(Mark
One)
|
|
ý
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the quarter ended September 30, 2009
|
|
OR
|
|
q
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED]
|
For
the transition period from _______ to _____
|
|
Commission
file number 1-34240
|
|
COLLECTORS
UNIVERSE, INC.
(Exact
name of Registrant as specified in its
charter)
|
Delaware
|
33-0846191
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
Incorporation
or organization)
|
|
1921
E. Alton Avenue, Santa Ana, California 92705
|
|
(address of principal executive
offices and zip code)
|
|
Registrant's
telephone number, including area code: (949)
567-1234
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Smaller
reporting company x
|
Class
|
Outstanding at October 20,
2009
|
||
Common
Stock $.001 Par Value
|
7,661,101
|
||
PART
I
|
Financial
Information
|
Page
|
|
1
|
|||
2
|
|||
3
|
|||
4
|
|||
17
|
|||
17
|
|||
17
|
|||
18
|
|||
18
|
|||
19
|
|||
20
|
|||
21
|
|||
22
|
|||
26
|
|||
29
|
|||
30
|
|||
PART
II
|
Other
Information
|
||
30
|
|||
30
|
|||
30
|
|||
31 | |||
S-1
|
|||
E-1
|
|||
EXHIBITS
|
|||
September
30,
|
June
30,
|
|||||||
ASSETS
|
2009
|
2009
|
||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 16,372 | $ | 23,870 | ||||
Accounts receivable, net of
allowance of $76 at September 30, 2009 and $63 at June 30,
2009
|
1,379 | 1,252 | ||||||
Inventories, net
|
564 | 497 | ||||||
Prepaid expenses and other current
assets
|
699 | 868 | ||||||
Customer notes receivable,
net
|
2,321 | 2,340 | ||||||
Notes receivable from sale of
net assets of discontinued operations
|
212 | 212 | ||||||
Current assets of discontinued
operations
|
79 | 102 | ||||||
Total current
assets
|
21,626 | 29,141 | ||||||
Property and equipment,
net
|
1,235 | 1,174 | ||||||
Goodwill
|
2,826 | 2,626 | ||||||
Intangible assets,
net
|
2,594 | 2,776 | ||||||
Note receivable from sale of net
of assts of discontinued operations, less current portion
|
230 | 300 | ||||||
Other assets
|
125 | 74 | ||||||
Non-current assets of discontinued
operations
|
182 | 182 | ||||||
$ | 28,818 | $ | 36,273 | |||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts payable
|
$ | 1,152 | $ | 1,051 | ||||
Accrued
liabilities
|
1,672 | 1,344 | ||||||
Accrued compensation and
benefits
|
1,110 | 1,341 | ||||||
Income taxes
payable
|
324 | 252 | ||||||
Net deferred income tax
liability
|
71 | 60 | ||||||
Deferred revenue
|
1,588 | 1,883 | ||||||
Current liabilities of
discontinued operations
|
1,632 | 1,827 | ||||||
Total current
liabilities
|
7,549 | 7,758 | ||||||
Deferred
rent
|
248 | 220 | ||||||
Net
deferred income tax liability
|
197 | 208 | ||||||
Non-current
liabilities of discontinued operations
|
3,135 | 3,308 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders’
equity:
|
||||||||
Preferred stock, $.001 par value;
3,000 shares authorized, none issued or outstanding
|
||||||||
Common stock, $.001 par value;
20,000 shares authorized;
|
||||||||
shares outstanding: 7,661 at
September 30, 2009 and 9,158 at June 30, 2009
|
8 | 9 | ||||||
Additional paid-in
capital
|
67,212 | 75,957 | ||||||
Accumulated
deficit
|
