EL SEGUNDO, Calif., Feb. 08, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc.
(NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major
sovereign mints, reported results for the fiscal second quarter ended December 31, 2017.
Fiscal Q2 2018 Financial Highlights
- Revenues for the three months ended December 31, 2017 decreased 21% to $1.68 billion from $2.13 billion for the three months
ended December 31, 2016 and decreased 22% from $2.16 billion for the three months ended September 30, 2017
- Gross profit for the three months ended December 31, 2017 decreased 10% to $8.9 million from $9.9 million for the three
months ended December 31, 2016 and increased 22% from $7.3 million for the three months ended September 30, 2017
- Net loss for the three months ended December 31, 2017 totaled $0.2 million or $(0.03) per diluted share (which includes $0.3
million of additional tax expense as a result of the recently enacted Tax Cuts and Jobs Act), as compared to net income of $2.8
million or $0.39 per diluted share for the three months ended December 31, 2016 and net income of $0.5 million or $0.07 per
diluted share for the three months ended September 30, 2017
- Gold ounces sold in the three months ended December 31, 2017 decreased 51% to 376,000 ounces from 772,000 for the three
months ended December 31, 2016 and increased 13% from 332,000 for the three months ended September 30, 2017
- Silver ounces sold in the three months ended December 31, 2017 decreased 48% to 12.0 million ounces from 22.8 million ounces
for the three months ended December 31, 2016 and decreased 18% from 14.5 million from the three months ended September 30,
2017
- As of December 31, 2017, the number of secured loans increased 66% to 2,823 from 1,698 as of December 31, 2016 and increased
15% from 2,454 as of September 30, 2017
Fiscal Q2 2018 Financial Results
Revenues decreased 21% to $1.68 billion from $2.13 billion in the same year-ago quarter. The decrease in revenues was mainly due to
a decrease in the total amount of gold and silver ounces sold and lower silver prices, offset by higher gold prices and an increase
in forward sales.
Gross profit decreased 10% to $8.9 million (0.53% of revenue) from $9.9 million (0.46% of revenue) in the same year-ago quarter.
The decrease in gross profit was primarily related to a decrease in the total volume of gold and silver ounces sold, partially
offset by higher gross profits realized by the newly acquired Direct Sales segment (Goldline). The decrease in volume of gold and
silver ounces sold was primarily related to slower market conditions in the current period compared to the same year-ago
quarter.
Selling, general and administrative expenses increased 53% to $9.3 million from $6.1 million in the same year-ago quarter. The
increase was primarily due to selling, general and administrative expenses related to the company’s newly acquired Direct Sales
segment (Goldline) and other non-recurring costs, partially offset by a reduction in incentive compensation expenses.
Interest income increased 10% to $3.3 million from $3.0 million in same year-ago quarter. The increase was primarily due to
increases in interest rates and the aggregate value of the company’s secured loan portfolio, partially offset by decreases in other
finance product income.
Interest expense increased 37% to $3.4 million from $2.4 million in same year-ago quarter. The increase was primarily due to
higher usage of the company’s lines of credit, a new debt financing agreement related to the acquisition of Goldline, higher
average inventory levels primarily related to product financing arrangements, amortization costs related to loan fees associated to
third party financing arrangements, as well as higher LIBOR interest rates that went into effect subsequent to the Federal Reserve
rate increases.
Net loss totaled $0.2 million or $(0.03) per diluted share, as compared to net income of $2.8 million or $0.39 per diluted share
in the same year-ago quarter. The net loss includes $0.3 million additional tax expense related to an adjustment to deferred tax
assets and liabilities as part of the recently enacted Tax Cuts and Jobs Act. On a reportable segment basis, Goldline (“Direct
Sales Segment”) had a $2.1 million pre-tax loss while A-Mark (“Wholesale Trading & Ancillary Services”) had a $2.3 million pre-tax
profit.
