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
third quarter ended March 31, 2020.
Fiscal Q3 2020 Financial Highlights
- Revenues for the three months ended March 31, 2020 decreased 1%
to $1.26 billion from $1.27 billion for the three months ended
March 31, 2019 and increased 19% from $1.06 billion for the three
months ended December 31, 2019
- Gross profit for the three months ended March 31, 2020
increased 158% to $22.5 million (1.79% of revenue) from $8.7
million (0.69% of revenue) for the three months ended March 31,
2019 and increased 176% from $8.1 million (0.8% of revenue) for the
three months ended December 31, 2019
- Net income for the three months ended March 31, 2020 totaled
$11.3 million or $1.61 per diluted share, as compared to net income
of $990,000 or $0.14 per diluted share for the three months ended
March 31, 2019 and net income of $1.2 million or $0.17 per diluted
share for the three months ended December 31, 2019
- Gold ounces sold in the three months ended March 31, 2020
increased 7% to 508,000 ounces from 474,000 for the three months
ended March 31, 2019 and increased 19% from 428,000 for the three
months ended December 31, 2019
- Silver ounces sold in the three months ended March 31, 2020
increased 54% to 25.7 million ounces from 16.8 million ounces for
the three months ended March 31, 2019 and increased 82% from 14.1
million from the three months ended December 31, 2019
- As of March 31, 2020, the number of secured loans decreased 83%
to 429 from 2,568 as of March 31, 2019 and decreased 88% from 3,725
as of December 31, 2019
Fiscal Q3 2020 Financial
ResultsRevenues decreased 1% to $1.26
billion from $1.27 billion in the same year-ago quarter. The
decrease in revenues was mainly due to lower forward sales, offset
by an increase in the total amount of gold and silver ounces sold
and higher selling prices of gold and silver.
Gross profit increased 158% to $22.5 million (1.79% of revenue)
from $8.7 million (0.69% of revenue) in the same year-ago quarter.
This increase was due to higher gross profits earned by the
Wholesale Trading & Ancillary Services and Direct Sales
segments and was driven primarily by significantly wider trading
spreads as a result of increased demand, and higher trading
profits.
Selling, general and administrative expenses increased 26% to
$10.4 million from $8.3 million in the same year-ago quarter. The
increase was primarily due to increases in performance-based
compensation accruals of $2.3 million and depreciation expense of
$0.3 million, which were partially offset by decreases in
consulting expenses of $0.1 million and operating expenses of $0.5
million associated with the Company’s Direct Sales segment.
Interest income increased 24% to $6.0 million from $4.8 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 19% to $5.1 million from $4.2 million
in the same year-ago quarter. The increase in interest expense was
primarily related to the Company’s notes payable, liabilities on
borrowed metals, product financing arrangements, and loan servicing
fees, partially offset by a reduction in interest expense related
to our Trading Credit Facility.
Net income totaled $11.3 million or $1.61 per diluted share, an
improvement from $990,000 or $0.14 per diluted share in the same
year-ago quarter.
Fiscal Nine Months 2020 Financial
Highlights
- Revenues for the nine months ended March 31, 2020 decreased
4% to $3.80 billion from $3.93 billion for the nine months ended
March 31, 2019
- Gross profit for the nine months ended March 31, 2020 increased
53% to $39.0 million (1.03% of revenue) from $25.5 million (0.65%
of revenue) for the nine months ended March 31, 2019
- Net income for the nine months ended March 31, 2020 totaled
$12.7 million or $1.80 per diluted share, as compared to net income
of $3.0 million or $0.43 per diluted share for the nine months
ended March 31, 2019
- Gold ounces sold in the nine months ended March 31, 2020
increased 4% to 1,512,000 ounces from 1,449,000 for the nine months
ended March 31, 2019
- Silver ounces sold in the nine months ended March 31, 2020
increased 10% to 60.7 million ounces from 55.1 million for the nine
months ended March 31, 2019
Fiscal Nine Months 2020 Financial
ResultsRevenues decreased 4% to $3.80 billion from $3.93
billion in the same year-ago period. The decrease was primarily due
to lower forward sales, offset by an increase in the total amount
of gold and silver ounces sold and higher selling prices of gold
and silver.
