<SEC-DOCUMENT>0001157523-15-003839.txt : 20151112
<SEC-HEADER>0001157523-15-003839.hdr.sgml : 20151112
<ACCEPTANCE-DATETIME>20151112160145
ACCESSION NUMBER:		0001157523-15-003839
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151112
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151112
DATE AS OF CHANGE:		20151112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DGSE COMPANIES INC
		CENTRAL INDEX KEY:			0000701719
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				880097334
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11048
		FILM NUMBER:		151224196

	BUSINESS ADDRESS:	
		STREET 1:		15850 DALLAS PARKWAY
		STREET 2:		SUITE 140
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248
		BUSINESS PHONE:		9725874049

	MAIL ADDRESS:	
		STREET 1:		15850 DALLAS PARKWAY
		STREET 2:		SUITE 140
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DALLAS GOLD & SILVER EXCHANGE INC /NV/
		DATE OF NAME CHANGE:	19930114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN PACIFIC MINT INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANYON STATE CORP
		DATE OF NAME CHANGE:	19860819
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51223445.htm
<DESCRIPTION>DGSE COMPANIES, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>Washington,
      D.C. 20549</b></font><br>________________________
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br><br>
    </p>
    <p style="text-align: center">
      <b>CURRENT REPORT</b><br><b>PURSUANT TO SECTION 13 OR 15(D) OF THE<br>SECURITIES
      EXCHANGE ACT OF 1934&#160;</b><br>
    </p>
    <p style="text-align: center">
      <b>Date of Report</b> (Date of earliest event reported):<br><font style="font-size: 10pt; font-family: Times New Roman"><b>November
      12, 2015</b></font> (<font style="font-size: 10pt; font-family: Times New Roman">November
      12, 2015</font>)<br><br>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 16pt"><b>DGSE COMPANIES, INC.</b></font></u><br>(Exact
      name of registrant as specified in its charter)<br><br>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Nevada</b></u>
          </p>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; width: 34%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1-11048</b></u>
          </p>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>88-0097334</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          (State or Other<br>Jurisdiction of<br>Incorporation)
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          (Commission<br>File Number)
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          (IRS Employer<br>Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>15850 Dallas Parkway, Suite 140<br>Dallas, Texas 75248<br></b>(Address
      of Principal Executive Offices) (Zip Code)
    </p>
    <p style="text-align: center">
      <u><b>(972) 587-4049</b></u><br>(Registrant&#8217;s telephone number,
      including area code)
    </p>
    <p style="text-align: center">
      <br>
      (Former Name or Former Address, if Changed Since Last Report)
    </p>
    <p style="text-align: justify">
      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 (<i>see </i>General Instruction A.2. below):<br><br>
    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Written communications pursuant to Rule 425 under the Securities Act
          (17 CFR 230.425)
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 4%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Soliciting material pursuant to Rule 14a-12 under the Exchange Act
          (17 CFR 240.14a-12)
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 4%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Pre-commencement communications pursuant to Rule 14d-2(b) under the
          Exchange Act (17 CFR 240.14d-2(b))
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 4%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Pre-commencement communications pursuant to Rule 13e-4(c) under the
          Exchange Act (17 CFR 240.13e-4(c))
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: justify">
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On November&#160;12, 2015, DGSE Companies, Inc. (the &#8220;<u>Registrant</u>&#8221;)
      issued a press release disclosing their financial results for the fiscal
      quarter ended September&#160;30, 2015 (the &#8220;<u>Press Release</u>&#8221;).&#160;&#160;The
      Press Release is attached hereto as Exhibit&#160;99.1.
    </p>
    <p style="text-align: justify">
      <b>Item 7.01 Regulation FD Disclosure</b>
    </p>
    <p style="text-align: justify">
      The Registrant will hold a telephone conference regarding the Press
      Release on November&#160;12, 2015 at 3:30 p.m. Central Time (4:30 p.m.
      Eastern Time) to discuss the Registrant&#8217;s financial results for the
      fiscal quarter ended September&#160;30, 2015.&#160;&#160;To participate in the
      teleconference, please dial +877-407-9039 for U.S. callers and
      +201-689-8470 for international callers and reference the &#8220;DGSE
      conference call&#8221; when prompted.&#160;&#160;A replay will be available after
      completion of the call through November&#160;19, 2015.&#160;&#160;To access the replay,
      please dial +877-870-5176 (U.S. callers) or +858-384-5517 (international
      callers) and reference passcode 13624412.&#160;&#160;The webcast and archived
      replay can also be accessed on the Company&#8217;s website at
      http://public.viavid.com/index.php?id=117145.
