PSA set an all-time revenue record for the third fiscal quarter ending in March.
In a conference call with shareholders last week, Robert G. Deuster, Chief Executive Officer of Collectors Universe, the parent company of PSA and PSA/DNA, said card and autograph grading and authentication revenues were up 9.1%.
Deuster says trading card activity has been “very robust” over the last several months.
“We’ve seen very high levels of submissions from dealers in advance of the new baseball season and perhaps because of the worldwide media attention given to the find of seven T206 Ty Cobb cards that were founded in an attic few months ago, a new discovery,” Deuster said. He said the news about the cards being found in a crumpled paper bag inside an old home “amazed and interested the world, reinforcing collector interest in all baseball cards and the value the hobby potentially holds.”
Collectors Universe, which also counts coin grading among its major revenue sources, says its overall third quarter service revenue came in at a record $17.3 million, which is $1.3 million or 8% ahead of last year’s Q3. Operating income for the quarter was a record $4.4 million compared to fiscal 2015 Q3’s $3.7 million.
For the third quarter, CU earned record service revenues of $17.3 million, which comprise authentication, grading and related service revenues, record operating income of $4.4 million and after-tax income from continuing operations of $2.7 million or $0.32 per diluted share. During the same period a year ago, the company lsited service revenues of $16 million, operating income of $3.7 million and after-tax income from continuing operations of $2.2 million or $0.26 per diluted share.