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
fourth quarter and full year ended June 30, 2019.
Fiscal Q4 2019 Financial Highlights
- Revenues for the three months ended June 30, 2019 decreased 52%
to $850.2 million from $1.77 billion for the three months ended
June 30, 2018 and decreased 33% from $1.27 billion for the three
months ended March 31, 2019
- Gross profit for the three months ended June 30, 2019 increased
11% to $6.5 million (0.76% of revenue) from $5.8 million (0.33% of
revenue) for the three months ended June 30, 2018 and decreased 26%
from $8.7 million (0.69% of revenue) for the three months ended
March 31, 2019
- Net loss for the three months ended June 30, 2019 totaled
$823,000 or $(0.12) per diluted share, as compared to net loss of
$3.0 million or $(0.43) per diluted share for the three months
ended June 30, 2018 and net income of $990,000 or $0.14 per diluted
share for the three months ended March 31, 2019
- Gold ounces sold in the three months ended June 30, 2019
decreased 40% to 350,000 ounces from 586,000 for the three months
ended June 30, 2018 and decreased 26% from 474,000 for the three
months ended March 31, 2019
- Silver ounces sold in the three months ended June 30, 2019
increased 46% to 12.5 million ounces from 8.6 million for the three
months ended June 30, 2018 and decreased 25% from 16.8 million for
the three months ended March 31, 2019
- As of June 30, 2019, the number of secured loans decreased 20%
to 2,806 from 3,507 as of June 30, 2018 and increased 9% from 2,568
as of March 31, 2019
Fiscal Q4 2019 Financial
ResultsRevenues decreased 52% to $850.2
million from $1.77 billion in the same year-ago quarter. The
decrease in revenues was mainly due to lower forward sales, gold
ounces sold and silver prices, offset by an increase in the total
amount of silver ounces sold.
Gross profit increased 11% to $6.5 million (0.76% of revenue)
from $5.8 million (0.33% 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 increased 10% to
$8.4 million from $7.7 million in the same year-ago quarter. The
increase was primarily due to higher compensation costs within the
Wholesale Trading and Ancillary Services segment and non-recurring
severance costs in the Direct Sales segment, partially offset by
reduced external consulting costs.
Interest income decreased 6% to $5.3 million from $5.6 million
in the same year-ago quarter. The decrease was driven primarily by
lower interest income associated with the Wholesale Trading and
Ancillary Services segment, partially offset by higher interest
income associated with the Secured Lending segment.
Interest expense increased 13% to $4.7 million from $4.2 million
in the same year-ago quarter. The increase was primarily due to the
newly issued notes payable related to the Secured Lending segment,
partially offset by a reduction of interest expense from product
financing arrangements and the repayment of the Goldline Credit
Facility.
Net loss totaled $823,000 or $(0.12) per diluted share, an
improvement from net loss of $3.0 million or $(0.43) per diluted
share in the same year-ago quarter.
Full Year 2019 Highlights
- Revenues for the full year ended June 30, 2019 decreased 37% to
$4.78 billion from $7.61 billion for the full year ended June 30,
2018
- Gross profit for the full year ended June 30, 2019 increased 9%
to $32.0 million (0.67% of revenue) from $29.4 million (0.39% of
revenue) for the full year ended June 30, 2018
- Net income for the full year ended June 30, 2019 totaled $2.2
million or $0.31 per diluted share, as compared to net loss of $3.4
million or $(0.48) per diluted share for the full year ended June
30, 2018
- Gold ounces sold in the full year ended June 30, 2019 decreased
6% to 1.8 million ounces from 1.9 million for the full year ended
June 30, 2018
- Silver ounces sold in the full year ended June 30, 2019
increased 46% to 67.6 million ounces from 46.5 million for the full
year ended June 30, 2018
Full Year 2019 Financial ResultsRevenues
decreased 37% to $4.78 billion from $7.61 billion in the same
year-ago period. The decrease was primarily due to lower forward
sales (representing approximately $2.8 billion of the aggregate
change), lower gold and silver prices and lower gold ounces sold,
offset by an increase in the total amount of silver ounces
sold.