    </p>
    <p style="text-align: justify">
      <b>Item 9.01 Financial Statements and Exhibits</b>
    </p>
    <p>
      (a) Not applicable<i>.</i>
    </p>
    <p>
      (b) Not applicable<i>.</i>
    </p>
    <p>
      (c) Not applicable<i>.</i>
    </p>
    <p>
      (d) Exhibits<i>.</i>
    </p>
    <p>
      The following exhibit is filed as part of this report:
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
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        <td style="width: 4%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 10%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 6%">
          &#160;
        </td>
        <td style="width: 80%">

        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 10%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Number</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 80%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description of Exhibit</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px; width: 10%" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 80%" valign="top">
          Press Release, dated November 12, 2015.
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-indent: 60.0px">

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p>
      Pursuant to the requirements of the Securities Exchange Act of 1934, as
      amended, the Registrant has duly caused this Report to be signed on its
      behalf by the undersigned hereunto duly authorized.
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 57%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>DGSE COMPANIES, INC.</b></u>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant)
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 57%" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date: November 12, 2015
          </p>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; width: 30%" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ MATTHEW M. PEAKES
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 30%" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Matthew M. Peakes
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 30%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Executive Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 30%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Principal Executive Officer)
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p>
      Exhibit<br><u>Number</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description
      of Exhibit</u>
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release, dated November 12, 2015
    </p>
    <p>

    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51223445ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>DGSE
      Companies, Inc. Reports Third Quarter 2015 Results</b></font>
    </p>
    <p>
      DALLAS--(BUSINESS WIRE)--November 12, 2015--DGSE Companies, Inc. (NYSE
      MKT: DGSE) (&#8220;DGSE&#8221; or the &#8220;Company&#8221;), a leading wholesaler and retailer
      of jewelry, diamonds, fine watches, and precious metal bullion and rare
      coin products, today announced its financial results for the three and
      nine months ended September&#160;30, 2015.
    </p>
    <p>
      <b>Third Quarter 2015 Business and Financial Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        DGSE reported a net loss of $469,000 for the quarter, which included a
        $14,000 gain from discontinued operations, and a loss of $483,000 from
        continuing operations.
      </li>
      <li style="margin-bottom: 10.0px">
        Selling, general and administrative expenses (&#8220;SG&amp;A&#8221;) were negatively
        impacted by an additional accrual of $360,000 related to a potential
        Texas sales tax assessment.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenues from continuing operations were $16.5&#160;million compared to
        $17.0&#160;million, a 3% decline compared to the same period in 2014. DGSE
        saw declines in its jewelry and scrap businesses, while its bullion
        sales saw an increase as compared to the prior year quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        Gross profit from continuing operations decreased $748,000, or 24%,
        based on lower sales. Gross profit as a percent of revenue decreased
        to 14.4% for the three months ended September&#160;30, 2015 compared to
        18.4% for the same period in the prior year.
      </li>
      <li style="margin-bottom: 10.0px">
        Overall, SG&amp;A was down $241,000 in the quarter, to $2.7 million
        compared to $2.9 million during the third quarter of 2014. This
        reduction was achieved primarily through continued efforts to reduce
        expenses at all levels, including store-level operating expenses,
        corporate overhead and advertising expense, and was partial offset by
        sales tax accrual.
      </li>
      <li style="margin-bottom: 10.0px">
        Loss from continuing operations, net of taxes, was approximately
        $483,000, or $0.04 per share, compared to income from continuing
        operations, net of taxes, of approximately $13,000, or $0.00 per
        share, in the third quarter of 2014.
      </li>
      <li style="margin-bottom: 10.0px">
        Net loss, inclusive of discontinued operations, was approximately
        $469,000, or $0.04 per share, compared to a net income, inclusive of
        discontinued operations, of approximately $180,000, or $0.01 per
        share, in the third quarter of 2014.
      </li>
      <li style="margin-bottom: 10.0px">
        During the quarter, DGSE closed one store in the Charleston market,
        and recognized certain costs related to this closure in the third
        quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        In September 2015, the Company appointed Matthew M. Peakes as Chief
        Executive Officer and Chairman of the Board of Directors (the &#8220;Board&#8221;).
      </li>
      <li style="margin-bottom: 10.0px">
        In October 2015, the Company elected two independent Directors to the
        Board and promoted Nabil J. Lopez to Chief Financial Officer,
        Secretary and a member of the Board.
      </li>
    </ul>
    <p>
      <b>Third Quarter 2015 Results</b>
    </p>
    <p>
      For the quarter ended September&#160;30, 2015, revenues from continuing
      operations were $16.5&#160;million, a 3% decrease compared to $17.0&#160;million
      in the quarter ended September 30, 2014. Bullion sales were up compared
      to the prior year quarter. Jewelry and scrap sales were down
      approximately 30% and 51%, respectively, compared to the prior year
      quarter.
