A-Mark Precious Metals Provides Financial Guidance for Fiscal Third Quarter 2021

EL SEGUNDO, Calif., Feb. 25, 2021 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, has provided guidance for its fiscal third quarter ending March 31, 2021 in connection with the proposed underwritten offering of its common stock announced on February 24, 2021.

Fiscal Third Quarter 2021 Financial Guidance
The Company expects net income before provision for income taxes in the range of $29 million and $32 million, representing an increase of approximately 116% to 139% compared to $13.4 million in the same year-ago period.

The Company expects net income attributable to the Company in the range of $22 million and $25 million, representing an increase of approximately 95% to 121% compared to $11.3 million in the same year-ago period.  

The Company expects net income attributable to the Company per diluted share in the range of $2.90 and $3.20, representing an increase of approximately 80% to 99% compared to $1.61 in the same year-ago period.

The estimates above do not reflect the acquisition of JM Bullion, which is expected to close in the fiscal third quarter.

A-Mark plans to report complete financial results for the fiscal third quarter of 2021 in May 2021. A-Mark will announce earnings call details the week prior to the event.

Management Commentary
“Our financial guidance reflects the strong performance we have achieved so far in the third quarter and our outlook for the balance of the period, which continues to be driven by elevated demand for precious metals products,” said A-Mark CEO Greg Roberts. “Our performance over the last several quarters demonstrates the strength of our vertically integrated platform, including our mint relationships, logistics capabilities and customer relationships. Our team has executed exceptionally well to maximize our performance and take advantage of the increase in market activity and secular tailwinds that are driving the precious metals industry growth.”

Proposed Public Offering
The guidance above is being provided in connection with the proposed underwritten offering of 2,800,000 shares of the Company’s common stock, including 2,500,000 shares by the Company and 300,000 shares by certain stockholders of the Company, with a proposed overallotment option of 420,000 shares. The Company currently intends to use the net proceeds of the sale of shares by the Company to fund a portion of the consideration payable in connection with the previously announced acquisition of JM Bullion, Inc., and other general corporate purposes. The actual amount of any securities to be issued, and the terms of those securities, will be determined at the time of sale.