DGSE Companies, Inc. Announces Return to Profitability in 1Q17
May 15 2017 - 11:36AM
Business Wire
DGSE Companies, Inc. (NYSE MKT:DGSE) (“DGSE” or the
“Company”), a leading wholesaler and retailer of jewelry, diamonds,
fine watches, and precious metal bullion and rare coin products,
today announced in its Form 10-Q a 28% increase in revenues
and a 16% increase in gross profit for the three months ended March
31, 2017 as compared to the same period in 2016. DGSE also reported
a 19% decrease in selling, general and administrative expenses and
a 48% decrease in interest expense for the three months ended March
31, 2017 as compared to the same period in 2016. This marks the
Company’s return to first-quarter profitability for the first time
in four years.
“These encouraging first-quarter numbers reflect what we believe
is the beginning of a change of course toward profitability for
DGSE following implementation of significant new business
strategies,” said John Loftus, DGSE’s President, Chairman and Chief
Executive Officer since mid-December 2016.
“DGSE is returning to its roots, focusing on buying and selling
jewelry and timepieces at exceptional prices. Our strategy is to be
an information resource for clients, bring transparency to purchase
and sale transactions, and offer value and liquidity to those
seeking to buy, sell or trade jewelry, watches, diamonds or coins,”
added Loftus.
DGSE Companies, Inc. wholesales and retails jewelry, diamonds,
fine watches, and precious metal bullion and rare coin products
through its Charleston Gold & Diamond Exchange and Dallas Gold
& Silver Exchange operations. DGSE also owns Fairchild
International, Inc., one of the largest vintage watch wholesalers
in the country. In addition to its retail facilities in South
Carolina and Texas, the Company operates websites which can be
accessed at www.dgse.com and www.cgdeinc.com. Real-time price
quotations and real-time order execution in precious metals are
provided on another DGSE website at www.USBullionExchange.com.
Wholesale customers can access the full vintage watch inventory
through the restricted site at www.FairchildWatches.com. The
Company is headquartered in Dallas, Texas and its common stock
trades on the NYSE MKT exchange under the symbol “DGSE.”
This press release includes statements that may constitute
“forward-looking” statements. 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, the Company’s ability to execute on new business
strategies, market conditions 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 except as required by
law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170515006127/en/
DGSE Companies, Inc.Bret Pedersen,
972-587-4024bpedersen@dgse.com
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