DGSE Companies, Inc. Announces Fiscal Second Quarter 2009 Results
August 14 2009 - 4:30PM
Business Wire
DGSE Companies, Inc. (NYSE Amex: DGSE), which wholesales,
retails and auctions fine watches, jewelry, diamonds and precious
metal and rare coin products via traditional and Internet channels,
today announced operating results for the quarter ended June,
2009.
Earnings
- Basic and diluted net income per
share for the fiscal second quarter of 2009 was $.07 versus $.05
(after gain from discontinued operations of $.01) in the equivalent
period in fiscal 2008. Net income from continuing operations was
$659,908 in the quarter versus $367,017 in the equivalent 2008
quarter. Basic shares outstanding during the second quarter of 2009
were 9,833,635 versus 9,498,729 in the 2008 quarter. Fully diluted
shares outstanding for the quarter were 9,833,635 versus 10,344,363
for the equivalent 2008 quarter.
- Basic and diluted net income per
share for the six months ending June 30, 2009 was $.09 (after loss
from discontinued operations of $.04) versus $.09 in the equivalent
period in fiscal 2008. Net income from continuing operations was
$1,260,644 for the six-months versus $937,734 in the equivalent
2008 period. Basic shares outstanding during the period of 2009
were 9,833,635 versus 9,498,729 in the 2008 period. Fully diluted
shares outstanding for the period were 9,833,635 versus 10,344,363
for the equivalent 2008 quarter
- Total Revenues for the Fiscal
Second Quarter of 2009 were $21,633,859. Revenues for the
equivalent quarter of 2008 were $25,145,908. Revenues for the
six-months were $46,973,641 versus $56,757,456 in the equivalent
2008 period.
Performance Metrics & Liquidity
- EBITDA (earnings before
interest, taxes, depreciation and amortization) was $1,143,749 in
the Second Quarter of 2009 ($.12 per basic share) versus $606,592
($.06 per basic share) in the equivalent period of 2008.
- EBITDA (earnings before
interest, taxes, depreciation and amortization) for the six-months
was $1,996,065 versus $1,772,485 in the equivalent 2008
period.
- Shareholders’ equity at the end
of the Second quarter of 2009 was $13,519,693 or $1.37 per basic
share.
“The retail environment remains
challenging and we continue to focus on those areas over which we
have some degree of control,” noted William H. Oyster, President
and Chief Operating Officer of DGSE Companies, Inc. Mr. Oyster
continued, “We are focused on containing costs, enhancing margins
and cash generation. This approach will allow the company to
exploit opportunities in the marketplace as the market
recovers.”
DGSE Companies, Inc. wholesales, retails and auctions jewelry,
diamonds, fine watches, and precious metal bullion and rare coin
products to domestic and international customers through its Dallas
Gold and Silver Exchange, Charleston Gold and Diamond Exchange,
Superior Galleries operations as well as through the Internet. DGSE
also owns Fairchild International, Inc., one of the largest vintage
watch wholesalers in the country. In addition to its retail
facilities in Dallas and Euless, Texas, Charleston, South Carolina
and Woodland Hills, California, the Company operates live Internet
auctions which can be accessed at www.dgse.com and through Superior
Galleries' website at www.sgbh.com. Real-time price quotations and
real-time order execution in precious metals are provided on
another DGSE web site at www.USBullionExchange.com. Wholesale
customers can access our full vintage watch inventory through the
restricted site at www.FairchildWatches.com. DGSE also purchases
precious metals, rare coins, watches, diamonds and jewelry through
www.Americangoldandsilverexchange.com, www.SuperiorEstateBuyers.com
and over 900 supporting websites. Through
www.SuperiorPreciousMetals.com, we provide precious metals and rare
coin investing and trading opportunities all across the United
States. The Company also makes collateralized consumer loans at two
Dallas locations.
The Company is headquartered in Dallas, Texas and its common
stock trades on NYSE Amex Exchange under the symbol “DGSE”.
This press release includes statements which may constitute
'forward-looking" statements, usually containing the words
"believe," "estimate," 'project," "expect" or similar expressions.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
continued acceptance of the Company's products and services in the
marketplace, competitive factors, dependence upon third-party
vendors, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission. By making
these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release. In addition to the results
presented in accordance with Generally Accepted Accounting
Principles throughout this press release, DGSE has presented
non-GAAP financial measures such as EBITDA. The Company believes
that these non-GAAP measures, viewed in addition to and not in lieu
of the Company's reported GAAP results, provide useful information
to investors because they are an integral part of the Company's
internal evaluation of operating performance. In addition, they are
measures that DGSE uses to evaluate management's effectiveness.
DGSE’s non-GAAP financial measures may not be comparable to
similarly titled measures presented by other companies.
SUMMARY OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2009 2008
Revenue $ 21,633,859 $ 25,145,908 Income from continuing operations
$ 659,908 $ 367,017 Net income $ 689,504 $ 489,924 Earnings per
common share $ .07 $ .05
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