Collectors Universe, parent company of PSA and PSA/DNA, reported record revenues in the first fiscal quarter of 2015.
The company says service revenues increased by $2.0 million or 14% to a first quarter record of $16.2 million in this year’s first quarter as compared to $14.2 million in the same quarter of 
fiscal 2014. The increase was driven by a $1.7 million or 19% increase in coin service revenues and a $0.3 million, or 8%, increase in trading card and autograph service revenues.
Coin service revenues in the quarter benefited by approximately $1.8 million from the 2014 Baseball Hall of Fame commemorative coins and the 2014 50th Anniversary Kennedy coin.
The services gross profit margin was 64% in this year’s first quarter as compared to 63% in the last year’s first quarter, and company officials say it reflects a focus on providing higher value services.
The increase in autograph and trading card grading and authentication business continued a company trend that has seen its stock on a steady climb.
“The PSA and PSA/DNA sports memorabilia business reported its 17th consecutive quarter of year over year revenue growth,” said Robert Deuster, Chief Executive Officer.
Operating income increased by 6% to a record $3.0 million in this year’s first quarter from $2.9 million in last year’s first quarter notwithstanding non-cash stock-based compensation expense increasing by $0.5 million and legal expenses increasing by $0.3 million in this year’s first quarter as compared to last year’s first quarter.
Income from continuing operations increased to $1.8 million, or $0.21, per diluted share as compared to $1.7 million, or $0.20, per diluted share in the first quarter of last year.
The company’s cash position at September 30 was $18.1 million compared to $19.9 million at the end of June. Net cash used of $1.8 million in the quarter consisted of cash generated from continuing operations of $1.6 million offset by cash dividends of $2.7 million paid to our stockholders. Officials say the reduction in cash generated from continuing operations of $0.6 million in this year’s first quarter as compared to the first quarter of fiscal 2014, “reflects the payment of higher annual incentives in this year’s first quarter, due to the breakout performance of the business in fiscal 2014”.
On October 27, a quarterly cash dividend of $0.325 per share was announced, which will be paid to stockholders on November 28.
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