Under the Symbol:
DGSE’s Second-Quarter Net Profit More Than Doubles, Year Over Year
Monday, August 19, 2019 4:01 PM
DALLAS, TX / ACCESSWIRE / August 19, 2019 / DGSE Companies, Inc. (NYSE American:DGSE) (“DGSE” or the “Company”), a leading recommerce, wholesale and retail dealer of jewelry, diamonds, fine watches, precious-metal bullion and rare-coin products, today announced its financial results for the quarter ended June 30, 2019. DGSE reported strong second-quarter earnings, on revenues of $21 million and net income of $589,527 for the three months ending June 30, 2019, compared to revenues of $12.7 million and net income of $274,179 for the three months ending June 30, 2018.
Second-Quarter Financial Highlights
- Q2 Total Revenue increased $8.2 million to $20.9 million, up 65% year over year.
- Q2 Gross Income increased $1.2 million to $3.4 million, up 54% year over year.
- Q2 DGSE Stores’ revenue increased $5.8 million to $18.6 million, up 46% year over year.
- Q2 DGSE Stores’ net income increased $70 thousand to $344 thousand, up 26% year over year.
“We are proud of the financial results we’ve delivered by focusing on solving customers’ needs, building customer relationships and driving both top-line and bottom-line growth,” said John Loftus, DGSE’s Chairman and CEO. “In addition to these impressive financial results, we made significant strides in implementing our strategy to seek accretive acquisitions with potential long-term rewards to create value for our shareholders. Recent acquisitions are contributing scale and enhanced profitability,” Loftus added.
"We continue to gain new customers by delivering superb value to the marketplace; and they love having the ability to buy, sell and trade product. The recommerce business is strong, and we continue delivering profits, quarter after quarter," said Scott Mosley, President of DGSE subsidiary DGSE Companies, LLC who spearheads the Dallas Gold & Silver Exchange business line.
“We are thrilled to be part of this terrific public company. Corrent’s subsidiaries include IT asset disposition (“ITAD”) companies, and a certified electronics-recycler/data-destruction company. We assist companies of all sizes meet their environmental and social-responsibility goals by extending the useful life of products, reducing waste and capturing value,” said Tommy McGuire, Corrent’s President.
About DGSE Companies, Inc.
DGSE is a sustainability-focused company, supporting the circular economy through recommerce. Our retail exchange stores allow dealers and the public to buy, sell and trade luxury items. We offer one of the largest selections of pre-owned and authenticated luxury items, including men’s and women’s fine jewelry, watches and GIA-certified diamonds. Corrent Resources’ demanufacturing and value-recovery businesses provide ITAD services and related solutions to industrial and commercial companies. Corrent refurbishes, remarkets and recycles eligible components to recover their value. DGSE is headquartered in Dallas, Texas, and its common stock trades on the NYSE AMERICAN exchange under the symbol "DGSE."
This press release includes statements that may constitute "forward-looking" statements, including statements regarding the potential future success of business lines, strategies and acquisitions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
Head of Investor Relations
DGSE Companies, Inc.
13022 Preston Rd Dallas, TX 75240
SOURCE: DGSE Companies, Inc.