Net income in the third quarter rose 26% to $8.7
million compared to $18.5 million.57 $ 0.52 $ 0.com

Brandi Piacente
Investor Relations
The Anne McBride Company, Inc.
212-983-1702 x208
Email: bpiacente@annemcbride.

currency banknotes

9 million in the
previous nine-month period and revenue totaled $162.27 per
diluted share, compared to $19.4
million and a reduction of payables of approximately $5.
Its operations include the Greg Manning Auctions division, Ivy +
Manning Philatelic Auctions, H.
In Europe, the leading auction houses affiliated with the network
are Auctentia Subastas of Madrid, Spain (operating under the name
"Afinsa Auctions"); Corinphila Auktionen of Zurich, Switzerland (65%
owned by GMAI); and the Koehler group of auction companies of Berlin
(66.A., Collectors
Universe, Inc. A coin dealership in Lincroft,
N.

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15 million, the second highest price paid for any coin. is a leading provider of value added services to
the high-value collectibles markets. The Company
authenticates and grades collectible coins, sports cards, autographs and
stamps.

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Harmer of New York, Greg Manning
Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales,
Superior Sports Auctions, Bowers + Merena Galleries and Kingswood Coin
Auctions.30 $ 0.29 $ 0.
This coin is only one of five known to exist.com ,
and is also published in print.

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As a result, we anticipate significantly stronger
revenue in the fourth quarter than previously forecasted internally. The
Company's exclusive supply agreement with Afinsa contributed
approximately $26 million in non-auction sales in the third quarter
compared to $34.27
======== ====== ======= ======


Three Months Ended Nine Months Ended
March 31, March 31,
EBITDA Reconciliation Schedule 2004 2005 2004 2005
------------------------------ ------- ------ ------- ------

Net Income (Loss): $ 6,519 $ 8,188 $13,032 $20,977
Plus:
Interest expense 213 234 590 758
Provision for income taxes 2,287 4,963 5,231 13,677
Depreciation 224 299 594 856
-------- ------ ------- ------
EBITDA $ 9,243 $13,684 $19,447 $36,268
======== ====== ======= ======

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8 million in the same period a year ago.
Earnings before Interest, Taxes, Depreciation and Amortization
(EBITDA) climbed 48% to $13.
GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid,
Spain, which is engaged in the sale, marketing and production of owned
and third -party collectibles, with an emphasis on specialized
philatelic material. of Madrid, Spain, one of the world
leaders in marketing tangible investment products, and GMAI's majority
shareholder.

S. The sale of the coin was
prominently mentioned in various news outlets earlier today.

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78 per diluted share.
Demand remains robust in the global, multi-billion dollar coin and
stamp collectible markets and we are uniquely positioned to capitalize
on these positive trends as a result of our market expertise and
worldwide reach. Coins, stamps and
sports cards are offered at www.
Condensed Consolidated Statements of Operations
For the Three and Nine Months Ended March 31,
(thousands except per share data)
(Unaudited )


Three Months Ended Nine Months Ended
March 31, March 31,
2004 2005 2004 2005
------- ------- ------- ------ -

Aggregate Sales $81,977 $74,687 $182,931 $210,694

Operating Revenues
Sales of inventory $25,977 $25,185 $ 78,385 $ 76,167
Sales of inventory -
related party 34,883 26,027 65,528 75,144
Commissions earned 3,645 4,500 8,294 11,431
------- ------- -------- --------
Total Revenues 64,505 55,712 152,207 162,742

Cost of merchandise sold 23,724 23,168 68,742 70,595
Cost of merchandise sold-
related party 23,780 10,868 45,611 33,868
-- ----- ------- ------- --------
Gross profit 17,001 21,676 37,854 58,279

Operating Expenses
General and Administrative 4,681 3,827 9,302 9,924
Salaries and Wages 2,479 3,101 7,175 9,569
Depreciation and
Amortization 224 299 594 856
Marketing 670 1,062 1,610 2,778
------- ---- --- ------- --------
Total Operating Expenses 8,054 8,289 18,681 23,127
------- ------- ------- --------
Operating Income (Loss ) 8,947 13,387 19,173 35,152
------- ------- --- ---- --------