Fiscal Six Months 2018 Highlights
- Revenues for the six months ended December 31, 2017 decreased 2% to $3.84 billion from $3.93 billion for the six months ended
December 31, 2016
- Gross profit for the six months ended December 31, 2017 decreased 10% to $16.2 million (0.42% of revenue) from $17.9 million
(0.46% of revenue) for the six months ended December 31, 2016
- Net income for the six months ended December 31, 2017 decreased 94% to $0.3 million or $0.04 per diluted share from $4.7
million or $0.66 per diluted share for the six months ended December 31, 2016. Net income includes an additional $0.3
million of tax expense related to the impact of the recently enacted Tax Cuts & Jobs Act.
- Gold ounces sold in the six months ended December 31, 2017 decreased 46% to 708,000 ounces from 1.3 million for the six
months ended December 31, 2016
- Silver ounces sold in the six months ended December 31, 2017 decreased 41% to 26.5 million ounces from 44.6 million for the
six months ended December 31, 2016
Fiscal Six Months 2018 Financial Results
Revenues decreased 2% to $3.84 billion from $3.93 billion in the same period last year. The decrease was primarily due to a
decrease in the total amount of gold and silver ounces sold and lower silver prices, offset by an increase in forward
sales.
Gross profit decreased 10% to $16.2 million (0.42% of revenue) from $17.9 million (0.46% of revenue) in the same year-ago
period. The decrease in gross profit was primarily related to a decrease in the total volume of gold and silver ounces sold,
partially offset by higher gross profits realized by the new acquired Direct Sales segment (Goldline). The decrease in volume of
gold and silver ounces sold was primarily related to slower market conditions in the current period compared to the same period
last year.
Selling, general and administrative expenses increased 38% to $16.3 million from $11.8 million in the same year-ago period. The
increase was primarily due to selling, general and administrative expenses related to the company’s newly acquired Direct Sales
segment (Goldline), stock compensation expense and other non-recurring costs, partially offset by a reduction in incentive
compensation expenses.
Interest income increased 11% to $6.4 million from $5.8 million in the same year-ago period. The increase was primarily due to
increases in interest rates and the aggregate value of the company’s secured loan portfolio, partially offset by decreases in other
finance product income.
Interest expense increased 30% to $6.1 million from $4.7 million in the same year-ago quarter. The increase was primarily due to
higher usage of the company’s lines of credit, a new debt financing agreement related to the acquisition of Goldline, higher
average inventory levels primarily related to product financing arrangements, amortization of loan fees, as well as higher LIBOR
interest rates that went in to effect subsequent to the Federal Reserve rate increases.
Net income decreased 94% to $0.3 million or $0.04 per diluted share from $4.7 million or $0.66 per diluted share in the same
year-ago period. The decrease was primarily due to lower gross profit, higher interest expense and higher selling, general and
administrative expenses, offset by higher interest income and lower taxes. On a reportable segment basis, Goldline (“Direct Sales
Segment”) had a $1.7 million pre-tax loss while A-Mark (“Wholesale Trading & Ancillary Services”) had a $2.7 million pre-tax
profit.
Management Commentary
“While our second quarter results reflect the continued challenging environment for precious metals products since the 2016
election, we continue to execute our plans to grow our market share,” said company CEO Greg Roberts. “We believe our
initiatives to invest in our business and further diversify and strengthen our product offerings to customers put A-Mark in an
optimal position to capitalize on profitable opportunities when market conditions improve. One of these initiatives was the
prior quarter acquisition of Goldline, which expanded A-Mark’s distribution to retail and created a unique distribution platform
for precious metals globally through the combination of Goldline’s client base, leads and sales and marketing expertise with
A-Mark’s product offerings, logistics and storage expertise. We continue to refine Goldline’s business model and work through the
challenges of the integration of the Goldline business.
“Despite some initial tax expenses in this quarter from the recently enacted Tax Cuts and Jobs Act, we believe the new corporate
tax rate of 21% and new business investment incentives for capital assets will positively contribute to growth, profits and cash
flow over the long term.”
Conference Call
A-Mark will hold a conference call today (Thursday, February 8, 2018) to discuss these financial results. The company's CEO Greg
Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). A
question and answer session will follow management's presentation.