Gross profit increased 9% to $32.0 million (0.67% of revenue)
from $29.4 million (0.39% of revenue) in the same year-ago period.
The increase in gross profit was primarily due to improved gross
profits of the Wholesale Trading & Ancillary Services and
Direct Sales segments (e.g., Goldline), offset by lower trading
profits.
Selling, general and administrative expenses decreased 3% to
$32.5 million from $33.4 million in the same year-ago period. The
decrease in selling, general and administrative expenses was
primarily due to a decrease in IT consulting costs of $0.8 million,
lower investigatory acquisition costs of $0.6 million, lower
advertising costs of $0.8 million, and lower legal costs of $0.4
million, which were partially offset by higher compensation costs
of $1.3 million.
Interest income increased 20% to $19.3 million from $16.1
million in the same year-ago period. The increase was driven
primarily by an increase in interest income in the Wholesale
Trading & Ancillary Services segment of $2.1 million, of which
$1.7 million related to customer repurchase arrangements, as well
as an increase in interest income from the Secured Lending Segment
of $1.0 million due principally to an increase in the value of the
secured loan portfolio.
Interest expense increased 23% to $17.1 million from $13.9
million in the same year-ago period. In comparison to the same
year-ago period, interest expense increased $4.3 million related to
the recently issued notes payable and $1.0 million related to the
liability on borrowed metals. This was partially offset by a
decrease of $1.1 million related to product financing arrangements,
$0.4 million associated with the Trading Credit Facility and $0.3
million related to the repayment of the Goldline Credit
Facility.
Net income totaled $2.2 million or $0.31 per diluted share, an
improvement from net loss of $3.4 million or $(0.48) per diluted
share in the same year-ago period.
Management Commentary “During fiscal
2019, we continued to execute on our long-term strategic plan to
expand our platform of products and further increase our market
share in the global precious metals market,” said company CEO Greg
Roberts. “The year was highlighted by several operational
achievements, including the successful $100 million asset-based
securitization completed in the first quarter as well as the online
application and account management system we launched in our
Secured Lending segment. These more notable achievements were
complemented by a number of incremental upgrades and initiatives we
implemented across our organization with the goal of driving
greater efficiencies and an improved customer experience.
“Our sustained execution and operational progress in fiscal 2019
helped drive a meaningful improvement in our key financial metrics,
including a 9% increase in gross profit, a 20% increase in interest
income, and a return to profitability. We were able to achieve
these improvements despite modest headwinds in the precious metals
market throughout the year, with a particularly challenging fourth
quarter, where demand for physical metal was weak and volumes were
down across the board. Nevertheless, our solid performance for the
full fiscal 2019 demonstrates the value of our diversified business
model.
“Looking ahead at fiscal 2020, we have already seen that
geopolitical uncertainty and global economic concerns have resulted
in strong upward movement of both gold and silver spot prices,
particularly during the month of August 2019. While similar factors
have historically resulted in robust demand for precious metals
products, during our first fiscal 2020 quarter to date, we have not
experienced unusually high demand, and product premiums have
remained range-bound. However, a prolonged continuation of these
conditions has the potential to improve performance in the
near-term.
“Overall, we remain cautiously optimistic about our prospects,
especially given the macro backdrop and upcoming election year. We
believe our competitive position, robust platform, expanding
customer base, and diversified business model will translate into a
stronger fiscal 2020, as well as more predictable growth and
increased profitability in the years ahead.”
Conference CallA-Mark will hold a conference
call today (September 12, 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: 1-877-407-0789International number:
1-201-689-8562Conference ID: 13694278
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 on the same day through September 26, 2019.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Conference ID:
13694278
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, financial
institutions, industrial users, investors, collectors, and
e-commerce and other 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 the Mint (as more fully described below). 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 Australia,
Austria, Canada, China, Mexico, South Africa and the United
Kingdom. Through its TDS subsidiary, A-Mark provides customers with
a variety of managed storage options for precious metals worldwide.
