A-Mark Precious Metals, Inc. (NASDAQ:
AMRK) (A-Mark), a leading fully integrated precious metals
platform, today announced that its wholly-owned subsidiary, JM
Bullion, Inc. (“JMB”) has acquired certain assets of BullionMax, LP
(“BullionMax”), an established online precious metals dealer.
Based in California, BullionMax, which has over
20,000 customers and more than 100,000 newsletter subscribers,
offers gold, silver, platinum and palladium coins, bullion and
other precious metals products through its online platform. The
assets acquired include its website, intellectual property, and
customer and newsletter subscriber lists. JMB intends to operate
BullionMax as a standalone brand.
“This acquisition further expands our
direct-to-consumer (“DTC”) portfolio in line with A-Mark’s
strategic vision,” said JMB President and incoming CEO Rob Pacelli.
“As we integrate BullionMax into our DTC segment, our goal is to
grow the brand, its product offerings and market presence by
leveraging our existing resources and expertise.”
BullionMax’s contributions to the DTC segment’s
performance and key operating metrics will be reflected in A-Mark’s
reported results commencing in the fourth quarter of fiscal
2023.
Fadi Rasheed of Leech Tishman Fuscaldo &
Lampl, Inc. acted as legal counsel to BullionMax, and Tracy A.
Gallegos of Duane Morris LLP acted as legal counsel to JMB.
Below is a summary of selected key operating
metrics of the DTC segment for the one month and ten months ended
April 30, 2023:
|
|
One Month Ended |
Ten Months Ended |
|
|
4/30/2023 |
|
|
|
|
|
|
Selected Key Operating Metrics (excluding
BullionMax): |
|
|
|
|
|
Direct-to-Consumer ("DTC") gold ounces sold (1) |
|
|
77,000 |
|
|
535,000 |
|
Direct-to-Consumer silver ounces sold (2) |
|
|
2,405,000 |
|
|
20,561,000 |
|
Direct-to-Consumer number of new customers (3) |
|
|
31,500 |
|
|
276,400 |
|
Direct-to-Consumer number of active customers (4) |
|
|
58,200 |
|
|
400,700 |
|
Direct-to-Consumer number of total customers (5) |
|
|
2,289,400 |
|
|
2,289,400 |
|
Direct-to-Consumer average order value ("AOV") (6) |
|
$ |
3,615 |
|
$ |
2,537 |
|
CyberMetals number of new customers (7) |
|
|
2,000 |
|
|
13,300 |
|
CyberMetals number of active customers (8) |
|
|
1,100 |
|
|
4,200 |
|
CyberMetals number of total customers (9) |
|
|
19,200 |
|
|
19,200 |
|
CyberMetals customer assets under management (10) |
|
$ |
7,000,000 |
|
$ |
7,000,000 |
|
|
|
|
|
|
|
(1) DTC gold ounces sold represents the ounces of gold
product sold and delivered to the customer during the period. |
(2) DTC silver ounces sold represents the ounces of
silver product sold and delivered to the customer during the
period. |
(3) DTC number of new customers represents the number
of customers that have registered or set up a new account or made a
purchase for the first time during the period within the
Direct-to-Consumer segment (includes JMB, GLI, and PMPP). |
(4) DTC number of active customers represents the
number of customers that have made a purchase during any month
during the period within the Direct-to-Consumer segment. |
(5) DTC number of total customers represents the
aggregate number of customers that have registered or set up an
account or have made a purchase in the past within the
Direct-to-Consumer segment. |
(6) DTC AOV represents the average dollar value of
third-party product orders (excluding accumulation program orders)
delivered to the customer during the period within the
Direct-to-Consumer segment. |
(7) CyberMetals number of new customers represents the number
of customers that have registered or set up a new account or made a
purchase for the first time during the period on the CyberMetals
platform. |
(8) CyberMetals number of active customers represents the number of
customers that have made a purchase during any month during the
period on the CyberMetals platform. |
(9) CyberMetals number of total customers represents the
aggregate number of customers that have registered or set up an
account or have made a purchase in the past on the CyberMetals
platform. |
(10) CyberMetals customer assets under management represents
the total value of assets managed by the Company on behalf of
CyberMetals customers. |
About A-Mark Precious
Metals
Founded in 1965, A-Mark Precious Metals, Inc. is
a leading fully integrated precious metals platform that offers an
array of gold, silver, platinum, palladium, and copper bullion,
numismatic coins, and related products to wholesale and retail
customers via a portfolio of channels. The company conducts its
operations through three complementary segments: Wholesale Sales
& Ancillary Services, Direct-to-Consumer, and Secured Lending.
The company’s global customer base spans sovereign and private
mints, manufacturers and fabricators, refiners, dealers, financial
institutions, industrial users, investors, collectors, e-commerce
customers and other retail customers.
