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I think Stanford was legitimate way back when
Other than that no idea. I agree the question is what are they paying but it has to be alot less than face value I would think
DGSE.. $1.50
The question is how many shares will they have out and what will be the Net change on debt.. Ever wonder why they got mixed up down there in the first place..??
hank
I think what they said was they were converting debt to shares and the company was buying all the shares including the converted ones.
I assume what that means is they get some quick cash from the company where otherwise they would be stuck with a big block of shares that are to illiquid to get rid of in a reasonable time frame.
DGSE..$1.50
No It's not me.. I have been trying to put the numbers together but MILL and KTCC are keeping me busy.. They have 9.3 Mil shares out.. I put in a 41.46 bid for 1800 and a 1.45 bid for 3200 as I type.. I'm trying to figure out why the Bk reff. would cxl Debt and CXL shares at the same time.. What does the BK get..?? GLTA.. hank
Picked up 1500 this morning figuring the resolution of the stanford issue will be a boon for them. Are you the other 1100?
Jan. 16, 2006, 9:54 a.m. EST · Recommend · Post:
Bowser's nose for low-priced stocksView all Peter Brimelow
Gold hit hard, but bugs buoyant
NEW YORK (MarketWatch) -- Caveat emptor is a good rule to follow, even when investment letters have a great year.
Every year, when we dredge up the 10 top-performing investment letters as measured by the Hulbert Financial Digest, we'll regularly find some little-known diamonds -- and some dross, or at least, letters that make Mark Hulbert squirm unhappily.
This time around, we had Nate Pile's Nate's Notes, a relatively unpublicized letter that made the Hulbert top ten for 2005 and also has had a strong long-term record.
See Dec. 26 column for the rundown of 2005's top performers. See my Jan. 12 column for more on Nate's Notes.
And then we have The Bowser Report, up 29.9%, more than four times the 2005 gain registered by the dividend-reinvested Dow Jones Wilshire 5000.
The Bowser service specializes in stocks worth $3 or less -- not an implausible investment idea, because there's research suggesting lower-priced stocks do better. Selections seem to be made on a fundamental basis: earnings, assets, financial strength.
Editor Max Bowser started off as a journalist but recovered and spent 24 years in the Air Force, retiring as a lieutenant colonel. He's been publishing his letter since 1975.
This looks at first glance like the sort of discovery the HFD's trawling often comes up with, except that there's a problem: Bowser's longer-term record (HFD began following it in 1993) is much poorer.
Specifically, The Bowser Report's portfolios gained by 4.9% on an annualized basis through August 2005, vs. an annualized 10.5% for the dividend-reinvested Dow Jones Wilshire 5000.
In fairness, it has to be said that Bowser's record is affected by some very bad years in the later 1990s, when the bull market was blowing off. Over the most recent five years -- since the market stalled, that is -- Bowser's outperformed the DJ Wilshire by 4.9% vs. minus 1.6% annualized.
Bowser's longer-term problem may partly lie in that it doesn't offer a specific model portfolio. Its introductory material offers various rules, such as, buy Bowser's most recently recommended stock, keep on buying positions until you have a portfolio of 12 to 18 issues, and sell half of any position if and when the stock doubles.
But Bowser's rules could yield very different results depending on individual investors' interpretations. For its part, the HFD follows its usual approach in such circumstances and remains fully invested in Bowser's top picks.
(Of course, it's irritating for investment letter editors to have to fit into the HFD's model portfolio methodology. But, hey, they don't have to have good HFD ratings.)
More recently, Bowser has started a "Beginner's Portfolio," which provides a greater degree of detailed direction. And from 2001 through mid-2005, this approach did outperform the DJ Wilshire, by 8.6% to 0.8% annualized.
