PSA Message from the President - CU rumors, etc.

JoeOrlando · February 18, 2004 10:01AM

Hello All,

I know there have been a few questions/concerns on the boards today so I wanted to address them.

1) PSA submissions - receiving delay. Yes, there is a delay right now - not a big one - but one in any event. Here's why: The winter is usually a slower time for grading - not a lot slower - but slower in the baseball offseason. Recently, we have been swamped with submissions - an unusually large amount considering the time of year - it all seemingly came through in a short period of time. So, first of all - thanks for all the cards - we appreciate the business. Secondly, we are in no danger of missing any turnaround times as our turnaround times have been vastly improved over the past 2 years. In other words, there's no need to worry - your cards will be processed within any stated guarantee.

2) CU changes - the possible sale of Superior, etc.. Obviously many of you now know about the future plans of CU - to focus solely on authentication and grading - our core business units. First, when this does happen - we all wish Chris Porter a great deal of success. He is one of the really nice guys in the hobby - I am sure many of you know him and like working with him. We all wish him well.

On another note, the SMR is not going anywhere. It will be produced in the same format - monthly (printed and online) without a hitch. Odyssey is still a part of this CU but, when the time comes and they are no longer a part, the SMR will continue. You will not notice a difference - really.

Thanks for listening and supporting PSA,

Joe Orlando
PSA President

onegaucho · February 18, 2004 10:13AM

As always, thanks for taking the time to clarify things Joe.

It's reassuring to know that someone in your position would take the time to address some of our concerns and questions in a personal format such as this board.

KING KELLOGG · February 18, 2004 10:28AM

Atta' boy Joe...

It's always a blessing when the "Pres" gets on this board, and clears the air about rumour and speculation. Two topics that never help anyone.

Clear and knowledgeable information, from PSA and it's board members, will help us all in persuit of a better hobby and a bright future.

Many thanks!!!

Larry

Davino · February 18, 2004 10:47AM

Joe is really an awesome guy, he called me several times this week and really is on top of things!

Virtualizard · February 18, 2004 10:47AM

Joe,

Thanks for the post. It is nice to hear it from the source.

I don't know if you'll read this, but I'd like to again ask about the possibility of a discounted rate on the grading fee for the new super sized holders (T3 Turkey Red size) for more recent cards. Personally, I have about 20-30 cards from 1963 to the 1980s that I would have graded, but not at $35 each when they have a book value of anywhere from $0.50 to $100. There is a market for this holder with many player set collectors, but at these prices, the cards will remain in 8x10 top loaders. Please respond or email me at jeb@virtualizard.com.

Thank you.

JEB.

koby · February 18, 2004 10:48AM

If the rumor about the release of Peter Ma is true, hopefully you will find a customer service person that is as responsive and effective as Peter.

Basilone · February 18, 2004 10:53AM

Truth be told.

MW did not post any rumor or speculation...his source was the financials of CU.

I appreciate that he did post the information across the street and the subsequent posting over here brought Joe to post a message about it.

Otherwise...many would not of had an idea of what was going on.

Thanks Joe for confirming the reports in a timely matter. Hopefully Chris will resurface soon with another auction company!

John

JoeOrlando · February 18, 2004 10:54AM

Keep in mind two things:

1) There was a huge cost in creating that giant holder so the price is high (mainly) for that reason. We constructed a very high-quality holder.

2) Unless the card fits exactly into the T3 size, it's best not to send the card in at this time. We do not have additional inserts to cover various sizes within the T3 holder. Currently, we would have to hand-cut an insert in order to fit the card properly which is time consuming and not cost effective for the submitter (would be an additional charge).

Take care and keep in touch,

Joe

Davino · February 18, 2004 11:02AM

<< Keep in mind two things:

1) There was a huge cost in creating that giant holder so the price is high (mainly) for that reason. We constructed a very high-quality holder.

2) Unless the card fits exactly into the T3 size, it's best not to send the card in at this time. We do not have additional inserts to cover various sizes within the T3 holder. Currently, we would have to hand-cut an insert in order to fit the card properly which is time consuming and not cost effective for the submitter (would be an additional charge).

Take care and keep in touch,

Joe >>

Joe, it seems that PRO has holders to fit different trimmed-down cards. I know your not jealous!!!!

marz · February 18, 2004 11:16AM

<< If the rumor about the release of Peter Ma is true, hopefully you will find a customer service person that is as responsive and effective as Peter. >>

What rumor? Peter is a great help with submissions and problems. What is the scoop here?

LloydsBaseballCards · February 18, 2004 11:19AM

Peter Ma has left the company

Tipem · February 18, 2004 11:23AM

Joe,

Thanks for taking the time to get important information to us.

Vic

acowa · February 18, 2004 11:27AM

<If the rumor about the release of Peter Ma is true, hopefully you will find a customer service person that is as responsive and effective as Peter.>

I think I remember the same sentiments being posted when Charlie left.

Regards,

Alan

aconte · February 18, 2004 11:34AM

<< If the rumor about the release of Peter Ma is true, hopefully you will find a customer service person that is as responsive and effective as Peter >>

And one that fits within the budget.

aconte

thefootballcardstore · February 18, 2004 11:46AM

Joe I had no expectation that you would come here and talk about these type of stockholder issues. Just with any publicly traded company, almost all stockholder communication are made through the financial statements. Once again you have gone above and beyond your responsibilty as President of the company.

As a stockholder, I am thrilled to here your volumes are up. Keep up the fantastic work, Jeremy

Buckwheat · February 18, 2004 11:57AM

Dropping the auction and sales arm is the right move, in my opinion. There was an inherent conflict of interest, and I have heard many dealers complain about it.

