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Article: Greg Manning Auctions Reports Record First Quarter Results; Aggregate Sales Increase 58%, Revenue Up 39%, Pre-Tax Income Climbs 214%.
- Article from:
- Business Wire
- Article date:
- November 4, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WEST CALDWELL, N.J. -- Greg Manning Auctions, Inc. (Nasdaq: GMAI) today announced record financial results for the fiscal 2005 first quarter ended September 30, 2004.
Aggregate sales, which includes inventory sales plus consignment sales, increased 58% to $65.2 million, up from $41.3 million in last year's first quarter. Revenue, which includes inventory sales plus commission income, rose to $48.1 million, up 39% from the prior year's first quarter results of $34.5 million. Pre-tax income for the fiscal 2005 first quarter was $9.1 million, a 214% increase over the $2.9 million achieved in the similar period in fiscal 2004. Net income for the first quarter was ...
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