers an array of complementary services, including receiving,
handling, inventorying, processing, packaging and shipping of
precious metals and custom coins on a secure basis. A-Mark also
holds a majority stake in a joint venture that owns the minting
operations known as SilverTowne Mint (Mint), which designs and
produces minted silver products which provide greater product
selection to customers, price stability within the supply chain as
well as more secured access to silver during volatile market
environments.
The company operates its Secured Lending segment through its
wholly-owned subsidiaries, Collateral Finance Corporation (CFC) and
AM Capital Funding, LLC (AMCF). Founded in 2005, CFC is a
California licensed finance lender that originates and acquires
loans secured by bullion and numismatic coins. Its customers
include coin and precious metal dealers, investors, and
collectors. AMCF was formed in 2018 for the purpose of
securitizing eligible secured loans of CFC.
A-Mark operates its Direct Sales segment primarily through its
wholly-owned subsidiary Goldline Inc. (Goldline), a direct retailer
of precious metals for the investor community. Goldline markets
A-Mark’s precious metal products through various channels,
including radio, television, and the Internet.
A-Mark is headquartered in El Segundo, California, with offices
and facilities in Los Angeles, California, Vienna, Austria, Las
Vegas, Nevada, and Winchester, Indiana. For more information, visit
www.amark.com.
Important Cautions Regarding Forward-Looking
StatementsStatements 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
include the following: the failure to execute our growth strategy
as planned; greater than anticipated costs incurred to execute this
strategy; changes in the current international political climate
which has favorably contributed to demand and volatility in the
precious metals markets; increased competition for our higher
margin services, which could depress pricing; the failure of our
business model to respond to changes in the market environment as
anticipated; general risks of doing business in the commodity
markets; and other business, economic, financial and governmental
risks as described in in the company’s public filings with the
Securities and Exchange Commission.
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. The company undertakes no obligation to
publicly update or revise any forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements.
Company Contact:Thor Gjerdrum, PresidentA-Mark
Precious Metals, Inc.1-310-587-1414thor@amark.com
Investor Relations Contact:Matt GloverGateway
Investor Relations1-949-574-3860AMRK@gatewayIR.com
|
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(amounts in thousands, except for share
data) |
|
|
|
|
|
December 31, 2019 |
|
June 30, 2019 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
11,558 |
|
|
$ |
8,320 |
|
Receivables, net |
24,598 |
|
|
26,895 |
|
Derivative assets |
5,359 |
|
|
2,428 |
|
Secured loans receivable |
152,343 |
|
|
125,298 |
|
Precious metals held under financing arrangements |
196,972 |
|
|
208,792 |
|
Inventories: |
|
|
|
Inventories |
183,165 |
|
|
198,356 |
|
Restricted inventories |
79,766 |
|
|
94,505 |
|
|
262,931 |
|
|
292,861 |
|
|
|
|
|
Income taxes receivable |
1,466 |
|
|
1,473 |
|
Prepaid expenses and other assets |
2,016 |
|
|
2,783 |
|
Total current
assets |
657,243 |
|
|
668,850 |
|
|
