A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a
leading full-service provider of products and services to the
global precious metals market, reported results for the fiscal
third quarter ended March 31, 2019.
Fiscal Q3 2019 Financial Highlights
- Revenues for the three months ended March 31, 2019 decreased
36% to $1.27 billion from $1.99 billion for the three months ended
March 31, 2018 and increased 15% from $1.10 billion for the three
months ended December 31, 2018
- Gross profit for the three months ended March 31, 2019
increased 17% to $8.7 million (0.69% of revenue) from $7.4 million
(0.37% of revenue) for the three months ended March 31, 2018 and
increased 5% from $8.3 million (0.76% of revenue) for the three
months ended December 31, 2018
- Net income for the three months ended March 31, 2019 totaled
$990,000 or $0.14 per diluted share, as compared to a net loss of
$633,000 or $0.09 per diluted share for the three months ended
March 31, 2018 and net income of $577,000 or $0.08 per diluted
share for the three months ended December 31, 2018
- Gold ounces sold in the three months ended March 31, 2019
decreased 23% to 474,000 ounces from 618,000 for the three months
ended March 31, 2018 and increased 8% from 440,000 for the three
months ended December 31, 2018
- Silver ounces sold in the three months ended March 31, 2019
increased 47% to 16.8 million ounces from 11.4 million for the
three months ended March 31, 2018 and decreased 16% from 20.0
million for the three months ended December 31, 2018
- As of March 31, 2019, the number of secured loans decreased 18%
to 2,568 from 3,124 as of March 31, 2018 and increased 33% from
1,931 as of December 31, 2018
Fiscal Q3 2019 Financial
ResultsRevenues decreased 36% to $1.27
billion from $1.99 billion in the same year-ago quarter. The
decrease in revenues was mainly due to lower forward sales and
lower gold and silver prices, offset by an increase in the total
amount of silver ounces sold.
Gross profit increased 17% to $8.7 million (0.69% of revenue)
from $7.4 million (0.37% of revenue) in the same year-ago quarter.
The increase in gross profit was primarily due to improved gross
profits from the Wholesale Trading & Ancillary Services and
Direct Sales segments.
Selling, general and administrative expenses decreased 12% to
$8.3 million from $9.4 million in the same year-ago quarter. The
decrease was primarily due to lower operating expenses incurred by
the Direct Sales segment of $1.4 million, which were partially
offset by increased overall compensation costs of $0.5 million.
Interest income increased 18% to $4.8 million from $4.1 million
in the same year-ago quarter. The increase was driven primarily by
an increase in other finance product income of $0.4 million related
to customer repurchase arrangements and an increase in interest
income from the Secured Lending Segment of $0.2 million due
principally to an increase in the value of the secured loan
portfolio.
Interest expense increased 16% to $4.2 million from $3.6 million
in the same year-ago quarter. The increase was primarily due to the
newly issued notes payable related to the Secured Lending segment
and an increase in liability on borrowed metals, partially offset
by a reduction of interest expense from product financing
arrangements and the repayment of the Goldline Credit Facility.
Net income totaled $990,000 or $0.14 per diluted share, an
improvement from net loss of $633,000 or $0.09 per diluted share in
the same year-ago quarter.
Fiscal Nine Months 2019 Highlights
- Revenues for the nine months ended March 31, 2019 decreased
33% to $3.93 billion from $5.84 billion for the nine months ended
March 31, 2018
- Gross profit for the nine months ended March 31, 2019 increased
8% to $25.5 million (0.65% of revenue) from $23.6 million (0.40% of
revenue) for the nine months ended March 31, 2018
- Net income for the nine months ended March 31, 2019 totaled
$3.0 million or $0.43 per diluted share, as compared to a net loss
of $360,000 or $0.05 per diluted share for the nine months ended
March 31, 2018
- Gold ounces sold in the nine months ended March 31, 2019
increased 9% to 1.4 million ounces from 1.3 million for the nine
months ended March 31, 2018
- Silver ounces sold in the nine months ended March 31, 2019
increased 45% to 55.1 million ounces from 37.9 million for the nine
months ended March 31, 2018
Fiscal Nine Months 2019 Financial
ResultsRevenues decreased 33% to $3.93 billion from $5.84
billion in the same year-ago period. The decrease was primarily due
to lower forward sales and lower gold and silver prices, offset by
an increase in the total amount of gold and silver ounces sold.
