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NASDAQ: AMRK

Investor Relations

Investor Relations

Corporate Profile

Founded in 1965 and headquartered in El Segundo, California, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company's global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark's precious metal products through various channels, including radio, television and the Internet.

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Contact Investor Relations

Matt Glover or Najim Mostamand
Liolios Group Investor Relations 949.574.3860
AMRK@liolios.com
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Symbol AMRK (Common Stock)

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Latest Investor Presentation Earnings Release Form 10-K

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Stock Information

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Symbol AMRK (Common Stock)

Results
Date Requested 11/05/18
Closing Price $12.85
Volume 5,057
Split Adjustment Factor 1.0000:1
Open $13.20
Day's High $13.20
Day's Low $12.75

NOTE: The Closing Price, Day's High, Day's Low, and Day's Volume have been adjusted to account for any stock splits and/or dividends which may have occurred for this security since the date shown above. The Actual Price is not adjusted for splits or dividends. The Split Adjustment Factor is a cumulative factor which encapsulates all splits since the date shown above.

The closing price above is not necessarily indicative of future price performance

Investment Calculator

Symbol AMRK (Common Stock)

Result
Date Requested 10/01/18
Closing Price $13.05
Shares Today 76.63
Investment Value $1,003.83
Percent Change .38

Return calculations do not include reinvested cash dividends.

Analyst Coverage

Firm Analyst Phone
B. Riley & Co. Ian Corydon 310-689-2223
Singular Research Greg Eisen 626-405-0242

A-Mark Precious Metals Inc is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding A-Mark Precious Metals Inc's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of A-Mark Precious Metals Inc or its management. A-Mark Precious Metals Inc does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

Press Releases

Symbol AMRK (Common Stock)

Date Title
11/08/18 A-Mark Precious Metals Reports Fiscal First Quarter 2019 Results
11/07/18 A-Mark Precious Metals Sets Fiscal First Quarter 2019 Earnings Call for Thursday, November 8 at 4:30 p.m. ET
09/18/18 A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2018 Results
09/14/18 A-Mark Precious Metals Sets Fiscal Fourth Quarter and Full Year 2018 Earnings Call for Tuesday, September 18 at 4:30 p.m. ET
09/14/18 A-Mark Precious Metals Subsidiary Closes $100 Million Offering of Secured Term Notes
05/21/18 A-Mark Precious Metals Sets Financial Conference Schedule for May and June 2018
05/08/18 A-Mark Precious Metals Reports Fiscal Third Quarter and Nine Month 2018 Results; Announces Share Repurchase Program
05/07/18 A-Mark Precious Metals Sets Fiscal Third Quarter 2018 Earnings Call for Tuesday, May 8 at 4:30 p.m. ET
03/20/18 A-Mark Precious Metals Renews $260 Million Credit Facility
02/08/18 A-Mark Precious Metals Reports Fiscal Second Quarter and Six Month 2018 Results
02/05/18 A-Mark Precious Metals Sets Fiscal Second Quarter 2018 Earnings Call for Thursday, February 8 at 4:30 p.m. ET
02/02/18 A-Mark Precious Metals Maintains $0.08 per Share Quarterly Dividend for the Fiscal Second Quarter of 2018
Date Title
12/01/17 A-Mark Precious Metals Sets December 2017 Financial Conference Schedule
11/14/17 A-Mark Precious Metals Maintains $0.08 per Share Quarterly Dividend for the Fiscal First Quarter of 2018
11/14/17 A-Mark Precious Metals Reports Fiscal First Quarter 2018 Results
11/09/17 A-Mark Precious Metals Sets Fiscal First Quarter 2018 Earnings Call for Tuesday, November 14 at 4:30 p.m. ET
09/22/17 A-Mark Precious Metals to Present at the 3rd Annual B. Riley & Co. Consumer Conference on September 28, 2017
09/12/17 A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2017 Results
09/12/17 Texas Mint, a Division of Texas Precious Metals, Announces Manufacturing and Distribution Agreement with A-Mark Precious Metals
09/07/17 A-Mark Precious Metals Sets Fiscal Fourth Quarter and Full Year 2017 Earnings Call for Tuesday, September 12 at 4:30 p.m. ET
09/07/17 A-Mark Precious Metals Maintains $0.08 per Share Quarterly Dividend for the Fiscal Fourth Quarter of 2017
08/28/17 A-Mark Precious Metals Closes Acquisition of Goldline International Assets
08/23/17 A-Mark Precious Metals to Present at the 6th Annual Liolios Gateway Conference on September 7, 2017
08/18/17 A-Mark Precious Metals Renews $275 Million Credit Facility
08/14/17 A-Mark Precious Metals Acquires the Assets of Goldline International
06/01/17 A-Mark Precious Metals to Present at the 7th Annual LD Micro Invitational on June 6, 2017
05/18/17 A-Mark Precious Metals to Present at the B. Riley & Co. 18th Annual Investor Conference on May 25, 2017
05/09/17 A-Mark Precious Metals Reports Fiscal Third Quarter and Nine Month 2017 Results
05/04/17 A-Mark Precious Metals Maintains $0.08 per Share Quarterly Dividend for the Fiscal Third Quarter of 2017
04/25/17 A-Mark Precious Metals Sets Fiscal Third Quarter 2017 Earnings Call for Tuesday, May 9 at 4:30 p.m. ET
02/07/17 A-Mark Precious Metals Reports Fiscal Second Quarter and Six Month 2017 Results
01/31/17 A-Mark Precious Metals Sets Fiscal Second Quarter 2017 Earnings Call for Tuesday, February 7 at 4:30 p.m. ET
01/27/17 A-Mark Precious Metals Increases Quarterly Dividend by 14% to $0.08 per Share for the Fiscal Second Quarter of 2017
01/03/17 Medal for President-elect Trump came from Winchester
Date Title
12/30/16 A-Mark Precious Metals to Hold Annual Meeting of Stockholders on Thursday, January 26, 2017 at 9 a.m. PT in Santa Monica, CA
11/07/16 A-Mark Precious Metals Reports Fiscal First Quarter 2017 Results
11/04/16 A-Mark Precious Metals Maintains $0.07 per Share Quarterly Dividend for the Fiscal First Quarter of 2017
11/01/16 A-Mark Precious Metals Sets Fiscal First Quarter 2017 Earnings Call for Monday, November 7 at 4:30 p.m. ET
10/13/16 A-Mark Precious Metals Expands Marketing Team with Appointment of Sharon Eiden Cornejo as VP of Marketing
09/21/16 A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2016 Results
09/15/16 A-Mark Precious Metals Sets Fiscal Fourth Quarter and Full Year 2016 Earnings Call for Wednesday, September 21 at 4:30 p.m. ET
09/09/16 A-Mark Precious Metals Maintains $0.07 per Share Quarterly Dividend for the Fiscal Fourth Quarter of 2016
09/08/16 A-Mark Precious Metals Enters Into New Employment Agreement with Thor Gjerdrum
08/31/16 A-Mark Precious Metals Acquires Majority Stake in SilverTowne Mint
08/24/16 A-Mark Precious Metals to Present at the 5th Annual Liolios Gateway Conference on September 8, 2016
06/09/16 A-Mark Precious Metals to Present at LD Micro Invitational on June 9, 2016
05/20/16 A-Mark Precious Metals to Present at the B. Riley & Co. 17th Annual Investor Conference on May 25, 2016
05/09/16 A-Mark Precious Metals Reports Fiscal Third Quarter 2016 Results
05/04/16 A-Mark Precious Metals Sets Fiscal Third Quarter 2016 Earnings Call for Monday, May 9 at 4:30 p.m. ET
05/03/16 A-Mark Precious Metals Maintains $0.07 per Share Quarterly Dividend for the Fiscal Third Quarter of 2016
04/04/16 A-Mark Precious Metals Establishes $275 Million Trading Credit Facility
02/09/16 A-Mark Precious Metals Reports Fiscal Second Quarter 2016 Results
02/04/16 CORRECTING and REPLACING -- A-Mark Precious Metals Increases Quarterly Dividend by 40% to $0.07 per share for the Fiscal Second Quarter of 2016
01/26/16 A-Mark Precious Metals Sets Fiscal Second Quarter 2016 Earnings Call for Tuesday, February 9 at 4:30 p.m. ET
01/08/16 A-Mark Precious Metals to Hold Annual Meeting of Stockholders on Tuesday, February 2, 2016 at 9 a.m. PT in Santa Monica, CA
Date Title
11/10/15 A-Mark Precious Metals Reports Fiscal First Quarter 2016 Results
11/09/15 A-Mark Precious Metals Appoints Cary Dickson as Chief Financial Officer
11/03/15 A-Mark Precious Metals Maintains $0.05 per Share Quarterly Dividend for the Fiscal First Quarter of 2016
10/29/15 A-Mark Precious Metals Sets Fiscal First Quarter 2016 Earnings Call for Tuesday, November 10 at 4:30 p.m. ET
09/23/15 A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2015 Results
09/21/15 A-Mark Precious Metals Sets Fiscal Fourth Quarter and Full Year 2015 Earnings Call for Thursday, September 24 at 12:00 p.m. ET
09/15/15 A-Mark Precious Metals Maintains $0.05 Per Share Quarterly Dividend for the Fiscal Fourth Quarter 2015
06/12/15 A-Mark Precious Metals Appoints Grant Thornton as Independent Auditor
06/08/15 A-Mark Precious Metals Joins the Fortune 500
05/27/15 A-Mark Precious Metals to Present at the LD Micro Invitational on June 3, 2015
05/07/15 A-Mark Precious Metals to Present at the B. Riley & Co. 16th Annual Investor Conference on May 12, 2015
05/06/15 A-Mark Precious Metals Reports Fiscal Third Quarter 2015 Results
05/05/15 A-Mark Precious Metals Maintains $0.05 per Share Quarterly Dividend for the Fiscal Third Quarter 2015
04/23/15 A-Mark Precious Metals Sets Fiscal Third Quarter 2015 Earnings Call for Wednesday, May 6 at 4:30 p.m. ET
03/02/15 A-Mark Precious Metals Initiates Quarterly Cash Dividend
02/24/15 A-Mark Precious Metals to Present at the 27th Annual ROTH Conference on March 9, 2015
02/09/15 A-Mark Precious Metals Reports Fiscal Second Quarter 2015 Results
01/27/15 A-Mark Precious Metals Sets Fiscal Second Quarter 2015 Earnings Call for Monday, February 9 at 4:30 p.m. ET
01/26/15 A-Mark Precious Metals to Hold Annual Meeting of Stockholders on Friday, February 6, 2015 at 11 a.m. PT in Santa Monica, CA
Date Title
12/22/14 A-Mark Precious Metals Announces Nomination of Beverley Lepine to Board of Directors
11/19/14 A-Mark Precious Metals to Present at the 2014 LD Micro Conference on December 2
11/06/14 A-Mark Precious Metals Reports Fiscal First Quarter 2015 Results
10/29/14 A-Mark Precious Metals Sets Fiscal First Quarter 2015 Earnings Call for Friday, November 7 at 11:00 a.m. ET
09/26/14 A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2014 Results
09/25/14 A-Mark Precious Metals Sets Fiscal Fourth Quarter and Full Year 2014 Earnings Call for Monday, September 29 at 4:30 p.m. ET
08/21/14 A-Mark Precious Metals to Present at the 2014 Gateway Conference on September 4
07/21/14 3rd Annual Gateway Conference to Showcase More Than 60 High-Growth Public Companies in San Francisco on September 4
06/24/14 A-Mark Precious Metals Set to Join Russell Microcap Index
06/06/14 A-Mark Precious Metals, Inc. Announces Final Closing of Purchase of A-Mark Stock Held by Afinsa
05/21/14 A-Mark Precious Metals to Present at LD MICRO Invitational on June 4
05/12/14 A-Mark Precious Metals Reports Fiscal Third Quarter 2014 Results
05/06/14 A-Mark Precious Metals Sets Fiscal Third Quarter 2014 Earnings Call for Monday, May 12 at 4:30 p.m. ET
05/05/14 A-Mark Precious Metals Engages Liolios Group to Lead New Investor Relations Campaign
03/27/14 A-Mark Precious Metals Reports Fiscal Second Quarter 2014 Results

