over 221K coins certs in the last 3 days. At the peak, they did a little over 550K/qtr. This is 100K+ over that with a 10% price rise. Just 5 weeks ago they had done under 120K certs in the last 30 days.
I expect a bad report for last qtr but a robust outlook for this current qtr.
already did over 220K coins through yesterday. I like that they maintained their margins even with the reduced load last qtr. With an increased load and the price increases, we could see record profits this qtr and fully cover the dividend as well.
Commentary and Outlook
Robert Deuster, Chief Executive Officer, stated, "Our lower second quarter revenue compared to last year was due to expected lower modern bulk coin grading and the lower numismatic market activity this quarter. Our sports memorabilia and autograph services remain strong and growing due to higher customer demand.
The previously announced cost reduction activity in our operations allowed us to maintain our high gross margin rates and still provide sufficient funding of high-priority growth initiatives, including global expansion.
And, as we ended the second quarter, we were encouraged by increased modern bulk coin submission activity, which we believe signals improving market conditions for the balance of 2013."