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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 December 31, 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 February 12, 2004
 
Common Stock $.001 Par Value
6,111,320
 
 
 
 
 






     

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

FOR THE QUARTER ENDED DECEMBER 31, 2003

TABLE OF CONTENTS


PART I
Financial Information
Page
 
Item 1.
1
 
 
 
 
 
 
2
 
 
 
 
 
 
3
 
 
 
 
 
 
4
 
 
 
 
 
Item 2.
12
 
 
 
 
 
Item 3.
21
 
 
 
 
 
Item 4.
22
 
 
 
 
PART II
Other Information
 
 
Item 4
23
 
 
 
 
 
Item 6.
24
 
 
 
S-1
 
 
 
E-1
 
 
 
EXHIBITS
 
 
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 December 31 and June 30, 2003
(in thousands, except per share data)
(unaudited)
 
  
December 31,
June 30,
 
  
2003
2003
   
ASSETS
 
 
 
Current assets:
   
 
    
 
  
Cash and cash equivalents
 
$
8,959
 
$
4,482
 
Accounts receivable, net of allowance for doubtful accounts of $36 (December) and $29 (June)
   
395
   
454
 
Inventories, net
   
334
   
180
 
Prepaid expenses and other
   
610
   
638
 
Refundable income taxes
   
963
   
1,183
 
Deferred income taxes
   
1,066
   
1,066
 
Current assets of discontinued operations held for sale
   
15,636
   
15,947
 
   
 
 
Total current assets
   
27,963
   
23,950
 
Property and equipment, net
   
1,323
   
1,262
 
Deferred income taxes
   
6,467
   
6,467
 
Other assets
   
111
   
194
 
Non-current assets of discontinued operations held for sale
   
305
   
418
 
   
 
 
 
  
$
36,169
 
$
32,291
 
   
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
   
 
    
 
  
Current liabilities:
   
 
    
 
  
Accounts payable
 
$
677
 
$
917
 
Accrued liabilities
   
980
   
1,253
 
Accrued compensation and benefits
   
647
   
490
 
Deferred revenue
   
923
   
777
 
Current liabilities of discontinued operations held for sale
   
5,875
   
2,144
 
   
 
 
Total current liabilities
   
9,102
   
5,581
 
Deferred rent
   
401
   
391
 
Other long-term liabilities
   
17
   
-
 
Commitment and contingencies
   
 
    
 
  
Stockholders' equity:
   
 
    
 
  
Preferred stock, $.001 par value; 5,000 shares authorized; no shares issued or outstanding
   
-
   
-
 
Common stock, $.001 par value; 40,000 shares authorized; issued 6,221 at December 31, 2003
            and 6,255 at June 30, 2003
   
41,281
   
40,904
 
Accumulated deficit
   
(13,611
)
 
(13,564
)
Treasury stock, at cost (125 shares)
   
(1,021
)
 
(1,021
)
   
 
 
Total stockholders' equity
   
26,649
   
26,319
 
   
 
 
 
  
$
36,169
 
$
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
Six Months Ended
   
 
  
December 31,
December 31,
December 31,
December 31,
 
  
2003
2002
2003
2002
   
Net revenues
 
$
5,753
 
$
4,123
 
$
11,765
 
$
9,233
 
Cost of revenues
   
2,107
   
1,677
   
4,331
   
3,517
 
   
 
 
 
 
Gross profit
   
3,646
   
2,446
   
7,434
   
5,716
 
         Selling, general and administrative expenses
   
3,167
   
2,920
   
6,258
   
5,892
 
     
  		    
  		    
  		    
  		  
Operating income (loss)
 
479
   
(474
)
 
1,176
   
(176
)
Interest income, net
   
7
   
11
   
14
   
21
 
Other (expenses) income
   
(12
)
 
9
   
(19
)
 
8
 
   
 
 
 
 
Income (loss) before income taxes
   
474
   
(454
)
 
1,171
   
(147
)
Provision (benefit) for income taxes
   
170
   
(584
)
 
483
   
(450
)
   
 
 
 
 
Income from continuing operations before cumulative effect of change
in accounting principle
 
$
304
 
$
130
 
$
688
 
$
303
 
Cumulative effect of change in accounting principle,
        net of income taxes of $27
   
-