NEWPORT BEACH, Calif.,
April 20 /PRNewswire-FirstCall/ --
Collectors Universe, Inc. (Nasdaq: CLCT), a leading provider of
value-added authentication and grading services to dealers and
collectors of high-value collectibles, today announced that its
Board of Directors has approved an increase in its quarterly cash
dividend to $0.30 per share per
quarter, for an expected total annual cash dividend of $1.20 per common share. The increase will
be effective beginning with the Company's quarterly cash dividend
for the quarter ending June 30, 2010.
The cash dividend will be paid on May
28, 2010 to stockholders of record on May 14, 2010.
Clint Allen, Chairman of the
Board of Directors said, "As Chairman, I can report that our board
is unanimous in our appreciation of the support of our
shareholders. Our commitment is to produce greater shareholder
value. With a very strong balance sheet and improved financial
results, in October 2009
we began paying an annual dividend of $1.00 a share. While we want to continue to keep
a strong cash reserve to take advantage of opportunities both
within and outside the company, we are committed to rewarding our
shareholders. Therefore, our board of directors has decided to
increase the annual dividend by 20%, to $1.20 per share. This, we believe, provides an
excellent return to our shareholders while allowing us to
maintain a strong balance sheet."
Michael McConnell, Chief
Executive Officer, commented, "Our management team is focused on
providing the finest grading and authentication services, building
our strong brands and looking for additional opportunities to
expand our services. We are pleased to be able to reward our
shareholders as we continue to build our company."
About Collectors Universe
Collectors Universe, Inc. is a leading provider of value added
services to the high-value collectibles markets. The Company
authenticates and grades collectible coins, sports cards,
autographs and stamps. The Company also compiles and publishes
authoritative information about United
States and world coins, collectible trading cards and sports
memorabilia and collectible stamps and operates its CCE
dealer-to-dealer Internet bid-ask market for certified coins and
its Expos trade show and conventions business. This information is
accessible to collectors and dealers at the Company's web site,
http://www.collectors.com, and is also published in print.
Cautionary Statements Regarding Forward- Looking
Information
This news release contains statements regarding our
expectations, beliefs or views about our future financial
performance, which constitute "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the use of words
such as "believe," "expect," "anticipate," "intend," "plan,"
"estimate," "project," or future or conditional verbs such as
"will," "would," "should," "could," or "may."
Due to a number of risks and uncertainties to which our business
is subject, our future financial performance may differ, possibly
significantly, from our expected financial performance as set forth
in the forward-looking statements contained in this news release.
Information regarding those risks and uncertainties, and
their possible impact on our future financial performance, include,
but are not limited to, the risk that economic conditions in
the United States will not improve
for some time and may even deteriorate further, which could result
in reductions in the demand for our collectible grading services
and, consequently, in our revenues; the risk that the current
economic recession and credit crisis will lead to longer-term
changes in the spending habits of consumers and in the availability
and use of credit by of smaller businesses, such as collectibles
dealers, to fund purchases of collectibles, which could lead to
longer-term declines in collectibles commerce and, therefore, in
the demand for our services; the risk that our strategy to offer
new services in our continuing collectibles markets will not be
successful in enabling us to improve our profitability or may even
cause us to incur significant losses; and the risk that the
commercial real estate market in New York
City will deteriorate further, in which case we may not be
able to sublease the offices and laboratory facilities in
New York City formerly occupied by
our jewelry businesses within the time periods and for the rents
currently expected, which would cause our net rental payment
obligations to be significantly higher than currently expected,
leading to reductions in cash flows and additional losses from
discontinued operations in future periods.
Additional information regarding these risks and information
regarding other risks and uncertainties to which our business is
subject is contained in our Annual Report on Form 10-K for our
fiscal year ended June 30, 2009 and
our Quarterly Report on Form 10-Q for the second quarter ended
March 31, 2010, filed with the
Securities and Exchange Commission on February 9, 2010. Due to these risks and
uncertainties, readers are cautioned not to place undue reliance on
the forward-looking statements contained in this news release or in
our Annual or Quarterly Reports, which speak only as of their
respective dates. We also disclaim any obligation to update or
revise any of the forward-looking statements as a result of new
information, future events or otherwise, except as may be required
by law or NASDAQ rules.
Contact:
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Joseph
Wallace
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Chief Financial
Officer
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Collectors
Universe
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949-567-1245
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Email:
jwallace@collectors.com
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SOURCE Collectors Universe, Inc.