Gross profit increased 8% to $25.5 million (0.65% of revenue)
from $23.6 million (0.40% of revenue) in the same year-ago period.
The increase in gross profit was primarily due to improved gross
profits from the Wholesale Trading & Ancillary Services and
Direct Sales segments.
Selling, general and administrative expenses decreased 6% to
$24.1 million from $25.7 million in the same year-ago period. The
decrease was primarily due to lower operating expenses incurred by
the Direct Sales segment of $2.0 million, lower investigatory
acquisition costs of $0.7 million, lower legal costs of $0.3
million, which were partially offset by increased overall
compensation costs of $1.4 million.
Interest income increased 33% to $14.0 million from $10.5
million in the same year-ago period. This increase was driven
primarily by an increase in other finance product income of $2.1
million related to customer repurchase arrangements and an increase
in interest income from the Secured Lending Segment of $0.7 million
due principally to an increase in the value of the secured loan
portfolio.
Interest expense increased 28% to $12.4 million from $9.7
million in the same year-ago period. The increase was primarily due
to the recently issued notes payable related to the Secured Lending
segment and an increase in liability on borrowed metals, which was
partially offset by a reduction in interest expense related to
product financing arrangements and the repayment of the Goldline
Credit Facility. In comparison to the same year-ago period,
interest expense increased $2.8 million related to the recently
issued notes payable and $0.8 million related to the liability on
borrowed metals. This was partially offset by a decrease of $0.4
million related to product financing arrangements and $0.2 million
related to the repayment of the Goldline Credit Facility.
Net income totaled $3.0 million or $0.43 per diluted share, an
improvement from a loss of $360,000 or $0.05 per diluted share in
the same year-ago period.
Management Commentary “During the third
quarter, we leveraged our diversified platform and longstanding
relationships to capitalize on moderate market volatility and
demand for A-Mark’s physical products,” said company CEO Greg
Roberts. “The operational success we achieved during the quarter is
evidenced by the improvement of key financial metrics, most notably
gross profit, net income and silver ounces sold. We also saw solid
increases in nearly all of our key financial metrics for the first
nine months of the fiscal year, reflecting both improved market
conditions and the effectiveness of our scaled platform and
business model, which is structured to provide diverse sources of
income and predictability.
“While we achieved solid results year-to-date and have one of
the most expansive product and service offerings in our industry,
we are continuing to plan and judiciously invest in strategic
growth areas to further diversify our business. One key area is our
Direct Sales Segment, which improved performance in the third
quarter due to the increasing demand for retail products coupled
with the segment’s more streamlined operations and expense
structure. In step with this, we are actively implementing
initiatives to leverage technology to further enhance the customer
experience, more effectively secure new customers, improve
efficiencies and, ultimately, drive revenue and continue our
trajectory towards profitability of the Direct Sales segment.
Additionally, we are continuing to build out our finance portfolio,
in which the total number of loans grew 33% from the quarter ended
December 31, 2018.
“We remain optimistic about our long-term prospects, and believe
we are aligning favorably with our business strategy to drive
organic growth and enhance our model. In the near-term, we will
continue to systemically build our platform to capture a greater
share of the market regardless of political and economic
conditions, while acting opportunistically to capitalize on
attractive near-term trading opportunities and strategically to
scale our business for long-term success.”
Conference CallA-Mark will hold a conference
call today (May 9, 2019) to discuss these financial results. The
company's CEO Greg Roberts, President Thor Gjerdrum and CFO Cary
Dickson will host the call at 4:30 p.m. Eastern time (1:30 p.m.
Pacific time). A question and answer session will follow
management's presentation.
To participate, please dial the appropriate number at least five
minutes prior to the start time and ask for the A-Mark Precious
Metals conference call.
