EBITDA earnings per share were $0. This network was created in September 2003
when GMAI and Auctentia, S. These problems range from lost checks
to stolen or forged checks," said Anna Cabral, Treasurer of the United States. It's
simply the safest, most reliable and convenient way for people to receive
Social Security benefits.

currency numisnota

7 million from $4. is a global collectibles merchant and
auction house network, with operations in North America, Europe and
Asia and on the Internet . GMAI
undertakes no obligation to publicly update or revise any
forward-looking statements.

The survey revealed the following key misconceptions among Americans:

-- 62 percent said that a paper check with your name on it can only be
cashed if you sign or endorse it .

numisnota vinny

J. Pre-tax income for the fiscal 2005 second
quarter was $12.com approximately 20 minutes before the conference
call is scheduled to begin to register, as well as to download and
install any necessary audio software.44 $ 0.

fractional pictured

2 million.5
million in non-auction sales compared to $20.8 million from $6. EPS
on a fully diluted basis increased 58% to $0.

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"Our fiscal second quarter gross profit increased sharply to $19."
Larry Crawford, Chief Financial Officer, stated, "Our results for
the first half of fiscal 2005 included 35% growth in aggregate sales
to $136 million from $101 million in fiscal 2004.

Statements in this press release that relate to future plans,
objectives , expectations, performance, events and the like are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the Securities Exchange
Act of 1934 .

These results are of a nationally representative telephone survey of 1,400
adults, ages 18 and over, conducted by KRC Research. The margin of error for
the overall study is +/- 2.

banknote currency

Greg Manning Auctions, Inc.teletrade. Payments that
come in the mail are especially vulnerable to theft and fraudulent
endorsements.

fractional currencies

8 million, up from $59."
The company will host a conference call on Thursday, February 10,
2005 at 10:00 a. Coins, stamps and
sports cards are offered at www.28 $ 0.45 $ 0. The month will be observed with official proclamations and will include
special events, activities and promotions geared toward informing people about
the benefits of direct deposit and encouraging them to sign up.

Go Direct has established Web sites, http://www.

identifier crutchfield

We believe that GMAI is well positioned to take
advantage of the increasing opportunities in the collectibles field,
both in the short- and long-term.7 million in the prior year's first half and
net income grew 97% to $12.79 from $0.
Consolidated Statements of Operations
For the Three and Six Months Ended December 31,
(thousands except per share data )
(Unaudited)

Three Months Ended Six Months Ended
December 31, December 31,
2003 2004 2003 2004
-- ------ -------- -------- --------
Aggregate Sales $ 59,658 $ 70,765 $100,954 $136,007

Operating Revenues
Sales of inventory $ 30,885 $ 28,012 $ 52,408 $ 50,982
Sales of inventory -
related party 19,967 27,499 30,645 49,117
Commissions earned 2,363 3,429 4,649 6,931
-------- -------- -------- --------
Total Revenues 53,215 58,940 87,702 107,030

Cost of merchandise sold 39,823 39,499 66,849 70 ,427
-------- -------- -------- --------
Gross profit 13,392 19,441 20,853 36,603

Operating Expenses
General and Administrative 2,609 2,439 4,621 6,097
Salaries and Wages 2,810 3,152 4,696 6,468
Depreciation and Amortization 226 281 370 557
Marketing 560 917 940 1,716
-------- -------- -------- --------
Total Operating Expenses 6,205 6,789 10,627 14,838
-------- -------- -------- --------
Operating Income 7,187 12,652 10,226 21,765
-------- ------- - -------- --------

Other Income (expense) 7 (111) 24 (132)
Interest Income 70 132 85 394
Interest Expense (168) (237) (377) (524)
Loss on investee (500) - (500) -
-------- -------- -------- --------
Income before income taxes 6,596 12,436 9,458 21,503
Provision for income taxes 2,538 4,781 2,944 8,714
-------- -------- -------- ---- ----
Net Income $ 4,058 $ 7,655 $ 6,514 $ 12,789
======== ======== ======== ========

EBITDA $ 6,990 $ 12,954 $ 10,205 $ 22,584
======== ======== ======== ========

Three Months Ended Six Months Ended
December 31, December 31,
2003 2004 2003 2004
Earnings per Share Schedule
---------------------------

Net Income $ 4,058 $ 7,655 $ 6,514 $ 12,789
========= ========= ========= ========

EBITDA $ 6,990 $ 12,954 $ 10,205 $ 22,584
========= ========= ========= ========

Basic Earnings per Share
Weighted average shares
outstanding 26,312 27,389 21,239 27,363
========= ========= ========= ========
Basic Earnings per share $ 0.