As of late last year, Bowser's Beginner's Portfolio consisted of 18 stocks. Namely: Poore Brothers Inc. /quotes/comstock/15*!snak/quotes/nls/snak (SNAK 2.35, -0.03, -1.26%) ; Tofutti Brands Inc. /quotes/comstock/14*!tof/quotes/nls/tof (TOF 1.59, +0.10, +6.71%) ; Wireless Telecom Group /quotes/comstock/14*!wtt/quotes/nls/wtt (WTT 0.89, +0.02, +1.83%) ; Nyer Medical Group /quotes/comstock/11i!nyer/quotes/nls/nyer (NYER 1.84, -0.06, -3.16%) ; Leading Brands Inc. ; Covalent Group Inc. /quotes/comstock/15*!enco/quotes/nls/enco (ENCO 0.25, +0.00, +0.04%) ; Pyramid Breweries Inc. ; Pro-Dex Inc. /quotes/comstock/15*!pdex/quotes/nls/pdex (PDEX 0.49, -0.03, -5.77%) ; DryClean USA Inc. /quotes/comstock/14*!evi/quotes/nls/evi (EVI 1.22, 0.00, 0.00%) ; TII Industries /quotes/comstock/15*!tiii/quotes/nls/tiii (TIII 1.26, -0.01, -0.79%) ; Iomed Inc. /quotes/comstock/13*!bx/quotes/nls/bx (BX 12.65, -0.06, -0.47%) ; Dynatronics Corp. /quotes/comstock/15*!dynt/quotes/nls/dynt (DYNT 1.13, +0.02, +1.80%) ; Netsol Technologies /quotes/comstock/15*!ntwk/quotes/nls/ntwk (NTWK 1.00, -0.02, -1.97%) ; WSI Industries /quotes/comstock/15*!wsci/quotes/nls/wsci (WSCI 1.78, -0.03, -1.66%) ; DGSE Cos. /quotes/comstock/14*!dgse/quotes/nls/dgse (DGSE 1.50, +0.05, +3.46%) ; Cyanotech Corp. /quotes/comstock/15*!cyan/quotes/nls/cyan (CYAN 3.41, +0.09, +2.71%) ; Rada Electronic Industries ; and Bovie Medical /quotes/comstock/14*!bvx/quotes/nls/bvx (BVX 6.53, +0.08, +1.24%) .
Form 8-K for DGSE COMPANIES INC
5-Feb-2010
Entry into a Material Definitive Agreement, Other Events, Financial Statements...
Item 1.01 Entry into a Material Definitive Agreement.
On January 27, 2010, DGSE Companies, Inc.("DGSE") and Stanford International Bank, LTD ('SIBL"), which is the beneficial owner of a significant equity interest in DGSE, a primary lender to a wholly owned subsidiary of DGSE and subject to certain agreements with DGSE and its Chairman, entered into definitive agreements whereby SIBL will terminate all agreements, will convert all of its debt, interest and other expenses and will sell all of its equity interests including common stock and warrants to DGSE or its assignees.
Stanford and its affiliates, including SIBL are under receivership, and, accordingly, the transaction is subject to the approval of the United States District Court for the Northern District of Texas which has jurisdiction for the assets of SIBL. The agreements also contain other closing conditions including, but not limited to the receipt of all United States governmental and regulatory approvals, if any, the receipt of third party approvals, consents and/or waivers as may be required in connection with the transaction and compliance with United States regulatory and governmental requirements, including proof acceptable to the Company, that upon transfer to the purchaser or its assignees that they will receive title to the Securities free and clear of all liens. It is anticipated that additional 8-K's may be filed upon the occurrence of material events related to this matter.
As a result of the transaction, it is anticipated that the immediate shares outstanding of the Company will be reduced by all or part of approximately 3,400,000 held by SIB and over $10,000,000 in obligations owed by a subsidiary of DGSE to SIBL will be eliminated.
Item 8.01 Other Events
On February 5, 2010 the Company issued a press release announcing the execution of the foregoing purchase and conversion agreements. A copy of this press release is furnished as Exhibit 99.1
Item 9.01 Financial Statement and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
99.1 Press release issued by DGSE Companies, Inc. date February 5, 2010.
=====================================================
Press Release on the K:
DGSE Companies, Inc. Executes Definitive Agreements to Acquire All Equity Interests, and to Eliminate All Debt, Held by Stanford International Bank...