A-Mark Precious Metals Sets Fiscal First Quarter 2019 Earnings Call for Thursday, November 8 at 4:30 p.m. ET

EL SEGUNDO, Calif., Nov. 07, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading full-service provider of products and services to the global precious metals market, will hold a conference call on Thursday, November 8 at 4:30 p.m. Eastern time to discuss results for the fiscal first quarter ended September 30, 2018. Financial results will be issued in a press release prior to the call.

A-Mark’s CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the presentation, followed by a question and answer period.

  • Date: Thursday, November 8, 2018
  • Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
  • U.S. dial-in number: 1-877-407-0789
  • International number: 1-201-689-8562

The conference call will be broadcasted live and available for replay in the Investor Relations section of A-Mark’s website at www.amark.com.

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 22, 2018.

  • Toll-free replay number: 1-844-512-2921
  • International replay number: 1-412-317-6671
  • Conference ID: 13684493

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2018 Results

EL SEGUNDO, Calif., Sept. 18, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading full-service provider of products and services to the global precious metals market, reported results for the fiscal fourth quarter and full year ended June 30, 2018.

Fiscal Q4 2018 Financial Highlights

  • Revenues for the three months ended June 30, 2018 increased 33% to $1.77 billion from $1.33 billion for the three months ended June 30, 2017 and decreased 11% from $1.99 billion for the three months ended March 31, 2018
  • Gross profit for the three months ended June 30, 2018 decreased 5% to $5.8 million (0.33% of revenue) from $6.1 million (0.46% of revenue) for the three months ended June 30, 2017 and decreased 22% from $7.4 million (0.37% of revenue) for the three months ended March 31, 2018
  • Net loss for the three months ended June 30, 2018 totaled $3.0 million or $(0.43) per diluted share, as compared to net income of $1.2 million or $0.17 per diluted share for the three months ended June 30, 2017 and net loss of $0.6 million or $(0.09) per diluted share for the three months ended March 31, 2018
  • Gold ounces sold in the three months ended June 30, 2018 increased 98% to 586,000 ounces from 296,000 for the three months ended June 30, 2017 and decreased 5% from 618,000 for the three months ended March 31, 2018
  • Silver ounces sold in the three months ended June 30, 2018 decreased 39% to 8.6 million ounces from 14.1 million ounces for the three months ended June 30, 2017 and decreased 24% from 11.4 million from the three months ended March 31, 2018
  • As of June 30, 2018, the number of secured loans increased 48% to 3,507 from 2,375 as of June 30, 2017 and increased 12% from 3,124 as of March 31, 2018

FisFiscal Q4 2018 Financial Results

Revenues increased 33% to $1.77 billion from $1.33 billion in the same year-ago quarter. The increase in revenues was mainly due to an increase in gold ounces sold, gold prices and forward sales, offset by lower silver ounces sold and lower silver prices.

Gross profit decreased 5% to $5.8 million (0.33% of revenue) from $6.1 million (0.46% of revenue) in the same year-ago quarter. The decrease in gross profit was primarily due to lower silver sales volume, margins and trading profits compared to the same year-ago quarter, offset by gross profit from the company’s Direct Sales segment (Goldline).

Selling, general and administrative expenses increased 38% to $7.7 million from $5.6 million in the same year-ago quarter. The increase was primarily due to selling, general and administrative expenses related to the company’s Direct Sales segment (Goldline) of $2.2 million and legal and consulting costs of $0.3 million, partially offset by a $0.3 million reduction of relocation and non-recurring investigatory acquisition costs from the same year-ago period.

Interest income increased 62% to $5.6 million from $3.5 million in same year-ago quarter, driven primarily by increases in interest rates and the aggregate value of the company’s secured loan portfolio. The number of secured loans outstanding increased by 48% to 3,507 from 2,375 in the same year-ago quarter. Interest income also increased due to other finance product income.

Interest expense increased 52% to $4.2 million from $2.7 million in same year-ago quarter. The increase was related primarily to a greater usage of the company’s lines of credit, the debt financing agreement associated with the acquisition of Goldline, and higher LIBOR interest rates that went in to effect subsequent to the Federal Reserve rate increases.

The company also incurred a non-recurring $2.7 million goodwill and intangible asset impairment charge related to the company’s Direct Sales segment (Goldline).

Net loss totaled $3.0 million or $(0.43) per diluted share, as compared to net income of $1.2 million or $0.17 per diluted share in the same year-ago quarter. Included in the net loss was a $0.2 million income tax provision for both the fourth quarter of 2018 and same year-ago quarter. The $0.2 million tax provision for the fourth quarter of 2018 included a $1.0 million one-time revaluation tax charge related to the company’s write-down of net deferred tax assets as a result of the Tax Cuts and Jobs Act, which was partially offset by an income tax benefit related to the loss from operations.

Full Year 2018 Financial Highlights

  • Revenues for the full year ended June 30, 2018 increased 9% to $7.61 billion from $6.99 billion for the full year ended June 30, 2017
  • Gross profit for the full year ended June 30, 2018 decreased 6% to $29.4 million (0.39% of revenue) from $31.3 million (0.45% of revenue) for the full year ended June 30, 2017
  • Net loss for the full year ended June 30, 2018 totaled $3.4 million or $(0.48) per diluted share, as compared to net income of $7.1 million or $1.00 per diluted share for the full year ended June 30, 2017
  • Gold ounces sold in the full year ended June 30, 2018 decreased 12% to 1.9 million ounces from 2.2 million for the full year ended June 30, 2017
  • Silver ounces sold in the full year ended June 30, 2018 decreased 42% to 46.5 million ounces from 79.6 million for the full year ended June 30, 2017

Management Commentary

“We generated solid improvements across our various business segments in the fiscal first quarter, highlighted by expanded gross profit margins as well as a return to profitability,” said A-Mark CEO Greg Roberts. “Our performance was driven, in part, by more favorable conditions in the precious metals market, which was characterized by a decrease in silver and gold prices, leading to increased volatility, higher demand for our products and improved premium spreads.

“Our financial results were also enhanced by our larger, more diversified platform of products and services. In particular, our Secured Lending segment continued to generate steady and predictable cash flow for our overall business. While the total number of secured loans decreased in Q1 due to margin call activity related to these volatile market conditions, the $100 million asset-based securitization we completed in the quarter specifically earmarked for our direct lending business, CFC, enables us to more aggressively expand this business to new levels going forward. By growing our finance book and introducing new complementary financing products, A-Mark will increasingly benefit from the revenue diversification and interest income that CFC provides.

“We continue to see heightened volatility and continued demand for A-Mark’s physical products in the current quarter, both from retail and institutional customers. We remain cautiously optimistic, especially given the backdrop of the present geopolitical environment, volatile equity markets, and rising interest rates. We will continue to act opportunistically in an effort to capitalize on attractive near-term trading opportunities while strategically scaling our business for long-term success.”

Conference Call

A-Mark will hold a conference call today (November 8, 2018) to discuss these financial results. The company's CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). A question and answer session will follow management's presentation.

To participate, please dial the appropriate number at least five minutes prior to the start time and ask for the A-Mark Precious Metals conference call.

  • U.S. dial-in number: 1-877-407-0789
  • International number: 1-201-689-8562

The conference call will be broadcast simultaneously and available for replay via the Investor Relations section of A-Mark’s website at www.amark.com. If you have any difficulty connecting with the conference call or webcast, please contact Liolios at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time through November 22, 2018.

  • Toll-free replay number: 1-844-512-2921
  • International replay number: 1-412-317-6671
  • Conference ID: 13684493

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Important Cautions Regarding Forward-Looking Statements

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute our growth strategy as planned; greater than anticipated costs incurred to execute this strategy; changes in the current international political climate which has favorably contributed to demand and volatility in the precious metals markets; increased competition for our higher margin services, which could depress pricing; the failure of our business model to respond to changes in the market environment as anticipated; general risks of doing business in the commodity markets; and other business, economic, financial and governmental risks as described in in the company’s public filings with the Securities and Exchange Commission.

