Collectors Universe, Inc. (CLCT), the parent company of PSA and PSA/DNA, says revenue generated through its services set a new record in the fourth quarter of the 2013 fiscal year.
Service revenues increased by 1% to an annual record of $48.5 million for fiscal 2013 from $47.9 million in fiscal 2012 and included a 10% increase in cards and autographs revenues. CU authenticates and grades collectible coins, trading cards, event tickets, autographs and memorabilia. The Company also compiles and publishes information about United States and world coins,cards and sports memorabilia,
The services gross profit margin was 63% in this year’s fourth quarter and 62% for fiscal 2013, compared to 59% and 61% for the fourth quarter and fiscal 2012, respectively. The improved gross profit margin in this year’s fourth quarter reflects the higher proportion and mix of coin revenues in the quarter.
Operating income was up 78% to $3.3 million over last year.
CU stock was trading at $16.01 per share as of the market’s close on Wednesday afternoon.
“We are very pleased with the performance of the company during our last quarter and second half of fiscal year 2013,” said Robert Deuster, Chief Executive Officer. “The strength of the coin and card market coupled with the array of new services we have introduced to collectors in 2013 contributed strongly to our record service revenue results. As we look forward into fiscal 2014, we will continue our programs to expand our online data and grading services for all of our customers and to an expanded international presence, especially in Asia.”