Other Income (Expense) (8) (270) 15 (402)
Interest Income 80 268 165 662
Interest Expense (213) (234) (590) (758)
Impairment of investment in
investee - - (500) -
------- ------- ---- --- --------
Income before income taxes 8,806 13,151 18,263 34,654
Provision for income taxes 2,287 4,963 5,231 13,677
------- ------- ------- --------
Net Income $ 6,519 $ 8,188 $ 13,032 $ 20,977
======= ======= ======= ========

EBITDA $ 9,243 $13,684 $ 19,447 $ 36,268
======= ======= ======= ========


Three Months Ended Nine Months Ended
March 31, March 31,
Earnings per Share Schedule 2004 2005 2004 2005
--------------------------- -------- ------- ------- -------

Net Income $ 6,519 $ 8,188 $13,032 $20,977
======== ======= ======= =======

EBITDA $ 9,243 $13,684 $19,447 $36,268
======== ======= ======= =======

Basic Earnings (Loss) per Share
Weighted average shares
outstanding 26,492 27,438 22,997 27,393
======= ======= ======= =======
Basic earnings (loss) per share $ 0.35 $ 0.85 $ 1.

crutchfield banknote

(Nasdaq: GMAI ) today announced financial results for
the fiscal 2005 third quarter ended March 31, 2005.7 million compared to $64.2 million, or $0.0 million, or 26% of revenue, last year.1
million due primarily to a growth in inventories of approximately $3.77
====== ======= ======= =======
EBITDA earnings (loss) per
share $ 0. Those risks
and uncertainties include, but are not limited to:
* possible changes in general economic conditions or conditions in the
collectibles markets, such as a possible decline in the popularity of
some high-value collectibles, which could cause a reduction in
authentication and grading submissions and, therefore, also in the fees
we are able to generate;
* a lack of diversity in our sources of revenues and our dependence on
collectible coin authentication and grading for a significant
percentage of our total revenues, which makes us more vulnerable to
adverse changes in economic and market conditions, including declines
in the value of precious metals or recessionary conditions, that could
lead to reduced coin and other collectibles submissions, with a
resultant reduction in our revenues and income;
* our dependence on certain key executives and collectibles experts, the
loss of the services of any of which could adversely affect our ability
to obtain authentication and grading submissions and, therefore, could
harm our operating results;
* increased competition from other collectibles services companies that
could result in reductions in collectibles submissions to us or could
require us to reduce the prices we charge for our services;
* the risk that we will incur unanticipated liabilities under our
authentication and grading warranties that would increase our operating
expenses;
* the risk that new service offerings and business initiatives that we
may undertake will not gain market acceptance or will increase our
operating expenses and reduce our overall profitability or cause us to
incur losses;
* the risk that our strategy to exit the collectibles sales business and
focus substantially all of our resources on our authentication and
grading businesses will not be successful in enabling us to improve our
profitability over the longer term or to grow our existing businesses
or expand into new collectibles or high value asset markets; and
* the risk that we will not be successful in integrating into our
operations any new businesses we might acquire or commence or that
those businesses will not gain market acceptance or that our business
expansion may result in a costly diversion of management time and
resources and increase our operating expenses and, therefore, hurt our
profitability.

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0 million last year.7 million from $182.3 million in the year-earlier period, an
increase of 90%.3 million, or $1. We will continue to seek strategic
acquisitions that increase operating leverage in our core numismatic
and philatelic businesses and add value to our expanding global
platform."
The company will host a conference call today, May 13, 2005 at
10:00 a.
The words "should," "believe," "estimate ," "expect," "intend,"
"anticipate," "foresee," "plan" and similar expressions and variations
thereof identify certain of such forward-looking statements, which
speak only as of the dates on which they were made.

About Collectors Universe
Collectors Universe, Inc.

