Collectors Universe Reports Results for First Quarter Ended September 30, 2012

Collectors Universe Reports Results for First Quarter Ended September 30, 2012

NEWPORT BEACH, Calif., Nov. 8, 2012 (GLOBE NEWSWIRE) -- Collectors Universe,
Inc. (Nasdaq:CLCT), a leading provider of value-added authentication and
grading services to dealers and collectors of high-value collectibles, today
announced financial results for its first quarter of fiscal 2013.

Operational and Financial Highlights:

  *Service revenues of $10.7 million and operating income of $1.3 million for
    this year's first quarter were consistent with the preliminary revenues of
    $10.7 million and operating income of $1.2 million, announced on October
    5, 2012.
    
  *Service revenues were down 10% to $10.7 million in this year's first
    quarter, compared to $11.9 million in the same quarter of the prior
    year.The decline was driven by a $1.5 million, or a 19% decrease in coin
    service revenues, partially offset by increases of $0.3 million, primarily
    in cards and autographs service revenues.
    
  *The services gross profit margin for this year's first quarter was down
    $1.0 million to 59% of service revenues, compared with the 62% in the
    first quarter of the prior year and primarily reflects the decline in
    revenues in the quarter.
    
  *Operating income at $1.3 million for this year's first quarter decreased
    by $1.2 million from $2.5 million in last year's first quarter. Operating
    expenses in this year's first quarter included $0.3 million incurred for
    our Hong Kong activities and $0.2 million in CEO transition costs.Those
    cost increases were partially offset by lower costs incurred on incentive
    programs, due to the lower revenues and operating income in the quarter.
    
  *Income from continuing operations was $0.8 million, or $0.10 per diluted
    share, for this year's first quarter, compared to $1.5 million, or $0.19
    per diluted share, for last year's first quarter.
    
  *The Company's cash position at September 30, 2012 was $19.6 million,
    compared with $21.2 million at June 30, 2012. Net cash used of
    $1.6million in the quarter was comprised of cash generated from
    continuing operations of $1.6million, offset by cash payments of $2.9
    million of dividends to stockholders, $0.2 million for capital
    expenditures and $0.1 million used in our discontinued operations.
    
  *On October 31, 2012, we announced our quarterly cash dividend of $0.325
    per share, which will be paid on November 30, 2012 to stockholders of
    record on November 16, 2012.

Commentary and Outlook

Robert Deuster, Chief Executive Officer, stated, "Our first quarter results
indicate a continuing softer demand for grading of coins and, as such, the
results for our coin division are down year over year. This is primarily due
to gold prices and lower dealer and consumer demand. Show grading continues to
be robust. While we do expect market variability, we have responded to this by
adjusting our cost structure, reducing expenses by $1.1 million annually,
until coin market conditions improve.

The results from our sports card, autograph and online businesses continue to
improve year over year and partially offset the softening in our coin
business.

While we are currently in our seasonally slowest quarter of the year, overall,
we remain optimistic about our collectibles business prospects worldwide and
continue to invest in and enhance our company's capabilities in the US, Europe
and Asia."

Conference Call and Webcast

Collectors Universe will host a conference call to discuss results on
Thursday, November 8, 2012 at 4:30 p.m.Eastern Time/1:30 p.m. Pacific
Time.Interested parties may participate in the conference call by dialing
877-941-8610 or 480-629-9820, five to ten minutes prior to the initiation of
the call.A replay of the conference call will be available through November
22, 2012 by dialing 800-406-7325 or 303-590-3030 and entering access code
4181738#.A live webcast of the conference call will also be available on the
Collectors Universe website, www.collectors.com under Investor Relations:
Events and Presentations.The webcast will be archived for 12 months.

About Collectors Universe

Collectors Universe, Inc. is a leading provider of value-added services to the
high-value collectibles markets. The Company authenticates and grades
collectible coins, trading cards, event tickets, autographs and memorabilia
("collectibles").The Company also compiles and publishes authoritative
information about United States and world coins, collectible trading cards and
sports memorabilia ("collectibles"), and operates its CCE dealer-to-dealer
Internet bid-ask market for certified coins and its Expos trade show and
conventions business.This information is accessible to collectors and dealers
at the Company's website, http://www.collectors.com and is also published in
print.

The Collectors Universe, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11345 

Cautionary Statements Regarding Forward Looking Information

This news release contains statements regarding our expectations, beliefs or
views about our future financial performance and trends in our business and in
our markets, which constitute "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Forward looking statements
can often be identified by the use of words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "project," or future or
conditional verbs such as "will," "would," "should," "could," or "may."

