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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
 
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
For the quarter ended September 30, 2003
 
 
 
OR
 
 
q
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
 
 
 
For the transition period from _______ to _____
Commission file number 0-27887
 
 
 
COLLECTORS UNIVERSE, INC.
(Exact name of Registrant as specified in its charter)

Delaware
33-0846191
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
Incorporation or organization)
 
 
1921 E. Alton Avenue, Santa Ana, California 92705
(address of principal executive offices and zip code )
 
 
Registrant's telephone number, including area code: (949) 567-1234


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No ___

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ___ No ü .

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class
Outstanding at September 30, 2003
 
Common Stock $.001 Par Value
6,196,907
 
 
 
 
 






     

COLLECTORS UNIVERSE, INC.
QUARTERLY REPORT
ON FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2003

TABLE OF CONTENTS


PART I
Page
 
Item 1.
1
       
 
 
2
 
 
 
 
 
 
3
 
 
 
 
 
 
4
 
 
 
 
 
Item 2.
11
 
 
 
 
 
Item 3.
20
 
 
 
 
 
Item 4.
20
 
 
 
 
PART II
Other Information
 
 
Item 5.
21
 
 
 
S-1
 
 
 
E-1
 
 
 
 
 
Exhibit 31.1
Certifications of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act
 
Exhibit 31.2
Certifications of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley Act
 
Exhibit 32.1
Chief Executive Officer Certification of Periodic Report Under Section 906 of the Sarbanes-Oxley Act
 
Exhibit 32.2
Chief Financial Officer Certification of Periodic Report Under Section 906 of the Sarbanes-Oxley Act
 




   i  

PART I - FINANCIAL INFORMATION

ITEM 1.         FINANCIAL STATEMENTS

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
as of September 30, 2003 and June 30, 2003
(in thousands, except share data)
(unaudited)

 
  
September 30,
June 30,
 
  
2003
2003
   
ASSETS
 
 
 
Current assets:
   
 
    
 
  
Cash and cash equivalents
 
$
8,681
 
$
4,482
 
Accounts receivable, net of allowance for doubtful accounts of $1,071 (September) and 1,009 (June)
   
6,907
   
4,652
 
Auction consignment advances
   
1,152
   
1,511
 
Inventories, net
   
7,232
   
8,541
 
Prepaid expenses and other
   
1,022
   
1,041
 
Notes receivable
   
640
   
1,474
 
Refundable income taxes
   
584
   
1,183
 
Deferred income taxes
   
1,066
   
1,066
 
   
 
 
Total current assets
   
27,284
   
23,950
 
Property and equipment, net
   
1,443
   
1,332
 
Notes receivable, net of current portion
   
142
   
224
 
Deferred income taxes
   
6,467
   
6,467
 
Other assets
   
234
   
318
 
   
 
 
 
  
$
35,570
 
$
32,291
 
   
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
   
 
    
 
  
Current liabilities:
   
 
    
 
  
Accounts payable
 
$
795
 
$
917
 
Consignors payable
   
3,574
   
895
 
Accrued liabilities
   
1,802
   
1,583
 
Accrued compensation and benefits
   
850
   
773
 
Deferred revenue
   
1,220
   
1,413
 
   
 
 
Total current liabilities
   
8,241
   
5,581
 
 
    
 
    
 
  
Deferred rent
   
396
   
391
 
Commitment and contingencies
   
 
    
 
  
Stockholders' equity:
   
 
    
 
  
Preferred stock, $.001 par value; 3,000 shares authorized; no shares issued or outstanding
   
-
   
-
 
Common stock, $.001 par value; 30,000 shares authorized; issued 6,312 at September 30, 2003 and 6,255 at June 30, 2003
   
 
25
   
 
25
 
Additional paid-in capital
   
41,062
   
40,879
 
Accumulated deficit
   
(13,133
)
 
(13,564
)
Treasury stock, at cost (125 shares)
   
(1,021
)
 
(1,021
)
   
 
 
Total stockholders' equity
   
26,933
   
26,319
 
   
 
 
 
  
$
35,570
 
$
32,291
 
   
 
 

See accompanying notes to condensed consolidated financial statements 
 
1  
 
COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)


 
  
Three Months Ended
 
  
September 30,
   
 
  
2003
2002
   
Net revenues
 
$
17,187
 
$
12,593
 
Cost of revenues
   
10,910
   
7,119
 
   
 
 
Gross profit
   
6,277
   
5,474
 
Selling, general and administrative expenses
   
5,447
   
4,962
 
Provision for doubtful accounts
   
83
   
59
 
Amortization of goodwill and intangibles
   
5
   
19
 
   
 
 
Total operating expenses
 
5,535
   
5,040
 
   
 
 
Operating income
   
742
   
434
 
Interest income, net
   
39
   
79
 
Other expenses
   
(7
)
 
(1
)
   
 
 
Income before income taxes
   
774
   
512
 
Provision for income taxes
   
343
   
216
 
   
 
 
Net income before cumulative effect of change in accounting principle
 
$
431
 
$
296
 
Cumulative effect of change in accounting principle, net of taxes of $4,511
   
-
   
(8,973
)
   
 
 
Net income (loss)
 
$
431
 
$
(8,677
)
   
 
 
 
    
 
    
 
  
Net income (loss) per common share – basic
   
 
    
 
  
Before cumulative effect of accounting change
 
$
0.07
 
$
0.05
 
Cumulative effect of accounting change
   
-
   
(1.45
)
   
 
 
Net Income (loss) – basic
 
$