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8 million. We are excited by our future prospects and anticipate
a record performance for the fiscal year ending June 30. Factors that may cause
such differences include changes in market conditions, changes in
economic environment , competitive factors and the other factors
discussed in the "forward-looking information" or "risk factors"
sections included in GMAI's filings with the Securities and Exchange
Commission, including GMAI's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, prospectuses and other documents that GMAI has
filed with the Commission.
Furthermore, it was the PCGS division that earlier certified a previously
unknown 1913 Liberty Head nickel that was only discovered two years ago after
disappearing for more than forty years.pcgs. The Company also compiles and publishes authoritative information
about collectible sports cards and sports memorabilia, United States and world
coins , and entertainment memorabilia.

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5 million, or $0. The conference call will be broadcast over the Internet as a
"live" listen-only webcast.L., bought it from a collector in Merrimack, N.H.

Additional information regarding these and other risks and uncertainties
that could cause our future financial performance to differ from our current
expectations is contained our Prospectus, dated February 16 , 2005, as filed
with the Securities and Exchange Commission pursuant to Rule 424(b) under the
Securities Act of 1933, as amended.

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48 per diluted share,
compared to $9."
Manning concluded, "We anticipate a particularly strong finish to
fiscal 2005. This network was created in September 2003
when GMAI and Auctentia, S. Additionally, any
statements related to future improved performance and estimates of
revenues and earnings per share are forward-looking statements. This information is accessible to
collectors and dealers at the Company's web site, http://www.collectors.

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In particular, any statement related to
GMAI's expected revenues or earnings or GMAI's being well positioned
for future profitability and growth are forward-looking statements. (Nasdaq: CLCT), the leading provider of value-added grading and
authentication services to dealers and collectors of high-end collectibles,
announced that the Professional Coin Grading Service (PCGS), a division of
Collectors Universe, certified the U .

crutchfield identifier

----Greg Manning
Auctions, Inc. Gross profit in
the third quarter grew to $21.
Pretax profit for the nine months ended March 31, 2005 was $34.4 million, or $0.
For the nine months, cash flow from operations totaled $13.com approximately 20 minutes before the conference
call is scheduled to begin to register, as well as to download and
install any necessary audio software. Readers are cautioned not to place undue
reliance on these forward-looking statements.50 $ 0.

vinny millon

J.7 million compared
to $152. 1913 Liberty Head nickel which was
recently sold for $4.

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23 per diluted share, in
the same period last year.teletrade.

Collectors Universe Forward-Looking Statements
This news release contains statements regarding our expectations about our
future financial performance which are "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995.

currency banknote

29
per diluted share, from $6.7 million in the third
quarter versus $82.0 million in the fiscal third quarter of 2004.7 million, or $0.
Greg Manning, First Vice Chairman, CEO and President , stated,
"Third quarter results reflect improved profitability from our direct
supply agreement with Afinsa Bienes Tangibles, S.
Larry Crawford, Chief Financial Officer, said, "As of March 31,
the Company reported cash and cash equivalents of $29. Our non-Afinsa core auction
businesses continued to show strong growth with aggregate sales of
consigned and owned inventory at auction for the nine month period
ended March 31, 2005 increasing 38% to $69 million from $50 million in
the same period last year.
In North America, GMAI is a leading traditional and e-commerce -
Internet , interactive telephone, and Internet and live simulcast -
auctioneer and merchant/dealer of collectibles .25 $ 0.73
======= ======= ======= =======
EBITDA earnings (loss) per
share $ 0.
The recently sold $4.

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Greg Manning Auctions Reports Third Quarter Results; Net Income Increases 26%

2 million from $8.7 million in aggregate sales through its coin and stamp companies
in North America, Europe and Asia versus $82.2 million , an increase of 7%. EBITDA increased to $36.2
million and we remain on pace to achieve record operating cash for the
fiscal year ending June 30, 2005.
Both GMAI and CdC currently act as exclusive supplier of
collectibles - primarily stamps and coins - on a worldwide basis to
Afinsa Bienes Tangible , S.