|
|
|
Operating lease right of use assets, net |
4,787 |
|
|
— |
|
Property, plant, and equipment, net |
6,349 |
|
|
6,731 |
|
Goodwill |
8,881 |
|
|
8,881 |
|
Intangibles, net |
5,494 |
|
|
5,852 |
|
Long-term investments |
11,999 |
|
|
11,885 |
|
Deferred tax assets - non-current |
2,689 |
|
|
3,163 |
|
Other long-term assets |
3,500 |
|
|
— |
|
Total
assets |
$ |
700,942 |
|
|
$ |
705,362 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Lines of credit |
$ |
180,000 |
|
|
$ |
167,000 |
|
Liabilities on borrowed metals |
192,889 |
|
|
201,144 |
|
Product financing arrangements |
79,766 |
|
|
94,505 |
|
Accounts payable |
62,354 |
|
|
62,180 |
|
Derivative liabilities |
9,049 |
|
|
9,971 |
|
Accrued liabilities |
5,703 |
|
|
6,137 |
|
Total current
liabilities |
529,761 |
|
|
540,937 |
|
Notes payable (1) |
92,181 |
|
|
91,859 |
|
Other liabilities |
4,466 |
|
|
— |
|
Total
liabilities |
626,408 |
|
|
632,796 |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares;
issued and outstanding: none as of December 31, 2019 and June 30,
2019 |
— |
|
|
— |
|
Common stock, par value $0.01; 40,000,000 shares authorized;
7,031,450 shares issued and outstanding as of December 31, 2019 and
June 30, 2019 |
71 |
|
|
71 |
|
Additional paid-in capital |
26,862 |
|
|
26,452 |
|
Retained earnings |
44,497 |
|
|
43,135 |
|
Total A-Mark Precious Metals, Inc. stockholders’
equity |
71,430 |
|
|
69,658 |
|
Non-controlling interests |
3,104 |
|
|
2,908 |
|
Total stockholders’
equity |
74,534 |
|
|
72,566 |
|
Total liabilities,
non-controlling interests and stockholders’ equity |
$ |
700,942 |
|
|
$ |
705,362 |
|
|
|
|
|
|
|
|
|
|
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except for share and per
share data) |
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
December 31,2019 |
|
December 31,2018 |
|
December 31,2019 |
|
December 31,2018 |
Revenues |
|
$ |
1,055,590 |
|
|
$ |
1,100,912 |
|
|
$ |
2,536,604 |
|
|
$ |
2,666,002 |
|
Cost of sales |
|
1,047,459 |
|
|
1,092,595 |
|
|
2,520,133 |
|
|
2,649,210 |
|
Gross profit |
|
8,131 |
|
|
8,317 |
|
|
16,471 |
|
|
16,792 |
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses |
|
(7,870 |
) |
|
(8,103 |
) |
|
(16,140 |
) |
|
(15,822 |
) |
Interest income |
|
6,232 |
|
|
4,652 |
|
|
12,000 |
|
|
9,203 |
|
Interest expense |
|
(5,081 |
) |
|
(4,656 |
) |
|
(10,223 |
) |
|
(8,208 |
) |
Other income (expense),
net |
|
150 |
|
|
682 |
|
|
(16 |
) |
|
930 |
|
Unrealized gain (loss) on
foreign exchange |
|
125 |
|
|
52 |
|
|
3 |
|
|
(18 |
) |
Net income before provision for
income taxes |
|
1,687 |
|
|
944 |
|
|
2,095 |
|
|
2,877 |
|
Income tax expense |
|
(432 |
) |
|
(242 |
) |
|
(537 |
) |
|
(741 |
) |
Net income |
|
1,255 |
|
|
702 |
|
|
1,558 |
|
|
2,136 |
|
Net income attributable to non-controlling interests |
|
21 |
|
|
125 |
|
|
196 |
|
|
78 |
|
Net income attributable to the
Company |
|
$ |
1,234 |
|
|
$ |
577 |
|
|
$ |
1,362 |
|
|
$ |
2,058 |
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income per share attributable to A-Mark Precious
Metals, Inc.: |
Basic |
|
$ |
0.17 |
|
|
$ |
0.08 |
|
|
$ |
0.19 |
|
|
$ |
0.29 |
|
Diluted |
|
$ |
0.17 |
|
|
$ |
0.08 |
|
|
$ |
0.19 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
7,031,400 |
|
|
7,031,400 |
|
|
7,031,400 |
|
|
7,031,400 |
|
Diluted |
|
7,056,300 |
|
|
7,085,600 |
|
|
7,074,800 |
|
|
7,088,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(amounts in thousands) |