(49,531 | ) | (51,187 | ) | ||||
Total stockholders’
equity
|
17,689 | 24,779 | ||||||
$ | 28,818 | $ | 36,273 |
Three
Months Ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
Net
revenues
|
$ | 9,298 | $ | 9,043 | ||||
Cost
of revenues
|
3,739 | 4,126 | ||||||
Gross profit
|
5,559 | 4,917 | ||||||
Selling
and marketing expenses
|
1,195 | 1,248 | ||||||
General
and administrative expenses
|
2,568 | 3,336 | ||||||
Total operating
income
|
1,796 | 333 | ||||||
Interest
and other income, net
|
40 | 136 | ||||||
Income
before provision for income taxes
|
1,836 | 469 | ||||||
Provision
for income taxes
|
127 | - | ||||||
Income
from continuing operations
|
1,709 | 469 | ||||||
Loss
from discontinued operations, net of loss on sales of discontinued
businesses, net
of income taxes
|
(53 | ) | (1,766 | ) | ||||
Net
income (loss)
|
$ | 1,656 | $ | (1,297 | ) | |||
Net
income (loss) per basic share:
|
||||||||
Income
from continuing operations
|
$ | 0.23 | $ | 0.05 | ||||
Loss
from discontinued operations
|
(0.01 | ) | (0.19 | ) | ||||
Net income
(loss)
|
$ | 0.22 | $ | (0.14 | ) | |||
Net
income (loss) per diluted share:
|
||||||||
Income from continuing
operations
|
$ | 0.22 | $ | 0.05 | ||||
Loss from discontinued
operations
|
- | (0.19 | ) | |||||
Net income
(loss)
|
$ | 0.22 | $ | (0.14 | ) | |||
Weighted
average shares outstanding:
|
||||||||
Basic
|
7,551 | 9,146 | ||||||
Diluted
|
7,629 | 9,186 | ||||||
Dividends declared per common
share
|
$ | - | $ | 0.23 |
Three
Months Ended
September
30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income (loss)
|
$ | 1,656 | $ | (1,297 | ) | |||
Discontinued
operations
|
53 | 1,766 | ||||||
Income
from continuing operations
|
1,709 | 469 | ||||||
Adjustments
to reconcile income from continuing operations to net cash provided
by operating activities:
|
||||||||
Depreciation and amortization
expense
|
293 | 317 | ||||||
Stock-based compensation
expense
|
165 | 264 | ||||||
Provision for bad
debts
|
13 | - | ||||||
Provision for inventory
write-down
|
3 | 12 | ||||||
Provision for
warranty
|
166 | 129 | ||||||
Interest on notes
receivable
|
5 | - | ||||||
Gain on sale of customer notes
|
- | (10 | ) | |||||
Change
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
(140 | ) | 140 | |||||
Inventories
|
(70 | ) | (66 | ) | ||||
Prepaid expenses and
other
|
167 | 76 | ||||||
Other assets
|
(9 | ) | 2 | |||||
Accounts payable and accrued
liabilities
|
63 | (313 | ) | |||||
Accrued compensation and
benefits
|
(231 | ) | (244 | ) | ||||
Income taxes
payable
|
72 | (8 | ) | |||||
Deferred
revenue
|
(295 | ) | (363 | ) | ||||
Deferred rent
|
28 | (29 | ) | |||||
Net cash provided by operating
activities of continuing operations
|
1,939 | 376 | ||||||
Net cash used in operating
activities of discontinued businesses
|
(396 | ) | (1,762 | ) | ||||
Net cash provided by (used in)
operating activities
|
1,543 | (1,386 | ) | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Capital
expenditures
|
(173 | ) | (30 | ) | ||||
Advances
on customer notes receivable
|
- | (446 | ) | |||||
Proceeds
from collection of customer notes receivable
|