Statements in this press release that relate to future plans,
objectives, expectations , performance, events and the like are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the Securities Exchange
Act of 1934.32 $ 0.78 $ 1.

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Business Editors

WEST CALDWELL, N.
Revenue, which includes inventory sales plus commission income, was
$55.5 million in the third quarter last
year."
In the third quarter , Greg Manning Auctions realized approximately
$74. Cash
flow used in operations in the third quarter was approximately $2.

GREG MANNING AUCTIONS, INC. Due to these and other possible
uncertainties and risks, readers are cautioned not to place undue reliance on
the forward -looking statements contained in this news release, which speak
only as of its date, or to make predictions about future performance based
solely on historical financial performance.

Contacts:

Mike Lewis
Chief Financial Officer
Collectors Universe
949-567-1375
Email: mlewis@collectors.

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32 per diluted share, in the fiscal
2004 third quarter. Revenue was down from
a year ago due to lower inventory sales under our exclusive supply
contract with Afinsa which we forecast will be made up in the current
fourth quarter.9 million in direct sales in the year-earlier period.
For the nine months ended March 31, 2005, net income climbed 61%
to $21 million from $13 million in the corresponding period a year
earlier. Future events, risks and uncertainties, individually or
in the aggregate, could cause actual results to differ materially from
those expressed or implied in these statements. GMAI
undertakes no obligation to publicly update or revise any
forward-looking statements. We also disclaim any obligation
to update forward -looking statements contained in this news release or in our
Prospectus dated February 16, 2005.

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To listen, please go to
www.R.
Chief Executive Officer, Michael Haynes, commented, "We are always pleased
to hear of high value items that we have authenticated and graded, such as the
1913 nickel , trading in the marketplace.

fractional currency

Pretax profit for the fiscal 2005 third quarter increased 49% to
$13.73 from $0.52 in the nine months ended March 31, 2004.

About Greg Manning Auctions, Inc.com .23 $ 0. These new owners had the confidence
to make this acquisition and become the latest in the chain of custodians of
this important and historical asset for the benefit of future generations .

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Earnings per share on a fully diluted basis climbed 40% to
$0. Aggregate
sales increased 15% to $210. We
anticipate inventory levels dropping $7-9 million in the fourth
quarter. In the current fourth quarter, we expect solid
contributions from our leading subsidiaries including Bowers + Merena ,
Ivy + Manning, Nutmeg Stamp Sales, John Bull Auctions in Hong Kong as
well as Kohler Auctions in Germany and Corinphila in Switzerland.m. ET to discuss financial results, business developments and
outlook.33
======== ======= ======= =======

Diluted Earnings (Loss) per Share
Weighted average shares
outstanding 28,808 28,668 24,957 28,692
======= ======= ======= =======
Diluted earnings (loss) per
share $ 0.48 $ 0.J.15 million nickel will be on display through Saturday
at a coin show in Long Beach, California.

notofilia fractional

2 million, or $0. Aggregate sales, which include inventory
sales plus consignment sales, totaled $74.A.gregmanning.

Greg Manning Auctions, Inc. is a global collectibles merchant and
auction house network, with operations in North America, Europe and
Asia and on the Internet. effectively integrated their auction
businesses , creating a GMAI-AUCTENTIA global collectibles auction
network.67% owned by GMAI) and Wiesbaden, Germany.

Collectors Universe Division Certified Rare $4.15 Million 1913 Liberty Head Nickel

NEWPORT BEACH, Calif."

Please visit http://www.com to view a picture of this 1913 Liberty Head
nickel ." Our
financial performance in the future may differ, possibly materially, from our
current expectations as set forth in the forward-looking statements contained
in this news release, due to a number of risks and uncertainties.com

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7 million, or 39% of revenue, compared
to $17. The Collectors Universe brands are among
the strongest and best known in their respective markets. Forward-looking
statements can be identified by the use of words such as "believe," "expect,"
"anticipate," "intend ," "plan," "estimate," "project," or future or
conditional verbs such as "will," "would," "should ," "could," or "may.

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- - kjjkjk

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