Greg Manning Auctions (NASDAQ:GMAI)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Greg Manning Auctions Charts. Click Here for more Greg Manning Auctions Charts.](/p.php?pid=staticchart&s=N%5EGMAI&p=8&t=15)
Greg Manning Auctions, Inc. (NASDAQ:GMAI) announced
today that results of auctions held during the fiscal fourth quarter,
which ends on June 30, 2005, have to date exceeded estimates. This
trend is expected to continue through the remainder of the quarter.
Highlights of recent auction activity included:
-- Corinphila Auctions of Zurich, Switzerland (65% owned by GMAI)
conducted multi-day event auctions on May 18-21, which
included another selection from the famed Dr. Anton Jerger
Collection. These highly successful auctions totaled $8.2
million in aggregate sales, eclipsing the pre-sale estimate of
$7.2 million.
-- GMAI's most recent acquisition, Hong Kong subsidiary John Bull
Auctions, held its inaugural sale under the GMAI banner and
set a John Bull all-time sales record of $1.4 million for
their general auction, plus the Edward M. Gilbert Collection
of Hong Kong. The pre-sale estimate of $1.1 million was
conservative based on the many hundreds of absentee and floor
bidders, whose competitive bidding also established records
for a number of stamp and postal history lots.
-- An Ivy & Manning Philatelic Auctions sale featuring worldwide
stamps held on May 17-20 realized $1.5 million, well over its
pre-sale estimate of $1.2 million.
Moving into the active auction market of June, upcoming Greg
Manning auctions include:
-- An important Kohler auction in Wiesbaden, Germany currently in
progress through June 4, and is expected to realize sales in
excess of $2 million.
-- In London, England on June 15-16, H.R. Harmer of New York will
collaborate with the venerable firm of Spink, founded in
England in 1666, for an important auction of British Empire
stamps and postal history contained in a single-owner auction
of the fourth offering from the Edward M. Gilbert Collection.
The Gilbert auction is expected to realize in excess of $3
million.
-- On June 18, GMAI will conduct another of its continuing
quarterly series of auctions containing United States and
worldwide collections and dealers' inventories, estimated to
realize $2.2 million. This auction features a huge
accumulation of primarily Western European stamps collected by
an Australian gentleman.
-- On June 24, H.R. Harmer will present the single-owner Richard
Baron Cohen auction of extraordinary Mint Never Hinged 19th &
20th Century United States stamps. The Cohen auction will
present for the first time an auction fully numerically graded
by Professional Stamp Experts (PSE), a Collectors Universe
(NASDAQ: CLCT) company. A unique guarantee of up to $10,000
per stamp is now offered by PSE to assure clients that the
stamps graded are the appropriate Scott catalogue numbers.
This auction is expected to realize in excess of $700,000.
Greg Manning, First Vice Chairman, CEO and President, stated, "Our
fourth quarter is normally very busy, but this year is exceptional. In
addition to the auctions outlined, our Nutmeg subsidiary is offering
its 8,200 clients tens of thousands of auction lots this quarter. The
new clients added from our Nutmeg, Harmer and John Bull acquisitions
have proven to be a significant force in Ivy & Manning and GMA auction
realizations."
Manning concluded, "Sales in the fourth quarter thus far to
Afinsa, our majority shareholder, under our ten-year sole source
supplier agreement have also been exceptional. Additionally, our coin
division started the quarter with a successful auction at Bowers &
Merena on April 7 and 8, which realized $5.95 million and featured the
first public auction offering of coins recovered from the S.S.
Republic. Coin sales remain robust, and a major fiscal 2006 first
quarter coin auction will be the Bowers & Merena rarities auction in
San Francisco in July, which will feature Part IV of the exceedingly
high quality Rod Sweet Collection. Based on the auction consignments
already in house and arriving daily, we also look forward to an active
fiscal 2006 first quarter, which begins on July 1, 2005."
About Greg Manning Auctions, Inc.
Greg Manning Auctions, Inc. is a global collectibles merchant and
auction house network, with operations in North America, Europe and
Asia and on the Internet. This network was created in September 2003
when GMAI and Auctentia, S.L. effectively integrated their auction
businesses, creating a GMAI-AUCTENTIA global collectibles auction
network.
In North America, GMAI is a leading traditional and e-commerce -
Internet, interactive telephone, and Internet and live simulcast -
auctioneer and merchant/dealer of collectibles. Coins, stamps and
sports cards are offered at www.gregmanning.com and www.teletrade.com.
Its operations include the Greg Manning Auctions division, Ivy &
Manning Philatelic Auctions, H.R. Harmer of New York, Greg Manning
Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales,
Superior Sports Auctions, Bowers & Merena Galleries and Kingswood Coin
Auctions.
In Europe, the leading auction houses affiliated with the network
are Auctentia Subastas of Madrid, Spain (operating under the name
"Afinsa Auctions"); Corinphila Auktionen of Zurich, Switzerland (65%
owned by GMAI); and the Koehler group of auction companies of Berlin
(66.67% owned by GMAI) and Wiesbaden, Germany.
GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid,
Spain, which is engaged in the sale, marketing and production of owned
and third-party collectibles, with an emphasis on specialized
philatelic material.
Both GMAI and CdC currently act as exclusive supplier of
collectibles - primarily stamps and coins - on a worldwide basis to
Afinsa Bienes Tangible, S.A. of Madrid, Spain, one of the world
leaders in marketing tangible investment products, and GMAI's majority
shareholder.
Statements in this press release that relate to future plans,
objectives, expectations, performance, events and the like are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the Securities Exchange
Act of 1934. Future events, risks and uncertainties, individually or
in the aggregate, could cause actual results to differ materially from
those expressed or implied in these statements. Factors that may cause
such differences include changes in market conditions, changes in
economic environment, competitive factors and the other factors
discussed in the "forward-looking information" or "risk factors"
sections included in GMAI's filings with the Securities and Exchange
Commission, including GMAI's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, prospectuses and other documents that GMAI has
filed with the Commission. In particular, any statement related to
GMAI's expected revenues or earnings or GMAI's being well positioned
for future profitability and growth are forward-looking statements.
The words "should," "believe," "estimate," "expect," "intend,"
"anticipate," "foresee," "plan" and similar expressions and variations
thereof identify certain of such forward-looking statements, which
speak only as of the dates on which they were made. Additionally, any
statements related to future improved performance and estimates of
revenues and earnings per share are forward-looking statements. GMAI
undertakes no obligation to publicly update or revise any
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements.