A-Mark Precious Metals Inc (NASDAQ: AMRK) reported downbeat earnings for its fourth quarter on Tuesday.
The company, based in El Segundo, Calif., revealed revenues for the three months ended June 30, 2018 increased 33% to $1.77 billion from $1.33 billion for the three months ended June 30, 2017.
Gross profit decreased 5% to $5.8 million (0.33% of revenue) from $6.1 million (0.46% of revenue) for the three months ended June 30, 2017.
Net loss totaled $3.0 million or $(0.43) per diluted share, as compared to $1.2 million or $0.17 per diluted share in the prior-year quarter.
Moreover, gold ounces sold increased 98% to 586,000 ounces from 296,000 in the prior-year quarter. Silver ounces sold in the three months ended June 30, 2018 decreased 39% to 8.6 million ounces from 14.1 million ounces the year before.
Full-year revenues increased 9% to $7.61 billion from $6.99 billion in the same period last year.
Full-year gross profit decreased 6% to $29.4 million (0.39% of revenue) from $31.3 million (0.45% of revenue) in the same year-ago period. Net loss totaled $3.4 million or $(0.48) per diluted share, as compared to net income of $7.1 million or $1.00 per diluted share in the same year-ago period.
According to A-Mark CEO Greg Roberts. "Some of the major initiatives in this plan involved introducing several new customer-facing tools and products, including our industry-leading 24/7 trading portal as well as a lead repository program to monetize the customer and marketing leads lists we acquired in our asset purchase of Goldline in the first quarter of 2018."
Shares gave back 45 cents, or 3.3%, to $13.31
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