20 | 3,749 | ||||||
Capitalized
software
|
- | (214 | ) | |||||
Cash
received from sale of net assets of discontinued
operations
|
23 | 23 | ||||||
Net cash provided by (used in)
investing activities
|
(130 | ) | 3,082 | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds
from exercise of stock options
|
- | 1 | ||||||
Repurchase
of common stock under “Dutch Auction” tender
|
(8,911 | ) | - | |||||
Dividends
paid to common stockholders
|
- | (2,090 | ) | |||||
Net cash used in financing
activities
|
(8,911 | ) | (2,089 | ) | ||||
Net
decrease in cash and cash equivalents
|
(7,498 | ) | (393 | ) | ||||
Cash
and cash equivalents at beginning of period
|
23,870 | 23,345 | ||||||
Cash
and cash equivalents at end of period
|
$ | 16,372 | $ | 22,952 | ||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Interest
paid
|
$ | 5 | $ | 2 | ||||
Income
taxes paid
|
$ | 54 | $ | 8 |
Three
Months Ended
September
30,
(In
thousands)
|
||||||||
2009
|
2008
|
|||||||
Included in:
|
||||||||
Cost
of revenues
|
$ | - | $ | 69 | ||||
General
and administrative expenses
|
165 | 195 | ||||||
Continuing
operations
|
165 | 264 | ||||||
Discontinued
operations
|
- | 14 | ||||||
$ | 165 | $ | 278 |
Shares
|
Weighted
Average Exercise Price
|
Weighted
Average Remaining Contractual Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Options:
|
(In
thousands)
|
(yrs.)
|
(In
thousands)
|
|||||||||||||
Outstanding at June 30,
2009
|
585 | $ | 11.61 | 4.6 | $ | 115 | ||||||||||
Forfeited or
cancelled
|
(47 | ) | 17.56 | - | - | |||||||||||
Outstanding at September 30,
2009
|
538 | $ | 11.09 | 4.5 | $ | 163 | ||||||||||
Exercisable at September 30,
2009
|
524 | $ | 11.04 | 4.4 | $ | 163 | ||||||||||
Unvested at September 30,
2009
|
14 | $ | 13.02 | 7.7 | $ | - | ||||||||||
Expect to vest at September
30, 2009
|
13 | $ | 13.01 | 7.7 | $ | - |
Non-Vested Shares:
|
(In
Thousands)
Shares
|
Weighted
Average
Grant-Date
Fair
Values
|
||||||
Non-vested
at June 30, 2009
|
43 | $ | 3.80 | |||||
Granted
|
253 | 4.07 | ||||||
Vested
|
(32 | ) | 3.24 | |||||
Non-vested
at September 30, 2009
|
264 | $ | 4.13 |
Fiscal
Year Ending June 30,
|
Amount
|
|||
2010
(9 months)
|
690,000 | |||
2011
|
260,000 | |||
2012
|
96,000 | |||
$ | 1,046,000 |
Concentrations
|
3.
|
FAIR
VALUE MEASUREMENTS
|
|
GAAP establishes a three-tier fair value hierarchy, which prioritizes the
inputs used in measuring fair value for financial and non-financial assets
and liabilities. These tiers
include:
|
At
Sept. 30,
|
Fair
Value Measurements Using
|
|||||||||||||||
(In Thousands)
|
2009
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||||
Assets:
|
||||||||||||||||
Investments in money market
funds
|
$ | 12,737 | $ | 12,737 | $ | - | $ | - | ||||||||
Liabilities:
|
||||||||||||||||
Operating lease
obligations
|
$ | 4,309 | $ | - | $ | - | $ | 4,309 |
At
June 30,
|
Fair
Value Measurements Using
|
|||||||||||||||
(In
Thousands)
|
2009
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||||
Assets:
|
||||||||||||||||
Investments in money market
funds
|
$ | 20,200 | $ | 20,200 | $ | - | $ | - | ||||||||
Liabilities:
|
||||||||||||||||
Operating lease