    </p>
    <p>
      Gross profit from continuing operations in the quarter decreased by
      $748,000, or 24%, to $2.4&#160;million as compared to $3.1&#160;million during the
      third quarter of 2014. Gross profit as a percent of revenue decreased to
      14.4% for the three months ended September&#160;30, 2015 compared to 18.4%
      for the same period in the prior year.
    </p>
    <p>
      SG&amp;A expenses decreased by $241,000, or 8%, to $2.7&#160;million, as compared
      to $2.9&#160;million during the same period in 2014. The overall decrease in
      SG&amp;A was achieved primarily through continued efforts to reduce expenses
      at all levels, including store-level operating expenses, corporate
      overhead, and advertising expense, and was partial offset by an accrual
      of $360,000 related to a potential Texas sales tax assessment based on a
      preliminary assessment by the Company.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Loss from continuing operations for the third quarter, net of taxes, was
      $483,000 or $0.04 per share compared to income from continuing
      operations of $13,000, or $0.00 per share, in the third quarter of 2014.
    </p>
    <p>
      Income from discontinued operations for the three months ended
      September&#160;30, 2015 was $14,000, related to the Southern Bullion Coin &amp;
      Jewelry (&#8220;Southern Bullion&#8221;) locations closed in 2014, compared to
      income of $167,000 for these locations in the same quarter of 2014. The
      current quarter income relates to adjustments in accrued expenses
      related to the wind down of all Southern Bullion operations. The Company
      believes it has recognized all material expenses related to the closure
      of Southern Bullion operations.
    </p>
    <p>
      Net loss for the third quarter was $469,000, or $0.04 per share,
      compared to a net income of $180,000, or $0.01 per share, in the third
      quarter of 2014.
    </p>
    <p>
      <b>Year-to-Date 2015 Results</b>
    </p>
    <p>
      For the nine months ended September&#160;30, 2015, revenues from continuing
      operations were $44.3&#160;million, a 16% decrease compared to $52.6&#160;million
      in the nine months ended September&#160;30, 2014. Bullion sales have
      increased compared to the prior year period. Scrap sales continued to
      trend downward, consistent with the industry, and the jewelry, watch and
      diamond lines saw slight decreases compared to the prior year period.
    </p>
    <p>
      Gross profit from continuing operations in the first nine months of 2015
      decreased by $2.1&#160;million, or 22%, to $7.3&#160;million as compared to
      $9.4&#160;million during the first nine months of 2014. Gross margin as a
      percentage of revenue was 16.4% for the nine months ended September 30,
      2015, which was down from 17.8% in the same period in the prior year.
    </p>
    <p>
      SG&amp;A expenses decreased by $1.5&#160;million, or 16%, to $8.1&#160;million, as
      compared to $9.6&#160;million during the same period in 2014. These expenses
      were primarily comprised of accelerated lease expense and fees related
      to early lease terminations. The overall decrease in SG&amp;A was achieved
      primarily through continued efforts to reduce expenses at all levels,
      including store-level operating expenses, corporate overhead, and
      advertising expense. The decrease was achieved despite recognizing a
      $360,000 accrual related to a potential Texas sales tax assessment based
      on a preliminary assessment by the Company.
    </p>
    <p>
      Loss from continuing operations for the first nine months of 2015, net
      of taxes, was $1.4&#160;million, or $0.11 per share compared to a loss from
      continuing operations of $811,000, or $0.06 per share, in the first nine
      months of 2014.
    </p>
    <p>
      Income from discontinued operations for the nine months ended September
      30, 2015 was $58,000, related to the Southern Bullion locations closed
      in 2014, compared to a net loss of $4.0&#160;million for these locations in
      the same nine months of 2014. The current period income relates to
      adjustments in accrued expenses related to the wind down of all Southern
      Bullion operations. The Company believes it has recognized all material
      expenses related to the closure of Southern Bullion operations.
    </p>
    <p>
      Net loss for the first nine months of 2015 was $1.4&#160;million, or $0.11
      per share, compared to a net loss of $4.8&#160;million, or $0.39 per share,
      in the first nine months of 2014.
    </p>
    <p>
      <b>Balance Sheet Summary</b>
    </p>
    <p>
      As of September&#160;30, 2015, DGSE had cash and cash equivalents of $1.3
      million compared to $2.2 million at December 31, 2014. Stockholders&#8217;
      equity decreased 22% to $4.8 million at September&#160;30, 2015 compared to
      $6.1&#160;million at December 31, 2014. As of September 30, 2015 and
      December&#160;31, 2014, the outstanding balance on the Company&#8217;s credit
      facility with NTR Metals, LLC was $2.3 million.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      DGSE&#8217;s management will conduct a live teleconference to discuss its
      financial results:
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Date:</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          November 12, 2015
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Time:</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          4:30 p.m. ET/3:30 p.m. CT
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Dial-in:</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          1-877-407-9039 if calling from the United States, or 1-201-689-8470
          if dialing internationally.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Replay:</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          A replay will be available until midnight on November 19, 2015,
          which may be accessed by dialing 1-877-870-5176 within the United
          States and 1-858-384-5517 if dialing internationally. Please use
          passcode 13624412 to access the replay.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Webcast:</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The call will be webcast and will be available by visiting <u>http://public.viavid.com/index.php?id=117145</u>.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>About DGSE Companies</b></u>
    </p>
    <p>
      DGSE Companies, Inc. wholesales and retails jewelry, diamonds, fine
      watches, and precious metal bullion and rare coin products through its
      Charleston Gold &amp; Diamond Exchange, Chicago Gold &amp; Diamond Exchange
      (formerly Bullion Express), and Dallas Gold &amp; 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 websites which can be accessed at <u>www.dgse.com</u>, and <u>www.cgdeinc.com</u>.