Through its A-M Global Logistics subsidiary, A-Mark provides
customers an array of complementary services, including receiving,
handling, inventorying, processing, packaging and shipping 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 (Mint), which designs and
produces minted silver products which provide greater product
selection to customers, price stability within the supply chain as
well as more secured access to silver during volatile market
environments.
The company operates its Secured Lending segment through its
wholly-owned subsidiaries, Collateral Finance Corporation (CFC) and
AM Capital Funding, LLC (AMCF). 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.
AMCF was formed in 2018 for the purpose of securitizing eligible
secured loans of CFC.
A-Mark operates its Direct Sales segment primarily through its
wholly-owned subsidiary Goldline Inc. (Goldline), a direct retailer
of precious metals for the investor community. Goldline markets
A-Mark’s precious metal products through various channels,
including radio and the Internet.
A-Mark is headquartered in El Segundo, California and with
offices and facilities in Los Angeles, California, Vienna, Austria,
Las Vegas, Nevada, and Winchester, Indiana. 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.CONSOLIDATED BALANCE
SHEETS(amounts in thousands, except for share
data)
|
June 30, 2019 |
|
June 30, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
8,320 |
|
|
$ |
6,291 |
|
Receivables, net |
26,895 |
|
|
35,856 |
|
Derivative assets |
2,428 |
|
|
7,395 |
|
Secured loans receivable |
125,298 |
|
|
110,424 |
|
Precious metals held under financing arrangements |
208,792 |
|
|
262,566 |
|
Inventories: |
|
|
|
Inventories |
198,356 |
|
|
166,176 |
|
Restricted inventories |
94,505 |
|
|
113,940 |
|
|
292,861 |
|
|
280,116 |
|
|
|
|
|
Income taxes receivable |
1,473 |
|
|
1,553 |
|
Prepaid expenses and other assets |
2,783 |
|
|
2,782 |
|
Total current
assets |
668,850 |
|
|
706,983 |
|
|
|
|
|
Plant, property and equipment, net |
6,731 |
|
|
8,018 |
|
Goodwill |
8,881 |
|
|
8,881 |
|
Intangibles, net |
5,852 |
|
|
6,861 |
|
Long-term investments |
11,885 |
|
|
8,388 |
|
Deferred tax assets - non-current |
3,163 |
|
|
3,870 |
|
Total
assets |
$ |
705,362 |
|
|
$ |
743,001 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Lines of credit |
$ |
167,000 |
|
|
$ |
200,000 |
|
Liability on borrowed metals |
201,144 |
|
|
280,346 |
|
Product financing arrangements |
94,505 |
|
|
113,940 |
|
Accounts payable |
62,180 |
|
|
45,997 |
|
Derivative liabilities |
9,971 |
|
|
20,457 |
|
Accrued liabilities |
6,137 |
|
|
5,129 |
|
Total current
liabilities |
540,937 |
|
|
665,869 |
|
Debt obligation (related party) |
— |
|
|
7,226 |
|
Notes payable |
91,859 |
|
|
— |
|
Other long-term liabilities (related party) |
— |
|
|
798 |
|
Total
liabilities |
632,796 |
|
|
673,893 |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares;