obligations
|
$ | 4,454 | $ | - | $ | - | $ | 4,454 |
Beginning
|
Loss
|
Ending
|
||||||||||||||
Balance
|
Principal
|
Included
in
|
Balance
|
|||||||||||||
(In
thousands)
|
6/30/09
|
Paydowns
|
Net
Income
|
9/30/2009
|
||||||||||||
Liabilities:
|
||||||||||||||||
Operating lease
obligations
|
$ | 4,454 | (206 | ) | $ | 61 | $ | 4,309 |
Inventories
consist of the following:
|
||||||||
(In
thousands)
|
||||||||
September
30,
|
June
30,
|
|||||||
2009
|
2009
|
|||||||
Coins
|
$ | 381 | $ | 336 | ||||
Other
collectibles
|
28 | 31 | ||||||
Grading
raw materials consumable inventory
|
258 | 232 | ||||||
667 | 599 | |||||||
Less
inventory
reserve
|
(103 | ) | (102 | ) | ||||
Inventories,
net
|
$ | 564 | $ | 497 |
Property
and equipment consist of the following:
|
||||||||
(In
thousands)
|
||||||||
September
30,
|
June
30,
|
|||||||
2009
|
2009
|
|||||||
Coins
and stamp grading reference sets
|
$ | 516 | $ | 515 | ||||
Computer
hardware and
equipment
|
1,373 | 1,345 | ||||||
Computer
software
|
994 | 990 | ||||||
Equipment
|
1,962 | 1,823 | ||||||
Furniture
and office
equipment
|
890 | 897 | ||||||
Leasehold
improvements
|
665 | 665 | ||||||
Trading
card reference
library
|
52 | 52 | ||||||
6,452 | 6,287 | |||||||
Less
accumulated depreciation and amortization
|
(5,217 | ) | (5,113 | ) | ||||
Property
and equipment, net
|
$ | 1,235 | $ | 1,174 |
Accrued
liabilities consist of the following:
|
(In
thousands)
|
|||||||
September
30,
|
June
30,
|
|||||||
2009
|
2009
|
|||||||
Warranty
costs
|
$ | 760 | $ | 708 | ||||
Professional
fees
|
80 | 112 | ||||||
Expos
earn-out
payment
|
200 | - | ||||||
Other
|
632 | 524 | ||||||
$ | 1,672 | $ | 1,344 |
(In
thousands)
|
||||||||
Three
Months
Ended
September
30,
|
Three
Months
Ended
September
30,
|
|||||||
2009
|
2008
|
|||||||
Warranty
reserve, beginning of
period
|
$ | 708 | $ | 665 | ||||
Charged
to cost of
revenue
|
166 | 129 | ||||||
Payments
|
(114 | ) | (161 | ) | ||||
Warranty
reserve, end of
period
|
$ | 760 | $ | 633 |
7.
|
DISCONTINUED
OPERATIONS
|
(In
thousands)
|
||||||||
Three
Months Ended
September
30,
|
||||||||
2009
|
2008
|
|||||||
Net
revenues
|
$ | 3 | $ | 649 | ||||
Loss
from operations of discontinued businesses
|
- | (1,766 | ) | |||||
Loss
on sale of discontinued businesses
|
(53 | ) | - | |||||
Loss
before income tax
expense
|
(53 | ) | (1,766 | ) | ||||
Income
tax
expense
|
- | - | ||||||
Loss
from discontinued operations
|
$ | (53 | ) | $ | (1,766 | ) |
(In
thousands)
|
||||||||
September
30,
2009
|
June
30,
2009
|
|||||||
Current
Assets:
|
||||||||
Accounts receivable,
net
|
$ | 8 | $ | 31 | ||||
Assets held for
sale
|
71 | 71 | ||||||
$ | 79 | $ | 102 | |||||
Non-Current
Assets:
|
||||||||
Other assets
|
$ | 182 | $ | 182 | ||||
Current
Liabilities:
|
||||||||
Accounts
payable
|
$ | 24 | $ | 42 | ||||
Lease
obligations
|
1,210 | 1,182 | ||||||
Other accrued
expenses
|
381 | 586 | ||||||
Deferred
revenue
|
17 | 17 | ||||||
$ | 1,632 | $ | 1,827 | |||||
Non-Current
Liabilities:
|
||||||||
Lease
obligations
|
$ | 3,099 | $ | 3,272 | ||||
Other long-term
liabilities
|
36 | 36 | ||||||
$ | 3,135 | $ | 3,308 |
8.