To participate, please dial the appropriate number at least five minutes prior to the start time, and ask for the A-Mark
Precious Metals conference call.
U.S. dial-in number: 1-877-407-0789
International number: 1-201-689-8562
The conference call will be broadcast simultaneously and available for replay via the Investor Relations section of A-Mark’s
website at www.amark.com. If you have any difficulty connecting with the conference call or webcast, please
contact Liolios Group at 949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern time through February 22, 2018.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Conference ID: 13675900
About A-Mark Precious Metals
A-Mark Precious Metals, Inc. is a full-service precious metals trading company and an official distributor for many government
mints throughout the world. The company offers gold, silver, platinum and palladium in the form of bars, plates, powder, wafers,
grain, ingots and coins. Its Industrial unit services manufacturers and fabricators of products utilizing or incorporating precious
metals, while its Coin & Bar unit deals in over 200 coin and bar products in a variety of weights, shapes and sizes for
distribution to dealers and other qualified purchasers. The company operates trading centers in El Segundo, California, and Vienna,
Austria, for buying and selling precious metals.
In addition to wholesale and trading activity, A-Mark offers customers a variety of services, including financing, consignment
and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases
bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints,
including in Australia, Austria, Canada, China, Mexico and South Africa. Customers of A-Mark include mints, manufacturers and
fabricators, refiners, coin and metal dealers, banks and other financial institutions, jewelers, investors and collectors. For more
information about A-Mark Precious Metals, visit www.amark.com.
Through its subsidiary Collateral Finance Corporation, a licensed California Finance Lender, the company offers loans
collateralized by numismatic and semi-numismatic coins and bullion to coin and metal dealers, investors and collectors. Through its
Transcontinental Depository Services subsidiary, it offers a variety of managed storage options for precious metals products to
financial institutions, dealers, investors and collectors around the world. Through its A-M Global Logistics subsidiary, the
company provides its customers an array of complementary services, including storage, shipping, handling, receiving, processing,
and inventorying of precious metals and custom coins on a secure basis. Through its Goldline subsidiary, A-Mark sells precious
metals directly to the global collector and investor community, while also acting as the exclusive supplier to Goldline. For more
information, visit www.goldline.com.
A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint. SilverTowne
Mint is a leading producer of fabricated silver bullion and specialty products. For more information about SilverTowne Mint, please
visit www.silvertownemint.com.
Important Cautions Regarding Forward-Looking Statements
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are
"forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange
Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ
materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the
following: the failure to execute our growth strategy as planned; greater than anticipated costs incurred to execute this strategy;
changes in the current international political climate which has favorably contributed to demand and volatility in the precious
metals markets; increased competition for our higher margin services, which could depress pricing; the failure of our business
model to respond to changes in the market environment as anticipated; general risks of doing business in the commodity markets; and
other business, economic, financial and governmental risks as described in in the company’s public filings with the Securities and
Exchange Commission.
The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and
variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made.
Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are
forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements.
Company Contact:
Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
310-587-1414
thor@amark.com
Investor Relations Contact:
Matt Glover
Liolios Group, Inc.