Chris Porter is one of the great guys in the sport, and I think that Superior can probably do better seperately from PSA. It seemed to me that auction prices were somewhat lower in Superior auctions than Mastro, Sportscards Plus, etc. Perhaps some dealers were intentionally staying away.

It will be interesting to see Wall Streets reaction to the news and numbers.

Rob

Virtualizard · February 18, 2004 12:10PM

<< Keep in mind two things:

1) There was a huge cost in creating that giant holder so the price is high (mainly) for that reason. We constructed a very high-quality holder.

2) Unless the card fits exactly into the T3 size, it's best not to send the card in at this time. We do not have additional inserts to cover various sizes within the T3 holder. Currently, we would have to hand-cut an insert in order to fit the card properly which is time consuming and not cost effective for the submitter (would be an additional charge).

Take care and keep in touch,

Joe >>

Does that mean that you wouldn't put the card in a mylar insert if it is short of the T3 dimensions? I have many cards in tall boy holders that are nowhere near the exact size of the holder, but are holdered nonetheless. Ideally, a unique holder for any and all cards submitted would be nice, but I understand that it is not feasible. Isn't there some way to accomodate these cards in the new supersized holder? I have spoken with many collectors who would love to submit cards larger than the capacity of the current "tall boy".

Thanks again for the response.

JEB.

marz · February 18, 2004 12:21PM

<< Peter Ma has left the company >>

any more details on this please? I just sent him a huge pile of cards with issues we were interfacing on that needed resolving?

Basilone · February 18, 2004 12:44PM

<< almost all stockholder communication are made through the financial statements >>

I love PSA as much as the next guy...but the possibility of Superior discontinuing operations, merged, or sold and the possibility that Mr. Porter may no longer be involved is of pretty big importance in my opinion to serious collectors on this board. Sure the cards will still be auctioned but the trust one has in the management of the auction house, many times, plays a part in ones bidding process.

In addition, such activity is major news to potential consignors who are thinking about which auction house to use this year.

Just my thoughts...

John

thefootballcardstore · February 18, 2004 1:14PM

<< almost all stockholder communication are made through the financial statements >> >>

I guess what I am saying above is that it is highly unusual for a president, outside of Joe, to post messages pertaining to financials beyond official statements and employees. It just goes to show that PSA (CU) recognizes the passion each collector here has for this company, and that Joe has shown extraordinary care in making a special communication to the residents of this board - the core audience, silent and vocal.

I, myself, was somewhat concerned for the fate of the SMR, but after reading Mr. Orlando's post this evening he has cleared my mind. That is not to say that I didn't have the faith that the right decision would be made, as Joe has never done anything to jeopardize his creditability in my mind.

I am guessing now it is possible Joe will be separated from direct involvement in the SMR, and if that is the case, I will need to know where to send my monthly information when that change occurs. In any case, if a change in reporting is indeed necessary, and if I find out ahead of the class, I will make a separate posting.

Good night to all! And thank you John, Jeremy

GoSoxBoSox · February 18, 2004 1:21PM

<< 2) Unless the card fits exactly into the T3 size, it's best not to send the card in at this time. We do not have additional inserts to cover various sizes within the T3 holder. Currently, we would have to hand-cut an insert in order to fit the card properly which is time consuming and not cost effective for the submitter (would be an additional charge). >>

Hmmmmm. I have 16 cards that are 5" x 7" that I paid $35 a card to have encapsulated. My agreement with customer service was that my cards are put in 5" x 7" top loaders and then encapsulated.

Last I heard...that was the deal.

Basilone · February 18, 2004 1:39PM

Click on this LINK to listen to the Collectors Universe Inc. Earnings Conference Call (Q2 2004).

marty · February 18, 2004 2:20PM

What caught my attention from the conference call is that CU plans on grading other collectibles starting in 2005.

joedel · February 19, 2004 12:59AM

Chris Porter will continue to run Superior Sports Auctions and have the usual three auctions per year. He will probably go back to what he knows best - only handling high grade cards and eliminating the memorabilia.

KING KELLOGG · February 19, 2004 1:20AM

I hope that CU starts grading curency.

I've got a pile of Gem large notes that need a quality grading company holder around them...(I did say quality....)..

Larry

koby · February 19, 2004 8:18AM

Jmnesq · February 19, 2004 10:22AM

This would explain why the USPS indicates my box with 195 cards was delivered to PSA on the morning of the 17th, but at the end of business of the 19th, I haven't received any notification from PSA that the cards have been received...

At least, I hope it would.

<fingers crossed>

JoeOrlando · February 19, 2004 11:02AM

On the T3/Mylar question:

We are working on possible inserts or mylar sleeves - the general problem is that the holder is thicker than normal...because T3's are thick cards. So, even with Mylar, cards (other than T3's or thick cards) could slide around the holder way too much. It's just too dangerous for the thinner cards.

We will keep everyone posted as we develop the holder. The T3's do look very nice though and more people have been submitting that issue in virtually all grades.

In addition, many of you guys now know that Superior has been sold. Once again, I just want to wish Chris Porter well. The change just made sense for all involved and it will probably have a positive impact (in terms of perception) on both companies.

Take care,

Joe Orlando
PSA President

Virtualizard · February 19, 2004 12:09PM

Joe,

Thanks again for the response regarding the T3 holder. Honestly, I had never even considered the card thickness - I only wanted to get some of my "thin stock" 1960s and 1970s oversized cards graded. Is there any chance that this will ever happen? I have many cards that would require at least a 5" x 7" holder, and a few larger. It just has to be affordable. I just can't justify spending $35 to get a card graded that is worth less than the cost of grading, even in Mint condition. Hopefully you can come up with a solution that is beneficial to PSA as well as to the collectors of these super-sized cards.

Thanks.

JEB.

PSA Message from the President - CU rumors, etc.

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