|
INCOME
TAXES
|
(In
thousands)
|
||||||||
Three
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Net
revenues from external customers
|
||||||||
Coins
|
$ | 5,557 | $ | 4,995 | ||||
Trading cards and
autographs
|
2,566 | 2,793 | ||||||
Other
|
1,175 | 1,255 | ||||||
Total revenue
|
$ | 9,298 | $ | 9,043 | ||||
Amortization
and depreciation
|
||||||||
Coins
|
$ | 72 | $ | 75 | ||||
Trading cards and
autographs
|
51 | 53 | ||||||
Other
|
101 | 102 | ||||||
Total
|
224 | 230 | ||||||
Unallocated amortization and
depreciation
|
69 | 87 | ||||||
Consolidated amortization and
depreciation
|
$ | 293 | $ | 317 | ||||
Stock-based
compensation
|
||||||||
Coins
|
$ | - | $ | 33 | ||||
Trading cards and
autographs
|
- | 21 | ||||||
Other
|
- | 22 | ||||||
Total
|
- | 76 | ||||||
Unallocated stock-based
compensation
|
165 | 188 | ||||||
Consolidated stock-based
compensation
|
$ | 165 | $ | 264 | ||||
Operating
income before unallocated expenses
|
||||||||
Coins
|
$ | 2,188 | $ | 1,801 | ||||
Trading cards and
autographs
|
379 | 438 | ||||||
Other
|
202 | 60 | ||||||
Total
|
2,769 | 2,299 | ||||||
Unallocated operating
expenses
|
(973 | ) | (1,966 | ) | ||||
Consolidated operating loss
|
$ | 1,796 | $ | 333 |
(In
thousands)
|
||||||||
At
September 30,
|
At
June 30
|
|||||||
Identifiable
Assets:
|
2009
|
2009
|
||||||
Coins
|
$ | 2,996 | $ | 2,683 | ||||
Trading cards and
autographs
|
852 | 1,003 | ||||||
Other
|
7,066 | 7,051 | ||||||
Total
|
10,914 | 10,737 | ||||||
Unallocated
assets
|
17,904 | 25,536 | ||||||
Consolidated
assets
|
$ | 28,818 | $ | 36,273 |
(In
thousands)
|
||||||||
September
30,
|
June
30,
|
|||||||
Goodwill:
|
2009
|
2009
|
||||||
Coins
|
$ | 515 | $ | 515 | ||||
Other
|
2,311 | 2,111 | ||||||
Consolidated
assets
|
$ | 2,826 | $ | 2,626 |
11.
|
RELATED
PARTY TRANSACTION
|
12.