949-574-3860
AMRK@liolios.com
| |
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except for share data)
(unaudited) |
| |
| |
December 31,
2017 |
|
June 30,
2017 |
| ASSETS |
|
|
|
| Current assets: |
|
|
|
| Cash |
$ |
12,011 |
|
|
$ |
13,059 |
|
| Receivables, net |
39,418 |
|
|
39,295 |
|
| Derivative assets |
1,399 |
|
|
17,587 |
|
| Secured loans receivable |
96,971 |
|
|
91,238 |
|
| |
|
|
|
| Inventories: |
|
|
|
| Inventories |
215,074 |
|
|
149,316 |
|
| Restricted inventories |
120,161 |
|
|
135,343 |
|
| |
335,235 |
|
|
284,659 |
|
| |
|
|
|
| Income taxes receivable |
663 |
|
|
— |
|
| Prepaid expenses and other assets |
2,233 |
|
|
1,183 |
|
| Total current assets |
487,930 |
|
|
447,021 |
|
| |
|
|
|
| Plant, property and equipment, net |
7,890 |
|
|
6,607 |
|
| Goodwill |
10,331 |
|
|
8,881 |
|
| Intangibles, net |
8,656 |
|
|
4,065 |
|
| Long-term investments |
8,146 |
|
|
7,967 |
|
| Deferred tax assets - non-current |
4,170 |
|
|
3,959 |
|
| Total assets |
$ |
527,123 |
|
|
$ |
478,500 |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
| Current liabilities: |
|
|
|
| Lines of credit |
$ |
214,000 |
|
|
$ |
180,000 |
|
| Liability on borrowed metals |
19,526 |
|
|
5,625 |
|
| Product financing arrangements |
120,161 |
|
|
135,343 |
|
| Accounts payable |
59,754 |
|
|
41,947 |
|
| Derivative liabilities |
27,420 |
|
|
34,582 |
|
| Note payable (related party) |
— |
|
|
500 |
|
| Accrued liabilities |
5,263 |
|
|
4,945 |
|
| Income taxes payable |
— |
|
|
1,418 |
|
| Total current liabilities |
446,124 |
|
|
404,360 |
|
| Debt obligation (related party) |
6,873 |
|
|
— |
|
| Other long-term liabilities (related party) |
1,103 |
|
|
1,117 |
|
| Total liabilities |
454,100 |
|
|
405,477 |
|
| |
|
|
|
| Commitments and contingencies |
|
|
|
| |
|
|
|
| Stockholders’ equity: |
|
|
|
| Preferred stock, $0.01 par value, authorized 10,000,000 shares;
issued and outstanding: none as of December 31, 2017 and June 30, 2017 |
— |
|
|
— |
|
| Common Stock, par value $0.01; 40,000,000 shares authorized;
7,031,450 shares issued and outstanding as of December 31, 2017 and June 30, 2017 |
71 |
|
|
71 |
|
| Additional paid-in capital |
24,264 |
|
|
23,526 |
|
| Retained earnings |
45,143 |
|
|
45,994 |
|
| Total A-Mark Precious Metals, Inc. stockholders’
equity |
69,478 |
|
|
69,591 |
|
| Non-controlling interest |
3,545 |
|
|
3,432 |
|
| Total stockholders’ equity |
73,023 |
|
|
73,023 |
|
| Total liabilities, non-controlling interest and stockholders’
equity |
$ |
527,123 |
|
|
$ |
478,500 |
|
| |
|
|
|
|
|
|
|
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for share and per share data)
(unaudited) |
|
| |
|
| |
|
|
Three Months Ended |
|
Six Months Ended |
|
| |
|
|
December 31,
2017 |
|
December 31,
2016 |
|
December 31,
2017 |
|
December 31,
2016 |
|
| Revenues |
|
$ |
1,680,738 |
|
|
$ |
2,126,361 |
|
|
$ |
3,844,528 |
|
|
$ |
3,932,014 |
|
|
| Cost of sales |
|
1,671,822 |
|
|
2,116,502 |
|
|
3,828,306 |
|
|
3,914,091 |
|
|