Gross profit increased 53% to $39.0 million (1.03% of revenue)
from $25.5 million (0.65% of revenue) in the same year-ago period.
This increase was due to higher gross profits earned by the
Wholesale Trading & Ancillary Services and Direct Sales
segments and was driven primarily by significantly wider trading
spreads as a result of increased demand, and higher trading
profits.
Selling, general and administrative expenses increased 10% to
$26.5 million from $24.1 million in the same year-ago period. The
increase was primarily due to increases in performance-based
compensation accruals of $2.8 million and depreciation expense of
$0.3 million, which were partially offset by decreases in
consulting expenses of $0.2 million and operating expenses of $0.6
million associated with the Company’s Direct Sales segment.
Interest income increased 28% to $18.0 million from $14.0
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 23% to $15.3 million from $12.4
million in the same year-ago period. The increase in interest
expense was related primarily to the Company’s notes payable,
liabilities on borrowed metals, product financing arrangements,
loan servicing fees, and Trading Credit Facility, partially offset
by a reduction in interest expense related to the Goldline Credit
Facility which was paid off in December 2018.
Net income totaled $12.7 million or $1.80 per diluted share,
compared to net income of $3.0 million or $0.43 per diluted share
in the same year-ago period.
Management Commentary “Our record
financial results and operational performance in the third quarter
demonstrate the scalability of our platform and the demand for
A-Mark’s physical products, which increased significantly during
the quarter,” said company CEO Greg Roberts. “Recent macroeconomic
and other events have created significant demand, related supply
constraints and unprecedented volatility in the precious metals
market. Our ability to successfully utilize our existing platforms
to improve profitability in this environment is both a reflection
of our combined team’s resiliency and a result of the investments
we have made to increase capacity and operational capabilities in
key areas such as our Direct Sales segment, Logistics, 24/7 online
trading platform and Minting services.
“Our financial performance in fiscal Q3 was also a direct result
of the flexibility in our business model, designed to maintain a
baseline of profitability irrespective of market conditions but
with the ability to adapt and capitalize on upside opportunities
during periods of market volatility; the $22.5 million in gross
profit and $11.3 million in net income we realized during the
quarter exemplifies our model. In fact, Q3’s net income level
was higher than any fiscal full year period since A-Mark became a
publicly traded company in 2014.
“With one of the most expansive product and service offerings in
the industry, we believe we are well positioned to continue to
capitalize on the current market conditions by optimizing our