|
SUBSEQUENT
EVENT
|
Three
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Net
revenues
|
100.0 | % | 100.0 | % | ||||
Cost
of
revenues
|
40.2 | % | 45.6 | % | ||||
Gross
profit
|
59.8 | % | 54.4 | % | ||||
Operating
expenses:
|
||||||||
Selling and marketing
expenses
|
12.9 | % | 13.8 | % | ||||
General and administrative
expenses
|
27.7 | % | 36.9 | % | ||||
Total operating
expenses
|
40.6 | % | 50.7 | % | ||||
Operating
income
|
19.2 | % | 3.7 | % | ||||
Interest
and
other
|
0.5 | % | 1.5 | % | ||||
Income
before income tax
expense
|
19.7 | % | 5.2 | % | ||||
Income
tax
expense
|
(1.3 | )% | — | |||||
Income
from continuing
operations
|
18.4 | % | 5.2 | % | ||||
Loss
from discontinued operations (net of income
taxes)
|
(0.6 | )% | (19.5 | )% | ||||
Net
income
(loss)
|
17.8 | % | (14.3 | )% |
Units
Processed
Three
Months Ended September 30,
|
Declared
Value (000)
Three
Months Ended September 30,
|
|||||||||||||||||||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||||||||||||||
Coins
|
358,700 | 51.4 | % | 328,100 | 48.4 | % | $ | 276,307 | 90.9 | % | $ | 302,722 | 89.2 | % | ||||||||||||||||||
Cards
and Autographs (1)
|
334,100 | 47.9 | % | 343,200 | 50.5 | % | 23,943 | 7.9 | % | 31,416 | 9.3 | % | ||||||||||||||||||||
Stamps
|
5,400 | 0.7 | % | 7,300 | 1.1 | % | 3,717 | 1.2 | % | 5,071 | 1.5 | % | ||||||||||||||||||||
Total
|
698,200 | 100.0 | % | 678,600 | 100.0 | % | $ | 303,967 | 100.0 | % | $ | 339,209 | 100.0 | % |
(1)
|
Consists of trading
cards units graded by our PSA trading card authentication and grading
business and autographs certified by our PSA/DNA autograph authentication
and grading business.
|
Three
Months Ended September 30,
|
||||||||||||||||||||||||
2009
|
2008
|
Increase
(Decrease)
|
||||||||||||||||||||||
Amount
|
%
of Net
Revenues
|
Amount
|
%
of Net
Revenues
|
Amount
|
%
of Net
Revenues
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Grading
and authentication fees
|
$ | 7,481 | 80.5 | % | $ | 7,360 | 81.4 | % | $ | 121 | 1.6 | % | ||||||||||||
Other
related services
|
1,817 | 19.5 | % | 1,683 | 18.6 | % | 134 | 8.0 | % | |||||||||||||||
Total
net revenues
|
$ | 9,298 | 100.0 | % | $ | 9,043 | 100.0 | % | $ | 255 | 2.8 | % |
Three
Months Ended September 30,
|
||||||||||||||||||||||||||||||||
2009
|
2008
|
2009
vs. 2008
|
||||||||||||||||||||||||||||||
Increase
(Decrease)
|
||||||||||||||||||||||||||||||||
Amount
|
%
of Net
Revenues
|
Amount
|
%
of Net
Revenues
|
Revenues
|
Units
Processed
|
|||||||||||||||||||||||||||
Amounts
|
Percent
|
Number
|
Percent
|
|||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Coins
|
$ | 5,557 | 59.8 | % | $ | 4,995 | 55.2 | % | $ | 562 | 11.3 | % | 30,600 | 9.3 | % | |||||||||||||||||
Cards
and autographs(1)
|
2,566 | 27.6 | % | 2,793 | 30.9 | % | (227 | ) | (8.1 | )% | (9,100 | ) | (2.7 | )% | ||||||||||||||||||
Other
(2)
|
1,175 | 12.6 | % | 1,255 | 13.9 | % | (80 | ) | (6.4 | )% | (1,900 | ) | (26.0 | )% | ||||||||||||||||||
$ | 9,298 | 100.0 | % | $ | 9,043 | 100.0 | % | $ | 255 | 2.8 | % | 19,600 | 2.9 | % |
(1)
|
Consists
of revenues from our trading card authentication and grading business and
our autograph authentication and grading
business.
|
(2)
|
Includes
the revenues of our stamp authentication and grading business, CCE
subscription fees, CFC interest income, the revenues of our Expos
convention business, and product sales
revenues.