A-Mark’s Wholesale Sales & Ancillary
Services segment distributes and purchases precious metal products
from sovereign and private mints. As a U.S. Mint-authorized
purchaser of gold, silver, and platinum coins since 1986, A-Mark
purchases bullion products directly from the U.S. Mint for sale to
customers. A-Mark also has longstanding distributorships with other
sovereign mints, including Australia, Austria, Canada, China,
Mexico, South Africa, and the United Kingdom. The company sells
more than 200 different products to e-commerce retailers, coin and
bullion dealers, financial institutions, brokerages, and
collectors. In addition, A-Mark sells precious metal products to
industrial users, including metal refiners, manufacturers, and
electronic fabricators.
Through its A-M Global Logistics subsidiary,
A-Mark provides its customers with a range of complementary
services, including managed storage options for precious metals as
well as receiving, handling, inventorying, processing, packaging,
and shipping of precious metals and coins on a secure basis.
A-Mark’s mint operations, which are conducted through its wholly
owned subsidiary Silver Towne Mint, enable the company to offer
customers a wide range of proprietary coin and bar offerings and,
during periods of market volatility when the availability of silver
bullion from sovereign mints is often product constrained,
preferred product access.
A-Mark’s Direct-to-Consumer segment operates as
an omni-channel retailer of precious metals, providing access to a
multitude of products through its wholly owned subsidiaries, JM
Bullion and Goldline. JM Bullion is a leading e-commerce retailer
of precious metals and operates seven separately branded,
company-owned websites targeting specific niches within the
precious metals market: JMBullion.com, ProvidentMetals.com,
Silver.com, GoldPrice.org, SilverPrice.org, BGASC.com and
BullionMax.com. JMB also owns CyberMetals.com, an online platform
where customers can purchase and sell fractional shares of digital
gold, silver, platinum and palladium bars in a range of
denominations. Goldline markets precious metals directly to the
investor community through various channels, including television,
radio, and telephonic sales efforts. A-Mark also holds minority
ownership interests in three additional direct-to-consumer
brands.
The company operates its Secured Lending segment
through its wholly owned subsidiaries, Collateral Finance
Corporation (CFC) and AM Capital Funding. Founded in 2005, CFC is a
California licensed finance lender that originates and acquires
loans secured by bullion and numismatic coins. Its customers
include coin and precious metal dealers, investors, and collectors.
AM Capital Funding was formed in 2018 for the purpose of
securitizing eligible secured loans of CFC.
A-Mark is headquartered in El Segundo, CA and
has additional offices and facilities in the neighboring Los
Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester,
IN, and Vienna, Austria. For more information, visit
www.amark.com.A-Mark periodically provides information for
investors on its corporate website, www.amark.com, and its
investor relations website, ir.amark.com. This includes press
releases and other information about financial performance, reports
filed or furnished with the SEC, information on corporate
governance, and investor presentations.
Important Cautions Regarding
Forward-Looking Statements
Statements in this press release that relate to
future plans, objectives, expectations, performance, events and the
like are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Securities
Exchange Act of 1934. These include statements relating to
expectations regarding future macroeconomic conditions and demand
for precious metal products, and the Company’s ability to
effectively respond to changing economic conditions. Future events,
risks and uncertainties, individually or in the aggregate, could
cause actual results or circumstances to differ materially from
those expressed or implied in these statements. Factors that could
cause actual results to differ include the following: the failure
to execute the Company’s growth strategy, including the inability
to identify suitable or available acquisition or investment
opportunities; greater than anticipated costs incurred to execute
this strategy; the failure to achieve the anticipated benefits of
any pending investment; changes in the current international
political and economic climate, which has favorably contributed to
demand and volatility in the precious metals markets; potential
adverse effects of the current problems in the national and global
supply chains; increased competition for the Company’s higher
margin services, which could depress pricing; the failure of the
Company’s business model to respond to changes in the market
environment as anticipated; changes in consumer demand and
preferences for precious metal products generally; potential
negative effects that inflationary pressure may have on our
business; the inability of the Company to expand capacity at Silver
Towne Mint, the failure of our investee companies to maintain, or
address the preferences of, their customer bases; general risks of
doing business in the commodity markets; and the strategic,
business, economic, financial, political and governmental risks and
other Risk Factors described in in the Company’s public filings
with the Securities and Exchange Commission.
The words "should," "believe," "estimate,"
"expect," "intend," "anticipate," "foresee," "plan" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates on
which they were made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements.
Company Contact:Steve Reiner,
Executive Vice President, Capital Markets & Investor
RelationsA-Mark Precious Metals, Inc.
1-310-587-1410sreiner@amark.com
Investor Relations Contact:Matt
Glover, Matthew HauschGateway Group, Inc.
1-949-574-3860AMRK@gatewayir.com
A Mark Precious Metals (NASDAQ:AMRK)
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