business platform, while continuing to increase market share and
driving growth over the long term.”
Conference CallA-Mark will hold a conference
call today (May 7, 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: 1-888-224-1005International number:
1-856-344-9316Conference ID: 9392853
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 May 21, 2020.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Conference ID: 9392853
About A-Mark Precious Metals Founded 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 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)
|
|
March 31,2020 |
|
|
June 30,2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
95,503 |
|
|
$ |
8,320 |
|
Receivables, net |
|
|
96,753 |
|
|
|
26,895 |
|
Derivative assets |
|
|
53,081 |
|
|
|
2,428 |
|
Secured loans receivable |
|
|
49,621 |
|
|
|
125,298 |
|
Precious metals held under financing arrangements |
|
|
187,005 |
|
|
|
208,792 |
|
Inventories: |
|
|
|
|
|
|
|
|
Inventories |
|
|
291,003 |
|
|
|
198,356 |
|
Restricted inventories |
|
|
122,126 |
|
|
|
94,505 |
|
|
|
|
413,129 |
|
|
|
292,861 |
|
Income taxes receivable |
|
|
1,438 |
|
|
|
1,473 |
|
Prepaid expenses and other assets |
|
|
3,149 |
|
|
|
2,783 |
|
Total current
assets |
|
|
899,679 |
|
|
|
668,850 |
|
Operating lease right of use assets, net |
|
|
4,508 |
|
|
|
— |
|
Property, plant, and equipment, net |
|
|
5,953 |
|
|
|
6,731 |
|
Goodwill |
|
|
8,881 |
|
|
|
8,881 |
|
Intangibles, net |
|
|
5,234 |
|
|
|
5,852 |
|
Long-term investments |
|
|
12,277 |
|
|
|
11,885 |
|
Deferred tax assets - non-current |
|
|
925 |
|
|
|
3,163 |
|
Other long-term assets |
|
|
3,500 |
|
|
|
— |
|
Total
assets |
|
$ |
940,957 |
|
|
$ |
705,362 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Lines of credit |
|
$ |
175,000 |
|
|
$ |
167,000 |
|
Liabilities on borrowed metals |
|
|
178,604 |
|
|
|
201,144 |
|
Product financing arrangements |
|
|
122,126 |
|
|
|
94,505 |
|
Accounts payable and other current liabilities |
|
|
231,920 |
|
|
|
62,180 |
|
Derivative liabilities |
|
|
39,532 |
|
|
|
9,971 |
|
Accrued liabilities |
|
|
10,919 |
|
|
|
6,137 |
|
Total current
liabilities |
|
|
758,101 |
|
|
|
540,937 |
|
Notes payable |
|
|
92,347 |
|
|
|
91,859 |
|
Other liabilities |
|
|
4,142 |
|
|
|
— |
|
Total
liabilities |
|
|
854,590 |
|
|
|
632,796 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares;
issued and outstanding: none as of March 31, 2020 and
June 30, 2019 |
|
|
|
|
|
|
|
|
Common stock, par value $0.01; 40,000,000 shares authorized;
7,031,450 shares issued and outstanding as of March 31,
2020 and June 30, 2019 |
|
|
71 |
|
|
|
71 |
|
Additional paid-in capital |
|
|
27,087 |
|
|
|
26,452 |
|
Retained earnings |
|
|
55,818 |
|
|
|
43,135 |
|
Total A-Mark Precious
Metals, Inc. stockholders’ equity |
|
|
82,976 |
|
|
|
69,658 |
|
Non-controlling interests |
|
|
3,391 |
|
|
|
2,908 |
|
Total stockholders’
equity |
|
|
86,367 |
|
|
|
72,566 |
|
Total liabilities,
non-controlling interests and stockholders’ equity |
|
$ |
940,957 |
|
|
$ |
705,362 |
|
