UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
=======================================================
FORM-8K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
NOVEMBER 23, 2004
DGSE Companies, Inc.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEVADA
(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-11048 88-0097334
(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
2817 FOREST LANE
DALLAS, TEXAS 75234
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE, INCLUDING ZIP CODE)
(972) 484-3662
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
=======================================================
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
================================================================================
ITEM 8.1 OTHER EVENTS
DGSE COMPANIES, INC. ANNOUNCES INITIAL ROLL-OUT OF ITS AMERICAN PAY DAY CENTERS;
INCREASED PAWN LOAN BALANCES BY ALMOST 125 PERCENT AT ITS TEXAS LOCATIONS IN
LAST FIVE MONTHS AND EXPANSION OF EXISTING TEXAS PHYSICAL LOCATIONS
DALLAS, November 23 , 2004 DGSE Companies, Inc. (Nasdaq:DGSE-News), which
wholesales, retails and auctions fine watches, jewelry, diamonds and precious
metal and rare coin products via traditional and Internet channels, and offers
consumer loans via pawn stores and soon to be opened Pay Day Loan stores,
announced that it has received all required approvals from the state of New
Mexico and will begin opening Pay Day Loan stores there starting with
Albuquerque in the next 60 days.
The company announced that its' pawn loan balances have increased almost 125
percent in the last five months. In addition, the company has expanded the
physical size of the Carrolton, Texas national Jewelry Exchange location by
almost 80 percent and its Dallas, Texas Superstore by almost one-third.
"We are pleased to have received all of the necessary approvals to begin opening
our first American Pay Day Centers in New Mexico. The Pay Day Loan business is
an exciting opportunity for us to enter a new and profitable business segment
that compliments our existing pawn operations. With the opening of our first
location in the next 60 days we will begin an opportunistic roll-out of this
activity with additional locations in New Mexico and other states" stated
William H. Oyster, President and Chief Operating Officer of DGSE Companies, Inc.
"Additionally, we are extremely pleased to see our pawn loans increase in the
last five months. This is the result of a restructuring of the activities under
the direct supervision of Scott Williamson. Our pawn loan and the Pay Day loan
businesses are growth segments that in the periods ahead have the capacity to
add materially to our revenues and earnings. Accelerating growth in all of our
business activities has required that we expand all of our Texas facilities to
accommodate increased requirements."
DGSE Companies, Inc. wholesales and retails jewelry, diamonds, fine watches and
precious metal bullion and rare coin products to domestic and international
customers via traditional and Internet channel. DGSE also owns Fairchild
International, Inc., one of the largest vintage watch wholesalers in the
country. In addition to its retail facilities, the Company operates live
Internet auctions that can be accessed at www.dgse.com. Real-time price
quotations on over 250 precious metals are provided on another DGSE web site at
www.usbullionexchange.com. Wholesale customers can access our 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
NASDAQ Stock Market(R) under the symbol "DGSE".
This press release includes statements that 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.
SIGNATURE
In accordance with section 13 and 15(d) of the Securities Exchange Act of 1934,
the Registrant has dully caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DGSE Companies, Inc.
/s/ John Benson
------------------------------------
John Benson
Director and Chief Financial Officer
Dated: November 23, 2004