U.S. dial-in number: 1-877-327-6837International number:
1-631-891-4304Conference ID: 10006666
The conference call will be broadcast simultaneously and
available for replay via the Investor Relations section of A-Mark’s
website at www.amark.com. If you have any difficulty connecting
with the conference call or webcast, please contact A-Mark’s
investor relations team at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern
time through May 23, 2019.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Conference ID: 10006666
About A-Mark Precious MetalsFounded in 1965,
A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading
full-service precious metals trading company and wholesaler of
gold, silver, platinum and palladium bullion and related products.
The company’s global customer base includes sovereign and private
mints, manufacturers and fabricators, refiners, dealers and online
retailers, financial institutions, industrial users, investors,
collectors and retail customers. The company conducts its
operations through three complementary segments: Wholesale Trading
& Ancillary Services, Secured Lending and Direct Sales.
A-Mark operates several business units in its Wholesale Trading
& Ancillary Services segment, including Industrial, Coin and
Bar, Trading and Finance, Transcontinental Depository Services
(TDS), Logistics and Mint. Its Industrial unit services
manufacturers and fabricators of products utilizing precious
metals, while its Coin and Bar unit deals in over 200 different
products for distribution to dealers and other qualified
purchasers. As a U.S. Mint-authorized purchaser of gold, silver and
platinum coins, A-Mark purchases bullion products directly from the
U.S. Mint for sale to customers. A-Mark also has distributorships
with other sovereign mints, including in Australia, Austria,
Canada, China, Mexico, South Africa and the United Kingdom. Through
its TDS subsidiary, A-Mark provides customers with storage and
management solutions for precious metals worldwide. Through its A-M
Global Logistics subsidiary, A-Mark provides customers an array of
complementary services, including storage, shipping, and delivery
of precious metals and custom coins on a secure basis. A-Mark also
holds a majority stake in a joint venture that owns the minting
operations known as SilverTowne Mint, which enables A-Mark to mint
proprietary products as well as provides greater access to
fabricated silver products.
The company operates its Secured Lending segment through its
wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California
licensed finance lender that originates and acquires loans secured
by bullion and numismatic coins. Its customers include coin and
precious metal dealers, investors and collectors.
A-Mark operates its Direct Sales segment through its
wholly-owned subsidiary Goldline Inc., a direct retailer of
precious metals to the investor community. Goldline markets
A-Mark’s precious metal products through various channels,
including radio, television and the Internet.
A-Mark is headquartered in El Segundo, California with offices
and facilities in Vienna, Austria and Las Vegas, Nevada. For more
information, visit www.amark.com.
Important Cautions Regarding Forward-Looking
StatementsStatements in this press release that relate to
future plans, objectives, expectations, performance, events and the
like are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Securities
Exchange Act of 1934. Future events, risks and uncertainties,
individually or in the aggregate, could cause actual results to
differ materially from those expressed or implied in these
statements. Factors that could cause actual results to differ
include the following: the failure to execute our growth strategy
as planned; greater than anticipated costs incurred to execute this
strategy; changes in the current international political climate
which has favorably contributed to demand and volatility in the
precious metals markets; increased competition for our higher
margin services, which could depress pricing; the failure of our
business model to respond to changes in the market environment as
anticipated; general risks of doing business in the commodity
markets; and other business, economic, financial and governmental
risks as described in in the company’s public filings with the
Securities and Exchange Commission.
The words "should," "believe," "estimate," "expect," "intend,"
"anticipate," "foresee," "plan" and similar expressions and
variations thereof identify certain of such forward-looking
statements, which speak only as of the dates on which they were
made. Additionally, any statements related to future improved
performance and estimates of revenues and earnings per share are
forward-looking statements. The company undertakes no obligation to
publicly update or revise any forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements.
