DGSE Companies, Inc.
Under the Symbol:
DGSE Nails 10-Year-High Third-Quarter Profit
Tuesday, November 12, 2019 8:30 AM
DALLAS, TX / ACCESSWIRE / November 12, 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 September 30, 2019. This quarter represents the Company's highest quarterly net profit during the last ten years. DGSE reported revenues of $22.8 million and net income of $1,035,475 for the three months ending September 30, 2019.
Third-Quarter Financial Highlights
- Q3 Total Revenue increased $9.2 million to $22.8 million, up 60% year over year.
- Q3 Gross Income more than doubled to $5.2 million from $2.5 million, year over year.
- Q3 Net Profit of over $1 million.
"We are delighted with our Q3 performance. These results are the product of our people's tremendous focus and dedication. I've never been prouder of the improvements we've made to the business and the value we continue to deliver to our shareholders," said John Loftus, DGSE's Chairman and CEO. "These impressive financial results reflect solid operational execution, and we're entering our fourth quarter committed to finishing strong," Loftus added.
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.