Collectors Universe Inc. (CLCT: Quote) , an authenticator of collectibles, Thursday announced a rise in its fourth quarter profit, helped by a tax benefit and absence of impairment losses incurred last year.
Net income for the fourth quarter was $2.4 million or $0.31 per share, up from $1.1 million or $0.13 per share in the prior year.
Impairment losses were nil during the quarter compared to $1.4 million a year ago, and the company witnessed a tax benefit of $0.6 million during the quarter compared to a tax charge of $0.6 million a year ago.
Gross profit margin on service revenues during the quarter contracted to 59% from 62% a year ago.
Collectors Universe provides authentication and grading services to dealers of high-value coins, trading cards, and other items. During the quarter, its net revenues fell 4% to $11.73 million from $12.26 million in the year ago period, hurt by a 31 percent decrease in modern coin service revenues.
Shares of Collectors Universe closed at $14.29, down 15 cents or 1.04% on the Nasdaq.
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by RTT Staff Writer
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