News on GMAI. The trend now seems to be sell the good news, rocket the dogs. By that I mean look at 2 risky stocks, bdco and lockc, one up 100% and one up 550% yesterday. Yet the good stocks just sit. We are in a very wild market.
>>>Greg Manning Auctions Reports Record Profits for
Fiscal 1997
WEST CALDWELL, N.J., Oct. 9 - Greg Manning Auctions, Inc.
(Nasdaq:GMAI), one of the world's largest specialty auction houses for stamps, sports cards and
other collectibles, achieved record sales and profits for its 1997 fiscal year, eclipsing the records
set in the prior year, Greg Manning, chairman and chief executive officer, reported.
For the year ended June 30, 1997, aggregate sales totaled a record $32,346,179, up nearly 9%
from $29,710,971 reported a year ago. Pre-tax earnings for the year reached a record
$1,244,077, up 27% from last year's $975,439.
Mr. Manning stated, ''I am especially pleased with the increase in our operating profits of
$1,187,958 in the 1997 fiscal year, since our operating expenses increased only 3%. The year's
after tax earnings of 15 cents per share represented a 23% increase over the previous year.
''In fiscal 1997 we refocused our efforts in the stamp field by adding a Greg Manning Galleries,
Inc. mail auction, and subsequent to year-end we acquired CEE-JAY Stamp Auctions a
Maryland-based company which conducts public and mail auctions. Several profitable private
transactions and solidifying consignment arrangements with major suppliers helped contribute to
the company's strong performance in fiscal 1997. While it was an expensive undertaking for the
company, our impressive showing as exclusive auctioneer for PACIFIC '97, the massive philatelic
exhibition in San Francisco, has already begun to open new business doors for us.''
GREG MANNING AUCTIONS, INC.
Highlights of Consolidated Statements of Operations
Year Ended Three Months Ended
June 30, June 30,
1997 1996 1997 1996
Aggregate Sales $32,346,179 $29,710,971 $13,337,100 $10,088,668
Operating Revenues 15,051,165 15,437,190 5,451,840 6,082,959
Income before
Income taxes 1,244,077 975,439 241,584 639,254
Income tax provision
(benefit) 583,473 439,056 149,476 298,609
Net Income 660,604 536,383 92,108 340,645
Net Income per share $0.15 $0.12 $0.02 $0.07
Weighted average number common
and dilutive equivalent shares
outstanding 4,520,157 4,379,673 4,469,075 4,847,155 |
