Ouch! Bad day for PCGS.
https://finance.google.com/finance?q=NASDAQ%3ACLCT
"Service revenues in the second quarter were down year-over-year to $14.1 million from $17.8 million, a 21% decline from a year ago. Our primary division showed a decline of 34% in our coin business"
"In calendar 2017, the United States Mint had their slowest year in sales since 2007 and collector interest or the lack thereof had a direct impact on our bulk service. American Eagle Silver Bullion sales, which make up the lion's share of bulk submissions dropped at reported 52% from 2016 totals. The year-over-year decline in gold sales was even more dramatic. The poor sales numbers at the Mint did not have an immediate impact on our company last year, but the lack of consumer demand eventually took its toll as dealers had to shelve higher amounts of inventory.
Coupled with the general drop in collector interest was the additional issue of coin quality. Some of the 2017 releases, such as the Limited Edition Silver Proof Set and American Liberty Silver Medals were manufactured with condition flaws that prevented a good portion of them from achieving desirable grades, and this further complicated the bulk business in the quarter. Q2 also saw a decline in our vintage and show coin services which usually follow the same track. This was primarily due to an overall softening in the market. The good news is that the vintage market has shown signs of improving as evidenced by stronger auction sales recorded in the first few weeks of 2018."
"To ensure that our company has the requisite capital needed to continue our progress overseas and fund domestic initiatives, our board of directors has decided to reduce the dividend from $1.40 per share on an annual basis to $0.70 per share."