MUST READ TRIMMING THREAD: COMC- HawkDynasty,cccardfactory,LORDSTANLEY2012|PWCC|ih8ca

[T206Collector]

Originally Posted by Pink Pussycat

For all of those people who can no longer receive restitution through eBay and/or PayPal, and are too late in the game to get a refund.... SUBMIT YOUR CARDS TO PSA, AGAINST THEIR SUPPOSED GUARANTEE.

Just remember, “THE GUARANTEE DOES NOT APPLY TO ANY CLAIMS BROUGHT OUTSIDE OF THE COURTS OF ORANGE COUNTY, CALIFORNIA.”

https://www.psacard.com/about/financialguarantee

[WallyatJCCards]

Originally Posted by MoreToppsPlease

People need to prepare for the distinct possibility that an overhaul of how things are done may very well have to occur from the bottom up.

However it works out, now I know why Hawk Dynasty had so darn many sweet PSA 10 rookies for 30-50% less than anyone else was willing to sell them for

[dustin42]

Originally Posted by Soxfanguy

Let me just go ahead and try to close this issue. I mean as Joe has said earlier, the level of submissions that we continue to see at the PSA cards business is -- continues to be very, very -- in fact, our backlog is actually higher than it was back in June. In terms of our warranty, we take a very conservative view in terms of warranty and what our expectation is, in terms of our balance sheet. So I think this whole trimming issue that we spent a lot of time talking about today is really something that we don't consider material to our business. And we'd probably just like to leave it at that in terms of any additional questions on the subject.

There are a lot statements in here that would dispute this claim.

http://investors.collectors.com/node/13026/html

Our top five customers account for approximately 11% of our total net revenues in fiscal 2019

During the year ended June 30, 2019, five of our customers accounted, in the aggregate, for approximately 11% of our total net revenues. As a result, the loss of any of those customers, or the lack of success of marketing programs by those customers both in the U.S. or in China, or changes in our relationship with any of those customers could lead to a decrease in the volume of grading submissions which could cause our net revenues to decline and, therefore, could harm our operating results. See “MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS-Factors that can Affect our Operating Results and Financial Position” below in the Report.

Damage to our reputation could have a material adverse effect on our business, financial condition and results of operations.

We have developed a reputation as one of the leading third party providers of collectibles authentication and grading services, as well as related services, as a result of a number of factors including, we believe, the rigorousness and consistency of our grading standards and the integrity of our grading processes, which enables us to provide warranty protection to our customers, our knowledge of the collectibles markets in which we operate, and innovative programs and services that we have developed and are able to offer to our customers, including the Collectors Club, our Set Registry Programs and our Certified Coin Exchange dealer-to-dealer Internet bid-ask market. As a result, our continued success is heavily dependent on our maintaining that reputation among collectibles dealers and collectors. Failures or errors in authentication or grading processes, such as inconsistent application of grading standards or incidents that put the integrity of those processes into question, could significantly impair our reputation in the marketplace which, in turn, could lead to a loss of customer confidence and a decrease in the demand for our services and, therefore, could have a material adverse effect on our business, financial condition and results of operations.

Our Business

Collectors Universe, Inc. (“we”, “us” “our” or the “Company”) provides authentication and grading services to dealers and collectors of coins, trading cards, event tickets, autographs, and sports and historical memorabilia. We believe that our authentication and grading services add value to these collectibles by providing dealers and collectors with a high level of assurance as to the authenticity and quality of the collectibles they seek to buy or sell; thereby enhancing their marketability and providing increased liquidity to the dealers and collectors and consumers that own, buy and sell such collectibles.

We principally generate revenues from the fees paid by our customers for our authentication and grading services. To a much lesser extent, we generate revenues from “other related revenues” which consist of: (i) the sale of advertising and commissions earned on our websites; (ii) the sale of printed publications, and advertising in those publications; (iii) the sale of membership subscriptions in our Collectors Club, which is designed primarily to attract interest in collectibles among collectors; (iv) the sale of subscriptions to our CCE dealer-to-dealer Internet bid-ask market for certified coins; and (v) the management and operation of collectibles trade shows and conventions. We also generate revenues from sales of our collectibles inventory, which is primarily comprised of collectible coins that we have purchased under our coin grading warranty program; however, such product sales are neither the focus of nor an integral part of, our on-going revenue generating activities.

Factors That Can Affect Operating Results and our Financial Position

Factors That Can Affect our Revenue. Our authentication and grading fees accounted for approximately 88% of our total net revenues in the three year ended June 30, 2019. The amounts of those fees are primarily driven by the volume and mix of coins and trading cards and collectibles sales and purchase transactions by collectibles dealers and collectors, because our authentication and grading services generally facilitate sales and purchases of coins and trading cards by providing dealers and collectors with a high level of assurance as to the authenticity and quality of the collectibles they seek to sell or buy. Consequently, dealers and collectors most often submit coins, trading cards and autographs to us for authentication and grading at those times when they are in the market to sell or buy those collectibles.

