Collectors Universe moves to 4Q profit

Collectors Universe swings to 4th-qtr profit absent hefty loss from discontinued operations

• On 3:56 pm EDT, Friday August 28, 2009

NEWPORT BEACH, Calif. (AP) -- Collectors Universe Inc., which authenticates valuable collectibles, said Thursday it posted a fourth-quarter profit, compared with the year-ago period when the company booked a loss, hurt by a hefty loss from discontinued operations.

Shares rose 12 cents, or 2.7 percent, to $4.62 in late afternoon trading on Friday.

The Newport Beach, Calif.-based company earned $87,000, or a penny per share, in the three months ended June 30. That compares to a loss of $13.1 million, or $1.14 per share, a year earlier.

Profit from continuing operations -- which excludes results from businesses that have been, or are in the process of being sold -- was $1.4 million, or 15 cents per share, compared with a loss of $648,000, or 7 cents per share, in the year-ago period.

The quarter included a loss from discontinued operations of $1.3 million, while the year-ago quarter included a loss of $12.5 million.

The company exited the jewelry grading business as of March 2.

Revenue rose 1 percent in the quarter to $9.8 million from $9.6 million.

For the full year, Collectors Universe lost $16.9 million, or $1.85 per share, compared with a loss of $15.6 million, or $1.66 per share, in 2008. Profit from continuing operations for the entire year was $1.2 million, or 13 cents per share.

Annual revenue fell 9 percent to $35.9 million from $39.5 million.

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