Collectors Universe Expands Operations to Asia
January 06 2012 - 12:00PM
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
PCGS coin grading and authentication business will expand its
international services by establishing operations in Asia.
Initially, PCGS will offer on-site authentication and grading
services to Asian customers from Hong Kong, starting with the Hong
Kong Convention and Antique Watch Fair, April 6-8, 2012.
"In recent quarters we have seen increases in our World coin
submissions from both European customers to our Paris, France
facility and from Asian customers to our US facility." said Don
Willis, President of PCGS. "We believe that expanding our
operations to Asia gives us an even greater opportunity to service
existing and new Asian collectors and dealers."
Michael McConnell, Chief Executive Officer of Collectors
Universe added, "Having grown to about 7% of revenues in the twelve
months ended September 30, 2011 from 3% for the prior twelve month
period, World coin grading represents an important growth
opportunity for the Company. Consistent with our expansion
into Europe, the expansion into Asia will be approached in a
conservative manner. We are excited about our prospects in Asia
based on the initial feedback from potential new customers."
For more information, please visit our website at
www.PCGSglobal.com
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, trading cards, event
tickets, autographs, memorabilia and stamps
("collectibles"). The Company also compiles and publishes
authoritative information about United States and world coins,
collectible trading cards and sports memorabilia, 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 website, 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 and trends in our business and in our markets, such as
the statements about our beliefs with respect to the growth
opportunity in World coins. Those statements constitute
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can
often 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
and our markets are 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
following: our continued dependence on our coin business which
generated more than 60% of our consolidated revenues and a
substantial portion of our operating income in the year ended June
30, 2011, making our operating results more vulnerable to
conditions that could adversely affect the precious metals and coin
markets ; the risk that the hoped for improvement in economic
conditions in the United States may not materialize or increases in
the prices of gold and silver, may slow or even decline, either of
which could result in reductions in the demand for our collectibles
authentication or grading services and, consequently, in our
revenues; the risk that the economic downturn from 2008 to 2010 and
the anemic economic recovery will lead to longer-term changes in
the spending habits of consumers and in the availability and use of
credit by 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 strategies of offering new services and
expanding our collectibles authentication and grading business into
new geographic areas, such as Europe and Asia, will not be
successful in enabling us to improve our profitability or may even
cause us to incur significant losses; the risk that it may become
necessary for us to reduce the amount of, or suspend or discontinue
the payment of cash dividends in the future, due to conditions or
circumstances outside of our control, such as adverse economic or
market conditions, as well as our future financial performance and
the cash needs of our business in the future; and the risk that our
continuing financial obligations with respect to two facilities in
New York City, which we had leased for our subsequently
discontinued jewelry businesses, will lead 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, 2011 filed with the Securities and
Exchange Commission on August 26, 2011and our Quarterly Report on
Form 10-Q for the first quarter ended September 30, 2011 filed with
the Securities and Exchange Commission on November 7,
2011. 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: Joseph Wallace
Chief Financial Officer
Collectors Universe
949-567-1245
Email: jwallace@collectors.com
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