Company Contact:Thor Gjerdrum, PresidentA-Mark
Precious Metals, Inc.1-310-587-1414thor@amark.com
Investor Relations Contact:Matt GloverGateway
Investor Relations1-949-574-3860AMRK@gatewayIR.com
A-MARK PRECIOUS METALS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(amounts in thousands, except for share
data)
|
March 31, 2019 |
|
June 30, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
4,749 |
|
|
$ |
6,291 |
|
Receivables, net |
15,725 |
|
|
35,856 |
|
Derivative assets |
6,243 |
|
|
7,395 |
|
Secured loans receivable |
111,246 |
|
|
110,424 |
|
Precious metals held under financing arrangements |
212,622 |
|
|
262,566 |
|
Inventories: |
|
|
|
Inventories |
200,696 |
|
|
166,176 |
|
Restricted inventories |
65,723 |
|
|
113,940 |
|
|
266,419 |
|
|
280,116 |
|
|
|
|
|
Income taxes receivable |
1,541 |
|
|
1,553 |
|
Prepaid expenses and other assets |
2,748 |
|
|
2,782 |
|
Total current
assets |
621,293 |
|
|
706,983 |
|
|
|
|
|
Plant, property and equipment, net |
6,977 |
|
|
8,018 |
|
Goodwill |
8,881 |
|
|
8,881 |
|
Intangibles, net |
6,105 |
|
|
6,861 |
|
Long-term investments |
11,621 |
|
|
8,388 |
|
Deferred tax assets - non-current |
2,895 |
|
|
3,870 |
|
Total
assets |
$ |
657,772 |
|
|
$ |
743,001 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Lines of credit |
$ |
149,000 |
|
|
$ |
200,000 |
|
Liability on borrowed metals |
210,650 |
|
|
280,346 |
|
Product financing arrangements |
65,723 |
|
|
113,940 |
|
Accounts payable |
64,897 |
|
|
45,997 |
|
Derivative liabilities |
2,107 |
|
|
20,457 |
|
Accrued liabilities |
5,628 |
|
|
5,129 |
|
Total current
liabilities |
498,005 |
|
|
665,869 |
|
Debt obligation (related party) |
— |
|
|
7,226 |
|
Notes payable |
86,720 |
|
|
— |
|
Other long-term liabilities (related party) |
— |
|
|
798 |
|
Total
liabilities |
584,725 |
|
|
673,893 |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares;
issued and outstanding: none as of March 31, 2019 and June 30,
2018 |
— |
|
|
— |
|
Common stock, par value $0.01; 40,000,000 shares authorized;
7,031,450 shares issued and outstanding as of March 31, 2019 and
June 30, 2018 |
71 |
|
|
71 |
|
Additional paid-in capital |
26,198 |
|
|
24,717 |
|
Retained earnings |
43,958 |
|
|
40,910 |
|
Total A-Mark Precious Metals, Inc. stockholders’
equity |
70,227 |
|
|
65,698 |
|
Non-controlling interest |
2,820 |
|
|
3,410 |
|
Total stockholders’
equity |
73,047 |
|
|
69,108 |
|
Total liabilities,
non-controlling interest and stockholders’ equity |
$ |
657,772 |
|
|
$ |
743,001 |
|
|
|
|
|
|
|
|
|
A-MARK PRECIOUS METALS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except for share and per
share data)
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
March 31, 2019 |
|
March 31, 2018 |
|
March 31, 2019 |
|
March 31, 2018 |
|
Revenues |
|
$ |
1,266,986 |
|
|
$ |
1,994,963 |
|
|
$ |
3,932,988 |
|
|
$ |
5,839,491 |
|
|
Cost of sales |
|
1,258,270 |
|
|
1,987,536 |
|
|
3,907,480 |
|
|
5,815,842 |