      Real-time price quotations and real-time order execution in precious
      metals are provided on another DGSE website at <u>www.USBullionExchange.com</u>.
      Wholesale customers can access the full vintage watch inventory through
      the restricted site at <u>www.FairchildWatches.com</u>. The Company is
      headquartered in Dallas, Texas and its common stock trades on the NYSE
      MKT exchange under the symbol &#8220;DGSE.&#8221;
    </p>
    <p>
      This press release includes statements which may constitute
      &#8220;forward-looking&#8221; statements, usually containing the words &#8220;believe,&#8221;
      &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;expect&#8221; 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.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>September 30,</b>
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Unaudited)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current Assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,342,152
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,184,435
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Trade receivables, net of allowances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          167,074
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          904,076
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          10,678,270
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          11,144,157
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Prepaid expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          171,730
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          104,513
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Assets related to discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          49,729
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,359,226
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          14,386,910
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,308,762
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,365,767
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          17,230
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          27,568
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          125,646
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          128,356
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          16,810,864
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          18,908,601
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>LIABILITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current Liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Current maturities of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,623,098
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          131,003
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Current maturities of capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          11,942
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          11,529
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,237,211
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          5,831,736
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,196,205
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,541,552
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Customer deposits and other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,443,596
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,082,778
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Liabilities related to discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          212,485
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          303,564
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          9,724,537
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          8,902,162
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Line of credit, related party
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,303,359
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,303,359
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Long-term debt, less current maturities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          16,729
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          1,616,237
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,044,625
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,821,758
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Common stock, $0.01 par value; 30,000,000 shares authorized;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          12,296,446 and 12,238,846 shares issued and outstanding
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          122,964
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          122,388
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          34,267,577
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          34,231,271
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (29,624,302
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (28,266,816
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,766,239
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          6,086,843
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          16,810,864
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          18,908,601
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>(UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For the Three Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For the Nine Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Revenue:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          16,523,826
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          17,040,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          44,341,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          52,622,968
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Cost of goods sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          14,137,085
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          13,905,844
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          37,052,512
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          43,267,708
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,386,741
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3,134,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          7,289,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          9,355,260
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,689,569
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,930,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          8,108,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          9,634,616
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          80,499
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          105,971
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          302,831
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          287,786
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          2,770,068
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          3,036,446
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          8,411,581
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          9,922,402
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Operating (loss) income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (383,327
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          97,959
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,122,481
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (567,142
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other expense (income):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Other (income) expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (3,766
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (7,469
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (44,679
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          84,826
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          89,240
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          257,487
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          258,383
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          81,060
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          102,222
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          250,018
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          213,704
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Loss from continuing operations before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (464,387
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (4,263
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,372,499
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (780,846
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Income tax expense (benefit)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          18,159
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (17,094
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          43,082
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          29,976
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (Loss) income from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (482,546
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,831
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,415,581
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (810,822
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Discontinued operations:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Income (loss) from discontinued operations, net of taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          13,848
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          166,757
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          58,095
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (3,984,808
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 30.0px; text-align: left" valign="top">
          Net (loss) income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (468,698
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          179,588
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (1,357,486
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (4,795,630
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Basic net loss per common share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          (Loss) income from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.04
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.00
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.11
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.06
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          (Loss) income from discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          0.01
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.33
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left" valign="top">
          Net (loss) income per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (0.04
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          0.01
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (0.11
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (0.39
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Diluted net loss per common share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          (Loss) income from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.04
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.00
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.11
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.06
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          (Loss) income from discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          0.01
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.33
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left" valign="top">
          Net (loss) income per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (0.04
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          0.01
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (0.11
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          (0.39
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Weighted-average number of common shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,296,446
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,223,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,268,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,209,416
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,296,446
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,271,362
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,268,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,209,416
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>DGSE Companies, Inc.<br>Matthew M. Peakes, 972-587-4021<br>Chairman
      and Chief Executive Officer<br><u>investorrelations@dgse.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
