A-Mark Precious Metals, Inc. (NASDAQ:AMRK) Q1 2024 Earnings Conference Call November 7, 2023 4:30 PM ET

Company Participants

Greg Roberts - CEO

Thor Gjerdrum - President

Kathleen Simpson - CFO

Conference Call Participants

Lucas Pipes - B. Riley Securities

Tom Forte - D.A. Davidson

Andrew Scutt - ROTH MKM

Greg Gibas - Northland Securities

Sy Jacobs - Jacobs Asset Management

Operator

Good afternoon and welcome to the A-Mark Precious Metals Conference Call for the Fiscal First Quarter ended September 30, 2023. My name is Jenny, and I will be your operator this afternoon.

Before this call, A-Mark issued its results for the fiscal first quarter 2024 in a press release, which is available in the Investor Relations section of the Company's website at www.amark.com. You can find the link to the Investor Relations section at the top of the home page.

Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Kathleen Simpson-Taylor. Following their remarks, we will open the call to your questions.

Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call is being recorded, and we will be made available for replay via link available in the Investor Relations section of A-Mark's website.

Now, I would like to turn the call over to A-Mark's CEO, Mr. Greg Roberts. Sir, please proceed.

Greg Roberts

Thank you, John, and good afternoon to everyone. Thank you for joining our call today. As you can see, our first quarter results demonstrate the strength and scalability of our fully integrated platform to generate profitable results, even during conditions.

Despite facing a less favorable macroeconomic environment and softened levels of demand compared to recent quarters, we still delivered $30 million plus of EBITDA and diluted earnings of $0.77 per share and continued to grow our direct-to-consumer customer base.

Consistent with our commitment to generate shareholder value, the company also repurchased a total of 171,268 shares of our common stock for $5 million during the first quarter, bringing our total treasury stock to 14.8 million. We continue to view our share repurchase program as an attractive investment opportunity for the company and another way to deliver value to our shareholders.

Finally, we amended our trading credit facility during the quarter, resulting in increased liquidity and the reclassification of debt to long-term.