|
|
|
|
|
Six Months Ended December 31, |
|
2019 |
|
2018 |
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
1,558 |
|
|
$ |
2,136 |
|
Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
|
|
Provision (reversal) for doubtful accounts |
|
— |
|
|
(30 |
) |
Depreciation and amortization |
|
1,334 |
|
|
1,398 |
|
Amortization of loan cost |
|
730 |
|
|
542 |
|
Deferred income taxes |
|
474 |
|
|
659 |
|
Interest added to principal of secured loans |
|
(10 |
) |
|
(10 |
) |
Change in accrued earn-out |
|
— |
|
|
(504 |
) |
Debt extinguishment costs |
|
— |
|
|
7 |
|
Share-based compensation |
|
410 |
|
|
553 |
|
Earnings from equity method investments |
|
(114 |
) |
|
(559 |
) |
Changes in assets and liabilities: |
|
|
|
|
Receivables |
|
2,297 |
|
|
12,611 |
|
Secured loans receivable |
|
2,131 |
|
|
(737 |
) |
Secured loans made to affiliates |
|
5,108 |
|
|
(4,458 |
) |
Derivative assets |
|
(2,931 |
) |
|
5,794 |
|
Income taxes receivable |
|
7 |
|
|
26 |
|
Precious metals held under financing arrangements |
|
11,820 |
|
|
35,661 |
|
Inventories |
|
29,930 |
|
|
3,831 |
|
Prepaid expenses and other assets |
|
359 |
|
|
708 |
|
Accounts payable |
|
174 |
|
|
743 |
|
Derivative liabilities |
|
(923 |
) |
|
4,847 |
|
Liabilities on borrowed metals |
|
(8,255 |
) |
|
(53,029 |
) |
Accrued liabilities |
|
(743 |
) |
|
(109 |
) |
Net cash provided by
operating activities |
|
43,356 |
|
|
10,080 |
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures for property, plant, and equipment |
|
(455 |
) |
|
(138 |
) |
Purchase of long-term investments |
|
— |
|
|
(1,500 |
) |
Purchase of intangible assets |
|
(150 |
) |
|
— |
|
Secured loans receivable, net |
|
(34,274 |
) |
|
10,872 |
|
Other loans originated |
|
(3,500 |
) |
|
— |
|
Net cash (used in)
provided by investing activities |
|
(38,379 |
) |
|
9,234 |
|
Cash flows from
financing activities: |
|
|
|
|
Product financing arrangements, net |
|
(14,739 |
) |
|
(31,527 |
) |
Borrowings and repayments under lines of credit, net |
|
13,000 |
|
|
(61,000 |
) |
Repayments on notes payable to related party |
|
— |
|
|
(7,500 |
) |
Proceeds from issuance of notes payable |
|
— |
|
|
90,000 |
|
Debt funding issuance costs |
|
— |
|
|
(3,748 |
) |
Net cash used in
financing activities |
|
(1,739 |
) |
|
(13,775 |
) |
Net increase in cash,
cash equivalents, and restricted cash |
|
3,238 |
|
|
5,539 |
|
Cash, cash
equivalents, and restricted cash, beginning of period |
|
8,320 |
|
|
6,291 |
|
Cash, cash
equivalents, and restricted cash, end of period |
|
$ |
11,558 |
|
|
$ |
11,830 |
|
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Three Months
Ended December 31, 2019 and 2018
Condensed Consolidated Results of
Operations
The operating results of our business for the
three months ended December 31, 2019 and 2018 are as follows:
in thousands,
except per share data |
|
|
Three Months Ended December 31, |
2019 |
|
2018 |
|
$ |
|
% |
|
$ |
|
% ofrevenue |
|
$ |
|
% ofrevenue |
|
Increase/(decrease) |
|
Increase/(decrease) |
Revenues |
$ |
1,055,590 |
|
|
100.000 |
% |
|
$ |
1,100,912 |
|
|
100.000 |
% |
|
$ |
(45,322 |
) |
|
(4.1 |
)% |
Gross profit |
8,131 |
|
|
0.770 |
% |
|
8,317 |
|
|
0.755 |
% |
|
$ |
(186 |
) |
|
(2.2 |
)% |
Selling, general, and
administrative expenses |
(7,870 |
) |
|
(0.746 |
)% |
|
(8,103 |
) |
|
(0.736 |
)% |
|
$ |
(233 |
) |
|
(2.9 |
)% |
Interest income |
6,232 |
|
|
0.590 |
% |
|
4,652 |
