Posted By:
Eric BA major and i mean major player just e-mailed me and said that nobody is sending in cards right now to PSA because the grading is so off........
I find this comment interesting. Last quarter ending Sept 2008, PSA submissions were 301,600 units, a large drop from 351,000 units in the quarter ended June 2008. Although operating income from the division was actually up a little from $329,000 to $345,000.
The reason operating income was up is that the average value of submissions was up quite a bit. Large auction houses submitting super high value cards???? Hmmmm.
Anyway, in about 6 weeks we will get Dec 2008 results.
BTW, the fact that Operating income is running at a $1,500 000 yearly pace does NOT mean they are making money. It wouldn't include such things as Joe Orlando's salary, Accountants, Executives, their rent, Slaes and marketing, etc.