|
|
Gross profit |
|
8,716 |
|
|
7,427 |
|
|
25,508 |
|
|
23,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general
and administrative expenses |
|
(8,258 |
) |
|
(9,423 |
) |
|
(24,080 |
) |
|
(25,748 |
) |
|
Interest
income |
|
4,807 |
|
|
4,087 |
|
|
14,010 |
|
|
10,516 |
|
|
Interest
expense |
|
(4,239 |
) |
|
(3,642 |
) |
|
(12,447 |
) |
|
(9,734 |
) |
|
Other income |
|
373 |
|
|
99 |
|
|
1,303 |
|
|
811 |
|
|
Unrealized gain
(loss) on foreign exchange |
|
(36 |
) |
|
(32 |
) |
|
(54 |
) |
|
6 |
|
|
Net income (loss)
before provision for income taxes |
|
1,363 |
|
|
(1,484 |
) |
|
4,240 |
|
|
(500 |
) |
|
Income tax (expense) benefit |
|
(402 |
) |
|
807 |
|
|
(1,143 |
) |
|
209 |
|
|
Net income
(loss) |
|
961 |
|
|
(677 |
) |
|
3,097 |
|
|
(291 |
) |
|
|
Net (loss) income attributable to non-controlling
interest |
|
(29 |
) |
|
(44 |
) |
|
49 |
|
|
69 |
|
|
Net income (loss)
attributable to the Company |
|
$ |
990 |
|
|
$ |
(633 |
) |
|
$ |
3,048 |
|
|
$ |
(360 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income (loss) per share attributable to A-Mark Precious
Metals, Inc.: |
|
Basic |
|
$ |
0.14 |
|
|
$ |
(0.09 |
) |
|
$ |
0.43 |
|
|
$ |
(0.05 |
) |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
(0.09 |
) |
|
$ |
0.43 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
Dividends
per share |
|
$ |
— |
|
|
$ |
0.08 |
|
|
$ |
— |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
7,031,400 |
|
|
7,031,400 |
|
|
7,031,400 |
|
|
7,031,400 |
|
|
Diluted |
|
7,084,400 |
|
|
7,031,400 |
|
|
7,087,300 |
|
|
7,031,400 |
|
|
A-MARK PRECIOUS METALS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(amounts in thousands)
Nine Months Ended March 31, |
|
2019 |
|
2018 |
|
Cash flows from
operating activities: |
|
|
|
|
|
Net income (loss) |
|
$ |
3,097 |
|
|
$ |
(291 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
Provision (reversal) for doubtful accounts |
|
(30 |
) |
|
— |
|
|
Depreciation and amortization |
|
2,088 |
|
|
1,994 |
|
|
Amortization of loan cost |
|
854 |
|
|
1,055 |
|
|
Deferred income taxes |
|
975 |
|
|
(239 |
) |
|
Interest added to principal of secured loans |
|
(16 |
) |
|
(41 |
) |
|
Change in accrued earn-out (non-cash) |
|
(504 |
) |
|
(529 |
) |
|
Loss on debt extinguishment |
|
7 |
|
|
— |
|
|
Share-based compensation |
|
842 |
|
|
1,020 |
|
|
Earnings from equity method investment |
|
(934 |
) |
|
(278 |
) |
|
Changes in assets and liabilities: |
|
|
|
|
|
Receivables |
|
20,161 |
|
|
(919 |
) |
|
Secured loans receivable |
|
(1,747 |
) |
|
313 |
|
|
Secured loans to Former Parent |
|
4,007 |
|
|
(9,352 |
) |
|
Derivative assets |
|
1,152 |
|
|
10,777 |
|
|
Income tax receivable |
|
12 |
|
|
(1,521 |
) |
|
Precious metals held under financing arrangements |
|
49,944 |
|
|
— |
|
|
Inventories |
|
13,697 |
|
|
(202,217 |
) |
|
Prepaid expenses and other assets |
|
(447 |
) |
|
(2,330 |
) |
|
Accounts payable |
|
14,680 |
|
|
7,590 |
|
|