| Gross profit |
|
8,916 |
|
|
9,859 |
|
|
16,222 |
|
|
17,923 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Selling, general and administrative expenses |
|
(9,349 |
) |
|
(6,131 |
) |
|
(16,325 |
) |
|
(11,795 |
) |
|
| Interest income |
|
3,268 |
|
|
2,959 |
|
|
6,429 |
|
|
5,818 |
|
|
| Interest expense |
|
(3,359 |
) |
|
(2,447 |
) |
|
(6,092 |
) |
|
(4,688 |
) |
|
| Other income |
|
651 |
|
|
93 |
|
|
712 |
|
|
79 |
|
|
| Unrealized gain (loss) on foreign exchange |
|
139 |
|
|
(3 |
) |
|
38 |
|
|
(9 |
) |
|
| Net income before provision for income taxes |
|
266 |
|
|
4,330 |
|
|
984 |
|
|
7,328 |
|
|
| Provision for income taxes |
|
(324 |
) |
|
(1,590 |
) |
|
(598 |
) |
|
(2,649 |
) |
|
| Net income (loss) |
|
(58 |
) |
|
2,740 |
|
|
386 |
|
|
4,679 |
|
|
| Add: |
Net gain (loss) attributable to non-controlling interest |
|
147 |
|
|
(10 |
) |
|
113 |
|
|
(21 |
) |
|
| Net income (loss) attributable to the Company |
|
$ |
(205 |
) |
|
$ |
2,750 |
|
|
$ |
273 |
|
|
$ |
4,700 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Basic and diluted income per share attributable to A-Mark
Precious Metals, Inc.: |
|
| Basic |
|
$ |
(0.03 |
) |
|
$ |
0.39 |
|
|
$ |
0.04 |
|
|
$ |
0.67 |
|
|
| Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.39 |
|
|
$ |
0.04 |
|
|
$ |
0.66 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Dividends per share |
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.16 |
|
|
$ |
0.14 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
| Basic |
|
7,031,400 |
|
|
7,023,300 |
|
|
7,031,400 |
|
|
7,027,400 |
|
|
| Diluted |
|
7,031,400 |
|
|
7,108,900 |
|
|
7,113,000 |
|
|
7,112,800 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited) |
|
| |
|
| Six Months Ended |
|
December 31,
2017 |
|
December 31,
2016 |
|
| Cash flows from operating activities: |
|
|
|
|
|
| Net income |
|
$ |
386 |
|
|
$ |
4,679 |
|
|
| Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
|
|
|
| Depreciation and amortization |
|
1,312 |
|
|
707 |
|
|
| Amortization of loan cost |
|
595 |
|
|
378 |
|
|
| Deferred income taxes |
|
(211 |
) |
|
(3,341 |
) |
|
| Interest added to principal of secured loans |
|
(29 |
) |
|
(34 |
) |
|
| Accrued earn-out |
|
(529 |
) |
|
— |
|
|
| Share-based compensation |
|
738 |
|
|
420 |
|
|
| Earnings from equity method investment |
|
(179 |
) |
|
(79 |
) |
|
| Changes in assets and liabilities: |
|
|
|
|
|
| Receivables |
|
923 |
|
|
(38,643 |
) |
|
| Secured loans |
|
(289 |
) |
|
8,442 |
|
|
| Secured loans to Former Parent |
|
(1,502 |
) |
|
(1,453 |
) |
|
| Derivative assets |
|
17,013 |
|
|
(5,845 |
) |
|
| Income tax receivable |
|
(663 |
) |
|
5,889 |
|
|
| Inventories |
|
(38,035 |
) |
|
(45,866 |
) |
|
| Prepaid expenses and other assets |
|
(714 |
) |
|
(147 |
) |
|
| Accounts payable |
|
15,511 |
|
|
19,076 |
|
|
| Derivative liabilities |
|
(7,162 |
) |
|
37,904 |
|
|
| Liabilities on borrowed metals |
|
4,952 |
|
|
(881 |
) |
|
| Accrued liabilities |
|
(2,376 |
) |
|
(3,567 |
