DGSE Companies, Inc. (NYSE MKT:DGSE) announced today that it has closed its Superior Gold & Diamond Exchange store in Woodland Hills, CA.
“The closing of our facility in Woodland Hills is a significant milestone in our effort to refocus DGSE’s attention on our core business,” stated William Oyster, DGSE Companies, Inc. President and CEO. He continued, “Superior Gold & Diamond Exchange has consistently underperformed DGSE’s expectations. Closing this store will give us greater efficiencies in inventory utilization, cash management, staffing, advertising and management attention. While a decision like this is never an easy one, we are confident that this store closing is in the best interest of our shareholders and the pending expiration of our lease made this ideal timing.”
Mr. Oyster continued, “DGSE Companies will be opening two new locations in the Dallas-Fort Worth Metro area over the next 30 days and will immediately utilize Superior’s inventory and other assets. In addition, we are continuing to evaluate opportunities to expand the company’s Southern Bullion Coin & Jewelry and Bullion Express brands and businesses.”
About DGSE Companies, Inc.
DGSE Companies, Inc. wholesales and retails jewelry, diamonds, fine watches, and precious metal bullion and rare coin products through its Bullion Express, Charleston Gold & Diamond Exchange, Dallas Gold & Silver Exchange and Southern Bullion Coin & Jewelry operations. DGSE also owns Fairchild International, Inc., one of the largest vintage watch wholesalers in the country. In addition to its retail facilities in Alabama, Florida, Georgia, Illinois, North Carolina, South Carolina, Tennessee and Texas, the Company operates internet websites which can be accessed at www.bullionexpress.com, www.dgse.com, www.cgdeinc.com, and www.sbcoin.com. Real-time price quotations and real-time order execution in precious metals are provided on another DGSE website at www.USBullionExchange.com. Wholesale customers can access the full vintage watch inventory through the restricted site at www.FairchildWatches.com.
The Company is headquartered in Dallas, Texas and its common stock trades on NYSE MKT 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