UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 27, 2009
COLLECTORS
UNIVERSE, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-27887
|
33-0846191
|
|
(State or other
jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
1921
E. Alton Avenue, Santa Ana, California
|
92705
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant’s
telephone number, including area code: (949) 567-1234
N/A
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
Item 2.05
|
Costs
Associated with Exit or Disposal
Activities.
|
On
February 27, 2009, the board of directors of Collectors Universe,
Inc. approved the Company's exit from the business of authenticating
and grading diamonds and colored gemstones (its “jewelry businesses”), effective
immediately. As previously reported, we had recognized impairment
losses of $7.7 million and $11.2 million related to those businesses at December
31, 2008 and June 30, 2008, respectively, due to the severity of the economic
recession and the credit crisis in the United States and the resulting
uncertainties that those conditions created with respect to level of revenues we
could expect those businesses to generate in the future.
During
the subsequent six months, these economic conditions worsened and the credit
crisis continued substantially unabated, resulting in further significant
declines in purchases of diamonds and colored gemstones and, therefore, in the
demand for our services, by consumers and retailers in the holiday quarter that
has historically been the strongest quarter in the jewelry
market. The worsening of these economic and credit conditions,
coupled with uncertainties as to the continued duration of those conditions, led
management and the Board of Directors to conclude that it was unlikely the
jewelry businesses would be able to achieve the financial goals that had been
established for them when we first acquired those businesses. As a
consequence, the board of directors decided that the Company
should exit the jewelry businesses. That decision also will
enable us to give full attention to and focus our significant resources, energy
and liquidity on our core businesses in collectibles, where we have decades of
experience and a proven track record.
The Company will be continuing to license the Gemprint identification technology
and related patents and Howard Pomerantz continues to manage the licensing
effort.
We do
not, as yet, have sufficient data to be able in good faith to make estimates of
the types or amount or range of amounts of costs that can be expected to be
incurred or the future cash expenditures that will be required in connection
with our exit from the jewelry businesses, as called for by paragraphs (b), (c)
and (d) of Item 2.05 of Form 8-K. In accordance with
paragraph (d) of Item 2.05, we will timely file an amendment to this
Current Report to provide such information after we make such
determinations.
This
Item 2.05 of this Current Report on Form 8-K contains forward looking
information, consisting of statements regarding our expectations about the
Company’s future financial performance. The cautionary statements
regarding forward looking information, contained in the press release referenced
in Item 7.01 below, a copy of which is attached as Exhibit 99.1 to
this Report, are incorporated herein by this reference from that press release
and qualify the foregoing information contained in this
Item 2.05.
|
Item 7.01
|
Regulation
FD Disclosure.
|
On
March 2, 2009, the Company issued a press release announcing that it had
decided to exit the business of authenticating and grading diamonds and colored
gemstones, effective immediately. A copy of the press release is
attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
in its entirety herein by reference.
In
accordance with General Instruction B. 2 of Form 8-K, the information in this
Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of that
Section, nor shall such information be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended.
2
|
Item 9.01
|
Financial
Statements and Exhibits.
|
|
(d)
|
Exhibits.
|
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release issued March 2, 2009 announcing that Collectors Universe, Inc.
had
decided to exit its jewelry grading
businesses.
|
3
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this Current Report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
COLLECTORS
UNIVERSE, INC.
|
||
|
Dated:
March 5, 2009
|
By:
|
/s/ JOSEPH J.
WALLACE
|
|
Joseph
J. Wallace, Chief Financial Officer
|
||
S-1
EXHIBIT
INDEX
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release issued March 2, 2009 announcing that Collectors Universe, Inc.
had
decided to exit its jewelry grading
businesses.
|
E-1