DGSE Companies, Inc. Announces Fiscal First Quarter 2010 Results
May 17 2010 - 5:30PM
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 March 31,
2010.
Earnings
- Basic and diluted net income per
share for the fiscal first quarter of 2010 was $(.01) versus $.02
in the equivalent period in fiscal 2009. Net income was $(131,151)
in the quarter versus $229,516 in the equivalent 2009 quarter.
Basic and diluted shares outstanding during the first quarter of
2010 and 2009 were 9,833,635.
- Total Revenues for the Fiscal
First Quarter of 2010 were $17,347,554. Revenues for the equivalent
quarter of 2009 were $24,988,973.
Performance Metrics & Liquidity
- EBITDA (earnings before
interest, taxes, depreciation and amortization) was $(20,368) in
the First Quarter of 2010 ($0.0 per basic share) versus $448,899
($0.05 per basic share) in the equivalent period of 2009.
- Shareholders’ equity at the end
of the First Quarter of 2010 was $12,308,407 or $1.25 per basic
share.
“The retail environment remains challenging and the first
quarter was penalized with expenses related to the finalization of
the matters related to the closing of the matters relating to
Stanford International Bank. Revenues for the quarter were lower in
most retail segments but I am pleased to note that the period
following the quarter’s end have been significantly better. In
fact, Revenues for the year to date have caught up with last year’s
performance and are now up for the year to date,” noted William H.
Oyster, President and Chief Operating Officer of DGSE Companies,
Inc.
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
Superiors website at www.sgde.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 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,
2010
2009
Revenue $ 17,451,786 24,988,973 Net income $ (130,151
) 229,516 Earnings per share $
(0.01
) .02
DGSE Companies (AMEX:DGSE)
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