Press Release Source: DGSE Companies, Inc. On Friday February 5, 2010, 9:30 am EST
DALLAS--(BUSINESS WIRE)--DGSE Companies, Inc. (NYSE Amex: DGSE), reported today that it had executed definitive agreements with the Receiver of Stanford International Bank, Ltd. (“SIB”) that provide for SIB to convert all of its related debt, accrued interest and other expenses into DGSE common stock, thereby eliminating the entire obligation, and DGSE or its assignees to acquire all of the equity interests owned by SIB. The agreements also terminate all existing agreements between the Company and SIB.
The transaction is subject to the approval of the United States District Court for the Northern District of Texas, Dallas Division, as well as other closing conditions as set forth in a Form 8-K which will be filed by the Company simultaneously herewith. It is anticipated that additional Form 8-Ks will be filed upon the occurrence of material events related to this matter
William Oyster, President of DGSE said, “We are extremely pleased to have been able to enter into agreements that, if approved by the Court, will eliminate all of the issues related to SIB. Over the last year we have dealt with this institutional uncertainty by streamlining our operations and refocusing our efforts. At the conclusion of this process we will be leaner and more efficient and our financial statements will be stronger and more flexible."
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 Superior Galleries' website at www.sgbh.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, uncertainty regarding approval of the Court of the transaction with SIB, 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.
Contact:
DGSE Companies, Inc.,
Dallas.. William H. Oyster,
972-484-3662
DGSE..$1.50
DGSE Companies, Inc. Executes Definitive Agreements to Acquire All Equity Interests, & to Eliminate All Debt, Held by Stanfor...
DGSE Companies, Inc. (NYSE Amex: DGSE), reported today that it had executed definitive agreements with the Receiver of Stanford International Bank, Ltd. (“SIB”) that provide for SIB to convert all of its related debt, accrued interest and other expenses into DGSE common stock, thereby eliminating the entire obligation, and DGSE or its assignees to acquire all of the equity interests owned by SIB. The agreements also terminate all existing agreements between the Company and SIB
The transaction is subject to the approval of the United States District Court for the Northern District of Texas, Dallas Division, as well as other closing conditions as set forth in a Form 8-K which will be filed by the Company simultaneously herewith. It is anticipated that additional Form 8-Ks will be filed upon the occurrence of material events related to this matter William Oyster, President of DGSE said, “We are extremely pleased to have been able to enter into agreements that, if approved by the Court, will eliminate all of the issues related to SIB. Over the last year we have dealt with this institutional uncertainty by streamlining our operations and refocusing our efforts. At the conclusion of this process we will be leaner and more efficient and our financial statements will be stronger and more flexible." 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 Superior Galleries' website at www.sgbh.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, uncertainty regarding approval of the Court of the transaction with SIB, 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
=============================================
SEC Alleges $8 Billion Savings Fraud
Allen Stanford, Colleagues Lied About Investments, CD Return Rates, Agency Says..............
Offices in Houston run by Allen Stanford, above, and colleagues were raided after regulators alleged a "massive, ongoing" fraud. (By Craig Hartley -- Bloomberg News)
By Zachary A. Goldfarb
Washington Post Staff Writer
Wednesday, February 18, 2009
The Securities and Exchange Commission yesterday charged R. Allen Stanford, a prominent Texas businessman, and three companies under his control with carrying out a "massive, ongoing fraud" involving the sale of $8 billion in certificates of deposit.
This Story:
SEC Alleges $8 Billion Savings Fraud
Official SEC Complaint
The case is one of the largest alleged financial frauds in U.S. history and comes just two months after the SEC accused New York financier Bernard L. Madoff of orchestrating a Ponzi scheme of up to $50 billion.
