It’s a case of more good news means a little more bad news for PSA and PSA/DNA. The company continues to process a record-setting number of submissions and set revenue records, but the booming business continues to mean a backlog of orders.
Late last week, PSA’s parent company, Collectors Universe, released its quarterly report for the first three months of the new fiscal year. PSA and PSA/DNA accounted for $6.1 million of the $17.5 million in company wide revenue. That’s an all-time quarterly record for the division and $1 million more than it took in a year ago. PSA has achieved revenue growth in 32 out of the last 33 quarters.
PSA’s record-setting quarter included a new all-time quarterly high for units shipped at 572,000 collectibles. The division achieved its ninth consecutive Q1 of year-over-year top and bottom line growth for the quarter.
“While our unit shipped totals raised the bar once again, the incoming submission pace continues to be unprecedented,” said Joe Orlando, CEO of Collectors Universe. “New backlog records were also reached in Q1 which means our focus on adding capacity continues.”
The company has been attempting to streamline PSA and PSA/DNA operations and add additional staff to keep up with demand for autograph authentication and card grading.
“The momentum hasn’t let up even as we head into what is usually PSA slowest quarter of the fiscal year,” Orlando stated. “With incoming submissions at record levels, new service is being introduced recently such as our jumbo holder in the very beginning of international expansion taking place. Our biggest immediate concern is operational capacity.”
Plans for overseas growth include the launch its Japanese website and acceptance of the first test submissions there sometime this month.
PSA is also planning to add a gaming element to the Set Registry in which participants can earn points, digital awards, and be recognized for their accomplishments as they build and improve their collections. Details about the new features will be unveiled this winter.