The amounts of our authentication and grading revenues are affected by (i) the volume and mix of authentication and grading submissions among coins and trading cards, (ii) in the case of coins and trading cards, the “turnaround” times requested by our customers, because we charge higher fees for faster service times; and (iii) the mix of authentication and grading submissions between vintage or “classic” coins and trading cards, on the one hand, and modern coins and trading cards, on the other hand, because, vintage or classic collectibles are of significantly higher value and justify a higher average service fee.

Our U.S. coin authentication and grading revenues are also impacted by the volume of modern coin submissions, which can fluctuate from period to period, depending on the timing and size of modern coin marketing programs conducted by the United States Mint and by customers or dealers who specialize in sales of such coins.

Our revenues are also affected by the volume of coin authentication and grading submissions we receive at collectibles trade shows where we provide on-site authentication and grading services to show attendees, because they typically request higher-priced same-day turnaround for the coins they submit to us for authentication and grading at those shows. The level of trade show submissions varies from period to period, depending upon a number of factors, including the number and the timing of the shows in each period and the volume of collectible coins that are bought and sold at those shows by dealers and collectors. In addition, the number of such submissions and, therefore, the revenues and gross profit margin we generate from the authentication and grading of coins at trade shows can be impacted by short-term changes in the prices of gold that can occur around the time of the shows, because gold prices can affect the willingness of dealers and collectors to sell and purchase coins at the shows.

Five of our customers accounted, in the aggregate, for approximately 11%, 16% and 18% of our total net revenues in the years ended June 30, 2019, 2018 and 2017, respectively. In both fiscal 2018 and 2017 the banking channel customer discussed above, accounted for about 6% of net revenues. As a result, the loss of any of those customers, or a significant decrease in the volume of grading submissions from any of them to us, could cause our net revenues to decline and, therefore, could adversely affect our results of operations.

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER

UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Joseph J. Orlando, certify that:

1. I have reviewed this Annual Report on Form 10-K of Collectors Universe, Inc. for the year ended June 30, 2019;

2. Based on my knowledge, this Annual Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Annual Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Annual Report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Annual Report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this Annual Report based on such evaluation; and

(d) disclosed in this Annual Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 28, 2019
/s/ JOSEPH J. ORLANDO
Joseph J. Orlando
President and Chief Executive Officer

[HarryLime]

Originally Posted by Soxfanguy

Let me just go ahead and try to close this issue. I mean as Joe has said earlier, the level of submissions that we continue to see at the PSA cards business is -- continues to be very, very -- in fact, our backlog is actually higher than it was back in June. In terms of our warranty, we take a very conservative view in terms of warranty and what our expectation is, in terms of our balance sheet. So I think this whole trimming issue that we spent a lot of time talking about today is really something that we don't consider material to our business. And we'd probably just like to leave it at that in terms of any additional questions on the subject.

Who said this?

Arthur

[robert67]

Keen.

[luckyduck]

Broke: The FBI needs to take down PSA

Woke: BO Forum members need to file a class action against PSA in Orange County

[pip]

Originally Posted by luckyduck

Broke: The FBI needs to take down PSA

Woke: BO Forum members need to file a class action against PSA in Orange County

I don't think you'll see any civil suits until some of the untra-high ticket cards graded by PSA are exposed. I know, for instance, that one of the PSA 10 Mickey Mantle rookies is altered. It's just a matter of time until the details becomes public and a "before" pic is discovered. Depending on who the FBI decides to squeeze, this information may be forthcoming. It wouldn't even surprise me if they were close.

[3124508 on COMC]

All cards I requested to be removed are still for sale, so it is clear that COMC is not reading the thread nor paying attention to their correction requests.

[boxbuster7]

This one sold on COMC but the left edge looks trimmed to me. I feel bad for whoever paid $200 for this card if it is trimmed.


2018 Topps Clearly Authentic Autographs - [Base] #CAA-RA - Ronald Acuna [PSA#@9#@MINT]
Courtesy of COMC.com

[robert67]

Arrogance.

[MoreToppsPlease]

From another thread:

“it’s worth noting that the warranty is null & void if the original submitter of the trading card knowingly sent in altered cards trying to deceive PSA’s graders. Therefore many (if not most) warranty claims related to the published accounts of trimmed cards likely won’t fall under warranty claims.”

[Soxfanguy]

Originally Posted by boxbuster7

This one sold on COMC but the left edge looks trimmed to me. I feel bad for whoever paid $200 for this card if it is trimmed.


