| Schedule of segment reporting information, by segment |
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in thousands |
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Three Months Ended September 30, |
|
2018 |
|
2017 |
|
Revenue by segment |
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|
|
|
Wholesale Trading & Ancillary Services |
|
$ |
1,554,313 |
|
|
$ |
2,153,420 |
|
|
Direct Sales |
|
10,777 |
|
(1) |
10,370 |
|
(2) |
Total revenue |
|
$ |
1,565,090 |
|
|
$ |
2,163,790 |
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_________________________________ |
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(1) Includes $0.8 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment. The elimination of these intercompany sales are reflected in the Wholesale Trading & Ancillary Services segment. Intercompany sales are transacted at prices consistent with arms-length transactions with third-parties.
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(2) Includes $6.9 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment. The elimination of these intercompany sales are reflected in the Wholesale Trading & Ancillary Services segment. Intercompany sales are transacted at prices consistent with arms-length transactions with third-parties.
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in thousands |
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Three Months Ended September 30, |
|
2018 |
|
2017 |
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Revenue by geographic region
(as determined by the shipping address or where the services were performed):
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United States |
|
$ |
1,375,636 |
|
|
$ |
2,051,921 |
|
|
Europe |
|
90,152 |
|
|
54,358 |
|
|
North America, excluding United States |
|
96,384 |
|
|
54,878 |
|
|
Asia Pacific |
|
2,343 |
|
|
1,352 |
|
|
Africa |
|
1 |
|
|
— |
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Australia |
|
574 |
|
|
1,281 |
|
|
Total revenue |
|
$ |
1,565,090 |
|
|
$ |
2,163,790 |
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in thousands |
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Three Months Ended September 30, |
|
2018 |
|
2017 |
|
Gross profit by segment |
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Wholesale Trading & Ancillary Services |
|
$ |
7,412 |
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$ |
5,645 |
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Direct Sales |
|
1,063 |
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|
1,661 |
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Total gross profit |
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$ |
8,475 |
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|
$ |
7,306 |
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Gross margin percentage by segment |
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Wholesale Trading & Ancillary Services |
|
0.477 |
% |
|
0.262 |
% |
|
Direct Sales |
|
9.864 |
% |
|
16.017 |
% |
|
Weighted average gross margin percentage |
|
0.542 |
% |
|
0.338 |
% |
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Operating income and (expenses)
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|
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in thousands |
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Three Months Ended September 30, |
|
2018 |
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2017 |
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Operating income and expenses by segment |
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Wholesale Trading & Ancillary Services |
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Selling, general and administrative expenses |
|
$ |
(5,258 |
) |
|
$ |
(5,410 |
) |
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Interest income |
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$ |
2,052 |
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|
$ |
1,058 |
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Interest expense |
|
$ |
(1,880 |
) |
|
$ |
(1,519 |
) |
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Other income, net |
|
$ |
178 |
|
|
$ |
(40 |
) |
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Secured Lending |
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|
|
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|
Selling, general and administrative expenses |
|
$ |
(345 |
) |
|
$ |
(383 |
) |
|
Interest income |
|
$ |
2,499 |
|
|
$ |
2,103 |
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Interest expense |
|
$ |
(1,477 |
) |
|
$ |
(1,135 |
) |
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Direct Sales |
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|
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Selling, general and administrative expenses |
|
$ |
(2,116 |
) |
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$ |
(1,183 |
) |
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Interest expense |
|
$ |
(195 |
) |
|
$ |
(79 |
) |
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Net (loss) income before provision for income taxes
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|
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in thousands |
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Three Months Ended September 30, |
|
2018 |
|
2017 |
|
Net (loss) income before provision for income taxes by segment |
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Wholesale Trading & Ancillary Services |
|
$ |
2,504 |
|
|
$ |
(266 |
) |
|
Secured Lending |
|
677 |
|
|
585 |
|
|
Direct Sales |
|
(1,248 |
) |
|
399 |
|
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Total net (loss) income before provision for income taxes
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|
$ |
1,933 |
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|
$ |
718 |
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Depreciation and Amortization
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|
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in thousands |
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Three Months Ended September 30, |
|
2018 |
|
2017 |
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Depreciation and amortization by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(396 |
) |
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$ |
(391 |
) |
|
Direct Sales |
|
(301 |
) |
|
(138 |
) |
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Total depreciation and amortization |
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$ |
(697 |
) |
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$ |
(529 |
) |
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Advertising expense
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in thousands |
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Three Months Ended September 30, |
|