Stanford and two colleagues, operating through a web of firms based in Houston and the Caribbean, lied to customers about how their money was being invested and how the firms' investment portfolios had performed in the past, the SEC said in a civil complaint filed in federal court in Dallas.
Antigua-based Stanford International Bank and related firms promised "improbable, if not impossible" returns to investors on certificates of deposit, the SEC added, often many percentage points higher than what rivals offered.
CDs, popular savings products, promise fixed returns to investors, who usually agree to deposit their money for a set period of time. Stanford clients were told their deposits were safe, invested in easily sellable securities. In fact, the SEC said, the funds were largely invested in illiquid real estate and private equity holdings.
"We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world," Rose Romero, director of the SEC's Fort Worth office, said in a statement.
In addition to Allen Stanford, the SEC charged Stanford International Bank; two affiliates in Houston, Stanford Group and Stanford Capital Management; and two top executives, James M. Davis and Laura Pendergest-Holt.
The SEC acted after Stanford moved to liquidate some of its holdings, including $178 million from the bank's accounts, over the past two weeks.
Yesterday, federal agents raided Stanford office buildings in Houston, posting a sign on the door: "The company is still in operation but under the management of a receiver."
The fate of customer deposits -- largely from wealthy investors -- wasn't immediately clear. Stanford had 50,000 CD accounts as of 2007, with customers around the world, according to the SEC.
A federal judge in North Texas yesterday froze Stanford Bank's assets. The SEC said Allen Stanford and his associates refused to help account for the funds. "People are not going to get their money immediately," said Julie Preuitt, an SEC official in Fort Worth. "The receiver has to determine where all the assets are and how much they're worth and do their best to distribute the funds."
No lawyer representing Allen Stanford or other defendants could be identified yesterday. Executives at Stanford Group referred inquiries to the SEC. The SEC said it is continuing its investigation.
The investigation into Stanford Group, which has involved Florida regulators and the Financial Industry Regulatory Authority, has been ongoing for at least several months. The firm recently acknowledged the probes, which it called routine.
The case comes just two months after the SEC filed charges against Madoff. After that case was exposed, the SEC faced criticism from commentators and lawmakers that its oversight and enforcement operations were ineffective.
"The SEC has been under a tremendous amount of scrutiny and it probably has sensitized the staff both to red flags and to the timeliness of bringing the case," said Don Walker, a former SEC official and now at FTI Consulting.
The SEC said Stanford International Bank offered CDs paying anywhere from 7.45 percent to 10 percent annual interest rates, often more than double what rivals offered. The SEC said Stanford Group advisers, who were paid hefty commission fees, aggressively marketed these CDs to investors around the world.
The bank told customers that it invested their money in highly liquid securities such as equities or cash and that it had been able to post double-digit returns consistently over the past 15 years, the SEC said. Customers were told that investments were overseen by a team of more than 20 research analysts. In fact, the SEC said, much of the investment was in illiquid assets, such as private equity or real estate, and managed just by Allen Stanford and Davis.
More recently, the firms falsely told customers that they were not exposed to losses related to the Madoff case, the SEC said, when executives knew of $400,000 tied to Madoff.
Stanford Group has nearly $50 billion under management or advisement, according to the SEC. The SEC also alleged that a $1.2 billion mutual fund program was sold to investors based on false information about its historical returns.
Allen Stanford, with citizenship in the United States and Antigua & Barbuda, is one of the world's richest men, with an estimated worth of $2 billion, according to Forbes magazine. The Antiguan government knighted him; he now uses the honorific "sir."
Stanford has given campaign contributions to some of the nation's top lawmakers. A Stanford Group political action committee contributed more than $100,000 to various causes last year.
Staff researcher Julie Tate contributed to this report.
DGSE.. $1.425
No I was tied up all day with SDS.. I'll look at it this weekend.. If your work is good $1.50 bid.. hank
Are you reading this as I am?