Due to a number of risks and uncertainties to which our business and our
markets are subject, our future financial performance may differ, possibly
significantly, from our expected financial performance as set forth in the
forward-looking statements contained in this news release.Information
regarding those risks and uncertainties, and their possible impact on our
future financial performance, include, but are not limited to, the following:
our continued dependence on our coin business which generated more than 60% of
our consolidated revenues and a substantial portion of our operating income in
the year ended June 30, 2012, making our operating results more vulnerable to
conditions that could adversely affect or cause stagnation in the prices of
precious metals and collectible coins; the risks that the economic recovery
may remain sluggish or stall, that economic conditions may deteriorate as a
result of events outside of our control, including the European sovereign debt
crisis, concerns regarding the United States deficit or international tensions
that could cause a slowing in the growth or even a decline in gold and silver
prices, any of which could result in reductions in the demand for our
collectibles authentication and grading services and, consequently, in our
revenues and operating results; the risk that the economic recession from 2008
to 2010 and the anemic economic recovery in the United States will lead to
longer-term changes in the spending habits of consumers and in the
availability and use of credit by smaller businesses, such as collectibles
dealers, to fund purchases of collectibles, which could lead to longer-term
declines in collectibles commerce and, therefore, in the demand for our
services; the risk that our strategies of offering new services and expanding
our collectibles authentication and grading business into new geographic
areas, such as Europe and Asia will not be successful in enabling us to
improve our profitability or may even cause us to incur significant losses;
the risk that it may become necessary for us to reduce the amount of, or
suspend or discontinue the payment of cash dividends in the future, due to
conditions or circumstances outside of our control, such as adverse economic
or market conditions, as well as our future financial performance and the cash
needs of our business in the future; and the risk that our continuing
financial obligations with respect to two facilities in New York City, which
we had leased for our subsequently discontinued jewelry businesses, will lead
to reductions in cash flows and additional losses from discontinued operations
in future periods.

Additional information regarding these risks and information regarding other
risks and uncertainties to which our business is subject is contained in our
Annual Report on Form 10-K for our fiscal year ended June 30, 2012 filed with
the Securities and Exchange Commission on August 30, 2012.Due to these risks
and uncertainties, readers are cautioned not to place undue reliance on the
forward-looking statements contained in this news release or in our Annual or
Quarterly Reports, which speak only as of their respective dates.We also
disclaim any obligation to update or revise any of the forward-looking
statements as a result of new information, future events or otherwise, except
as may be required by law or NASDAQ rules.

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except per share data)
(Unaudited)
                                                               
                                                      Three Months Ended
                                                      September 30,
                                                      2012      2011
Net revenues                                                    
Grading, authentication and related services           $10,680   $11,901
Product sales                                          550       171
                                                      11,230    12,072
Operating Expenses:                                             
Grading, authentication and related services           4,340     4,539
Product sales                                          550       186
                                                      4,890     4,725
                                                               
Gross profit                                           6,340     7,347
                                                               
Operating Expenses:                                             
Selling and marketing expenses                         1,815     1,650
General and administrative expenses                    3,234     3,204
Total operating expenses                               5,049     4,854
                                                               
Operating income                                       1,291     2,493
                                                               
Interest and other income, net                        62        20
Income before provision for income taxes               1,353     2,513
Provision for income taxes                             535       1,019
Income from continuing operations                      818       1,494
Loss from discontinued operations, net of income taxes (12)      (18)
Net income                                             $806      $1,476
                                                               
Net income per basic share:                                     
Income from continuing operations                      $0.10     $0.19
Loss from discontinued operations                      --        --
Net income                                             $0.10     $0.19
                                                               
Net income per diluted share:                                   
Income from continuing operations                      $0.10     $0.19
Loss from discontinued operations                      --        --
Net income                                             $0.10     $0.19
                                                               
Weighted average shares outstanding:                            
Basic                                                  8,029     7,854
Diluted                                                8,085     7,965
Dividends declared per common share                    $0.325    $0.325

                                      

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except per share data)
(Unaudited)

                                                       September 30, June
                                                                      30,
ASSETS                                                  2012          2012
Current assets:                                                      
Cash and cash equivalents                               $19,555      $21,214
Accounts receivable, net of allowance of $37 at         1,774         1,794
September 30, 2012 and $70 at June 30, 2012
Inventories, net                                        1,858         2,273
Prepaid expenses and other current assets               818           813
Deferred income tax assets                              1,146         1,177
Notes receivable from sale of net assets of             150           148
discontinued operations
Current assets of discontinued operations               27            27
Total current assets                                    25,328        27,446
                                                                    
Property and equipment, net                             1,818         1,795
Goodwill                                                2,083         2,083
Intangible assets, net                                  1,767         1,788
Deferred income tax assets                              2,982         2,982
Other assets                                            218           169
Non-current assets of discontinued operations           182           182
                                                       $34,378      $36,445
LIABILITIES AND STOCKHOLDERS' EQUITY                                 
Current liabilities:                                                 
Accounts payable                                        $1,552       $1,625
Accrued liabilities                                     2,087         1,917
Accrued compensation and benefits                       1,520         2,463
Income taxes payable                                    635           191
Deferred revenue                                        2,477         2,322
Current liabilities of discontinued operations          784           804
Total current liabilities                               9,055         9,322
                                                                    
Deferred rent                                           455           447
Non-current liabilities of discontinued operations      2,031         2,145
Commitments and contingencies                                        
                                                                    
Stockholders' equity:
Preferred stock, $.001 par value; 3,000 shares          --            --
authorized; no shares issued or outstanding
Common stock, $.001 par value; 20,000 shares            
authorized; 8,111 and 8,107 issued and outstanding at   8             8
September 30, 2012 and June 30, 2012, respectively
Additional paid-in capital                              73,847        73,683
Accumulated deficit                                     (51,018)      (49,160)
Total stockholders' equity                              22,837        24,531
                                                       $34,378      $36,445

CONTACT: Joseph Wallace
         Chief Financial Officer
         Collectors Universe
         949-567-1245
         Email: jwallace@collectors.com

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