"A-Mark's vertically-integrated structure, and especially our minting capabilities through SilverTowne Mint, gives us a key competitive advantage by enabling us to meet surges in demand during more volatile market environments. Our financial success in the first half of the fiscal year was primarily due to higher sales volumes on both gold and silver products at our Wholesale Trading & Ancillary Services segment and sustained reductions of selling, general and administrative expenses at our Direct Sales segment over the prior year period. Additionally, we further strengthened our balance sheet by paying off the credit facility which we had used to finance our acquisition of Goldline, and which had been our highest interest rate debt instrument. "Looking forward to the second half of the fiscal year, we have seen a 3% increase in both gold and silver prices since the end of December and have continued to experience increased volatility in the market and robust demand for A-Mark's physical products. Moreover, the price of gold exceeded $1,300 per ounce in January for the first time in over six months. We remain cautiously optimistic about our prospects, especially given the macro backdrop and geopolitical environment, and will continue to act opportunistically to capitalize on attractive near-term trading opportunities while strategically scaling our business for long-term success."
The Board of Directors is increasing the regular quarterly dividend by 5% to 11 cents per share of common stock. The Q1 dividend, at the increased rate, will be payable on December 6 to stockholders of record at the close of business November 26.