The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except for share data)
September 30, 2018 June 30, 2018
ASSETS
Current Assets:
Cash $ 22,174 $ 6,291
Receivables, net 51,275 35,856
Derivative assets 2,706 7,395
Secured loans receivable 81,891 110,424
Precious metals held under financing arrangements 232,476 262,566
Inventories:
Inventories 236,679 166,176
Restricted inventories 53,126 113,94
  289,805 280,116
Income taxes receivable 1,561 1,553
Prepaid expenses and other assets 2,830 2,782
Total current assets 685,258 706,983
Plant, property and equipment, net 7.639 8,018
Goodwill 8,881 8,881
Intangibles, net 6,609 6,6861
Long-term investments 8,609 8,861
Deferred tax assets - non-current 3,781 3,870
Total assets $ 720,495 $ 743,001
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Lines of credit $ 179,000 $ 200,000
Liability on borrowed metals 227,198 280,346
Product financing arrangements 53,126 113,940
Accounts payable 60,993 45,0997
Derivative liabilities 29,917 20,457
Total current liabilities 555,072 665,869
Debt obligation (related party) 7,257
Other long-term liabilities (related party) 296 798
Total liabilities 649,681 673,893
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of September 30, 2018 and June 30, 2018 -- --
Common stock, par value $0.01; 40,000,000 shares authorized; 7,031,450 shares issued and outstanding as of September 30, 2018 and June 30, 2018 71 71
Additional paid-in capital 25,548 24,714
Retained earnings 42,391 40,910
Total A-Mark Precious Metals, Inc. stockholders’ equity 649,681 673,893
Non-controlling interest 2,724 3,410
Total stockholders’ equity 70,814 69,108
Total liabilities, non-controlling interest and stockholders’ equity $ 720,495 $ 743,001
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share and per share data)
Three Months Ended September 30 2018 2017
Revenues $ 1,565,090 $ 2,163,790
Gross profit 1,556,615 2,156,484
8,475 7,306
Selling, general and administrative expenses (7,719) (6,976)
Interest income 4,551 3,161
Interest expense (3,552) (2,733)
Other income 248 61
Unrealized loss on foreign exchange (70) (101)
Unrealized loss on foreign exchange 1,933 718
Income tax expense (499) (274)
Net income 1,434 444
Add: Net loss attributable to non-controlling interest (47) (34)
Net income attributable to the Company $ 1,481 $ 478
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.:
Basic $ 0.12 $ 0.07
Basic $ 0.21 $ 0.07
Dividends per share -- $ 0.08
Weighted average shares outstanding:
Basic 7,031,400 7,031,400
Diluted 7,091,900 7,122,400
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Three Months Ended September 30 2018 2017
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization 697 592
Amortization of loan cost 211 233
Deferred income taxes 453 4,687
Interest added to principal of secured loans (5) (5)
Share-based compensation 272 436
Earnings from equity method investment (247) (15)
Changes in assets and liabilities:
Receivables (15,581) (1,876)
Secured loans 93 45
Secured loans to Former Parent 6,578 9,281
Derivative assets 4,251 5,218
Income tax receivable (8) (5,881)
Precious metals held under financing arrangements 30,51851 --
Inventories (9,511) (14,154)
Prepaid expenses and other assets (208) (802)
Accounts payable 14,996 1,471
Derivative liabilities (53,587) (10,125)
Liabilities on borrowed metals (53,518) 436
Accrued liabilities (793) (3,251)
Earn-out payment to related acquisition of joint venture -- 208
Income taxes payable -- (1,418 )
Net cash used in operating activities (10,298 ) (34,321 )
Cash flows from investing activities:
Capital expenditures for property and equipment (122) (318)
Secured loans, net 21,658 4,584
Acquisition of subsidiary, net of cash -- (9,587)
Net cash provided by (used in) investing activities : 21,499 (5,498)
Cash flows from financing activities:
Product financing arrangements, net 60,814 10,475
Dividends -- (562)
Borrowings and repayments under lines of credit, net (21,000) 39,000
Proceeds from issuance of debt obligation payable to related party -- 7500
Repayments on notes payable to related party -- (7500)
Proceeds from issuance of notes payable 90,000 --
Debt funding issuance costs (2,964 ) (149)
Net cash provided by financing activities 5,222 34,811
Net increase (decrease) in cash, cash equivalents, and restricted cash 16,254 (47,521)
Cash, cash equivalents, and restricted cash, beginning of period 6,291 13,059
Cash, cash equivalents, and restricted cash, end of period $ 22,571 $ 8,398
Overview of Results of Operations for the Three Months Ended September 30, 2018 and 2017
Condensed Consolidated Results of Operations
The operating results of our business for the three months ended September 30, 2018 and 2017 are as follows:
in thousands, except per share data
Three Months Ended September 30, 2018 2017 $ %
$ % of revenue $ % of revenue increase/(decrease) increase/(decrease)
Gross profit $8,475 0.542% 7,306 0.338% $ 1,169 16.0 %
Selling, general and administrative expenses $(7,719) (0.493)% (6,976) (0.322)% $ 743 10.7 %
Interest income 4,551 0.291% 3,161 0.146% $ 1,390 44.0 %
Other income 248 0.016% 61 0.003% $ 187 306.6 %
Unrealized loss on foreign exchange (70) 0.005% (101) 0.005% $ 31 NM
Net income before provision for income taxes 248 0.016% 61 0.003% $ 187 306.6 %
Income tax expense (499) 0.032% (101) 0.005% $ 225 223.0%
Net income 248 0.016% 61 0.003% $ 187 306.6 %
Add: Net loss attributable to non-controlling interest (47) 0.032% (101) 0.005% $ 225 223.0%
Net income attributable to the Company (1,481) 0.095% (101) 0.005% $ 225 209.0%
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: Per Share Data:
Basic $ 0.21 $ 0.07 $ 0.14 200.0%
Diluted $ 0.21 $ 0.07 $ 0.14 200.0%

A-Mark Precious Metals Subsidiary Closes $100 Million Offering of Secured Term Notes

Capital Enables A-Mark Subsidiary, Collateral Finance Corporation (CFC), to Expand Loan Portfolio and Complementary Products

EL SEGUNDO, Calif., Sept. 14, 2018 (GLOBE NEWSWIRE) -- AM Capital Funding, LLC, an indirect subsidiary of A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a leading full-service provider of products and services to the global precious metals market, has closed a private placement offering of $100 million in aggregate, consisting of $72.0 million in principal amount of 4.98% secured senior term notes (Series 2018-1, Class A) and $28.0 million of 5.98% secured subordinated term notes (Series 2018-1, Class B). Morningstar Credit Ratings rated the Class A notes “AA” and Class B notes “BBB.” The interest rates are fixed and the notes mature on December 15, 2023

The notes will be payable from, and secured by, certain assets of AM Capital Funding, LLC and will not be insured or guaranteed by A-Mark Precious Metals or its subsidiary, Collateral Finance Corporation (CFC). The notes are backed by precious metals and loans secured by precious metals originated and acquired by CFC, the parent company of AM Capital Funding. Since 2005, CFC has offered financing on a wide array of precious metals and numismatic products that affords A-Mark’s customers a convenient means of financing their inventory or collections. As of March 31, 2018, CFC had 3,124 secured loans outstanding with an aggregate value of $109.5 million. The capital provided by the notes will be used to expand CFC’s loan portfolio.

“This financing represents the most innovative financing structure that A-Mark has established to date, uniquely providing us with a platform of long-term capital that we can expand on in the future,” said company CEO Greg Roberts. “Over the last two years, we successfully grew CFC’s finance book by 75% off A-Mark’s balance sheet, and now with this capital infusion specifically earmarked for CFC, we can more aggressively expand this business to new levels. By growing our finance book and introducing new complementary financing products, A-Mark will increasingly benefit from the revenue diversification and interest income that CFC provides our business.”

For additional details, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission, which will be filed by Monday, September 17, 2018.

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Sets Financial Conference Schedule for May and June 2018

EL SEGUNDO, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, is scheduled to participate at the following financial conferences during May and June:

19th Annual B. Riley FBR Institutional Investor Conference

Thursday, May 24, 2018 at 2:00 p.m. Pacific time

Loews Santa Monica Beach Hotel in Santa Monica, CA

8th Annual LD Micro Invitational

Tuesday, June 5, 2018 at 1:30 p.m. Pacific time

Luxe Sunset Boulevard Hotel in Los Angeles, CA

Webcast

For additional information or to schedule a one-on-one meeting with A-Mark management, please contact Liolios Group at (949) 574-3860.

About A-Mark Precious Metals

A-Mark Precious Metals, Inc. is a full-service precious metals trading company and an official distributor for many government mints throughout the world. The company offers gold, silver, platinum and palladium in the form of bars, plates, powder, wafers, grain, ingots and coins. Its Industrial unit services manufacturers and fabricators of products utilizing or incorporating precious metals, while its Coin & Bar unit deals in over 200 coin and bar products in a variety of weights, shapes and sizes for distribution to dealers and other qualified purchasers. The company operates trading centers in El Segundo, California, and Vienna, Austria, for buying and selling precious metals.

In addition to wholesale and trading activity, A-Mark offers customers a variety of services, including financing, consignment and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico and South Africa. Customers of A-Mark include mints, manufacturers and fabricators, refiners, coin and metal dealers, banks and other financial institutions, jewelers, investors and collectors. For more information about A-Mark Precious Metals, visit www.amark.com.

Through its subsidiary Collateral Finance Corporation, a licensed California Finance Lender, the company offers loans collateralized by numismatic and semi-numismatic coins and bullion to coin and metal dealers, investors and collectors. Through its Transcontinental Depository Services subsidiary, it offers a variety of managed storage options for precious metals products to financial institutions, dealers, investors and collectors around the world. Through its A-M Global Logistics subsidiary, the company provides its customers an array of complementary services, including storage, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. Through its Goldline subsidiary, A-Mark sells precious metals directly to the global collector and investor community, while also acting as the exclusive supplier to Goldline. For more information, visit www.goldline.com.

