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A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading fully integrated precious metals platform located in El Segundo, California. Founded in 1965, the company is primarily involved in the wholesale trading of gold, silver, platinum, and palladium bullion and related products including bars, wafers, coins, and grains.
A-Mark operates through three main segments:
- Wholesale Sales & Ancillary Services: This segment includes the distribution and purchase of precious metals from sovereign and private mints. A-Mark is an authorized purchaser of gold, silver, and platinum coins directly from the U.S. Mint since 1986. The company also has longstanding relationships with other sovereign mints including Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom. It offers over 200 products to e-commerce retailers, coin and bullion dealers, financial institutions, brokerages, and collectors. In addition, A-Mark provides industrial users with precious metal products through its Industrial, Coin and Bar, Trading and Finance, Storage, Logistics, and Mint business units.
- Direct-to-Consumer: This segment operates as an omni-channel retailer of precious metals via its subsidiaries JM Bullion and Goldline. JM Bullion is a top e-commerce retailer, operating several branded websites such as JMBullion.com, ProvidentMetals.com, Silver.com, Gold.com, GoldPrice.org, SilverPrice.org, BGASC.com, and BullionMax.com. The subsidiary also owns CyberMetals.com, a platform for purchasing and selling fractional shares of digital precious metals. Goldline markets directly to investors through television, radio, and phone sales, and A-Mark holds minority stakes in four other direct-to-consumer brands.
- Secured Lending: Through Collateral Finance Corporation (CFC), a California-licensed finance lender, A-Mark offers loans secured by bullion and numismatic coins to dealers, investors, and collectors. CFC was founded in 2005 and has since grown to provide specialized finance options.
A-Mark’s recent activities underscore its robust growth strategy. The company has expanded its reach in Asia through the acquisition of LPM Group Limited, one of Asia’s largest precious metals dealers. This move aims to enhance A-Mark's global presence and leverage LPM's strong market position in the region.
Additionally, JM Bullion recently acquired the gold.com domain, adding a significant digital asset to their portfolio. This acquisition is expected to bolster their direct-to-consumer strategy by utilizing a highly recognizable domain.
From a financial perspective, despite facing challenges such as softened demand and premium compression, A-Mark continues to deliver solid results. For the fiscal third quarter ended March 31, 2024, the company reported revenues of $2.611 billion, a 13% increase compared to the previous year. However, net income attributable to the company decreased significantly due to various market factors and strategic investments.
A-Mark also maintains a regular quarterly cash dividend policy, reaffirming a dividend of $0.20 per share, showcasing their commitment to shareholder value.
In conclusion, A-Mark Precious Metals, Inc. remains a pivotal player in the precious metals industry, continually expanding its operations and market influence through strategic acquisitions, diversified product offerings, and a strong financial foundation. For more information, visit their corporate website at www.amark.com.
A-Mark Precious Metals reported Q3 FY 2024 diluted earnings per share of $0.21, repurchased 204,396 shares for $5 million, and expanded into Asia with the acquisition of LPM Group The company reaffirmed its quarterly cash dividend policy of $0.20 per share. Despite challenges, A-Mark delivered $0.21 per diluted share and generated $12.6 million in non-GAAP EBITDA. Operational highlights show decreases in gold and silver ounces sold, while Direct-to-Consumer new customers increased by 8% compared to the previous quarter. Financially, revenues increased by 13% to $2.611 billion, but gross profit decreased by 54% to $34.8 million. Net income attributable to the company decreased by 86% to $5.0 million, with diluted earnings per share of $0.21. Adjusted net income and EBITDA also saw significant declines.
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