Q2 FY 2025 Diluted Earnings Per Share of $0.27
$6.6 Million in Net Income and $16.2 Million in non-GAAP EBITDA in Q2 FY 2025
Repurchased 169,512 Common Shares for $5.1 Million
Company reaffirms regular quarterly cash dividend policy of $0.20 per share
EL SEGUNDO, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading fully integrated precious metals platform, reported results for the fiscal second quarter ended December 31, 2024.
Management Commentary
"Our second quarter results continue to reflect the strength of our fully-integrated platform to perform profitably even with slower market conditions, elevated precious metals prices, and subdued demand,” said A-Mark CEO Greg Roberts. "During the quarter, we delivered earnings of $0.27 per diluted share and $16.2 million in non-GAAP EBITDA.
"We also made significant progress on our strategic plans for A-Mark's long-term success, including nearing the completion of the A-Mark Global Logistics (AMGL) facility expansion and logistics initiatives, executing our plans for advancing our reach in Asia and our DTC presence in Singapore, and exploring various M&A opportunities.
"As announced earlier this week, A-Mark entered into a definitive agreement to acquire Spectrum Group International ("SGI”), the parent of Stack's Bowers Galleries, one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. This proposed acquisition will expand our presence into the premium collectible markets and the adjacent higher margin luxury markets. I am truly excited for the cross-selling opportunities and synergies within the A-Mark platform.
"Regarding our capital and related deployment, last week, we amended our Trading Credit Facility to increase our revolving commitment to $457MM from $422.5MM. We also returned capital to shareholders through the repurchase of $5.1 million of common stock during the quarter.
"We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long term.”
| Three Months Ended December 31, | ||||||||||
| 2024 | 2023 | |||||||||
| (in thousands, except Earnings per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 2,742,345 | $ | 2,078,815 | ||||||
| Gross profit | $ | 44,767 | $ | 46,041 | ||||||
| Depreciation and amortization expense | $ | (4,639 | ) | $ | (2,811 | ) | ||||
| Net income attributable to the Company | $ | 6,558 | $ | 13,766 | ||||||
| Earnings per Share: | ||||||||||
| Basic | $ | 0.28 | $ | 0.60 | ||||||
| Diluted | $ | 0.27 | $ | 0.57 | ||||||
| Non-GAAP Measures (1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 13,363 | $ | 21,728 | ||||||
| EBITDA | $ | 16,224 | $ | 25,096 | ||||||
| (1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25 | ||||||||||
| A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2024 and 2023 follows (in thousands): | ||||||||||
| Three Months Ended December 31, | ||||||||||
| 2024 | 2023 | |||||||||
| Net income before provision for income taxes | $ | 8,016 | $ | 18,428 | ||||||
| Adjustments: | ||||||||||
| Contingent consideration fair value adjustment | 20 | - | ||||||||
| Acquisition costs | 688 | 489 | ||||||||
| Amortization of acquired intangibles | 3,790 | 2,165 | ||||||||
| Depreciation expense | 849 | 646 | ||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 13,363 | $ | 21,728 | ||||||
| Three Months Ended | ||||||||||
| December 31, 2024 | September 30, 2024 | |||||||||
| (in thousands, except Earnings per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 2,742,345 | $ | 2,715,096 | ||||||
| Gross profit | $ | 44,767 | $ | 43,443 | ||||||
| Depreciation and amortization expense | $ | (4,639 | ) | $ | (4,709 | ) | ||||
| Net income attributable to the Company | $ | 6,558 | $ | 8,984 | ||||||
| Earnings per Share: | ||||||||||
| Basic | $ | 0.28 | $ | 0.39 | ||||||
| Diluted | $ | 0.27 | $ | 0.37 | ||||||
| Non-GAAP Measures (1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 13,363 | $ | 14,784 | ||||||
| EBITDA | $ | 16,224 | $ | 17,782 | ||||||
| (1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25 | ||||||||||
| A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2024 and September 30, 2024 follows (in thousands): | ||||||||||
| Three Months Ended | ||||||||||
| December 31, 2024 | September 30, 2024 | |||||||||
| Net income before provision for income taxes | $ | 8,016 | $ | 10,173 | ||||||
| Adjustments: |
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