A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint. SilverTowne Mint is a leading producer of fabricated silver bullion and specialty products. For more information about SilverTowne Mint, please visit www.silvertownemint.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Reports Fiscal Third Quarter and Nine Month 2018 Results; Announces Share Repurchase Program

EL SEGUNDO, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, reported results for the fiscal third quarter ended March 31, 2018.

Fiscal Q3 2018 Financial Highlights

  • Revenues for the three months ended March 31, 2018 increased 15% to $1.99 billion from $1.73 billion for the three months ended March 31, 2017 and decreased 19% from $1.68 billion for the three months ended December 31, 2017
  • Gross profit for the three months ended June 30, 2018 decreased 5% to $5.8 million (0.33% of revenue) from $6.1 million (0.46% of revenue) for the three months ended June 30, 2017 and decreased 22% from $7.4 million (0.37% of revenue) for the three months ended March 31, 2018
  • Net loss for the three months ended June 30, 2018 totaled $3.0 million or $(0.43) per diluted share, as compared to net income of $1.2 million or $0.17 per diluted share for the three months ended June 30, 2017 and net loss of $0.6 million or $(0.09) per diluted share for the three months ended March 31, 2018
  • Gold ounces sold in the three months ended June 30, 2018 increased 98% to 586,000 ounces from 296,000 for the three months ended June 30, 2017 and decreased 5% from 618,000 for the three months ended March 31, 2018
  • Silver ounces sold in the three months ended June 30, 2018 decreased 39% to 8.6 million ounces from 14.1 million ounces for the three months ended June 30, 2017 and decreased 24% from 11.4 million from the three months ended March 31, 2018
  • As of June 30, 2018, the number of secured loans increased 48% to 3,507 from 2,375 as of June 30, 2017 and increased 12% from 3,124 as of March 31, 2018

Full Year 2018 Financial Highlights

  • Revenues for the full year ended June 30, 2018 increased 9% to $7.61 billion from $6.99 billion for the full year ended June 30, 2017
  • Gross profit for the full year ended June 30, 2018 decreased 6% to $29.4 million (0.39% of revenue) from $31.3 million (0.45% of revenue) for the full year ended June 30, 2017
  • Net loss for the full year ended June 30, 2018 totaled $3.4 million or $(0.48) per diluted share, as compared to net income of $7.1 million or $1.00 per diluted share for the full year ended June 30, 2017
  • Gold ounces sold in the full year ended June 30, 2018 decreased 12% to 1.9 million ounces from 2.2 million for the full year ended June 30, 2017
  • Silver ounces sold in the full year ended June 30, 2018 decreased 42% to 46.5 million ounces from 79.6 million for the full year ended June 30, 2017

Management Commentary

“We generated solid improvements across our various business segments in the fiscal first quarter, highlighted by expanded gross profit margins as well as a return to profitability,” said A-Mark CEO Greg Roberts. “Our performance was driven, in part, by more favorable conditions in the precious metals market, which was characterized by a decrease in silver and gold prices, leading to increased volatility, higher demand for our products and improved premium spreads.

“Our financial results were also enhanced by our larger, more diversified platform of products and services. In particular, our Secured Lending segment continued to generate steady and predictable cash flow for our overall business. While the total number of secured loans decreased in Q1 due to margin call activity related to these volatile market conditions, the $100 million asset-based securitization we completed in the quarter specifically earmarked for our direct lending business, CFC, enables us to more aggressively expand this business to new levels going forward. By growing our finance book and introducing new complementary financing products, A-Mark will increasingly benefit from the revenue diversification and interest income that CFC provides.

“We continue to see heightened volatility and continued demand for A-Mark’s physical products in the current quarter, both from retail and institutional customers. We remain cautiously optimistic, especially given the backdrop of the present geopolitical environment, volatile equity markets, and rising interest rates. We will continue to act opportunistically in an effort to capitalize on attractive near-term trading opportunities while strategically scaling our business for long-term success.”

Conference Call

A-Mark will hold a conference call today (November 8, 2018) to discuss these financial results. The company's CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). A question and answer session will follow management's presentation.

To participate, please dial the appropriate number at least five minutes prior to the start time and ask for the A-Mark Precious Metals conference call.

  • U.S. dial-in number: 1-877-407-0789
  • International number: 1-201-689-8562

The conference call will be broadcast simultaneously and available for replay via the Investor Relations section of A-Mark’s website at www.amark.com. If you have any difficulty connecting with the conference call or webcast, please contact Liolios at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time through November 22, 2018.

  • Toll-free replay number: 1-844-512-2921
  • International replay number: 1-412-317-6671
  • Conference ID: 13684493

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Important Cautions Regarding Forward-Looking Statements

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute our growth strategy as planned; greater than anticipated costs incurred to execute this strategy; changes in the current international political climate which has favorably contributed to demand and volatility in the precious metals markets; increased competition for our higher margin services, which could depress pricing; the failure of our business model to respond to changes in the market environment as anticipated; general risks of doing business in the commodity markets; and other business, economic, financial and governmental risks as described in in the company’s public filings with the Securities and Exchange Commission.

The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except for share data)
March 31, 2018 June 30, 2017
ASSETS
Current Assets:
Cash $ 22,174 $ 6,291
Receivables, net 51,275 35,856
Derivative assets 2,706 7,395
Secured loans receivable 81,891 110,424
Precious metals held under financing arrangements 232,476 262,566
Inventories:
Inventories 236,679 166,176
Restricted inventories 53,126 113,94
  289,805 280,116
Income taxes receivable 1,561 1,553
Prepaid expenses and other assets 2,830 2,782
Total current assets 685,258 706,983
Plant, property and equipment, net 7.639 8,018
Goodwill 8,881 8,881
Intangibles, net 6,609 6,6861
Long-term investments 8,609 8,861
Deferred tax assets - non-current 3,781 3,870
Total assets $ 720,495 $ 743,001
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Lines of credit $ 179,000 $ 200,000
Liability on borrowed metals 227,198 280,346
Product financing arrangements 53,126 113,940
Accounts payable 60,993 45,0997
Derivative liabilities 29,917 20,457
Total current liabilities 555,072 665,869
Debt obligation (related party) 7,257
Other long-term liabilities (related party) 296 798
Total liabilities 649,681 673,893
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of September 30, 2018 and June 30, 2018 -- --
Common stock, par value $0.01; 40,000,000 shares authorized; 7,031,450 shares issued and outstanding as of September 30, 2018 and June 30, 2018 71 71
Additional paid-in capital 25,548 24,714
Retained earnings 42,391 40,910
Total A-Mark Precious Metals, Inc. stockholders’ equity 649,681 673,893
Non-controlling interest 2,724 3,410
Total stockholders’ equity 70,814 69,108
Total liabilities, non-controlling interest and stockholders’ equity $ 720,495 $ 743,001
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share and per share data)
Three Months Ended 2018 2017
Revenues $ 1,565,090 $ 2,163,790
Gross profit 1,556,615 2,156,484
8,475 7,306
Selling, general and administrative expenses (7,719) (6,976)
Interest income 4,551 3,161
Interest expense (3,552) (2,733)
Other income 248 61
Unrealized loss on foreign exchange (70) (101)
Unrealized loss on foreign exchange 1,933 718
Income tax expense (499) (274)
Net income 1,434 444
Add: Net loss attributable to non-controlling interest (47) (34)
Net income attributable to the Company $ 1,481 $ 478
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.:
Basic $ 0.12 $ 0.07
Basic $ 0.21 $ 0.07
Dividends per share -- $ 0.08
Weighted average shares outstanding:
Basic 7,031,400 7,031,400
Diluted 7,091,900 7,122,400
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Nine Months Ended March 31 2018 2017
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization 697 592
Amortization of loan cost 211 233
Deferred income taxes 453 4,687
Interest added to principal of secured loans (5) (5)
Share-based compensation 272 436
Earnings from equity method investment (247) (15)
Changes in assets and liabilities:
Receivables (15,581) (1,876)
Secured loans 93 45
Secured loans to Former Parent 6,578 9,281
Derivative assets 4,251 5,218
Income tax receivable (8) (5,881)
Precious metals held under financing arrangements 30,51851 --
Inventories (9,511) (14,154)
Prepaid expenses and other assets (208) (802)
Accounts payable 14,996 1,471
Derivative liabilities (53,587) (10,125)
Liabilities on borrowed metals (53,518) 436
Accrued liabilities (793) (3,251)
Earn-out payment to related acquisition of joint venture -- 208
Income taxes payable -- (1,418 )
Net cash used in operating activities (10,298 ) (34,321 )
Cash flows from investing activities:
Capital expenditures for property and equipment (122) (318)
Secured loans, net 21,658 4,584
Acquisition of subsidiary, net of cash -- (9,587)
Net cash provided by (used in) investing activities : 21,499 (5,498)
Cash flows from financing activities:
Product financing arrangements, net 60,814 10,475
Dividends -- (562)
Borrowings and repayments under lines of credit, net (21,000) 39,000
Proceeds from issuance of debt obligation payable to related party -- 7500
Repayments on notes payable to related party -- (7500)
Proceeds from issuance of notes payable 90,000 --
Debt funding issuance costs (2,964 ) (149)
Net cash provided by financing activities 5,222 34,811
Net increase (decrease) in cash, cash equivalents, and restricted cash 16,254 (47,521)
Cash, cash equivalents, and restricted cash, beginning of period 6,291 13,059
Cash, cash equivalents, and restricted cash, end of period $ 22,571 $ 8,398
Overview of Results of Operations for the Three Months Ended September 30, 2018 and 2017
Condensed Consolidated Results of Operations
The operating results of our business for the three months ended September 30, 2018 and 2017 are as follows:
in thousands, except per share data
Three Months Ended March 31 2018 2017 $ %
$ % of revenue $ % of revenue increase/(decrease) increase/(decrease)
Gross profit $8,475 0.542% 7,306 0.338% $ 1,169 16.0 %
Selling, general and administrative expenses $(7,719) (0.493)% (6,976) (0.322)% $ 743 10.7 %
Interest income 4,551 0.291% 3,161 0.146% $ 1,390 44.0 %
Other income 248 0.016% 61 0.003% $ 187 306.6 %
Unrealized loss on foreign exchange (70) 0.005% (101) 0.005% $ 31 NM
Net income before provision for income taxes 248 0.016% 61 0.003% $ 187 306.6 %
Income tax expense (499) 0.032% (101) 0.005% $ 225 223.0%
Net income 248 0.016% 61 0.003% $ 187 306.6 %
Add: Net loss attributable to non-controlling interest (47) 0.032% (101) 0.005% $ 225 223.0%
Net income attributable to the Company (1,481) 0.095% (101) 0.005% $ 225 209.0%
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: Per Share Data:
Basic $ 0.21 $ 0.07 $ 0.14 200.0%
Diluted $ 0.21 $ 0.07 $ 0.14 200.0%

A-Mark Precious Metals Sets Fiscal Third Quarter 2018 Earnings Call for Tuesday, May 8 at 4:30 p.m. ET

EL SEGUNDO, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, will hold a conference call on Tuesday, May 8 at 4:30 p.m. Eastern time to discuss results for the fiscal third quarter ended March 31, 2018. Financial results will be issued in a press release prior to the call.

