DALLAS, Nov 22, 2011 (BUSINESS WIRE) -- DGSE Companies, Inc., which buys and sells jewelry, fine watches, diamonds, rare coins and precious metals products via traditional and internet channels reported today that John Benson, the Company's Chief Financial Officer has retired. The Board of Directors has appointed Matthew Auger, the Company's Controller for the past five years, to the position of interim CFO.
"I would like to thank John for his 19 years of service as DGSE's CFO," stated William Oyster, President and CEO of DGSE. "As a member of our executive team, John has made significant contributions to the overall success and growth of DGSE for many years. John will remain a Senior Consultant to the Interim CFO for a period of time.
The Board and I have the highest confidence level in Matt's ability to fill this role in the interim period that will ensue while the Company continues its Executive search for a new CFO that will possess the skill set and background to help lead the Company during our current growth-oriented, multi-year expansion efforts."
DGSE Companies, Inc. wholesales retails and auctions jewelry, diamonds, fine watches, and precious metal bullion and rare coin products to domestic and international customers through its Dallas Gold and Silver Exchange, DGSE Bullion Express, Charleston Gold and Diamond Exchange and Superior Gold & Diamond Exchange operations as well as through the internet.
In addition to its retail facilities in Dallas and Euless, Texas, Charleston, South Carolina and Woodland Hills, California, DGSE also operates gold buying and retail outlets throughout the southeast under the Southern Bullion Coin & Jewelry name. DGSE Bullion Express are specialty precious metals stores currently located in Dallas, Texas and Woodland Hills, California. Additional DGSE Bullion Express locations will be opening in Arlington, Texas, Highland Park, Illinois, and Buckhead, Georgia in the near future. DGSE also owns Fairchild International, Inc., one of the largest vintage watch wholesalers in the country.
The Company operates several websites to support its retail facilities including www.dgse.com to support its North Texas locations, www.sgde.com to support Superior Gold & Diamond Exchange, www.cgdeinc.com to support Charleston Gold & Diamond Exchange and www.dgsebullionexpress.com to support its national DGSE Bullion Express locations. Real-time price quotations and real-time order execution in precious metals are provided on another DGSE web site at www.USBullionExchange.com. Wholesale customers can access our full vintage watch inventory through the restricted site at www.FairchildWatches.com . DGSE also purchases precious metals, rare coins, watches, diamonds and jewelry through www.AmericanGoldandSilverExchange.com.
The Company is headquartered in Dallas, Texas and its common stock trades on NYSE Amex Exchange under the symbol "DGSE."
This press release includes statements which may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. In addition to the results presented in accordance with Generally Accepted Accounting Principles throughout this press release, DGSE has presented non-GAAP financial measures such as EBITDA. The Company believes that these non-GAAP measures, viewed in addition to and not in lieu of the Company's reported GAAP results, provide useful information to investors because they are an integral part of the Company's internal evaluation of operating performance. In addition, they are measures that DGSE uses to evaluate management's effectiveness. DGSE's non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.
DGSE Companies, Inc.
William H. Oyster, 972-484-3662
Chairman and CEO