issued and outstanding: none as of June 30, 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 June 30, 2019 and
June 30, 2018 |
71 |
|
|
71 |
|
Additional paid-in capital |
26,452 |
|
|
24,717 |
|
Retained earnings |
43,135 |
|
|
40,910 |
|
Total A-Mark Precious Metals, Inc. stockholders’
equity |
69,658 |
|
|
65,698 |
|
Non-controlling interest |
2,908 |
|
|
3,410 |
|
Total stockholders’
equity |
72,566 |
|
|
69,108 |
|
Total liabilities,
non-controlling interest and stockholders’ equity |
$ |
705,362 |
|
|
$ |
743,001 |
|
|
|
|
|
|
|
|
|
A-MARK PRECIOUS METALS,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except for share and per
share data)
Years Ended June 30, |
|
2019 |
|
2018 |
Revenues |
|
$ |
4,783,157 |
|
|
$ |
7,606,248 |
|
Cost of sales |
|
4,751,199 |
|
|
7,576,805 |
|
Gross profit |
|
31,958 |
|
|
29,443 |
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
(32,502 |
) |
|
(33,398 |
) |
Goodwill and intangible asset
impairment |
|
— |
|
|
(2,654 |
) |
Interest income |
|
19,270 |
|
|
16,105 |
|
Interest expense |
|
(17,146 |
) |
|
(13,891 |
) |
Other income, net |
|
1,697 |
|
|
954 |
|
Unrealized gain on foreign
exchange |
|
— |
|
|
30 |
|
Net income (loss) before
provision for income taxes |
|
3,277 |
|
|
(3,411 |
) |
Income tax expense |
|
(1,015 |
) |
|
(8 |
) |
Net income (loss) |
|
2,262 |
|
|
(3,419 |
) |
Net income (loss) attributable to non-controlling interest |
|
37 |
|
|
(22 |
) |
Net income (loss) attributable
to the Company |
|
$ |
2,225 |
|
|
$ |
(3,397 |
) |
|
|
|
|
|
Basic and diluted net
income (loss) per share attributable to A-Mark Precious Metals,
Inc.: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.32 |
|
|
$ |
(0.48 |
) |
Diluted |
|
$ |
0.31 |
|
|
$ |
(0.48 |
) |
|
|
|
|
|
Dividends per
share |
|
$ |
— |
|
|
$ |
0.24 |
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
Basic |
|
7,031,400 |
|
|
7,031,400 |
|
Diluted |
|
7,085,300 |
|
|
7,031,400 |
|
|
|
|
|
|
|
|
A-MARK PRECIOUS METALS,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(amounts in thousands)
Years Ended June 30, |
|
2019 |
|
2018 |
Cash flows from
operating activities: |
|
|
|
|
Net income (loss) |
|
$ |
2,262 |
|
|
$ |
(3,419 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
Provision (reversal) for doubtful accounts |
|
(30 |
) |
|
— |
|
Depreciation and amortization |
|
2,807 |
|
|
2,626 |
|
Impairment of intangible assets |
|
— |
|
|
2,654 |
|
Amortization of loan cost |
|
1,192 |
|
|
1,463 |
|
Deferred income taxes |
|
707 |
|
|
89 |
|
Interest added to principal of secured loans |
|
(19 |
) |
|
(48 |
) |
Change in accrued earn-out (non-cash) |
|
(588 |
) |
|
(529 |
) |
Debt extinguishment costs |
|
45 |
|
|
— |
|
Share-based compensation |
|
1,096 |
|
|
1,191 |
|
Earnings from equity method investments |
|
(1,198 |
) |
|
(421 |
) |
Changes in assets and liabilities: |
|
|
|
|
Receivables |
|
8,992 |
|
|
4,044 |
|
Secured loans receivables |
|
(1,304 |
) |
|
385 |
|
Secured loans made to affiliates |