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(in thousands, except for share and per
share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
March 31,2020 |
|
|
March 31,2019 |
|
|
March 31,2020 |
|
|
March 31,2019 |
|
Revenues |
|
$ |
1,258,722 |
|
|
$ |
1,266,986 |
|
|
$ |
3,795,326 |
|
|
$ |
3,932,988 |
|
Cost of sales |
|
|
1,236,247 |
|
|
|
1,258,270 |
|
|
|
3,756,380 |
|
|
|
3,907,480 |
|
Gross profit |
|
|
22,475 |
|
|
|
8,716 |
|
|
|
38,946 |
|
|
|
25,508 |
|
Selling, general, and
administrative expenses |
|
|
(10,388 |
) |
|
|
(8,258 |
) |
|
|
(26,528 |
) |
|
|
(24,080 |
) |
Interest income |
|
|
5,968 |
|
|
|
4,807 |
|
|
|
17,968 |
|
|
|
14,010 |
|
Interest expense |
|
|
(5,051 |
) |
|
|
(4,239 |
) |
|
|
(15,274 |
) |
|
|
(12,447 |
) |
Other income, net |
|
|
463 |
|
|
|
373 |
|
|
|
447 |
|
|
|
1,303 |
|
Unrealized loss on foreign
exchange |
|
|
(45 |
) |
|
|
(36 |
) |
|
|
(42 |
) |
|
|
(54 |
) |
Net income before provision for
income taxes |
|
|
13,422 |
|
|
|
1,363 |
|
|
|
15,517 |
|
|
|
4,240 |
|
Income tax expense |
|
|
(1,814 |
) |
|
|
(402 |
) |
|
|
(2,351 |
) |
|
|
(1,143 |
) |
Net income |
|
|
11,608 |
|
|
|
961 |
|
|
|
13,166 |
|
|
|
3,097 |
|
Net income (loss) attributable to non-controlling interests |
|
|
287 |
|
|
|
(29 |
) |
|
|
483 |
|
|
|
49 |
|
Net income attributable to the
Company |
|
$ |
11,321 |
|
|
$ |
990 |
|
|
$ |
12,683 |
|
|
$ |
3,048 |
|
Basic and diluted net
income per share attributable to A-Mark
Precious Metals, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.61 |
|
|
$ |
0.14 |
|
|
$ |
1.80 |
|
|
$ |
0.43 |
|
Diluted |
|
$ |
1.61 |
|
|
$ |
0.14 |
|
|
$ |
1.80 |
|
|
$ |
0.43 |
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,031,400 |
|
|
|
7,031,400 |
|
|
|
7,031,400 |
|
|
|
7,031,400 |
|
Diluted |
|
|
7,042,800 |
|
|
|
7,084,400 |
|
|
|
7,063,100 |
|
|
|
7,087,300 |
|
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(amounts in thousands)
Nine Months Ended March 31, |
|
2020 |
|
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,166 |
|
|
$ |
3,097 |
|
Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Provision (reversal) for doubtful accounts |
|
|
— |
|
|
|
(30 |
) |
Depreciation and amortization |
|
|
2,217 |
|
|
|
2,088 |
|
Amortization of loan cost |
|
|
1,139 |
|
|
|
854 |
|
Deferred income taxes |
|
|
2,238 |
|
|
|
975 |
|
Interest added to principal of secured loans |
|
|
(15 |
) |
|
|
(16 |
) |
Change in accrued earn-out |
|
|
— |
|
|
|
(504 |
) |
Debt extinguishment costs |
|
|
— |
|
|
|
7 |
|
Share-based compensation |
|
|
635 |
|
|
|
842 |
|
Earnings from equity method investments |
|
|
(392 |
) |
|
|
(934 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Receivables |
|
|
(69,858 |
) |
|
|
20,161 |
|
Secured loans receivable |
|
|
3,007 |
|
|
|
(1,747 |
) |
Secured loans made to affiliates |
|
|
2,315 |
|
|
|
4,007 |
|
Derivative assets |
|
|
(50,653 |
) |
|
|
1,152 |
|
Income taxes receivable |
|
|
35 |
|
|
|
12 |
|
Precious metals held under financing arrangements |
|
|
21,787 |
|
|
|
49,944 |
|
Inventories |
|
|
(120,268 |