|
Three
Months Ended September 30,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Amount
|
%
of
Revenues
|
Amount
|
%
of
Revenues
|
|||||||||||||
Gross
profit
|
$ | 5,559,000 | 59.8 | % | $ | 4,917,000 | 54.4 | % |
Three
Months Ended September 30,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Amount
|
%
of
Revenues
|
Amount
|
%
of
Revenues
|
|||||||||||||
Selling and
Marketing
|
$ | 1,195,000 | 12.9 | % | $ | 1,248,000 | 13.8 | % |
Three
Months Ended September 30,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Amount
|
%
of
Revenues
|
Amount
|
%
of
Revenues
|
|||||||||||||
General and
Administrative
|
$ | 2,568,000 | 27.7 | % | $ | 3,336,000 | 36.9 | % |
Three
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Included in:
|
||||||||
Cost
of revenues
|
$ | - | $ | 69,000 | ||||
General
and administrative expenses
|
165,000 | 195,000 | ||||||
Continuing
operations
|
165,000 | 264,000 | ||||||
Discontinued
operations
|
- | 14,000 | ||||||
$ | 165,000 | $ | 278,000 |
Fiscal
Year Ending June 30,
|
Amount
|
|||
2010
(9 months)
|
$ | 690,000 | ||
2011
|
260,000 | |||
2012
|
96,000 | |||
$ | 1,046,000 |
Three
Months Ended September 30,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Amount
|
%
of
Revenues
|
Amount
|
%
of
Revenues
|
|||||||||||||
Interest
and other income, net
|
$ | 40,000 | 0.5 | % | $ | 136,000 | 1.5 | % |
Three
Months Ended September 30,
|
|||
2009
|
2008
|
||
Income
tax expense
|
$ 127,000
|
$ -
|
Three
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Loss
from discontinued operations (net of income taxes)
|
$ | (53,000 | ) | $ | (1,766,000 | ) |
Fiscal Year
|
Gross
Amount
|
Sublease
Income
|
||||||
2010(9 mos.)
|
$ | 748,000 | $ | 31,000 | ||||
2011
|
1,008,000 | 42,000 | ||||||
2012
|
1,011,000 | 43,000 | ||||||
2013
|
1,038,000 | 45,000 | ||||||
2014
|
1,013,000 | 46,000 | ||||||
Thereafter
|
5,141,000 | 238,000 | ||||||
$ | 9,959,000 | $ | 445,000 |
Fiscal Year
|
Amount
|
|||
2010
(9
mos.)
|
$ | 813,000 | ||
2011
|
903,000 | |||
2012
|
941,000 | |||
2013
|
981,000 | |||
2014
|
1,022,000 | |||
Thereafter
|
3,064,000 | |||
$ | 7,724,000 | |||
Less:
Estimated fair value of minimum lease payments accrued
|
(4,030,000 | ) | ||
$ | 3,694,000 |
EXHIBITS
|
Exhibit
10.47
|
Employment
Agreement of Michael McConnell through June 2011
|
|
Exhibit
31.1
|
Certification
of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley
Act
|
|
Exhibit
31.2
|
Certification
of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley
Act
|
|
Exhibit
32.1
|
Chief
Executive Officer Certification Under Section 906 of the Sarbanes-Oxley
Act
|
|
Exhibit
32.2
|
Chief
Financial Officer Certification Under Section 906 of the Sarbanes-Oxley
Act
|
|
COLLECTORS
UNIVERSE, INC.
|
||
Date: November
9, 2009
|
/s/
MICHAEL J. MCCONNELL
|
|
Michael
J. McConnell
|
||
Chief
Executive Officer
|
COLLECTORS
UNIVERSE, INC.
|
||
Date: November
9, 2009
|
/s/
JOSEPH J. WALLACE
|
|
Joseph
J. Wallace
|
||
Chief
Financial Officer
|
Number
|
Description
|
10.47
|
Employment
Agreement of Michael McConnell through June 2011
|
31.1
|
Certification
of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley
Act
|
31.2
|
Certification
of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley
Act
|
32.1
|
Chief
Executive Officer Certification Under Section 906 of the Sarbanes-Oxley
Act
|
32.2
|
Chief
Financial Officer Certification Under Section 906 of the Sarbanes-Oxley
Act
|