|
(1,535 |
) |
|
(12,523 |
) |
Derivative assets |
|
4,967 |
|
|
11,017 |
|
Income tax receivable |
|
80 |
|
|
(1,553 |
) |
Precious metals held under financing arrangements |
|
53,774 |
|
|
(262,566 |
) |
Inventories |
|
(12,745 |
) |
|
16,946 |
|
Prepaid expenses and other assets |
|
(668 |
) |
|
(1,779 |
) |
Accounts payable |
|
16,183 |
|
|
2,221 |
|
Derivative liabilities |
|
(10,486 |
) |
|
(14,125 |
) |
Liabilities on borrowed metals |
|
(79,202 |
) |
|
265,772 |
|
Accrued liabilities |
|
1,137 |
|
|
(2,381 |
) |
Income taxes payable |
|
— |
|
|
(1,418 |
) |
Net cash (used in)
provided by operating activities |
|
(14,533 |
) |
|
7,646 |
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures for plant, property, and equipment |
|
(490 |
) |
|
(1,317 |
) |
Purchase of long-term investments |
|
(2,300 |
) |
|
— |
|
Secured loans receivables, net |
|
(12,015 |
) |
|
(7,000 |
) |
Acquisition of subsidiary, net of cash |
|
— |
|
|
(9,515 |
) |
Net cash used in
investing activities |
|
(14,805 |
) |
|
(17,832 |
) |
Cash flows from
financing activities: |
|
|
|
|
Product financing arrangements, net |
|
(19,435 |
) |
|
(21,403 |
) |
Dividends |
|
— |
|
|
(1,687 |
) |
Borrowings and repayments under lines of credit, net |
|
(33,000 |
) |
|
20,000 |
|
Proceeds from issuance of debt obligation payable to related
party |
|
— |
|
|
7,500 |
|
Repayments on notes payable to related party |
|
(7,500 |
) |
|
(500 |
) |
Proceeds from issuance of notes payable |
|
95,000 |
|
|
— |
|
Debt funding issuance costs |
|
(3,798 |
) |
|
(492 |
) |
Non-controlling ownership interest contribution |
|
100 |
|
|
— |
|
Net cash provided by
financing activities |
|
31,367 |
|
|
3,418 |
|
Net increase
(decrease) in cash, cash equivalents, and restricted
cash |
|
2,029 |
|
|
(6,768 |
) |
Cash, cash
equivalents, and restricted cash, beginning of period |
|
6,291 |
|
|
13,059 |
|
Cash, cash
equivalents, and restricted cash, end of period |
|
$ |
8,320 |
|
|
$ |
6,291 |
|
|
|
|
|
|
Overview of Results of Operations for the Years Ended
June 30, 2019 and 2018
Consolidated Results of
Operations
The operating results of our business for the
years ended June 30, 2019 and 2018 are as follows:
in thousands,
except per share data |
|
|
Years Ended June 30, |
|
2019 |
|
2018 |
|
$ |
|
% |
|
|
$ |
|
% of revenue |
|
$ |
|
% of revenue |
|
Increase/(decrease) |
|
Increase/(decrease) |
Revenues |
|
$ |
4,783,157 |
|
|
100.000 |
% |
|
$ |
7,606,248 |
|
|
100.000 |
% |
|
$ |
(2,823,091 |
) |
|
(37.1 |
)% |
Gross profit |
|
31,958 |
|
|
0.668 |
% |
|
29,443 |
|
|
0.387 |
% |
|
$ |
2,515 |
|
|
8.5 |
% |
Selling, general and
administrative expenses |
|
(32,502 |
) |
|
(0.680 |
)% |
|
(33,398 |
) |
|
(0.439 |
)% |
|
$ |
(896 |
) |
|
(2.7 |
)% |
Goodwill and intangible asset
impairment |
|
— |
|
|
— |
% |
|
(2,654 |
) |
|
(0.035 |
)% |
|
$ |
(2,654 |
) |
|
(100.0 |
)% |
Interest income |
|
19,270 |
|
|
0.403 |
% |
|
16,105 |
|
|
0.212 |
% |
|
$ |
