California-based Collectors Universe Inc. said Feb. 7 that its board of directors approved a dividend of 17.5 cents per share for the third quarter of fiscal 2018, down from the previously paid quarterly dividend of 35 cents per share.
This brings the expected annual dividend to 70 cents per share.
The provider of authentication and grading services said reducing the quarterly dividend will increase available cash to fund operations and growth of its business by about $6 million annually. It will pay the fiscal third-quarter dividend Feb. 23 to stockholders of record on Feb. 13.
Collectors Universe also released results for the second quarter and first half of fiscal 2018 ended Dec. 31, 2017. The company reported fiscal second-quarter revenue of $14.1 million, compared to $17.9 million in the year-ago period. Meanwhile, revenue for the six months ended Dec. 31, 2017, stood at $33.8 million, compared to $33.6 million a year prior.