2018 |
|
2017 |
|
Advertising expense by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(107 |
) |
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$ |
(101 |
) |
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Secured Lending |
|
(3 |
) |
|
(11 |
) |
|
Direct Sales |
|
(480 |
) |
|
(405 |
) |
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Total advertising expense |
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$ |
(590 |
) |
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$ |
(517 |
) |
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Precious metals held under financing arrangements
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in thousands |
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September 30, 2018 |
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June 30, 2018 |
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Precious metals held under financing arrangements by segment |
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Wholesale Trading & Ancillary Services |
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$ |
232,476 |
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$ |
262,566 |
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|
Total precious metals held under financing arrangements |
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$ |
232,476 |
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$ |
262,566 |
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in thousands |
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September 30, 2018 |
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June 30, 2018 |
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Inventories by segment |
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Wholesale Trading & Ancillary Services |
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$ |
282,420 |
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$ |
272,034 |
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Direct Sales |
|
7,385 |
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|
8,082 |
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Total inventories |
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$ |
289,805 |
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$ |
280,116 |
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in thousands |
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September 30, 2018 |
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June 30, 2018 |
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Inventories by geographic region |
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United States |
|
$ |
281,101 |
|
|
$ |
273,008 |
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|
Europe |
|
2,604 |
|
|
1,965 |
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|
North America, excluding United States |
|
5,991 |
|
|
4,976 |
|
|
Asia |
|
109 |
|
|
167 |
|
|
Total inventories |
|
$ |
289,805 |
|
|
$ |
280,116 |
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in thousands |
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September 30, 2018 |
|
June 30, 2018 |
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Assets by segment |
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Wholesale Trading & Ancillary Services |
|
$ |
629,231 |
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$ |
616,522 |
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Secured Lending |
|
83,019 |
|
|
111,304 |
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|
Direct Sales |
|
14,302 |
|
|
15,175 |
|
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Total assets |
|
$ |
726,552 |
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|
$ |
743,001 |
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in thousands |
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September 30, 2018 |
|
June 30, 2018 |
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Assets by geographic region |
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United States |
|
$ |
711,048 |
|
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$ |
733,131 |
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|
Europe |
|
9,404 |
|
|
4,727 |
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|
North America, excluding United States |
|
5,991 |
|
|
4,976 |
|
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Asia |
|
109 |
|
|
167 |
|
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Total assets |
|
$ |
726,552 |
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|
$ |
743,001 |
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Long-term Assets
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|
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in thousands |
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September 30, 2018 |
|
June 30, 2018 |
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Long-term assets by segment |
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Wholesale Trading & Ancillary Services |
|
$ |
30,871 |
|
|
$ |
31,328 |
|
|
Secured Lending |
|
103 |
|
|
102 |
|
|
Direct Sales |
|
4,263 |
|
|
4,588 |
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|
Total long-term assets |
|
$ |
35,237 |
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$ |
36,018 |
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in thousands |
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September 30, 2018 |
|
June 30, 2018 |
|
Long-term assets by geographic region |
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United States |
|
$ |
35,184 |
|
|
$ |
35,965 |
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|
Europe |
|
53 |
|
|
53 |
|
|
Total long-term assets |
|
$ |
35,237 |
|
|
$ |
36,018 |
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|
Capital Expenditures for Property and Equipment
|
|
|
|
|
|
|
|
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in thousands |
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|
Three Months Ended September 30, |
|
2018 |
|
2017 |
|
Capital expenditures on plant, property and equipment by segment |
|
|
|
|
Wholesale Trading & Ancillary Services |
|
$ |
122 |
|
|
$ |
194 |
|
|
Direct Sales |
|
— |
|
|
124 |
|
|
Total capital expenditures on property and equipment |
|
$ |
122 |
|
|
$ |
318 |
|
|
|
|
|
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Goodwill and Intangible Assets
|
|
|
|
|
|
|
|
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in thousands |
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|
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|
|
September 30, 2018 |
|
June 30, 2018 |
|
Goodwill and Intangibles by segment |
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Wholesale Trading & Ancillary Services |
|
$ |
12,409 |
|
|
$ |
12,516 |
|
|
Direct Sales |
|
3,081 |
|
|
3,226 |
|
|
Total goodwill and intangible assets |
|
$ |
15,490 |
|
|
$ |
15,742 |
|
|
|