3,165 |
|
|
19.7 |
% |
Interest expense |
|
(17,146 |
) |
|
(0.358 |
)% |
|
(13,891 |
) |
|
(0.183 |
)% |
|
$ |
3,255 |
|
|
23.4 |
% |
Other income, net |
|
1,697 |
|
|
0.035 |
% |
|
954 |
|
|
0.013 |
% |
|
$ |
743 |
|
|
77.9 |
% |
Unrealized gain on foreign
exchange |
|
— |
|
|
— |
% |
|
30 |
|
|
— |
% |
|
$ |
(30 |
) |
|
(100.0 |
)% |
Net income (loss) before
provision for income taxes |
|
3,277 |
|
|
0.069 |
% |
|
(3,411 |
) |
|
(0.045 |
)% |
|
$ |
6,688 |
|
|
196.1 |
% |
Income tax expense |
|
(1,015 |
) |
|
(0.021 |
)% |
|
(8 |
) |
|
— |
% |
|
$ |
1,007 |
|
|
NM |
|
Net income (loss) |
|
2,262 |
|
|
0.047 |
% |
|
(3,419 |
) |
|
(0.045 |
)% |
|
$ |
5,681 |
|
|
166.2 |
% |
Net income (loss) attributable to non-controlling interest |
|
37 |
|
|
0.001 |
% |
|
(22 |
) |
|
— |
% |
|
$ |
59 |
|
|
268.2 |
% |
Net income (loss) attributable
to the Company |
|
$ |
2,225 |
|
|
0.047 |
% |
|
$ |
(3,397 |
) |
|
(0.045 |
)% |
|
$ |
5,622 |
|
|
165.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income (loss) per share attributable to A-Mark Precious
Metals, Inc.: |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.32 |
|
|
|
|
$ |
(0.48 |
) |
|
|
|
$ |
0.80 |
|
|
166.7 |
% |
Diluted |
|
$ |
0.31 |
|
|
|
|
$ |
(0.48 |
) |
|
|
|
$ |
0.79 |
|
|
164.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Three Months
Ended June 30, 2019 and 2018
Consolidated Results of
Operations
The operating results of our business for the
three months ended June 30, 2019 and 2018 are as follows:
in thousands,
except per share data |
|
|
Three Months Ended June 30, |
|
2019 |
|
2018 |
|
$ |
|
% |
|
|
$ |
|
% of revenue |
|
$ |
|
% of revenue |
|
Increase/(decrease) |
|
Increase/(decrease) |
Revenues |
|
$ |
850,169 |
|
|
100.000 |
% |
|
$ |
1,766,757 |
|
|
100.000 |
% |
|
$ |
(916,588 |
) |
|
(51.9 |
)% |
Gross profit |
|
6,450 |
|
|
0.759 |
% |
|
5,794 |
|
|
0.328 |
% |
|
$ |
656 |
|
|
11.3 |
% |
Selling, general and
administrative expenses |
|
(8,422 |
) |
|
(0.991 |
)% |
|
(7,650 |
) |
|
(0.433 |
)% |
|
$ |
772 |
|
|
10.1 |
% |
Goodwill and intangible asset
impairment |
|
— |
|
|
— |
% |
|
(2,654 |
) |
|
(0.150 |
)% |
|
$ |
(2,654 |
) |
|
(100.0 |
)% |
Interest income |
|
5,260 |
|
|
0.619 |
% |
|
5,589 |
|
|
0.316 |
% |
|
$ |
(329 |
) |
|
(5.9 |
)% |
Interest expense |
|
(4,699 |
) |
|
(0.553 |
)% |
|
(4,157 |
) |
|
(0.235 |
)% |
|
$ |
542 |
|
|
13.0 |
% |
Other income |
|
394 |
|
|
0.046 |
% |
|
143 |
|
|
0.008 |
% |
|
$ |
251 |
|
|
175.5 |
% |
Unrealized gain on foreign
exchange |
|
54 |
|
|
0.006 |
% |
|
24 |
|
|
0.001 |
% |
|
$ |
30 |
|
|
125.0 |
% |
Net loss before provision for
income taxes |
|
(963 |
) |
|
(0.113 |
)% |
|
(2,911 |
) |
|
(0.165 |
)% |
|
$ |
(1,948 |
) |
|
(66.9 |
)% |
Income tax benefit
(expense) |
|
128 |
|
|
0.015 |
% |
|
(217 |
) |
|
(0.012 |
)% |
|
$ |
345 |
|
|
159.0 |
% |
Net loss |
|
(835 |
) |
|
(0.098 |
)% |
|
(3,128 |
) |
|
(0.177 |
)% |
|
$ |
(2,293 |
) |
|
(73.3 |
)% |