2018 Topps Clearly Authentic Autographs - [Base] #CAA-RA - Ronald Acuna [PSA#@9#@MINT]
Courtesy of COMC.com

Why would someone get/buy Clearly Authentic graded? It's in a one touch for a reason

[geomon]

Originally Posted by MoreToppsPlease

From another thread:

“it’s worth noting that the warranty is null & void if the original submitter of the trading card knowingly sent in altered cards trying to deceive PSA’s graders. Therefore many (if not most) warranty claims related to the published accounts of trimmed cards likely won’t fall under warranty claims.”

What? How does that void the warranty? So if I buy a card from someone that used your business to authenticate a fraudulent card, I'm the one that loses out? Kiss my a**.

[KhalDrogo]

Originally Posted by MoreToppsPlease

From another thread:

“it’s worth noting that the warranty is null & void if the original submitter of the trading card knowingly sent in altered cards trying to deceive PSA’s graders. Therefore many (if not most) warranty claims related to the published accounts of trimmed cards likely won’t fall under warranty claims.”

That’s not true at all according to their guarantee policy. The policy only states that the original submitter or someone connected to the submitter cannot make a claim through the policy. A secondary buyer can.

[Batpig]

Originally Posted by MoreToppsPlease

From another thread:

“it’s worth noting that the warranty is null & void if the original submitter of the trading card knowingly sent in altered cards trying to deceive PSA’s graders. Therefore many (if not most) warranty claims related to the published accounts of trimmed cards likely won’t fall under warranty claims.”

I don’t see that anywhere in the guarantee I’m looking at. What’s the source?

[ark8085]

Originally Posted by 3124508 on COMC

All cards I requested to be removed are still for sale, so it is clear that COMC is not reading the thread nor paying attention to their correction requests.

They probably don’t even have a procedure for events like this. Comc workers are looking at your correction requests like they have 2 heads lol.

Id guess they give refunds to all who bought trimmed cards eventually. Hopefully they kept that guys money and issue refunds.

[3124508 on COMC]

Originally Posted by ark8085

They probably don’t even have a procedure for events like this. Comc workers are looking at your correction requests like they have 2 heads lol.

Id guess they give refunds to all who bought trimmed cards eventually. Hopefully they kept that guys money and issue refunds.

Cards have been taken down.

[corndog]

PSA Cert #27755632

1952 Topps Look 'N See Balboa #52

Value gain of $775.66

This card was purchased by Ebay ID card-buyer from Ebay seller probstein123 as a PSA 7 for $34.33 on December 07, 2016.
VCP link: https://vintagecardprices.com/card/n...2/186353/PSA/7



Same card was sold by PWCC (Brent and Betsy Huigens) as a PSA 9 for $809.99 on October 29, 2017.
PWCC Marketplace link: https://www.pwccmarketplace.com/items/1569127

Yellow circles are print, fiber, or chipping identifiers.
Red box identifies trimmed right edge.

[cking]

Originally Posted by 3124508 on COMC

All cards I requested to be removed are still for sale, so it is clear that COMC is not reading the thread nor paying attention to their correction requests.

Or cares at all..................which it does not appear they do

[sfgiants4life]

Looks like the cards were removed...either by COMC or their owners. I guess the only way to create change is through publicity.

[boxbuster7]

Originally Posted by Soxfanguy

Why would someone get/buy Clearly Authentic graded? It's in a one touch for a reason

Yeah, the same thought occurred to me. Sometimes the clearly authentic cards on COMC don't have the case and they look strange.

[corndog]

PSA Cert #26511613

1951 Parkhurst George Martin #39

Value gain of $2013.01

Current PSA Registry Sets:
This cert is currently in Set Registry inventory and is featured in one or more sets, including Benny's '51 Parkies.

This card was purchased by Ebay ID card-buyer from PWCC (Brent and Betsy Huigens) as a PSA 6 for $46.99 on July 27, 2016.
PWCC Marketplace link: https://www.pwccmarketplace.com/items/1314702

Same card was sold by PWCC (Brent and Betsy Huigens) as a PSA 9 for $2,060.00 on February 26, 2017.
PWCC Marketplace link: https://www.pwccmarketplace.com/items/1432733

Yellow circles are print, fiber, or chipping identifiers.
Red boxes identify trimmed left and right edge.

[SetBuilder]

I can already see this turning into the next PWCC call-out thread.

I've got a new tab on my spreadsheet ready to go.

I'll be joining corndog in the hunt now that a hurricane is bearing down on Florida. I'll have lots of spare time this weekend.

[superdan49]

Looks like Miller took a page from Moser's trim book with '51 Parkies and '52 Look 'N Sees.

[pspa123]

Originally Posted by superdan49

Looks like Miller took a page from Moser's trim book with '51 Parkies and '52 Look 'N Sees.

Imitation is the highest form of flattery they say.