DGSE.. $2.75..
DGSE Companies, Inc. Announces Fiscal First Quarter 2010 Results
Business Wire - May 17 at 17:30
Company Symbols: AMEX:DGSE, NYSE:DGSE
DALLAS--(BUSINESS WIRE)-- DGSE Companies, Inc. (NYSE Amex: DGSE), which wholesales, retails and auctions fine watches, jewelry, diamonds and precious metal and rare coin products via traditional and Internet channels, today announced operating results for the quarter ended March 31, 2010.
Earnings
-- Basic and diluted net income per share for the fiscal first quarter of
2010 was $(.01) versus $.02 in the equivalent period in fiscal 2009. Net
income was $(131,151) in the quarter versus $229,516 in the equivalent
2009 quarter. Basic and diluted shares outstanding during the first
quarter of 2010 and 2009 were 9,833,635.
-- Total Revenues for the Fiscal First Quarter of 2010 were $17,347,554.
Revenues for the equivalent quarter of 2009 were $24,988,973.
Performance Metrics & Liquidity
-- EBITDA (earnings before interest, taxes, depreciation and amortization)
was $(20,368) in the First Quarter of 2010 ($0.0 per basic share) versus
$448,899 ($0.05 per basic share) in the equivalent period of 2009.
-- Shareholders' equity at the end of the First Quarter of 2010 was
$12,308,407 or $1.25 per basic share.
"The retail environment remains challenging and the first quarter was penalized with expenses related to the finalization of the matters related to the closing of the matters relating to Stanford International Bank. Revenues for the quarter were lower in most retail segments but I am pleased to note that the period following the quarter's end have been significantly better. In fact, Revenues for the year to date have caught up with last year's performance and are now up for the year to date," noted William H. Oyster, President and Chief Operating Officer of DGSE Companies, Inc.
DGSE Companies, Inc. wholesales, retails and auctions jewelry, diamonds, fine watches, and precious metal bullion and rare coin products to domestic and international customers through its Dallas Gold and Silver Exchange, Charleston Gold and Diamond Exchange, Superior Galleries operations as well as through the internet. DGSE also owns Fairchild International, Inc., one of the largest vintage watch wholesalers in the country. In addition to its retail facilities in Dallas and Euless, Texas, Charleston, South Carolina and Woodland Hills, California, the Company operates live Internet auctions which can be accessed at www.dgse.com and through Superiors website at www.sgde.com. Real-time price quotations and real-time order execution in precious metals are provided on another DGSE web site at www.USBullionExchange.com. Wholesale customers can access our full vintage watch inventory through the restricted site at www.FairchildWatches.com. DGSE also purchases precious metals, rare coins, watches, diamonds and jewelry through www.Americangoldandsilverexchange.com, www.SuperiorEstateBuyers.com and over 900 supporting websites. Through www.SuperiorPreciousMetals.com,we provide precious metals and rare coin investing and trading opportunities all across the United States.
The Company is headquartered in Dallas, Texas and its common stock trades on NYSE Amex Exchange under the symbol "DGSE".
This press release includes statements which may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. 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, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, 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. In addition to the results presented in accordance with Generally Accepted Accounting Principles throughout this press release, DGSE has presented non-GAAP financial measures such as EBITDA. The Company believes that these non-GAAP measures, viewed in addition to and not in lieu of the Company's reported GAAP results, provide useful information to investors because they are an integral part of the Company's internal evaluation of operating performance. In addition, they are measures that DGSE uses to evaluate management's effectiveness. DGSE's non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.
Summary of operations
Three months ended March 31,
2010 2009
Revenue $ 17,451,786 24,988,973
Net income $ (130,151 ) 229,516
Earnings per share $ (0.01 ) .02
Source: DGSE Companies, Inc.