banknotes colonials

GREG MANNING AUCTIONS, INC.28 $ 0.79
========= ========= ========= ========

EBITDA Reconciliation Schedule
---------------------------------

Three Months Ended Dec 31, Six months Ended Dec 31,
2003 2004 2003 2004
------------- ------------ ------------------------

Net Income: $ 4,058 $ 7,655 $ 6,514 12,789
Plus:
Interest
expense 168 237 377 524
Provision for
income
taxes 2,538 4,781 2,944 8,714
Depreciation 226 281 370 557
------------- ------------ ------------------------
EBITDA $ 6,990 $ 12,954 $ 10,205 22,584
============= ============ ========================

Go Direct Campaign Seeks to Dispel Common Myths about Payment Security During
February National Go Direct Month

WASHINGTON, Despite 95 percent of Americans having
heard or read about identity theft, a new survey reveals that many are unaware
of the security benefits of direct deposit over paper checks -- and that could
place them at greater risk for identity theft and fraud.DirectoASuCuenta.

currencies narbeth

6 million achieved in fiscal
2004.

1 million in the
same period last year. Our second
quarter results are especially meaningful because they represent the
first comparable quarter-to-quarter results of the company after the
September acquisitions and the signing of the Afinsa supply contract
in fiscal 2004., a leading
Hong Kong and Far Eastern Philatelic Auction House.
"We look forward to strong third and fourth quarter results , which
typically eclipse the first half of our fiscal year.A.31 $ 0.GoDirect.6 percent at the 95 percent confidence level.

banknote kates

Net income also rose to $7. EST to discuss financial results, business
developments and outlook. To listen, please go to
www.
Both GMAI and CdC currently act as exclusive supplier of
collectibles - primarily stamps and coins - on a worldwide basis to
Afinsa Bienes Tangible, S. The
campaign also has toll-free numbers to help people sign up for direct deposit
right over the telephone: (800) 333-1795 (English) and (800) 333-1792
(Spanish).

numisnota cheques

4 million, up 88% from $6.0 million in direct sales
in the year-earlier period.
In North America, GMAI is a leading traditional and e-commerce -
Internet, interactive telephone, and Internet and live simulcast -
auctioneer and merchant/dealer of collectibles.com.
The words "should," "believe," "estimate," "expect," "intend ,"
"anticipate," "foresee," "plan" and similar expressions and variations
thereof identify certain of such forward-looking statements, which
speak only as of the dates on which they were made. Additionally , any
statements related to future improved performance and estimates of
revenues and earnings per share are forward-looking statements.24 $ 0. Go Direct aims to motivate more Americans who receive Social
Security or other federal benefits to switch to the safer, easier and more
convenient option of direct deposit."

FACT: The direct deposit system creates records of transactions so
payments can be traced, and that means problems -- although very rare -- are
quickly fixed.

currencies scripophily

Revenue, which includes inventory sales plus
commission income, rose to $59 million, up 11% from results in the
prior year of $53.4
million, up 45% from $13.28 per share achieved in fiscal 2004.
GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid,
Spain, which is engaged in the sale, marketing and production of owned
and third-party collectibles, with an emphasis on specialized
philatelic material.
In February, financial institutions, government leaders and community-
based organizations around the country will show their support for direct
deposit of Social Security payments by participating in National Go Direct
Month.

narbeth banknote

(NASDAQ:GMAI) today announced record
financial results for the fiscal 2005 second quarter ended December
31, 2004.4 million achieved last year. The company's
exclusive supply agreement with Afinsa contributed approximately $27.m. The conference call will be broadcast over
the Internet as a "live" listen-only webcast.L.
In Europe, the leading auction houses affiliated with the network
are Auctentia Subastas of Madrid, Spain (operating under the name
"Afinsa Auctions "); Corinphila Auktionen of Zurich, Switzerland (65%
owned by GMAI); and the Koehler group of auction companies of Berlin
(66. Future events, risks and uncertainties, individually or
in the aggregate , could cause actual results to differ materially from
those expressed or implied in these statements .27 $ 0. The integrated campaign relies on
trusted sources -- such as financial institutions and community-based
organizations -- to reach seniors, disabled people and other federal benefit
recipients where they live, work and socialize.

coppers vinny

Greg Manning Auctions Reports Record Second Quarter Results; Net Income Up 88% Aggregate Sales Rise 19% Revenue Climbs 11%

----

Earnings Conference Call Scheduled for February 10 at 10:00 a.7 million, which is a new company
record for any quarter.5 million last year.
Equally impressive is the EBITDA increase to $0. This performance is testament to the
successful execution of our business strategy of sustained organic
growth coupled with complementary acquisitions selected to be
accretive to our financial results. Factors that may cause
such differences include changes in market conditions, changes in
economic environment, competitive factors and the other factors
discussed in the "forward-looking information" or "risk factors"
sections included in GMAI's filings with the Securities and Exchange
Commission, including GMAI's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, prospectuses and other documents that GMAI has
filed with the Commission.45
========= ========= ========= ========
EBITDA Earnings per
share $ 0. It's also a fact that you are 30 times more likely to have a
problem with a Treasury check than with direct deposit.