) |
|
| Receivable from/payables to Former Parent |
|
— |
|
|
203 |
|
|
| Income taxes payable |
|
(1,418 |
) |
|
5,745 |
|
|
| Net cash used in operating activities |
|
(11,677 |
) |
|
(16,413 |
) |
|
| Cash flows from investing activities: |
|
|
|
|
|
| Capital expenditures for property and equipment |
|
(417 |
) |
|
(944 |
) |
|
| Secured loans, net |
|
(3,913 |
) |
|
(17,390 |
) |
|
| Acquisition of subsidiary, net of cash |
|
(9,548 |
) |
|
(3,421 |
) |
|
| Net cash used in investing activities |
|
(13,878 |
) |
|
(21,755 |
) |
|
| Cash flows from financing activities: |
|
|
|
|
|
| Product financing arrangements, net |
|
(15,182 |
) |
|
62,108 |
|
|
| Dividends |
|
(1,124 |
) |
|
(984 |
) |
|
| Borrowings (repayments) under lines of credit, net |
|
34,000 |
|
|
(27,000 |
) |
|
| Proceeds from issuance of debt obligation payable to related
party |
|
7,500 |
|
|
— |
|
|
| Repayments on notes payable to related party |
|
(500 |
) |
|
— |
|
|
| Stock award grant |
|
— |
|
|
172 |
|
|
| Debt funding fees |
|
(187 |
) |
|
— |
|
|
| Net cash provided by financing activities |
|
24,507 |
|
|
34,296 |
|
|
| |
|
|
|
|
|
| Net decrease in cash, cash equivalents, and restricted cash |
|
(1,048 |
) |
|
(3,872 |
) |
|
| Cash, cash equivalents, and restricted cash, beginning of
period |
|
13,059 |
|
|
17,142 |
|
|
| Cash, cash equivalents, and restricted cash, end of period |
|
$ |
12,011 |
|
|
$ |
13,270 |
|
|
| |
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Three Months Ended December 31, 2017 and 2016
Condensed Consolidated Results of Operations
The operating results of our business for the three months ended December 31, 2017 and 2016 are as follows:
| in thousands, except per share data |
|
|
| Three Months Ended December 31, |
2017 |
|
2016 |
|
$ |
|
% |
| |
$ |
|
%
of
revenue |
|
$ |
|
%
of
revenue |
|
Increase/
(decrease) |
|
Increase/
(decrease) |
| Revenues |
$ |
1,680,738 |
|
|
100.000 |
% |
|
$ |
2,126,361 |
|
|
100.000 |
% |
|
$ |
(445,623 |
) |
|
(21.0 |
)% |
| Gross profit |
8,916 |
|
|
0.530 |
% |
|
9,859 |
|
|
0.464 |
% |
|
$ |
(943 |
) |
|
(9.6 |
)% |
| Selling, general and administrative expenses |
(9,349 |
) |
|
(0.556 |
)% |
|
(6,131 |
) |
|
(0.288 |
)% |
|
$ |
3,218 |
|
|
52.5 |
% |
| Interest income |
3,268 |
|
|
0.194 |
% |
|
2,959 |
|
|
0.139 |
% |
|
$ |
309 |
|
|
10.4 |
% |
| Interest expense |
(3,359 |
) |
|
(0.200 |
)% |
|
(2,447 |
) |
|
(0.115 |
)% |
|
$ |
912 |
|
|
37.3 |
% |
| Other income |
651 |
|
|
0.039 |
% |
|
93 |
|
|
0.004 |
% |
|
$ |
558 |
|
|
600.0 |
% |
| Unrealized (loss) gain on foreign exchange |
139 |
|
|
0.008 |
% |
|
(3 |
) |
|
— |
% |
|
$ |
142 |
|
|
NM |
|
| Net income before provision for income taxes |
266 |
|
|
0.016 |
% |
|
4,330 |
|
|
0.204 |
% |
|
$ |
(4,064 |
) |
|
(93.9 |
)% |
| Provision for income taxes |
(324 |
) |
|
(0.019 |
)% |
|
(1,590 |
) |
|
(0.075 |
)% |
|
$ |
(1,266 |
) |
|
(79.6 |
)% |
| Net income (loss) |
(58 |
) |
|
(0.004 |
)% |
|
2,740 |
|
|
0.129 |
% |
|
$ |
(2,798 |
) |
|