Sounds like they get rid of a bunch of debt and reduce the share count. They must be recording a huge gain on this deal if it goes through. Sounds like it could add .03 to quarterly earnings minus any interest on new debt they have to take out.
DGSE.. $1.4201
DGSE Companies, Inc. Executes Definitive Agreements to Acquire All Equity Interests, & to Eliminate All Debt, Held by Stanfor...
Date : 02/05/2010 @ 9:30AM
Source : Business Wire
Stock : DGSE Companies, Inc. (DGSE)
Quote : 1.4201 -0.0399 (-2.73%) @ 10:59AM
DGSE Companies, Inc. Executes Definitive Agreements to Acquire All Equity Interests, & to Eliminate All Debt, Held by Stanfor...
DGSE Companies, Inc. (NYSE Amex: DGSE), reported today that it had executed definitive agreements with the Receiver of Stanford International Bank, Ltd. (“SIB”) that provide for SIB to convert all of its related debt, accrued interest and other expenses into DGSE common stock, thereby eliminating the entire obligation, and DGSE or its assignees to acquire all of the equity interests owned by SIB. The agreements also terminate all existing agreements between the Company and SIB
The transaction is subject to the approval of the United States District Court for the Northern District of Texas, Dallas Division, as well as other closing conditions as set forth in a Form 8-K which will be filed by the Company simultaneously herewith. It is anticipated that additional Form 8-Ks will be filed upon the occurrence of material events related to this matter William Oyster, President of DGSE said, “We are extremely pleased to have been able to enter into agreements that, if approved by the Court, will eliminate all of the issues related to SIB. Over the last year we have dealt with this institutional uncertainty by streamlining our operations and refocusing our efforts. At the conclusion of this process we will be leaner and more efficient and our financial statements will be stronger and more flexible." 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 Superior Galleries' website at www.sgbh.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, uncertainty regarding approval of the Court of the transaction with SIB, 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
DGSE $1.57
DGSE Companies, Inc. Announces Fiscal Third Quarter 2009 Results
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 September 30, 2009.
Earnings
Basic and diluted net income per share for the fiscal third quarter of 2009 was $.03 versus $.02 in the equivalent period in fiscal 2008. Net income from continuing operations was $309,901 in the quarter versus $201,393 in the equivalent 2008 quarter. Basic shares outstanding during the second quarter of 2009 were 9,833,635 versus 9,498,729 in the 2008 quarter. Fully diluted shares outstanding for the quarter were 9,833,635 versus 10,344,363 for the equivalent 2008 quarter.
Basic and diluted net income per share for the nine-months ending September 30, 2009 was $.12 (after loss from discontinued operations of $.04) versus $.11 in the equivalent period in fiscal 2008. Net income from continuing operations was $1,570,545 for the nine-months versus $1,132,965 in the equivalent 2008 period. Basic shares outstanding during the period of 2009 were 9,833,635 versus 9,666,182 in the 2008 period. Fully diluted shares outstanding for the period were 9,833,635 versus 10,344,363 for the equivalent 2008 quarter
Total Revenues for the Fiscal Third Quarter of 2009 were $16,280,397. Revenues for the equivalent quarter of 2008 were $23,491,946. Revenues for the nine-months were $63,254,038 versus $80,249,402 in the equivalent 2008 period.
Performance Metrics & Liquidity
EBITDA (earnings before interest, taxes, depreciation and amortization) was $769,091 in the Third Quarter of 2009 ($.08 per basic share) versus $508,318 ($.05 per basic share) in the equivalent period of 2008.
EBITDA (earnings before interest, taxes, depreciation and amortization) for the nine-months was $2,423,532 versus $2,285,883 in the equivalent 2008 period.
Shareholders’ equity at the end of the Third Quarter of 2009 was $13,882,642 or $ 1.40
per basic share.