) |
|
|
13,697 |
|
Prepaid expenses and other assets |
|
|
(319 |
) |
|
|
(447 |
) |
Accounts payable and other current liabilities |
|
|
169,740 |
|
|
|
14,680 |
|
Derivative liabilities |
|
|
29,560 |
|
|
|
(18,350 |
) |
Liabilities on borrowed metals |
|
|
(22,540 |
) |
|
|
(69,696 |
) |
Accrued liabilities |
|
|
4,431 |
|
|
|
567 |
|
Net cash (used in)
provided by operating activities |
|
|
(13,775 |
) |
|
|
20,359 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Capital expenditures for property, plant, and equipment |
|
|
(686 |
) |
|
|
(290 |
) |
Purchase of long-term investments |
|
|
— |
|
|
|
(2,300 |
) |
Purchase of intangible assets |
|
|
(150 |
) |
|
|
— |
|
Secured loans receivable, net |
|
|
70,370 |
|
|
|
(3,066 |
) |
Other loans originated |
|
|
(3,500 |
) |
|
|
— |
|
Net cash provided by
(used in) investing activities |
|
|
66,034 |
|
|
|
(5,656 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Product financing arrangements, net |
|
|
27,621 |
|
|
|
(48,217 |
) |
Borrowings and repayments under lines of credit, net |
|
|
8,000 |
|
|
|
(51,000 |
) |
Repayments on notes payable to related party |
|
|
— |
|
|
|
(7,500 |
) |
Proceeds from issuance of notes payable |
|
|
— |
|
|
|
90,000 |
|
Borrowings on unsecured advance |
|
|
— |
|
|
|
4,220 |
|
Debt funding issuance costs |
|
|
(697 |
) |
|
|
(3,748 |
) |
Net cash provided by
(used in) financing activities |
|
|
34,924 |
|
|
|
(16,245 |
) |
Net increase (decrease)
in cash, cash equivalents, and restricted cash |
|
|
87,183 |
|
|
|
(1,542 |
) |
Cash, cash equivalents,
and restricted cash, beginning of period |
|
|
8,320 |
|
|
|
6,291 |
|
Cash, cash equivalents,
and restricted cash, end of period |
|
$ |
95,503 |
|
|
$ |
4,749 |
|
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Three Months
Ended March 31, 2020 and 2019
Condensed Consolidated Results of
Operations
The operating results of our business for the
three months ended March 31, 2020 and 2019 are as follows:
in thousands, except per share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
2020 |
|
|
2019 |
|
|
$ |
|
|
% |
|
|
$ |
|
|
% ofrevenue |
|
|
$ |
|
|
% ofrevenue |
|
|
Increase/(decrease) |
|
|
Increase/(decrease) |
|
Revenues |
$ |
1,258,722 |
|
|
100.000 |
% |
|
$ |
1,266,986 |
|
|
100.000 |
% |
|
$ |
(8,264 |
) |
|
(0.7 |
)% |
Gross profit |
|
22,475 |
|
|
1.786 |
% |
|
|
8,716 |
|
|
0.688 |
% |
|
$ |
13,759 |
|
|
157.9 |
% |
Selling, general, and
administrative expenses |
|
(10,388 |
) |
|
(0.825 |
)% |
|
|
(8,258 |
) |
|
(0.652 |
)% |
|
$ |
2,130 |
|
|
25.8 |
% |
Interest income |
|
5,968 |
|
|
0.474 |
% |
|
|
4,807 |
|
|
0.379 |
% |
|
$ |
1,161 |
|
|
24.2 |
% |
Interest expense |
|
(5,051 |
) |
|
(0.401 |
)% |
|
|
(4,239 |
) |
|
(0.335 |
)% |
|
$ |
812 |
|
|
19.2 |
% |
Other income, net |
|
463 |
|
|
0.037 |
% |
|
|
373 |
|
|
0.029 |
% |
|
$ |
90 |
|
|
24.1 |
% |
Unrealized loss on foreign
exchange |
|
(45 |
) |
|
(0.004 |
)% |
|
|
(36 |
) |
|
(0.003 |
)% |
|
$ |
9 |
|
|
25.0 |
% |
Net income before provision for
income taxes |
|
13,422 |
|
