Collectors Universe Provides New Business Update Regarding the Coronavirus Pandemic

NEWPORT BEACH, Calif., April 15, 2020 (GLOBE NEWSWIRE) -- Collectors Universe, Inc. (NASDAQ: CLCT), a leading provider of value-added authentication and grading services to dealers and collectors of collectibles, is providing the following new business update.

As we previously reported, the Company ceased authentication and grading operations in California on March 20, 2020 in response to a state-wide “shelter-in-place” order issued by the Governor of California.

However, we have recently resumed our coin, trading card and memorabilia authentication and grading operations, albeit on a limited basis, primarily to assist dealers of investment assets, consisting of coin and other high-value collectibles, and our other customers in selling those assets and enhancing their liquidity. As we have previously stated, we believe that our authentication and grading services add value to these investment assets by enhancing their marketability and, thereby, increasing liquidity to the dealers and collectors that buy and sell them.

Protecting the health and safety of our employees and our community remains our top priority. As a result, we resumed operations only after having implemented a number of health and safety measures, including changing the configuration of our grading floors and limiting the number of employees that may be onsite at any time in order to maintain social distancing, and regularly sanitizing the work spaces at our offices.

As we previously reported, the cessation of our authentication and grading operations, beginning on March 20, 2020, adversely affected our revenues and operating results for the month and the quarter ended March 31, 2020. We expect that the resumption of our operations will help to mitigate, but not fully offset, the adverse effects of the COVID-19 pandemic on our operating results for the fourth quarter and fiscal year ending June 30, 2020. We do not have adequate data to reliably predict the extent of the adverse effects that the COVID-19 pandemic will have on our future operating results, as that will depend on a number of variables that are outside of our control, including the ultimate severity and the duration of the pandemic.