“The retail environment remains challenging but we are beginning to see increased activity as we move into the important Christmas selling season,” noted William H. Oyster, President and Chief Operating Officer of DGSE Companies, Inc. Mr. Oyster continued, “While revenues have been lower for the first nine months of the fiscal year our operating results have improved significantly. Revenue comparisons reflect the current retail environment as well as the discontinuance of an important segment of Superior Galleries, Inc.'s business. The refocus of that business lead to, what we believe, is a short term decline in revenue in the supporting businesses. As we move into the final quarter of the year, the refocused business activity is growing faster than any other component of our business and we expect it to be a material contributor to our overall business in the fourth quarter and in fiscal 2010.”
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 Superior Galleries' website at www.sgbh.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 September 30,
Nine months ended September 30,
2009 2008 2009 2008
Revenue $ 16,280,397 23,491,946 63,254,038 80,249,402
Net income $ 269,741 165,786 1,188,761 1,132,965
Earnings per share $ .03 .02 .12 .11
We are finally on Yahoo finance.
Way to go!!
If gold continues to rise dgse should get a significant extra lift.
This could become a hot play if you combine the strong earnings with the historical run up in gold prices that seems to be emerging
$dgse.. $1.54.. +9.21%
Seeing love today.. hank
iHub can't seem to get the ticker right in the quotes area
DGSE.. $1.42
Added again on a late report....hank
Thu Oct 08 14:50:15 2009 Buy 5000 DGSE Executed @ $1.4
Account: xxxx-0578 Your Day buy order for 5888 DGSE at a limit price of $1.4 was partially executed at $1.4. There are 888 shares remaining that await execution. See order # 2423 for details.
DGSE Companies, Inc. Announces Change in NYSE:Amex Symbol to DGSE Effective August 17, 2009
Press Release
Source: DGSE Companies, Inc.
On 9:30 am EDT, Monday August 10, 2009
DALLAS--(BUSINESS WIRE)--DGSE Companies, Inc. (NYSE Amex: DGC), which wholesales, retails and auctions fine watches, jewelry, diamonds and precious metal and rare coin products via traditional and Internet channels, today announced today that it has changed the ticker symbol of its shares on the NYSE:Amex from "DGC" to "DGSE," effective at the start of trading on Monday, August 17. In so doing, DGSE becomes one of the first companies to act on the Securities and Exchange Commission's ruling expanding NYSE ticker symbols beyond the traditional three letters. The new symbol reinforces the company's 20 plus year brand identity and aligns the company’s visibility more closely with both its Internet and bricks and mortar presence.
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 and Superior Gold and Diamond Exchange subsidiaries 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 Superior Galleries' website at www.sgbh.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 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 “DGC.”
DGSE.. $1.37 Started a position..$1.37
10/07/09 3:14 PM EDT Buy 4738 DGSE Executed @ $1.37 Details | Edit
10/07/09 3:05 PM EDT Buy 50 DGSE Executed @ $1.37 Details | Edit
10/07/09 3:05 PM EDT Buy 100 DGSE Executed @ $1.37 Details | Edit
hank
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Company Contact
Web Address:
http://www.dgse.com/
DGSE Companies, Inc. (DGSE) buys and sells jewelry, bullion products and rare coins. The Company's customers include individual consumer, dealers and institutions throughout the United States. In addition, DGSE makes collateralized loans to individuals in the State of Texas. The Company's products and services are marketed through its facilities in Dallas and Euless, Texas; Mt. Pleasant, South Carolina; Woodland Hills, California, and through its Internet Websites DGSE.com, CGDEinc.com, SGBH.com, SuperiorPreciousMetals.com, SuperiorEstateBuyers.com, USBullionExchange.com, Americangoldandsilverexchange.com and FairchildWatches.com. The Company operates eight primary Internet sites and approximately 900 related landing sites on the World Wide Web.
Company Contact
Headquarters: 11311 Reeder Road
Dallas, TX 75229
September 2009 | December 31, 2008 | |||||||
Unaudited | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 1,186,204 | $ | 244,429 | ||||
Trade receivables | 1,409,770 | 2,326,337 | ||||||
Inventories | 15,603,916 | 16,052,833 | ||||||
Prepaid expenses | 561,838 | 533,318 | ||||||
Prepaid federal income tax | 544,769 | 639,372 | ||||||
Current assets of discontinued operations | —0— | 900,306 | ||||||
Total current assets | 19,306,497 | 20,696,595 | ||||||
Property and equipment, net | 4,920,153 | 4,868,306 | ||||||
Deferred income taxes | 1,887,994 | 1,908,032 | ||||||
Goodwill | 837,117 | 837,117 | ||||||
Intangible assets | 2,464,006 | 2,492,673 | ||||||
Other assets | 285,093 | 235,917 | ||||||
Non-current assets of discontinued operations | 305,275 | 305,275 | ||||||
$ | 30,006,135 | $ | 31,343,915 | |||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Notes payable | $ | 44,971 | $ | 191,078 | ||||
Current maturities of long-term debt | 328,162 | 599,972 | ||||||
Line of credit | 3,195,000 | 3,595,000 | ||||||
Accounts payable – trade | 252,879 | 734,906 | ||||||
Accrued expenses | 239,846 | 647,536 | ||||||
Customer deposits | 461,456 | 1,230,991 | ||||||
Current liabilities of discontinued operations | —0— | 33,144 | ||||||
Total current liabilities | 4,522,314 | 7,032,627 | ||||||
Long-term debt, less current maturities | 11,651,387 | 11,715,765 | ||||||
16,173,701 | 18,748,392 | |||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common stock, $.01 par value; 30,000,000 shares authorized; 9,833,635 and 9,833,635 shares issued and outstanding at the end of each period in 2009 and 2008, respectively | 98,337 | 98,337 | ||||||
Additional paid-in capital | 18,589,812 | 18,541,662 | ||||||
Retained deficit | (4,855,715 | ) | (6,044,476 | ) | ||||
13,832,434 | 12,595,523 | |||||||
$ | 30,006,135 | $ | 31,343,915 |
Nine months ended September 30, | ||||||||
2009 | 2008 | |||||||
Unaudited | ||||||||
Revenue | ||||||||
Sales | $ | 63,254,038 | $ | 80,249,402 | ||||
Costs and expenses | ||||||||
Cost of goods sold | 53,677,847 | 70,461,581 | ||||||
Selling, general and administrative expenses | 6,770,875 | 7,507,411 | ||||||
Depreciation and amortization | 196,145 | 197,445 | ||||||
60,644,867 | 78,166,437 | |||||||
Operating income | 2,609,171 | 2,082,965 | ||||||
Other expense (income) | ||||||||
Other income | — | (11,635 | ) | |||||
Interest expense | 608,241 | 511,127 | ||||||
Earnings before income taxes | 2,000,930 | 1,583,473 | ||||||
Income tax expense | 430,385 | 444,346 | ||||||
Net earnings from continuing operations | 1,570,545 | 1,139,127 | ||||||
Discontinued operations: | ||||||||
Loss from discontinued operations (less applicable income tax (benefit) of ($180,552) and $36,930, respectively) | (381,784 | ) | (6,162 | ) | ||||
Net earnings | $ | 1,188,761 | 1,132,965 | |||||
Earnings per common share – basic | ||||||||
From continuing operations | $ | 0.16 | $ | 0.11 | ||||
From discontinued operations | $ | (0.04 | ) | $ | (0.00 | ) | ||
Net earnings per common share | $ | 0.12 | $ | 0.11 | ||||
Earnings per common share – diluted | ||||||||
From continuing operations | $ | 0.16 | $ | 0.12 | ||||
From discontinued operations | $ | (0.04 | ) | $ | (0.01 | ) | ||
Net earnings per common share | $ | 0.12 | $ | 0.11 | ||||
Weighted average number of common shares | ||||||||
Basic | 9,833,635 | 9,498,729 | ||||||