|
1.066 |
% |
|
|
1,363 |
|
|
0.108 |
% |
|
$ |
12,059 |
|
|
884.7 |
% |
Income tax expense |
|
(1,814 |
) |
|
(0.144 |
)% |
|
|
(402 |
) |
|
(0.032 |
)% |
|
$ |
1,412 |
|
|
351.2 |
% |
Net income |
|
11,608 |
|
|
0.922 |
% |
|
|
961 |
|
|
0.076 |
% |
|
$ |
10,647 |
|
|
1107.9 |
% |
Net income (loss) attributable to non-controlling interests |
|
287 |
|
|
0.023 |
% |
|
|
(29 |
) |
|
(0.002 |
)% |
|
$ |
316 |
|
|
1089.7 |
% |
Net income attributable to the
Company |
$ |
11,321 |
|
|
0.899 |
% |
|
$ |
990 |
|
|
0.078 |
% |
|
$ |
10,331 |
|
|
1043.5 |
% |
Basic and diluted net
income per share attributable to A-Mark Precious Metals,
Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.61 |
|
|
|
|
|
$ |
0.14 |
|
|
|
|
|
$ |
1.47 |
|
|
1050.0 |
% |
Diluted |
$ |
1.61 |
|
|
|
|
|
$ |
0.14 |
|
|
|
|
|
$ |
1.47 |
|
|
1050.0 |
% |
Overview of Results of Operations for the Nine Months
Ended March 31, 2020 and 2019
Condensed Consolidated Results of
Operations
The operating results of our business for the
nine months ended March 31, 2020 and 2019 are as follows:
in thousands, except per share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
March 31, |
2020 |
|
|
2019 |
|
|
$ |
|
|
% |
|
|
$ |
|
|
% ofrevenue |
|
|
$ |
|
|
% ofrevenue |
|
|
Increase/(decrease) |
|
|
Increase/(decrease) |
|
Revenues |
$ |
3,795,326 |
|
|
100.000 |
% |
|
$ |
3,932,988 |
|
|
100.000 |
% |
|
$ |
(137,662 |
) |
|
(3.5 |
)% |
Gross profit |
|
38,946 |
|
|
1.026 |
% |
|
|
25,508 |
|
|
0.649 |
% |
|
$ |
13,438 |
|
|
52.7 |
% |
Selling, general, and
administrative expenses |
|
(26,528 |
) |
|
(0.699 |
)% |
|
|
(24,080 |
) |
|
(0.612 |
)% |
|
$ |
2,448 |
|
|
10.2 |
% |
Interest income |
|
17,968 |
|
|
0.473 |
% |
|
|
14,010 |
|
|
0.356 |
% |
|
$ |
3,958 |
|
|
28.3 |
% |
Interest expense |
|
(15,274 |
) |
|
(0.402 |
)% |
|
|
(12,447 |
) |
|
(0.316 |
)% |
|
$ |
2,827 |
|
|
22.7 |
% |
Other income, net |
|
447 |
|
|
0.012 |
% |
|
|
1,303 |
|
|
0.033 |
% |
|
$ |
(856 |
) |
|
(65.7 |
)% |
Unrealized loss on foreign
exchange |
|
(42 |
) |
|
(0.001 |
)% |
|
|
(54 |
) |
|
(0.001 |
)% |
|
$ |
(12 |
) |
|
(22.2 |
)% |
Net income before provision for
income taxes |
|
15,517 |
|
|
0.409 |
% |
|
|
4,240 |
|
|
0.108 |
% |
|
$ |
11,277 |
|
|
266.0 |
% |
Income tax expense |
|
(2,351 |
) |
|
(0.062 |
)% |
|
|
(1,143 |
) |
|
(0.029 |
)% |
|
$ |
1,208 |
|
|
105.7 |
% |
Net income |
|
13,166 |
|
|
0.347 |
% |
|
|
3,097 |
|
|
0.079 |
% |
|
$ |
10,069 |
|
|
325.1 |
% |
Net income attributable to non-controlling interests |
|
483 |
|
|
0.013 |
% |
|
|
49 |
|
|
0.001 |
% |
|
$ |
434 |
|
|
885.7 |
% |
Net income attributable to the
Company |
$ |
12,683 |
|
|
0.334 |
% |
|
$ |
3,048 |
|
|
0.077 |
% |
|
$ |
9,635 |
|
|
316.1 |
% |
Basic and diluted net
income per share attributable to A-Mark Precious
Metals, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.80 |
|
|
|
|
|
$ |
0.43 |
|
|
|
|
|
$ |
1.37 |
|
|
318.6 |
% |
Diluted |
$ |
1.80 |
|
|
|
|
|
$ |
0.43 |
|
|
|
|
|
$ |
1.37 |
|
|
318.6 |
% |
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