Derivative liabilities |
|
(18,350 |
) |
|
(16,411 |
) |
|
Liabilities on borrowed metals |
|
(69,696 |
) |
|
228,720 |
|
|
Accrued liabilities |
|
567 |
|
|
(1,597 |
) |
|
Income taxes payable |
|
— |
|
|
(1,418 |
) |
|
Net cash provided by
operating activities |
|
20,359 |
|
|
14,326 |
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Capital expenditures for property and equipment |
|
(290 |
) |
|
(821 |
) |
|
Purchase of long-term investments |
|
(2,300 |
) |
|
— |
|
|
Secured loans receivable, net |
|
(3,066 |
) |
|
(9,175 |
) |
|
Acquisition of subsidiary, net of cash |
|
— |
|
|
(9,548 |
) |
|
Net cash used in
investing activities |
|
(5,656 |
) |
|
(19,544 |
) |
|
Cash flows from
financing activities: |
|
|
|
|
|
Product financing arrangements, net |
|
(48,217 |
) |
|
(37,973 |
) |
|
Dividends |
|
— |
|
|
(1,686 |
) |
|
Borrowings and repayments under lines of credit, net |
|
(51,000 |
) |
|
30,000 |
|
|
Repayments on notes payable to related party |
|
(7,500 |
) |
|
(500 |
) |
|
Borrowings on unsecured advance |
|
4,220 |
|
|
— |
|
|
Proceeds from issuance of notes payable |
|
90,000 |
|
|
7,500 |
|
|
Debt funding issuance costs |
|
(3,748 |
) |
|
(241 |
) |
|
Net cash used in
financing activities |
|
(16,245 |
) |
|
(2,900 |
) |
|
|
|
|
|
|
|
Net decrease in cash,
cash equivalents, and restricted cash |
|
(1,542 |
) |
|
(8,118 |
) |
|
Cash, cash
equivalents, and restricted cash, beginning of period |
|
6,291 |
|
|
13,059 |
|
|
Cash, cash
equivalents, and restricted cash, end of period |
|
$ |
4,749 |
|
|
$ |
4,941 |
|
|
Overview of Results of Operations for the Three Months
Ended March 31, 2019 and 2018Condensed
Consolidated Results of Operations
The operating results of our business for the three months ended
March 31, 2019 and 2018 are as follows:
in thousands,
except per share data |
|
|
Three Months Ended March 31, |
2019 |
|
2018 |
|
$ |
|
% |
|
$ |
|
% ofrevenue |
|
$ |
|
% ofrevenue |
|
Increase/(decrease) |
|
Increase/(decrease) |
Revenues |
$ |
1,266,986 |
|
|
100.000 |
% |
|
$ |
1,994,963 |
|
|
100.000 |
% |
|
$ |
(727,977 |
) |
|
(36.5 |
)% |
Gross profit |
8,716 |
|
|
0.688 |
% |
|
7,427 |
|
|
0.372 |
% |
|
$ |
1,289 |
|
|
17.4 |
% |
Selling, general
and administrative expenses |
(8,258 |
) |
|
(0.652 |
)% |
|
(9,423 |
) |
|
(0.472 |
)% |
|
$ |
(1,165 |
) |
|
(12.4 |
)% |
Interest
income |
4,807 |
|
|
0.379 |
% |
|
4,087 |
|
|
0.205 |
% |
|
$ |
720 |
|
|
17.6 |
% |
Interest
expense |
(4,239 |
) |
|
(0.335 |
)% |
|
(3,642 |
) |
|
(0.183 |
)% |
|
$ |
597 |
|
|
16.4 |
% |
Other income |
373 |
|
|
0.029 |
% |
|
99 |
|
|
0.005 |
% |
|
$ |
274 |
|
|
276.8 |
% |
Unrealized loss on
foreign exchange |
(36 |
) |
|
(0.003 |
)% |
|
(32 |
) |
|
(0.002 |
)% |
|
$ |
4 |
|
|
12.5 |
% |
Net income (loss)
before provision for income taxes |
1,363 |
|
|
0.108 |
% |
|
(1,484 |
) |
|
(0.074 |
)% |
|
$ |
2,847 |
|
|
191.8 |
% |
Income tax
(expense) benefit |
(402 |
) |
|
(0.032 |
)% |
|
807 |
|
|
