Company Website:
http://www.dgsecompanies.com
DALLAS -- (Business Wire)
DGSE Companies, Inc. (NYSE MKT: DGSE) (“DGSE” or the “Company”), a
leading wholesaler and retailer
of jewelry,
diamonds,
fine
watches, and precious metal bullion
and rare
coin products, today announced that it has received a decision from
the Comptroller of Public Accounts of the State of Texas (the
“Comptroller”) regarding the Company’s Petition for Redetermination in
relation to the Comptroller’s Sales and Use Tax Audit for the period of
March 1, 2006 through November 30, 2009. The Comptroller’s decision
dismisses the petition and finalizes the audit based on an agreement
between the Comptroller Tax Division and the Company, whereby the
Company has agreed to pay tax due of $800,397, as well as a 10% penalty,
and interest. The total amount due as of May 29, 2014, equaled
approximately $1.1 million, although interest will continue to accrue.
The Company also announced that it has reached a payment agreement with
the Comptroller, allowing the Company to pay the agreed amount over an
18-month period, beginning with an initial payment of $325,000 followed
by monthly payments of $47,000 until all agreed tax amounts, penalty and
accrued interest are paid.
Dusty Clem, Chairman and Chief Executive Officer, stated, “While still a
material amount, we’ve worked closely with the Comptroller’s office to
reduce this payment from the initial $4.4 million tax assessment the
Comptroller estimated in 2010. We’re happy to have resolved the last of
the significant legacy issues that related to DGSE’s previous management
team, so that we can continue to focus on creating a sustainably
profitable business for our shareholders.”
The Company previously announced that it had accrued approximately $1.1
million towards an estimated settlement with the Comptroller, which the
Company believes will cover the majority of the settlement. The Company
may incur some additional interest charges, based on the payment plan it
has now executed with the Comptroller.
About DGSE Companies
DGSE Companies, Inc. wholesales and retails jewelry,
diamonds,
fine
watches, and precious metal bullion
and rare
coin products through its Bullion Express, Charleston Gold & Diamond
Exchange, and Dallas Gold & Silver Exchange operations. DGSE also owns
Fairchild International, Inc., one of the largest vintage watch
wholesalers in the country. In addition to its retail facilities in
Illinois, South Carolina, and Texas, the Company operates internet
websites which can be accessed at www.bullionexpress.com,
www.dgse.com,
and www.cgdeinc.com.
Real-time price quotations and real-time order execution in precious
metals are provided on another DGSE website at www.USBullionExchange.com.
Wholesale customers can access the full vintage watch inventory through
the restricted site at www.FairchildWatches.com.
The Company is headquartered in Dallas, Texas and its common stock
trades on the NYSE MKT exchange under the symbol "DGSE."
This press release includes statements which may constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect" or similar expressions. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include, but
are not limited to, continued acceptance of the Company's products and
services in the marketplace, competitive factors, dependence upon
third-party vendors, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission. By making
these forward-looking statements, the Company undertakes no obligation
to update these statements for revisions or changes after the date of
this release.
Contacts:
DGSE Companies, Inc.
Dusty Clem, 972-587-4021
Chairman,
President and CEO
investorrelations@dgse.com
Source: DGSE Companies, Inc.
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