notofilia numisnota

In addition, enhanced accounts
receivable collection procedures allowed us to grow our operating cash
flow for the second quarter to $24.
"Our improved cash position greatly enhances our ability to fund
profitable and accretive acquisitions," Manning added. of Madrid, Spain, one of the world
leaders in marketing tangible investment products, and GMAI's majority
shareholder.

numismatics cheques

14 posted in the fiscal 2004 second
quarter . Virtually every
company in the collectibles field is privately held, and there are a
number of companies that we believe would complement our long-term
strategy and provide operating synergies , such as our recently
announced acquisition of John Bull Stamp Auctions, Ltd.

About Greg Manning Auctions, Inc.67% owned by GMAI) and Wiesbaden, Germany.27 $ 0.83
========= ========= ========= ========

Diluted Earnings per Share
Weighted average shares
outstanding 28,556 28,760 23,015 28,695
========= ========= ========= ========
Diluted Earnings per
Share $ 0.org (English) and
http://www.

banknotes colonials

Aggregate sales, which include inventory sales plus consignment
sales, increased 19% to $70. "We will
continue to review appropriate acquisition candidates to augment our
organic growth, as well as to increase the scope of our operations in
our core competencies of philately and numismatics.

FACT: Checks can be forged -- some more easily than others."
For many years, direct deposit has been a priority for the Treasury and
the Federal Reserve Banks.

cheques numisnota

45 in the fiscal 2005
second quarter, compared to $0.24 in the prior year.R. Harmer of New York, Greg Manning
Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales,
Superior Sports Auctions, Bowers + Merena Galleries and Kingswood Coin
Auctions.47
========= ========= ========= ========
EBITDA Earnings per
share $ 0.48 $ 0.

colonials notofilia

Greg Manning Auctions, Inc.7 million in last
year 's second quarter.27, up 87% from $0.8 million on December 31, 2004 from $6. The strength of the coin
market was readily apparent in January when, during one week of
auctions by multiple auction houses , more than $8 million in aggregate
sales was achieved. Readers are cautioned not to place undue
reliance on these forward-looking statements.15 $ 0.14 $ 0.

Survey Reveals Many Americans Don't Know the Facts About Safeguarding Money Identity

The survey, sponsored by the United States Department of the Treasury and
Federal Reserve Banks, is the latest public service initiative of the Go
Direct campaign.

-- Nearly half of those polled said direct deposit of payments like
wages, salary or government benefits go through the Internet to be
deposited into your account .

-- Nearly 40 percent of respondents said this statement is false -- "No
direct deposit has ever been lost or stolen.

mjp pictured

8 million in aggregate sales through its coin and
stamp companies in North America and Europe, up 19% from $59.gregmanning.org (Spanish), where people can sign up online for
direct deposit of federal benefits or get an enrollment form to mail in.

identifier narbeth

The collectibles
market for rare coins and stamps has been strong and steady, with a
definite upward bias in prices and liquidity .

"At the Treasury, we receive half a million calls a year from people
reporting problems with Treasury checks. Go Direct champions a long-standing effort to shift
from paper payments to direct deposit.

vinny kates

Earnings per share on a fully diluted basis
reached $0.
Greg Manning, First Vice Chairman, CEO and President, stated,
"While our net income and aggregate sales figures surpassed the high
end of our internal forecast, we are particularly pleased that our
cash on hand increased to $31.1
million at the end of our first quarter on September 30, 2004, an
increase of 424% quarter -to-quarter. Revenue rose 22% to
$107 million, up from $87. effectively integrated their auction
businesses , creating a GMAI-AUCTENTIA global collectibles auction
network. In particular, any statement related to
GMAI's expected revenues or earnings or GMAI's being well positioned
for future profitability and growth are forward-looking statements.
It is the same system used by the world's leading financial institutions.
"With the growing incidence of identity theft in this country -- much of it
targeting seniors -- we urge everyone to sign up for direct deposit.

kates mjp

45 per share for the
first six months compared to $0.
Its operations include the Greg Manning Auctions division, Ivy +
Manning Philatelic Auctions , H.

millon currency

Business Editors

WEST CALDWELL, N.m."
In the second quarter, Greg Manning Auctions realized
approximately $70.7 million
in aggregate sales in the same period last year.44 in the
prior year's first half.47 $ 0.

FACT: Direct deposit works by transferring funds directly into your
account through a highly secure electronic banking system -- not the Internet .

millon notgeld

---

- - kjjkjk

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