(102.1 |
)% |
| Add: |
Net gain (loss) attributable to non-controlling interest |
147 |
|
|
0.009 |
% |
|
(10 |
) |
|
— |
% |
|
$ |
137 |
|
|
NM |
|
| Net income (loss) attributable to the Company |
$ |
(205 |
) |
|
(0.012 |
)% |
|
$ |
2,750 |
|
|
0.129 |
% |
|
$ |
(2,955 |
) |
|
(107.5 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted income per share attributable to A-Mark
Precious Metals, Inc.: |
| Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
| Basic |
$ |
(0.03 |
) |
|
|
|
$ |
0.39 |
|
|
|
|
$ |
(0.42 |
) |
|
(107.7 |
)% |
| Diluted |
$ |
(0.03 |
) |
|
|
|
$ |
0.39 |
|
|
|
|
$ |
(0.42 |
) |
|
(107.7 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NM Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overview of Results of Operations for the Six Months Ended December 31, 2017 and 2016
Condensed Consolidated Results of Operations
The operating results of our business for the six months ended December 31, 2017 and 2016 are as follows:
| in thousands, except per share data and performance
metrics |
|
|
| Six Months Ended December 31, |
2017 |
|
2016 |
|
$ |
|
% |
| |
$ |
|
%
of
revenue |
|
$ |
|
%
of
revenue |
|
Increase/
(decrease) |
|
Increase/
(decrease) |
| Revenues |
$ |
3,844,528 |
|
|
100.000 |
% |
|
$ |
3,932,014 |
|
|
100.000 |
% |
|
$ |
(87,486 |
) |
|
(2.2 |
)% |
| Gross profit |
16,222 |
|
|
0.422 |
% |
|
17,923 |
|
|
0.456 |
% |
|
$ |
(1,701 |
) |
|
(9.5 |
)% |
| Selling, general and administrative expenses |
(16,325 |
) |
|
(0.425 |
)% |
|
(11,795 |
) |
|
(0.300 |
)% |
|
$ |
4,530 |
|
|
38.4 |
% |
| Interest income |
6,429 |
|
|
0.167 |
% |
|
5,818 |
|
|
0.148 |
% |
|
$ |
611 |
|
|
10.5 |
% |
| Interest expense |
(6,092 |
) |
|
(0.159 |
)% |
|
(4,688 |
) |
|
(0.119 |
)% |
|
$ |
1,404 |
|
|
29.9 |
% |
| Other income (expense) |
712 |
|
|
0.019 |
% |
|
79 |
|
|
0.002 |
% |
|
$ |
633 |
|
|
801.3 |
% |
| Unrealized gain on foreign exchange |
38 |
|
|
0.001 |
% |
|
(9 |
) |
|
— |
% |
|
$ |
47 |
|
|
NM |
|
|
|
| Net income before provision for income taxes |
984 |
|
|
0.026 |
% |
|
7,328 |
|
|
0.186 |
% |
|
$ |
(6,344 |
) |
|
(86.6 |
)% |
| Provision for income taxes |
(598 |
) |
|
(0.016 |
)% |
|
(2,649 |
) |
|
(0.067 |
)% |
|
$ |
(2,051 |
) |
|
(77.4 |
)% |
| Net income |
386 |
|
|
0.010 |
% |
|
4,679 |
|
|
0.119 |
% |
|
$ |
(4,293 |
) |
|
(91.8 |
)% |
| Add: |
Net gain (loss) attributable to non-controlling interest |
113 |
|
|
0.003 |
% |
|
(21 |
) |
|
(0.001 |
)% |
|
$ |
134 |
|
|
NM |
|
|
|
| Net income attributable to the Company |
$ |
273 |
|
|
0.007 |
% |
|
$ |
4,700 |
|
|
0.120 |
% |
|
$ |
(4,427 |
) |
|
(94.2 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted income per share attributable to A-Mark
Precious Metals, Inc.: |
| Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
| Basic |
$ |
0.04 |
|
|
|
|
$ |
0.67 |
|
|
|
|
$ |
(0.63 |
) |
|
(94.0 |
)% |
| Diluted |
$ |
0.04 |
|
|
|
|
$ |
0.66 |
|
|
|
|
$ |
(0.62 |
) |
|
(93.9 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
NM Not meaningful.
|
|
|