Diluted | 9,833,635 | 10,344,363 |
Three months ended September | ||||||||
2009 | 2008 | |||||||
Unaudited | ||||||||
Revenue | ||||||||
Sales | 16,280,397 | 23,491,946 | ||||||
16,280,397 | 23,491,946 | |||||||
Costs and expenses | ||||||||
Cost of goods sold | 13,286,097 | 20,417,850 | ||||||
Selling, general and administrative expenses | 2,185,049 | 2,530,171 | ||||||
Depreciation and amortization | 78,463 | 65,812 | ||||||
15,549,609 | 23,013,833 | |||||||
Operating income | 730,788 | 478,113 | ||||||
Other expense (income) | ||||||||
Other income | — | ——— | ||||||
Interest expense | 223,685 | 165,491 | ||||||
Earnings before income taxes | 507,103 | 312,622 | ||||||
Income tax expense | 197,202 | 111,229 | ||||||
Net earnings from continuing operations | 309,901 | 201,393 | ||||||
Discontinued operations: | ||||||||
Income from discontinued operations (less applicable income tax of $13,647 and $36,930, respectively) | (40,160 | ) | (35,607 | ) | ||||
Net earnings | $ | 269,741 | $ | 165,786 | ||||
Earnings per common share – basic and diluted | ||||||||
From continuing operations | $ | 0.03 | $ | 0.02 | ||||
From discontinued operations | $ | 0.00 | $ | 0.02 | ||||
Net earnings per common share | $ | 0.03 | $ | 0.02 | ||||
Weighted average number of common shares | ||||||||
Basic | 9,833,635 | 9,498,729 | ||||||
Diluted | 9,833,635 | 10,344,363 |
Nine months ended September | ||||||||
2009 | 2008 | |||||||
| Unaudited | |||||||
Cash flows from operating activities | ||||||||
Net earnings | $ | 1,188,761 | $ | 1,132,965 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities | ||||||||
Depreciation and amortization | 196,145 | 281,654 | ||||||
Deferred income taxes | 20,038 | 88,074 | ||||||
Gain on marketable securities | — | 41,237 | ||||||
Loss on discontinued operations | (381,784 | ) | — | |||||
(Increase) decrease in operating assets and liabilities | ||||||||
Trade receivables | 916,567 | 253,500 | ||||||
Inventories | 448,917 | (2,123,751 | ) | |||||
Prepaid expenses and other current assets | ( 28,520 | ) | (263,925 | ) | ||||
Accounts payable and accrued expenses | (992,151 | ) | 799,884 | |||||
Customer deposits | (769,535 | ) | 258,895 | |||||
Federal income taxes payable | 94,603 | 116,133 | ||||||
Other assets | (49,176 | ) | 17,822 | |||||
Net cash provided by operating activities | 643,865 | 1,136,814 | ||||||
Cash flows from investing activities | ||||||||
Pawn loans made | — | (954,746 | ) | |||||
Pawn loans repaid | — | 463,188 | ||||||
Recovery of pawn loan principal through sale of forfeited collateral | — | 471,701 | ||||||
Proceeds from sale of discontinued operations | 1,324,450 | — | ||||||
Purchase of property and equipment | (290,352 | ) | (901,871 | ) | ||||
Merger cost paid | (61,699 | ) | ||||||
Net cash provided by (used in) investing activities | 1,034,098 | (983,497 | ) | |||||
Cash flows from financing activities | ||||||||
Proceeds from line of credit | — | 2,150,000 | ||||||
Payments of capital lease | — | — | ||||||
Repayments of notes payable | (736,188 | ) | (905,352 | ) | ||||
Net cash provided by (used in) financing activities | (736,188 | ) | 1,244,648 | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 941,775 | 1,397,965 | ||||||
Cash and cash equivalents at beginning of period | 244,429 | 536,548 | ||||||
Cash and cash equivalents at end of period | $ | 1,186,204 | $ | 1,943,513 |
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