0.041 |
% |
|
$ |
1,209 |
|
|
149.8 |
% |
Net income
(loss) |
961 |
|
|
0.076 |
% |
|
(677 |
) |
|
(0.034 |
)% |
|
$ |
1,638 |
|
|
241.9 |
% |
|
Net loss attributable to non-controlling interest |
(29 |
) |
|
(0.002 |
)% |
|
(44 |
) |
|
(0.002 |
)% |
|
$ |
(15 |
) |
|
(34.1 |
)% |
Net income (loss)
attributable to the Company |
$ |
990 |
|
|
0.078 |
% |
|
$ |
(633 |
) |
|
(0.032 |
)% |
|
$ |
1,623 |
|
|
256.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net (loss) income per share attributable to A-Mark Precious
Metals, Inc.: |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
|
|
|
$ |
(0.09 |
) |
|
|
|
$ |
0.23 |
|
|
255.6 |
% |
Diluted |
$ |
0.14 |
|
|
|
|
$ |
(0.09 |
) |
|
|
|
$ |
0.23 |
|
|
255.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Nine Months
Ended March 31, 2019 and 2018
Condensed Consolidated Results of
Operations
The operating results of our business for the nine months ended
March 31, 2019 and 2018 are as follows:
in thousands,
except per share data |
|
|
Nine Months Ended March 31, |
2019 |
|
2018 |
|
$ |
|
% |
|
$ |
|
% ofrevenue |
|
$ |
|
% ofrevenue |
|
Increase/(decrease) |
|
Increase/(decrease) |
Revenues |
$ |
3,932,988 |
|
|
100.000 |
% |
|
$ |
5,839,491 |
|
|
100.000 |
% |
|
$ |
(1,906,503 |
) |
|
(32.6 |
)% |
Gross profit |
25,508 |
|
|
0.649 |
% |
|
23,649 |
|
|
0.405 |
% |
|
$ |
1,859 |
|
|
7.9 |
% |
Selling, general
and administrative expenses |
(24,080 |
) |
|
(0.612 |
)% |
|
(25,748 |
) |
|
(0.441 |
)% |
|
$ |
(1,668 |
) |
|
(6.5 |
)% |
Interest
income |
14,010 |
|
|
0.356 |
% |
|
10,516 |
|
|
0.180 |
% |
|
$ |
3,494 |
|
|
33.2 |
% |
Interest
expense |
(12,447 |
) |
|
(0.316 |
)% |
|
(9,734 |
) |
|
(0.167 |
)% |
|
$ |
2,713 |
|
|
27.9 |
% |
Other income |
1,303 |
|
|
0.033 |
% |
|
811 |
|
|
0.014 |
% |
|
$ |
492 |
|
|
60.7 |
% |
Unrealized (loss)
gain on foreign exchange |
(54 |
) |
|
(0.001 |
)% |
|
6 |
|
|
— |
% |
|
$ |
60 |
|
|
1,000.0 |
% |
Net income (loss)
before provision for income taxes |
4,240 |
|
|
0.108 |
% |
|
(500 |
) |
|
(0.009 |
)% |
|
$ |
4,740 |
|
|
948.0 |
% |
Income tax
(expense) benefit |
(1,143 |
) |
|
(0.029 |
)% |
|
209 |
|
|
0.004 |
% |
|
$ |
1,352 |
|
|
646.9 |
% |
Net income
(loss) |
3,097 |
|
|
0.079 |
% |
|
(291 |
) |
|
(0.005 |
)% |
|
$ |
3,388 |
|
|
1,164.3 |
% |
|
Net income attributable to non-controlling interest |
49 |
|
|
0.001 |
% |
|
69 |
|
|
0.001 |
% |
|
$ |
(20 |
) |
|
(29.0 |
)% |
Net income (loss)
attributable to the Company |
$ |
3,048 |
|
|
0.078 |
% |
|
$ |
(360 |
) |
|
(0.006 |
)% |
|
$ |
3,408 |
|
|
946.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income per share attributable to A-Mark Precious
Metals, Inc.: |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.43 |
|
|
|
|
$ |
(0.05 |
) |
|
|
|
$ |
0.48 |
|
|
960.0 |
% |
Diluted |
$ |
0.43 |
|
|
|
|
$ |
(0.05 |
) |
|
|
|
$ |
0.48 |
|
|
960.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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