|
|
0.423 |
% |
|
$ |
1,580 |
|
|
34.0 |
% |
Interest expense |
(5,081 |
) |
|
(0.481 |
)% |
|
(4,656 |
) |
|
(0.423 |
)% |
|
$ |
425 |
|
|
9.1 |
% |
Other income, net |
150 |
|
|
0.014 |
% |
|
682 |
|
|
0.062 |
% |
|
$ |
(532 |
) |
|
(78.0 |
)% |
Unrealized gain on foreign
exchange |
125 |
|
|
0.012 |
% |
|
52 |
|
|
0.005 |
% |
|
$ |
73 |
|
|
140.4 |
% |
Net income before provision
for income taxes |
1,687 |
|
|
0.160 |
% |
|
944 |
|
|
0.086 |
% |
|
$ |
743 |
|
|
78.7 |
% |
Income tax expense |
(432 |
) |
|
(0.041 |
)% |
|
(242 |
) |
|
(0.022 |
)% |
|
$ |
190 |
|
|
78.5 |
% |
Net income |
1,255 |
|
|
0.119 |
% |
|
702 |
|
|
0.064 |
% |
|
$ |
553 |
|
|
78.8 |
% |
Net income attributable to non-controlling interests |
21 |
|
|
0.002 |
% |
|
125 |
|
|
0.011 |
% |
|
$ |
(104 |
) |
|
(83.2 |
)% |
Net income attributable to the
Company |
$ |
1,234 |
|
|
0.117 |
% |
|
$ |
577 |
|
|
0.052 |
% |
|
$ |
657 |
|
|
113.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income per share attributable to A-Mark Precious
Metals, Inc.: |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.17 |
|
|
|
|
$ |
0.08 |
|
|
|
|
$ |
0.09 |
|
|
112.5 |
% |
Diluted |
$ |
0.17 |
|
|
|
|
$ |
0.08 |
|
|
|
|
$ |
0.09 |
|
|
112.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Six Months
Ended December 31, 2019 and 2018
Condensed Consolidated Results of
Operations
The operating results of our business for the
six months ended December 31, 2019 and 2018 are as follows:
in thousands,
except per share data |
|
|
Six Months Ended December 31, |
2019 |
|
2018 |
|
$ |
|
% |
|
$ |
|
% ofrevenue |
|
$ |
|
% ofrevenue |
|
Increase/(decrease) |
|
Increase/(decrease) |
Revenues |
$ |
2,536,604 |
|
|
100.000 |
% |
|
$ |
2,666,002 |
|
|
100.000 |
% |
|
$ |
(129,398 |
) |
|
(4.9 |
)% |
Gross profit |
16,471 |
|
|
0.649 |
% |
|
16,792 |
|
|
0.630 |
% |
|
$ |
(321 |
) |
|
(1.9 |
)% |
Selling, general, and
administrative expenses |
(16,140 |
) |
|
(0.636 |
)% |
|
(15,822 |
) |
|
(0.593 |
)% |
|
$ |
318 |
|
|
2.0 |
% |
Interest income |
12,000 |
|
|
0.473 |
% |
|
9,203 |
|
|
0.345 |
% |
|
$ |
2,797 |
|
|
30.4 |
% |
Interest expense |
(10,223 |
) |
|
(0.403 |
)% |
|
(8,208 |
) |
|
(0.308 |
)% |
|
$ |
2,015 |
|
|
24.5 |
% |
Other (expense) income,
net |
(16 |
) |
|
(0.001 |
)% |
|
930 |
|
|
0.035 |
% |
|
$ |
946 |
|
|
101.7 |
% |
Unrealized gain (loss) on
foreign exchange |
3 |
|
|
— |
% |
|
(18 |
) |
|
(0.001 |
)% |
|
$ |
21 |
|
|
NM |
|
Net income before provision
for income taxes |
2,095 |
|
|
0.083 |
% |
|
2,877 |
|
|
0.108 |
% |
|
$ |
(782 |
) |
|
(27.2 |
)% |
Income tax expense |
(537 |
) |
|
(0.021 |
)% |
|
(741 |
) |
|
(0.028 |
)% |
|
$ |
(204 |
) |
|
(27.5 |
)% |
Net income |
1,558 |
|
|
0.061 |
% |
|
2,136 |
|
|
0.080 |
% |
|
$ |
(578 |
) |
|
(27.1 |
)% |
Net income attributable to non-controlling interests |
196 |
|
|
0.008 |
% |
|
78 |
|
|
0.003 |
% |
|
$ |
118 |
|
|
151.3 |
% |
Net income attributable to the
Company |
$ |
1,362 |
|
|
0.054 |
% |
|
$ |
2,058 |
|
|
0.077 |
% |
|
$ |
(696 |
) |
|
(33.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income per share attributable to A-Mark Precious
Metals, Inc.: |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.19 |
|
|
|
|
$ |
0.29 |
|
|
|
|
$ |
(0.10 |
) |
|
(34.5 |
)% |
Diluted |
$ |
0.19 |
|
|
|
|
$ |
0.29 |
|
|
|
|
$ |
(0.10 |
) |
|
(34.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
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