Newport Beach-based Collectors Universe Inc. (Nasdaq: CLCT) said it has about $37 million in cash or revolving credit and “minimal debt” as it operates under the various restrictions and effects of the coronavirus pandemic.
The company provides collectibles authentication and grading services to dealers and collectors. It stopped those efforts in California on March 20 under the state’s “shelter-in-place” order, and this “adversely affected” revenue and results for the quarter ending March 31, the company said.
But it has “recently resumed our coin, trading card and memorabilia authentication and grading operations” in some instances, mainly to dealers of investment assets and other customers to help in “enhancing their liquidity.”
Collectors Universe says its services “add value to these investment assets by enhancing their marketability.”
The resumption of some services will “help to mitigate but not fully offset the adverse effects” of the pandemic on its fourth quarter and full year results, which end June 30.
Its shares recently traded about 2.4% lower in a generally down market Wednesday, to a market cap of $159 million.
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