A-Mark’s CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the presentation, followed by a question and answer period.

Date: Tuesday, May 8, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 1-877-876-9177
International number: 1-785-424-1669

The conference call will be broadcasted live and available for replay in the Investor Relations section of A-Mark’s website at http://www.amark.com/investors

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860. A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 22, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Conference ID: 129740

About A-Mark Precious Metals

A-Mark Precious Metals, Inc. is a full-service precious metals trading company and an official distributor for many government mints throughout the world. The company offers gold, silver, platinum and palladium in the form of bars, plates, powder, wafers, grain, ingots and coins. Its Industrial unit services manufacturers and fabricators of products utilizing or incorporating precious metals, while its Coin & Bar unit deals in over 200 coin and bar products in a variety of weights, shapes and sizes for distribution to dealers and other qualified purchasers. The company operates trading centers in El Segundo, California, and Vienna, Austria, for buying and selling precious metals.

In addition to wholesale and trading activity, A-Mark offers customers a variety of services, including financing, consignment and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico and South Africa. Customers of A-Mark include mints, manufacturers and fabricators, refiners, coin and metal dealers, banks and other financial institutions, jewelers, investors and collectors. For more information about A-Mark Precious Metals, visit www.amark.com.

Through its subsidiary Collateral Finance Corporation, a licensed California Finance Lender, the company offers loans collateralized by numismatic and semi-numismatic coins and bullion to coin and metal dealers, investors and collectors. Through its Transcontinental Depository Services subsidiary, it offers a variety of managed storage options for precious metals products to financial institutions, dealers, investors and collectors around the world. Through its A-M Global Logistics subsidiary, the company provides its customers an array of complementary services, including storage, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. Through its Goldline subsidiary, A-Mark sells precious metals directly to the global collector and investor community, while also acting as the exclusive supplier to Goldline. For more information, visit www.goldline.com.

A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint. SilverTowne Mint is a leading producer of fabricated silver bullion and specialty products. For more information about SilverTowne Mint, please visit www.silvertownemint.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Renews $260 Million Credit Facility

EL SEGUNDO, Calif., March 20, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), (A-Mark), a full-service precious metals trading company and an official distributor for all the major sovereign mints, has renewed its syndicated line of credit, led by Administrative Agent Cooperatieve Rabobank U.A. (Rabobank), which provides A-Mark with access of up to $260 million, featuring a $210 million base with a $50 million accordion option. The facility marks the renewal and replacement of the company’s existing credit facility.

Rabobank, a global financial firm providing wholesale and retail banking services, acted as the Sole Lead Arranger/Bookrunner and Administrative Agent in the syndicate. Natixis, the second largest bank in France, served as Syndication Agent. A-Mark intends to use the proceeds from the credit facility for the purchase of precious metals from suppliers as well as for general operating cash flow purposes.

"The renewal with our existing bank facility partners reflects their support of A-Mark’s long-term strategy to scale and diversify our business,” said company CEO, Greg Roberts. “This new facility is targeted to our current liquidity requirements, taking into account our other financing resources. We continue to assess other sources of cost-effective capital as we look to further expand our platform of products and services.”

Additional details of the credit facility agreement are available in the company’s current report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission by no later than March 22, 2018.

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Reports Fiscal Second Quarter and Six Month 2018 Results

EL SEGUNDO, Calif., February 08, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, reported results for the fiscal third quarter ended March 31, 2018.

Fiscal Q2 2018 Financial Highlights

  • Revenues for the three months ended December 31, 2017 increased 15% to $1.68 billion from $2.13 billion for the three months ended December 31, 2016 and decreased 22% from $2.16 billion for the three months ended September 30, 2017
  • Gross profit for the three months ended June 30, 2018 decreased 5% to $5.8 million (0.33% of revenue) from $6.1 million (0.46% of revenue) for the three months ended June 30, 2017 and decreased 22% from $7.4 million (0.37% of revenue) for the three months ended March 31, 2018
  • Net loss for the three months ended June 30, 2018 totaled $3.0 million or $(0.43) per diluted share, as compared to net income of $1.2 million or $0.17 per diluted share for the three months ended June 30, 2017 and net loss of $0.6 million or $(0.09) per diluted share for the three months ended March 31, 2018
  • Gold ounces sold in the three months ended June 30, 2018 increased 98% to 586,000 ounces from 296,000 for the three months ended June 30, 2017 and decreased 5% from 618,000 for the three months ended March 31, 2018
  • Silver ounces sold in the three months ended June 30, 2018 decreased 39% to 8.6 million ounces from 14.1 million ounces for the three months ended June 30, 2017 and decreased 24% from 11.4 million from the three months ended March 31, 2018
  • As of June 30, 2018, the number of secured loans increased 48% to 3,507 from 2,375 as of June 30, 2017 and increased 12% from 3,124 as of March 31, 2018

Fiscal Q2 2018 Financial Results

Revenues decreased 21% to $1.68 billion from $2.13 billion in the same year-ago quarter. The decrease in revenues was mainly due to a decrease in the total amount of gold and silver ounces sold and lower silver prices, offset by higher gold prices and an increase in forward sales.

Gross profit decreased 10% to $8.9 million (0.53% of revenue) from $9.9 million (0.46% of revenue) in the same year-ago quarter. The decrease in gross profit was primarily related to a decrease in the total volume of gold and silver ounces sold, partially offset by higher gross profits realized by the newly acquired Direct Sales segment (Goldline). The decrease in volume of gold and silver ounces sold was primarily related to slower market conditions in the current period compared to the same year-ago quarter.

Selling, general and administrative expenses increased 53% to $9.3 million from $6.1 million in the same year-ago quarter. The increase was primarily due to selling, general and administrative expenses related to the company’s newly acquired Direct Sales segment (Goldline) and other non-recurring costs, partially offset by a reduction in incentive compensation expenses.

Interest income increased 10% to $3.3 million from $3.0 million in same year-ago quarter. The increase was primarily due to increases in interest rates and the aggregate value of the company’s secured loan portfolio, partially offset by decreases in other finance product income.

Interest expense increased 37% to $3.4 million from $2.4 million in same year-ago quarter. The increase was primarily due to higher usage of the company’s lines of credit, a new debt financing agreement related to the acquisition of Goldline, higher average inventory levels primarily related to product financing arrangements, amortization costs related to loan fees associated to third party financing arrangements, as well as higher LIBOR interest rates that went into effect subsequent to the Federal Reserve rate increases.

Net loss totaled $0.2 million or $(0.03) per diluted share, as compared to net income of $2.8 million or $0.39 per diluted share in the same year-ago quarter. The net loss includes $0.3 million additional tax expense related to an adjustment to deferred tax assets and liabilities as part of the recently enacted Tax Cuts and Jobs Act. On a reportable segment basis, Goldline (“Direct Sales Segment”) had a $2.1 million pre-tax loss while A-Mark (“Wholesale Trading & Ancillary Services”) had a $2.3 million pre-tax profit.

Management Commentary

“We generated solid improvements across our various business segments in the fiscal first quarter, highlighted by expanded gross profit margins as well as a return to profitability,” said A-Mark CEO Greg Roberts. “Our performance was driven, in part, by more favorable conditions in the precious metals market, which was characterized by a decrease in silver and gold prices, leading to increased volatility, higher demand for our products and improved premium spreads.

“Our financial results were also enhanced by our larger, more diversified platform of products and services. In particular, our Secured Lending segment continued to generate steady and predictable cash flow for our overall business. While the total number of secured loans decreased in Q1 due to margin call activity related to these volatile market conditions, the $100 million asset-based securitization we completed in the quarter specifically earmarked for our direct lending business, CFC, enables us to more aggressively expand this business to new levels going forward. By growing our finance book and introducing new complementary financing products, A-Mark will increasingly benefit from the revenue diversification and interest income that CFC provides.

“We continue to see heightened volatility and continued demand for A-Mark’s physical products in the current quarter, both from retail and institutional customers. We remain cautiously optimistic, especially given the backdrop of the present geopolitical environment, volatile equity markets, and rising interest rates. We will continue to act opportunistically in an effort to capitalize on attractive near-term trading opportunities while strategically scaling our business for long-term success.”

Fiscal Six Months 2018 Financial Results

Revenues decreased 2% to $3.84 billion from $3.93 billion in the same period last year. The decrease was primarily due to a decrease in the total amount of gold and silver ounces sold and lower silver prices, offset by an increase in forward sales.

Gross profit decreased 10% to $16.2 million (0.42% of revenue) from $17.9 million (0.46% of revenue) in the same year-ago period. The decrease in gross profit was primarily related to a decrease in the total volume of gold and silver ounces sold, partially offset by higher gross profits realized by the new acquired Direct Sales segment (Goldline). The decrease in volume of gold and silver ounces sold was primarily related to slower market conditions in the current period compared to the same period last year.