Net loss attributable to non-controlling interest |
|
(12 |
) |
|
(0.001 |
)% |
|
(91 |
) |
|
(0.005 |
)% |
|
$ |
(79 |
) |
|
(86.8 |
)% |
Net loss attributable to the
Company |
|
$ |
(823 |
) |
|
(0.097 |
)% |
|
$ |
(3,037 |
) |
|
(0.172 |
)% |
|
$ |
(2,214 |
) |
|
(72.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net loss per share attributable to A-Mark Precious Metals,
Inc.: |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.12 |
) |
|
|
|
$ |
(0.43 |
) |
|
|
|
$ |
(0.31 |
) |
|
(72.1 |
)% |
Diluted |
|
$ |
(0.12 |
) |
|
|
|
$ |
(0.43 |
) |
|
|
|
$ |
(0.31 |
) |
|
(72.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Three Months
Ended June 30, 2019 and March 31, 2019
Consolidated Results of
Operations
The operating results of our business for the
three months ended June 30, 2019 and March 31, 2019 are as
follows:
in thousands,
except per share data |
|
|
|
For the three months ended |
|
|
|
|
|
June 30, 2019 |
|
March 31, 2019 |
|
$ |
|
% |
|
$ |
|
% of revenue |
|
$ |
|
% of revenue |
|
Increase/(decrease) |
|
Increase/(decrease) |
Revenues |
$ |
850,169 |
|
|
100.000 |
% |
|
$ |
1,266,986 |
|
|
100.000 |
% |
|
$ |
(416,817 |
) |
|
(32.9 |
)% |
Gross profit |
6,450 |
|
|
0.759 |
% |
|
8,716 |
|
|
0.688 |
% |
|
$ |
(2,266 |
) |
|
(26.0 |
)% |
Selling, general and
administrative expenses |
(8,422 |
) |
|
(0.991 |
)% |
|
(8,258 |
) |
|
(0.652 |
)% |
|
$ |
164 |
|
|
2.0 |
% |
Interest income |
5,260 |
|
|
0.619 |
% |
|
4,807 |
|
|
0.379 |
% |
|
$ |
453 |
|
|
9.4 |
% |
Interest expense |
(4,699 |
) |
|
(0.553 |
)% |
|
(4,239 |
) |
|
(0.335 |
)% |
|
$ |
460 |
|
|
10.9 |
% |
Other income |
394 |
|
|
0.046 |
% |
|
373 |
|
|
0.029 |
% |
|
$ |
21 |
|
|
5.6 |
% |
Unrealized gain (loss) on
foreign exchange |
54 |
|
|
0.006 |
% |
|
(36 |
) |
|
(0.003 |
)% |
|
$ |
90 |
|
|
250.0 |
% |
Net (loss) income before
provision for income taxes |
(963 |
) |
|
(0.113 |
)% |
|
1,363 |
|
|
0.108 |
% |
|
$ |
(2,326 |
) |
|
(170.7 |
)% |
Income tax benefit
(expense) |
128 |
|
|
0.015 |
% |
|
(402 |
) |
|
(0.032 |
)% |
|
$ |
530 |
|
|
131.8 |
% |
Net (loss) income |
(835 |
) |
|
(0.098 |
)% |
|
961 |
|
|
0.076 |
% |
|
$ |
(1,796 |
) |
|
(186.9 |
)% |
Net loss attributable to non-controlling interest |
(12 |
) |
|
(0.001 |
)% |
|
(29 |
) |
|
(0.002 |
)% |
|
$ |
(17 |
) |
|
(58.6 |
)% |
Net (loss) income attributable
to the Company |
$ |
(823 |
) |
|
(0.097 |
)% |
|
$ |
990 |
|
|
0.078 |
% |
|
$ |
1,813 |
|
|
183.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net (loss) income per share attributable to A-Mark Precious
Metals, Inc.: |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.12 |
) |
|
|
|
$ |
0.14 |
|
|
|
|
$ |
0.26 |
|
|
185.7 |
% |
Diluted |
$ |
(0.12 |
) |
|
|
|
$ |
0.14 |
|
|
|
|
$ |
0.26 |
|
|
185.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
A Mark Precious Metals (NASDAQ:AMRK)
Historical Stock Chart
From Mar 2024 to Apr 2024
A Mark Precious Metals (NASDAQ:AMRK)
Historical Stock Chart
From Apr 2023 to Apr 2024