Board Appoints Interim CEO
NEWPORT BEACH, Calif., March 16 /PRNewswire-FirstCall/ -- Collectors
Universe, Inc. (Nasdaq: CLCT), a leading provider of value-added
authentication and grading services to dealers and collectors of high-value
collectibles, today announced that Chief Executive Officer Michael Haynes will
depart the Company as of April 1, 2009 to pursue other opportunities.
Clint Allen, Chairman of the Board stated, "During his tenure, Michael
Haynes directed the turnaround of the Company and was instrumental in
strengthening the balance sheet and positioning the Company for long-term
profitability. The Company now has substantially improved continuing
operations and is prepared for the next phase of success. We are grateful for
his years of dedication toward this goal."
Michael Haynes stated, "Based on a strategy established by the board at
the beginning of my term in 2003, Collectors Universe has been transformed to
focus on its core competency of grading and authentication of collectibles,
with updated operating systems and restructured management. The proven
leadership position of these divisions in their markets along with the
efficient operating support and favorable balance sheet provides the
foundation for long-term profitability."
Michael McConnell, a member of the Board of Directors of the Company, has
been appointed interim Chief Executive Officer.
About Collectors Universe
Collectors Universe, Inc. is a leading provider of value-added services to
the high-value collectibles markets. The Company authenticates and grades
collectible coins, sports cards, autographs, and stamps. The Company also
compiles and publishes authoritative information about United States and world
coins, collectible sports cards and sports memorabilia, and collectible
stamps. This information is accessible to collectors and dealers at the
Company's web site, http://www.collectors.com, and is also published in print.
Cautionary Statements Regarding Forward-Looking Information
This news release contains statements regarding our expectations, views
and beliefs about our future financial performance that are "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by the use of words such
as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project,"
or words of similar meaning, or future or conditional verbs such as "will,"
"would," "should," "could," or "may." Due to a number of risks and
uncertainties to which our business is subject, our future financial
performance may differ, possibly materially, from our expected financial
performance as set forth in the forward-looking statements contained in this
news release. Those risks and uncertainties include, but are not limited to,
the risk that the current economic recession will worsen or continue for an
extended period of time or that changes in conditions in the collectibles
markets in which we operate, such as a possible decline in the popularity of
some high-end collectibles, could reduce, possibly significantly, the volume
of grading submissions to us and, therefore, the grading fees we generate; the
risk that we will not succeed in growing our collectibles businesses
significantly, which could limit the extent to which we will be able to
improve margins and increase profits; the expenses of discontinuing the
jewelry businesses, which will adversely impact, in particular, our operating
results during the balance of the current fiscal year; and the seasonality of
our business which can cause fluctuations in quarterly operating results and
quarterly cash flows.
Additional information regarding these risks and information regarding
other risks and uncertainties to which our business is subject is contained in
our Annual Report on Form 10-K for our fiscal year ended June 30, 2008 and our
Quarterly Report on Form 10-Q for the quarter ended December 31, 2008 which we
filed with the Securities and Exchange Commission. Due to these risks and
uncertainties, readers are cautioned not to place undue reliance on the
forward-looking statements contained in this news release or in that Annual
Report, which speak only as of their respective dates. We also disclaim any
obligation to update or revise any of the forward-looking statements as a
result of new information, future events or otherwise, except as may be
required by law or NASDAQ rules.
SOURCE Collectors Universe, Inc.
-0- 03/16/2009
CONTACT:
Joseph Wallace, Chief Financial Officer of Collectors Universe,
+1-949-567-1245, jwallace@collectors.com
Web Site: http://www.collectors.com