Selling, general and administrative expenses increased 38% to $16.3 million from $11.8 million in the same year-ago period. The increase was primarily due to selling, general and administrative expenses related to the company’s newly acquired Direct Sales segment (Goldline), stock compensation expense and other non-recurring costs, partially offset by a reduction in incentive compensation expenses.

Interest income increased 11% to $6.4 million from $5.8 million in the same year-ago period. The increase was primarily due to increases in interest rates and the aggregate value of the company’s secured loan portfolio, partially offset by decreases in other finance product income.

Interest expense increased 30% to $6.1 million from $4.7 million in the same year-ago quarter. The increase was primarily due to higher usage of the company’s lines of credit, a new debt financing agreement related to the acquisition of Goldline, higher average inventory levels primarily related to product financing arrangements, amortization of loan fees, as well as higher LIBOR interest rates that went in to effect subsequent to the Federal Reserve rate increases.

Net income decreased 94% to $0.3 million or $0.04 per diluted share from $4.7 million or $0.66 per diluted share in the same year-ago period. The decrease was primarily due to lower gross profit, higher interest expense and higher selling, general and administrative expenses, offset by higher interest income and lower taxes. On a reportable segment basis, Goldline (“Direct Sales Segment”) had a $1.7 million pre-tax loss while A-Mark (“Wholesale Trading & Ancillary Services”) had a $2.7 million pre-tax profit.

Conference Call

A-Mark will hold a conference call today (November 8, 2018) to discuss these financial results. The company's CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). A question and answer session will follow management's presentation.

To participate, please dial the appropriate number at least five minutes prior to the start time and ask for the A-Mark Precious Metals conference call.

  • U.S. dial-in number: 1-877-407-0789
  • International number: 1-201-689-8562

The conference call will be broadcast simultaneously and available for replay via the Investor Relations section of A-Mark’s website at www.amark.com. If you have any difficulty connecting with the conference call or webcast, please contact Liolios at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time through November 22, 2018.

  • Toll-free replay number: 1-844-512-2921
  • International replay number: 1-412-317-6671
  • Conference ID: 13684493

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Important Cautions Regarding Forward-Looking Statements

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute our growth strategy as planned; greater than anticipated costs incurred to execute this strategy; changes in the current international political climate which has favorably contributed to demand and volatility in the precious metals markets; increased competition for our higher margin services, which could depress pricing; the failure of our business model to respond to changes in the market environment as anticipated; general risks of doing business in the commodity markets; and other business, economic, financial and governmental risks as described in in the company’s public filings with the Securities and Exchange Commission.

The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except for share data)
March 31, 2017 June 30, 2017
ASSETS
Current Assets:
Cash $ 22,174 $ 6,291
Receivables, net 51,275 35,856
Derivative assets 2,706 7,395
Secured loans receivable 81,891 110,424
Precious metals held under financing arrangements 232,476 262,566
Inventories:
Inventories 236,679 166,176
Restricted inventories 53,126 113,94
  289,805 280,116
Income taxes receivable 1,561 1,553
Prepaid expenses and other assets 2,830 2,782
Total current assets 685,258 706,983
Plant, property and equipment, net 7.639 8,018
Goodwill 8,881 8,881
Intangibles, net 6,609 6,6861
Long-term investments 8,609 8,861
Deferred tax assets - non-current 3,781 3,870
Total assets $ 720,495 $ 743,001
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Lines of credit $ 179,000 $ 200,000
Liability on borrowed metals 227,198 280,346
Product financing arrangements 53,126 113,940
Accounts payable 60,993 45,0997
Derivative liabilities 29,917 20,457
Total current liabilities 555,072 665,869
Debt obligation (related party) 7,257
Other long-term liabilities (related party) 296 798
Total liabilities 649,681 673,893
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of September 30, 2018 and June 30, 2018 -- --
Common stock, par value $0.01; 40,000,000 shares authorized; 7,031,450 shares issued and outstanding as of September 30, 2018 and June 30, 2018 71 71
Additional paid-in capital 25,548 24,714
Retained earnings 42,391 40,910
Total A-Mark Precious Metals, Inc. stockholders’ equity 649,681 673,893
Non-controlling interest 2,724 3,410
Total stockholders’ equity 70,814 69,108
Total liabilities, non-controlling interest and stockholders’ equity $ 720,495 $ 743,001
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share and per share data)
Three Months Ended 2017 2016
Revenues $ 1,565,090 $ 2,163,790
Gross profit 1,556,615 2,156,484
8,475 7,306
Selling, general and administrative expenses (7,719) (6,976)
Interest income 4,551 3,161
Interest expense (3,552) (2,733)
Other income 248 61
Unrealized loss on foreign exchange (70) (101)
Unrealized loss on foreign exchange 1,933 718
Income tax expense (499) (274)
Net income 1,434 444
Add: Net loss attributable to non-controlling interest (47) (34)
Net income attributable to the Company $ 1,481 $ 478
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.:
Basic $ 0.12 $ 0.07
Basic $ 0.21 $ 0.07
Dividends per share -- $ 0.08
Weighted average shares outstanding:
Basic 7,031,400 7,031,400
Diluted 7,091,900 7,122,400
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Nine Months Ended March 31 2017 2016
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization 697 592
Amortization of loan cost 211 233
Deferred income taxes 453 4,687
Interest added to principal of secured loans (5) (5)
Share-based compensation 272 436
Earnings from equity method investment (247) (15)
Changes in assets and liabilities:
Receivables (15,581) (1,876)
Secured loans 93 45
Secured loans to Former Parent 6,578 9,281
Derivative assets 4,251 5,218
Income tax receivable (8) (5,881)
Precious metals held under financing arrangements 30,51851 --
Inventories (9,511) (14,154)
Prepaid expenses and other assets (208) (802)
Accounts payable 14,996 1,471
Derivative liabilities (53,587) (10,125)
Liabilities on borrowed metals (53,518) 436
Accrued liabilities (793) (3,251)
Earn-out payment to related acquisition of joint venture -- 208
Income taxes payable -- (1,418 )
Net cash used in operating activities (10,298 ) (34,321 )
Cash flows from investing activities:
Capital expenditures for property and equipment (122) (318)
Secured loans, net 21,658 4,584
Acquisition of subsidiary, net of cash -- (9,587)
Net cash provided by (used in) investing activities : 21,499 (5,498)
Cash flows from financing activities:
Product financing arrangements, net 60,814 10,475
Dividends -- (562)
Borrowings and repayments under lines of credit, net (21,000) 39,000
Proceeds from issuance of debt obligation payable to related party -- 7500
Repayments on notes payable to related party -- (7500)
Proceeds from issuance of notes payable 90,000 --
Debt funding issuance costs (2,964 ) (149)
Net cash provided by financing activities 5,222 34,811
Net increase (decrease) in cash, cash equivalents, and restricted cash 16,254 (47,521)
Cash, cash equivalents, and restricted cash, beginning of period 6,291 13,059
Cash, cash equivalents, and restricted cash, end of period $ 22,571 $ 8,398
Overview of Results of Operations for the Three Months Ended September 30, 2018 and 2017
Condensed Consolidated Results of Operations
The operating results of our business for the three months ended September 30, 2018 and 2017 are as follows:
in thousands, except per share data
Three Months Ended March 31 2017 2016 $ %
$ % of revenue $ % of revenue increase/(decrease) increase/(decrease)
Gross profit $8,475 0.542% 7,306 0.338% $ 1,169 16.0 %
Selling, general and administrative expenses $(7,719) (0.493)% (6,976) (0.322)% $ 743 10.7 %
Interest income 4,551 0.291% 3,161 0.146% $ 1,390 44.0 %
Other income 248 0.016% 61 0.003% $ 187 306.6 %
Unrealized loss on foreign exchange (70) 0.005% (101) 0.005% $ 31 NM
Net income before provision for income taxes 248 0.016% 61 0.003% $ 187 306.6 %
Income tax expense (499) 0.032% (101) 0.005% $ 225 223.0%
Net income 248 0.016% 61 0.003% $ 187 306.6 %
Add: Net loss attributable to non-controlling interest (47) 0.032% (101) 0.005% $ 225 223.0%
Net income attributable to the Company (1,481) 0.095% (101) 0.005% $ 225 209.0%
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: Per Share Data:
Basic $ 0.21 $ 0.07 $ 0.14 200.0%
Diluted $ 0.21 $ 0.07 $ 0.14 200.0%

A-Mark Precious Metals Sets Fiscal Second Quarter 2018 Earnings Call for Thursday, February 8 at 4:30 p.m. ET

EL SEGUNDO, Calif., Feb. 05, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading full-service provider of products and services to the global precious metals market, will hold a conference call on Thursday, November 8 at 4:30 p.m. Eastern time to discuss results for the fiscal first quarter ended December 31, 2018. Financial results will be issued in a press release prior to the call.

A-Mark’s CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the presentation, followed by a question and answer period.

  • Date: Thursday, November 8, 2018
  • Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
  • U.S. dial-in number: 1-877-407-0789
  • International number: 1-201-689-8562

The conference call will be broadcasted live and available for replay in the Investor Relations section of A-Mark’s website at www.amark.com.

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 22, 2018.

  • Toll-free replay number: 1-844-512-2921
  • International replay number: 1-412-317-6671
  • Conference ID: 13684493

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Maintains $0.08 per Share Quarterly Dividend for the Fiscal Second Quarter of 2018

EL SEGUNDO, Calif., Feb. 02, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, has maintained the company’s regular quarterly cash dividend of $0.08 per share. The cash dividend will be paid on or about February 27, 2018 to all stockholders of record as of February 13, 2018.

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Sets Fiscal First Quarter 2019 Earnings Call for Thursday, November 8 at 4:30 p.m. ET

EL SEGUNDO, Calif., Nov. 07, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading full-service provider of products and services to the global precious metals market, will hold a conference call on Thursday, November 8 at 4:30 p.m. Eastern time to discuss results for the fiscal first quarter ended September 30, 2018. Financial results will be issued in a press release prior to the call.

A-Mark’s CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the presentation, followed by a question and answer period.

Date: Thursday, November 8, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 1-877-407-0789
International number: 1-201-689-8562


The conference call will be broadcasted live and available for replay in the Investor Relations section of A-Mark’s website at www.amark.com.

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 22, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Conference ID: 13684493

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com

A-Mark Precious Metals Reports Fiscal First Quarter 2019 Results

EL SEGUNDO, Calif., Nov. 08, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading full-service provider of products and services to the global precious metals market, reported results for the fiscal first quarter ended September 30, 2018.

Fiscal Q1 2019 Financial Highlights

  • Revenues for the three months ended September 30, 2018 decreased 28% to $1.57 billion from $2.16 billion for the three months ended September 30, 2017 and decreased 11% from $1.77 billion for the three months ended June 30, 2018
  • Gross profit for the three months ended September 30, 2018 increased 16% to $8.5 million (0.5% of revenue) from $7.3 million (0.3% of revenue) for the three months ended September 30, 2017 and increased 46% from $5.8 million (0.33% of revenue) for the three months ended June 30, 2018
  • Net income for the three months ended September 30, 2018 totaled $1.5 million or $0.21 per diluted share, compared to net income of $478,000 or $0.07 per diluted share for the three months ended September 30, 2017 and net loss of $3.0 million or $(0.43) per diluted share for the three months ended June 30, 2018
  • Gold ounces sold in the three months ended September 30, 2018 increased 61% to 535,000 ounces from 332,000 for the three months ended September 30, 2017 and decreased 9% from 586,000 for the three months ended June 30, 2018
  • Silver ounces sold in the three months ended September 30, 2018 increased 26% to 18.3 million ounces from 14.5 million ounces for the three months ended September 30, 2017 and increased 112% from 8.6 million from the three months ended June 30, 2018
  • As of September 30, 2018, the number of secured loans decreased 31% to 1,705 from 2,454 as of September 30, 2017 and decreased 51% from 3,507 as of June 30, 2018

Fiscal Q1 2019 Financial Results

Revenues decreased 28% to $1.57 billion from $2.16 billion in the same year-ago quarter. The decrease in revenues was mainly due to lower forward sales and lower gold and silver prices, offset by an increase in the total amount of gold and silver ounces sold.

Gross profit increased 16% to $8.5 million (0.5% of revenue) from $7.3 million (0.3% of revenue) in the same year-ago quarter. The increase in gross profit was primarily due to improved market conditions offset by lower trading profits and gross profit of the company’s Direct Sales segment (Goldline).

Selling, general and administrative expenses increased 11% to $7.7 million from $7.0 million in the same year-ago quarter. The increase was primarily due to selling, general and administrative expenses related to the company’s Direct Sales segment (Goldline) of $0.9 million and higher compensation costs of $0.5 million, partially offset by a reduction of $0.5 million of investigatory acquisition costs.

Interest income increased 44% to $4.6 million from $3.2 million in same year-ago quarter, driven primarily by increases in interest rates and an increase in the weighted-average value of the secured loan portfolio and other finance product income.

Interest expense increased 30% to $3.6 million from $2.7 million in same year-ago quarter. The increase was related primarily to greater usage of the company’s trading credit facility, the related-party debt financing agreement associated with the acquisition of Goldline, the company’s newly issued notes payable in our lending business, as well as higher LIBOR interest rates.

Net income totaled $1.5 million or $0.21 per diluted share, as compared to net income of $478,000 or $0.07 per diluted share in the same year-ago quarter.

Management Commentary

“We generated solid improvements across our various business segments in the fiscal first quarter, highlighted by expanded gross profit margins as well as a return to profitability,” said A-Mark CEO Greg Roberts. “Our performance was driven, in part, by more favorable conditions in the precious metals market, which was characterized by a decrease in silver and gold prices, leading to increased volatility, higher demand for our products and improved premium spreads.

“Our financial results were also enhanced by our larger, more diversified platform of products and services. In particular, our Secured Lending segment continued to generate steady and predictable cash flow for our overall business. While the total number of secured loans decreased in Q1 due to margin call activity related to these volatile market conditions, the $100 million asset-based securitization we completed in the quarter specifically earmarked for our direct lending business, CFC, enables us to more aggressively expand this business to new levels going forward. By growing our finance book and introducing new complementary financing products, A-Mark will increasingly benefit from the revenue diversification and interest income that CFC provides.

“We continue to see heightened volatility and continued demand for A-Mark’s physical products in the current quarter, both from retail and institutional customers. We remain cautiously optimistic, especially given the backdrop of the present geopolitical environment, volatile equity markets, and rising interest rates. We will continue to act opportunistically in an effort to capitalize on attractive near-term trading opportunities while strategically scaling our business for long-term success.”

Conference Call

A-Mark will hold a conference call today (November 8, 2018) to discuss these financial results. The company's CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). A question and answer session will follow management's presentation.

To participate, please dial the appropriate number at least five minutes prior to the start time and ask for the A-Mark Precious Metals conference call.

U.S. dial-in number: 1-877-407-0789
International number: 1-201-689-8562


The conference call will be broadcast simultaneously and available for replay via the Investor Relations section of A-Mark’s website at www.amark.com. If you have any difficulty connecting with the conference call or webcast, please contact Liolios at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time through November 22, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Conference ID: 13684493

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers and online retailers, financial institutions, industrial users, investors, collectors and retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics and Mint. Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with storage and management solutions for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including storage, shipping, and delivery of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint, which enables A-Mark to mint proprietary products as well as provides greater access to fabricated silver products.

The company operates its Secured Lending segment through its wholly-owned subsidiary, CFC. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors.

A-Mark operates its Direct Sales segment through its wholly-owned subsidiary Goldline Inc., a direct retailer of precious metals to the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television and the Internet.

A-Mark is headquartered in El Segundo, California and with offices and facilities in Vienna, Austria and Las Vegas, Nevada. For more information, visit www.amark.com.

Important Cautions Regarding Forward-Looking Statements

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute our growth strategy as planned; greater than anticipated costs incurred to execute this strategy; changes in the current international political climate which has favorably contributed to demand and volatility in the precious metals markets; increased competition for our higher margin services, which could depress pricing; the failure of our business model to respond to changes in the market environment as anticipated; general risks of doing business in the commodity markets; and other business, economic, financial and governmental risks as described in in the company’s public filings with the Securities and Exchange Commission.

The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Company Contact

Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact

Matt Glover
Liolios
1-949-574-3860
AMRK@liolios.com
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except for share data)
September 30, 2018 June 30, 2018
ASSETS
Current Assets:
Cash $ 22,714 $ 6,291
Receivables, net 51,275 35,856
Derivative assets 2,706 7,395
Secured loans receivable 81,891 110,424
Precious metals held under financing arrangements 232,476 262,566
Inventories:
Inventories 236,679 166,176
Restricted inventories 53,126 113,94
  289,805 280,116
Income taxes receivable 1,561 1,553
Prepaid expenses and other assets 2,830 2,782
Total current assets 685,258 706,983
Plant, property and equipment, net 7.639 8,018
Goodwill 8,881 8,881
Intangibles, net 6,609 6,6861
Long-term investments 8,609 8,861
Deferred tax assets - non-current 3,781 3,870
Total assets $ 720,495 $ 743,001
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Lines of credit $ 179,000 $ 200,000
Liability on borrowed metals 227,198 280,346
Product financing arrangements 53,126 113,940
Accounts payable 60,993 45,0997
Derivative liabilities 29,917 20,457
Total current liabilities 555,072 665,869
Debt obligation (related party) 7,257
Other long-term liabilities (related party) 296 798
Total liabilities 649,681 673,893
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of September 30, 2018 and June 30, 2018 -- --
Common stock, par value $0.01; 40,000,000 shares authorized; 7,031,450 shares issued and outstanding as of September 30, 2018 and June 30, 2018 71 71
Additional paid-in capital 25,548 24,714
Retained earnings 42,391 40,910
Total A-Mark Precious Metals, Inc. stockholders’ equity 649,681 673,893
Non-controlling interest 2,724 3,410
Total stockholders’ equity 70,814 69,108
Total liabilities, non-controlling interest and stockholders’ equity $ 720,495 $ 743,001
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share and per share data)
Three Months Ended September 30 2018 2017
Revenues $ 1,565,090 $ 2,163,790
Gross profit 1,556,615 2,156,484
8,475 7,306
Selling, general and administrative expenses (7,719) (6,976)
Interest income 4,551 3,161
Interest expense (3,552) (2,733)
Other income 248 61
Unrealized loss on foreign exchange (70) (101)
Unrealized loss on foreign exchange 1,933 718
Income tax expense (499) (274)
Net income 1,434 444
Add: Net loss attributable to non-controlling interest (47) (34)
Net income attributable to the Company $ 1,481 $ 478
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.:
Basic $ 0.12 $ 0.07
Basic $ 0.21 $ 0.07
Dividends per share -- $ 0.08
Weighted average shares outstanding:
Basic 7,031,400 7,031,400
Diluted 7,091,900 7,122,400
A-MARK PRECIOUS METALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Three Months Ended September 30 2018 2017
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization 697 592
Amortization of loan cost 211 233
Deferred income taxes 453 4,687
Interest added to principal of secured loans (5) (5)
Share-based compensation 272 436
Earnings from equity method investment (247) (15)
Changes in assets and liabilities:
Receivables (15,581) (1,876)
Secured loans 93 45
Secured loans to Former Parent 6,578 9,281
Derivative assets 4,251 5,218
Income tax receivable (8) (5,881)
Precious metals held under financing arrangements 30,51851 --
Inventories (9,511) (14,154)
Prepaid expenses and other assets (208) (802)
Accounts payable 14,996 1,471
Derivative liabilities (53,587) (10,125)
Liabilities on borrowed metals (53,518) 436
Accrued liabilities (793) (3,251)
Earn-out payment to related acquisition of joint venture -- 208
Income taxes payable -- (1,418 )
Net cash used in operating activities (10,298 ) (34,321 )
Cash flows from investing activities:
Capital expenditures for property and equipment (122) (318)
Secured loans, net 21,658 4,584
Acquisition of subsidiary, net of cash -- (9,587)
Net cash provided by (used in) investing activities : 21,499 (5,498)
Cash flows from financing activities:
Product financing arrangements, net 60,814 10,475
Dividends -- (562)
Borrowings and repayments under lines of credit, net (21,000) 39,000
Proceeds from issuance of debt obligation payable to related party -- 7500
Repayments on notes payable to related party -- (7500)
Proceeds from issuance of notes payable 90,000 --
Debt funding issuance costs (2,964 ) (149)
Net cash provided by financing activities 5,222 34,811
Net increase (decrease) in cash, cash equivalents, and restricted cash 16,254 (47,521)
Cash, cash equivalents, and restricted cash, beginning of period 6,291 13,059
Cash, cash equivalents, and restricted cash, end of period $ 22,714 $ 8,398
Overview of Results of Operations for the Three Months Ended September 30, 2018 and 2017
Condensed Consolidated Results of Operations
The operating results of our business for the three months ended September 30, 2018 and 2017 are as follows:
in thousands, except per share data
Three Months Ended September 30, 2018 2017 $ %
$ % of revenue $ % of revenue increase/(decrease) increase/(decrease)
Revenues $ 1,565,090 100.000 % $ 2,163,790 100.000 % $ (598,700 ) (27.7 )%
Gross profit $8,475 0.542% 7,306 0.338% $ 1,169 16.0 %
Selling, general and administrative expenses $(7,719) (0.493)% (6,976) (0.322)% $ 743 10.7 %
Interest income 4,551 0.291% 3,161 0.146% $ 1,390 44.0 %
Interest expense (3,552 ) (0.227 )% (2,733 ) (0.126 )% $ 819 30.0 %
Other income 248 0.016% 61 0.003% $ 187 306.6 %
Unrealized loss on foreign exchange (70) 0.005% (101) 0.005% $ 31 NM
Net income before provision for income taxes 1,933 0.124 % 718 0.033 % $ 1,215 169.2 %
Income tax expense (499) 0.032% (101) 0.005% $ 225 223.0%
Net income 248 0.016% 61 0.003% $ 187 306.6 %
Add: Net loss attributable to non-controlling interest (47) 0.003% (34) 0.002% (13) 38.2%
Net income attributable to the Company $ 1,481 0.095% 478 0.002% (13) 209.8%
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: Per Share Data:
Basic $ 0.21 $ 0.07 $ 0.14 200.0%
Diluted $ 0.21 $ 0.07 $ 0.14 200.0%

