Collectors Universe revenues in the first quarter of fiscal 2020 soared to $20.2 million from $17.5 million a year ago, a 16% increase and a new all-time quarterly record for the company.
Trading card and autograph revenue in the quarter were 33% higher than a year ago. PSA and PSA/DNA netted over $8 million in quarterly revenue for the first time in company history.
PSA also set a new all-time quarterly high for units shipped at over 735,000 collectibles but PSA says those big numbers have now resulted in the largest backlog of orders in the division’s history. It’s been an ongoing issue for PSA, which has hired more personnel and shared resources with other CU divisions in an effort to improve turnaround times.
Now, they’re bringing in outside help to look at the situation.
“That backlog remains the focus of our operations team, which now includes the help of outside consultants, who have been brought in to assist in the improvement process,” CU President and CEO Joe Orlando told shareholders on a conference call last week. ” These consultants possess the kind of background and expertise required to enhance our throughput while maintaining quality. There is no doubt that these kinds of improvements take time to implement and bear fruit. But every change we employ can help the millions of collectibles we process each year make it back into the hands of our customers faster.”
Are sports cards now a form of gambling?
On its face, it might seem like a silly question as collecting has been a time-honored tradition for decades. However, at its core, it does share some characteristics as traditional gambling, mainly the fact that the buyer uses something of value on something with an uncertain outcome.
This hobby has drawn the ire of many anti-gambling advocates. The Chicago Tribune recently explored the question of whether packs are an age-appropriate hobby or something a little less innocent.
One hardcore New England Patriots fan, and jersey collector, was able to reunite seven-time Pro Bowl wide receiver Matthew Slater with a prized jersey he never thought he’d see again.
The fan, Wes Hogan, spent 15 years collecting Patriots jerseys that number from 1 to 99. The No. 18 jersey was one of Slater’s Pro Bowl jerseys that was auctioned off after that year’s game.
After Hogan’s collection caught attention from the organization online, he was invited to a Patriots game, where he brought the jersey and insisted that it go back to Slater.
One Edmonton-based business that specializes in hand-signed sports memorabilia and collectibles found itself in the middle of a fraud scheme, even though it did nothing wrong.
A former part-time employee of Pro Am Sports was caught selling over $12,000 in fraudulent jerseys allegedly signed by Oilers star Connor McDavid. The 23-year-old fraudster was eventually tracked down and charged, but the Pro Am Sports name has still dragged through the mud.
The shop’s owner pointed out that the jerseys were purchased for well below market value — a big red flag — and that clients can trust anything that they purchase directly from the shop online or inside the store.
The tale was part of a story on autograph authenticity that spread across Canadian media.