Management

Board of Directors

Committee Composition

Below is a summary of our committee structure and membership information. To read more about any of the committees, click on committee names in the chart below.

Chairperson
Member
Financial Expert
Audit Committee Compensation Committee Nominating and Corporate Governance Committee
Ellis Landau
Beverley Lepine
William Montgomery
John U. Moorhead

Ellis Landau

Director

Ellis Landau is President, Treasurer and Director of ALST Casino Holdco, LLC, the holding company of Aliante Gaming, LLC, which owns and operates Aliante Station Casino Hotel in Las Vegas, Nevada. Mr. Landau was formerly a member of the Board of Directors of Pinnacle Entertainment, Inc. (NYSE:PNK), a leading gaming company, where he served as Chairman of the Audit Committee and as a member of its Nominating and Governance Committee and its Compliance Committee. In 2006, Mr. Landau retired as Executive Vice President and Chief Financial Officer of Boyd Gaming Corporation (NYSE: BYD), a position he held since he joined the company in 1990.

Beverley Lepine

Director

Beverley Lepine was previously as chief operating officer of the Royal Canadian Mint, a Canadian Federal Crown Corporation. Ms. Lepine held various positions over her 27 year career at the Mint, including chief financial officer and vice president manufacturing. Previously, she worked for the Treasury Board Secretariat of the Government of Canada and Via Rail Canada. Upon graduating with a Bachelor's degree in Business Administration from Bishop's University in 1974, Ms. Lepine worked for Clarkson Gordon, where she obtained her Chartered Public Accountant (CPA) designation in 1978. She also obtained her Institute of Corporate Directors Certificate in 2011.

William Montgomery

Director

William Montgomery is a private investor with a focus on equities and real estate. Previously, he was Executive Vice President in charge of principal investments for Libra Securities from 1999-2000. Prior thereto, he was a Managing Director at Salomon Brothers Inc. At Salomon, he was a member of the fixed income arbitrage group from 1993 to 1998 and was responsible for proprietary investments in high yield securities. He was previously a member of the Investment Banking department (1986 – 1991) and a distressed debt trader (1991 -1992). He is a graduate of the University of Virginia (1982) and the Columbia University School of Law (1986).

John U. Moorhead

Director

John ("Jay") Moorhead has been Managing Director of Ewing Bemiss & Co, an investment banking firm, since 2009. Prior to joining Ewing Bemiss, Mr. Moorhead was a managing director at Westwood Capital and MillRock Partners, boutique investment banking firms serving private middle market and public growth companies. From 2001 to 2003, Mr. Moorhead was a corporate finance partner at CE Unterberg Towbin and for ten years prior to that, was a founding partner of the New York investment banking firm VM Equity Partners. Prior to co-founding VM Equity Partners, Mr. Moorhead was an investment banker at Lehman Brothers and at E.F. Hutton. Mr. Moorhead received his B.A. degree from the University of Vermont, and attended the Program for Management Development at Harvard Business School.

Jess M. Ravich

Director

Jess M. Ravich is Group Managing Director and Head of Alternative Products for The TCW Group, Inc., an international asset-management firm, which he joined in 2012. Prior to joining The TCW Group, Mr. Ravich served as managing director and head of capital markets of Houlihan, Lokey, Howard & Zukin, Inc., an international investment bank. From 1991 through November 2009, Mr. Ravich founded and served as Chief Executive Officer of Libra Securities LLC, an investment banking firm serving the middle market. Prior to founding Libra, Mr. Ravich was an Executive Vice President of the fixed income department at Jefferies & Company, a Los Angeles-based brokerage firm. Prior to Jefferies, Mr. Ravich was a Senior Vice President at Drexel Burnham Lambert, where he was also a member of the executive committee of the high yield group and shared responsibility for running high yield trading from 1988 until 1990, when the firm closed. Mr. Ravich is a graduate of the Wharton School at the University of Pennsylvania, summa cum laude, and Harvard Law School, magna cum laude and editor of Law Review. Mr. Ravich serves on the Board of Directors of The Cherokee Group, Inc. (NASDAQ: CHKE).

SEC Filings

Financial Information
(View search tips)
(View SEC Groupings descriptions)
View Section 16 Filings (3,4,5)
Filling Date Form Description Filling Group Downloads
11/26/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
11/13/18 8-K Report of unscheduled material events or corporate event Current Reports Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
11/13/18 10-Q Quarterly report which provides a continuing view of a company's financial position Quarterly Filings Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF Download XBRL Content
10/16/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
10/02/18 3 Initial filing by director officer or owner of more than ten percent. 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
09/25/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
09/25/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
09/19/18 DEF 14A Official notification to shareholders of matters to be brought to a vote ("Proxy") Proxy Filings Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
Filling Date Form Description Filling Group Downloads
11/15/17 8-K Annual report which provides a comprehensive overview of the company for the past year Annual Filings Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF Download XBRL Content
09/12/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
09/12/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
09/01/17 8-K Report of unscheduled material events or corporate event Current Reports Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
08/24/17 8-K Report of unscheduled material events or corporate event Current Reports Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
08/18/17 8-K Report of unscheduled material events or corporate event Current Reports Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
08/17/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
07/20/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
07/19/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
06/22/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
Filling Date Form Description Filling Group Downloads
06/21/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
05/31/17 8-K Report of unscheduled material events or corporate event Current Reports Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
05/18/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
05/18/17 S-8 Securities offered to employees pursuant to employee benefit plans Registration Statements Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
05/10/17 10-Q Quarterly report which provides a continuing view of a company's financial position Quarterly Filings Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF Download XBRL Content
04/24/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
04/24/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
04/20/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
03/23/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
03/17/17 SC 13D/A An amendment to a SC 13D filing Other Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
Filling Date Form Description Filling Group Downloads
02/23/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
02/08/17 10-Q Quarterly report which provides a continuing view of a company's financial position Quarterly Filings Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF Download XBRL Content
02/02/17 8-K Report of unscheduled material events or corporate event Current Reports Download SEC Filing to Word Download SEC Filing to Excel Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
01/19/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
01/18/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    11/26/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    10/16/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    10/02/18 3 Initial filing by director officer or owner of more than ten percent. 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/25/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/25/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/04/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/04/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/04/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/04/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    08/03/18 5 Annual filing director officer or owner of more than ten percent. 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    07/20/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    05/18/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    05/16/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    04/19/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    03/22/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    02/22/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    01/19/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    01/18/18 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/21/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    11/27/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
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    11/24/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    10/19/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    10/04/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    10/04/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/21/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/12/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/12/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    08/17/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    07/20/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    07/19/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    06/22/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    06/21/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    05/18/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    04/24/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    04/24/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    04/20/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    03/23/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    02/23/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    01/19/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    01/18/17 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    12/22/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/21/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    11/21/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    11/16/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    10/20/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/22/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/15/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    09/08/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    08/18/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    08/18/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    08/17/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    07/21/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    06/23/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    05/19/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    05/17/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    05/17/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    04/21/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    04/19/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    04/19/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    03/17/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    03/15/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    03/15/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    02/25/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    02/19/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    02/17/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    02/17/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    01/22/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    01/19/16 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/18/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/17/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    12/09/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/09/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/07/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/03/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/02/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    12/02/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    11/30/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    11/25/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    11/19/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    11/17/15 3 Initial filing by director officer or owner of more than ten percent. 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    Filling Date Form Description Filling Group Downloads
    10/22/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    08/20/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF XBRL SEC Filing Unavailable
    07/23/15 4 Statement of changes in beneficial ownership of securities 3,4,5 Download SEC Filing to Word Excel SEC Filing Unavailable Download SEC Filing to Adobe PDF