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Concierge Technologies Reports Fiscal First Quarter Financial Results
Concierge Technology2020-11-16T15:04:46-08:00November 16th, 2020|News|
– Total Assets and Revenues Continue to Grow Year-on-Year with No Debt –
San Clemente, Calif., November 16, 2020 – Concierge Technologies, Inc. (OTCQB:CNCG), a diversified global holding firm, today announced financial results for the first fiscal quarter ended September 30, 2020 with strong performance in revenues and net income.
The company reported revenues of $10.7 million for the three months ended September 30, 2020, compared with $6.0 million for the prior year. Net income for the most recent three-month period amounted to $2.2 million, equal to $0.06 per share, versus $55 thousand, or $0.00 per share, for the comparable prior year period.
The primary driver for the fiscal 2021 first quarter results was an increase in assets under management (AUM) at the company's Wainwright Holdings funds management subsidiary to approximately $5.2 billion as of September 30, 2020 as compared to $2.2 billion for the prior year quarter ended September 30, 2019. Wainwright, which operates under the name, USCF Investments, currently manages 10 commodity-oriented exchange-traded funds (ETFs) that are listed on the New York Stock Exchange.
The company's Other business segment, which comprised approximately 35% of total revenues in the most recent first quarter vs 50% of revenues in last year's first quarter, were also up approximately $0.7 million in year-on-year comparison. The increase was due, in part, to the acquisition of Printstock Products Limited by the Company's wholly-owned subsidiary, Gourmet Foods, in New Zealand. The Other segment is comprised of Gourmet Foods, Brigadier Security Systems and Original Sprout.
Concierge's balance sheet further strengthened at the end of the first fiscal quarter. Cash and cash equivalents totaled $12.9 million, compared with $9.8 million at June 30, 2020. Total stockholders' equity increased to $21.4 million at September 30, 2020 from $19.1 million at the end of fiscal 2020. The company has essentially no debt.
"Despite the negative effects of the COVID-19 pandemic on a global basis, our operating subsidiaries have found ways to adapt and continue to be in operation and profitable.", commented David Neibert, chief operations officer. "As a diverse global holding company looking to expand our portfolio of subsidiaries, we were only slightly delayed in our acquisition of Printstock this quarter due to the pandemic, and we are continuing to pursue our corporate goal to build a profitable, diverse organization through organic growth, acquisitions and new ventures".
"To say this has been a strange year would be an understatement." added Nicholas Gerber, chairman and chief executive officer. "To say our strategy of diversification has paid off would also be an understatement. When others have suffered undue hardship during the recent 6 months, we have smoothed the curve and prospered. For the remainder of this fiscal year we are looking forward to the addition of Printstock in New Zealand contributing revenues and profits as well as making good on our launch of a new fintech venture. The coming year will hopefully not be as strange as the last, but it promises to be as exciting."
Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat's Pantry and Ponsonby Pies. Gourmet Foods also owns Printstock Products Limited, acquired July 1, 2020, https://www.printstocknz.com/, who is a commercial printer of specialized wrappers for food products manufactured in New Zealand and Australia.
Brigadier Security Systems, www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province.
The company's USCF Investments operation, www.uscfinvestments.com, acquired as part of the Wainwright Holdings transaction in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 10 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.
Acquired by Concierge at the end of 2017, California-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a "reef safe" sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Singapore, Hong Kong, Malaysia, New Zealand, Australia, Canada and at various online outlets worldwide.
About Concierge Technologies, Inc.
Concierge Technologies, originally founded in 1996, was repositioned as a global holding firm in 2015, and currently has operating subsidiaries in financial services, food manufacturing, security systems and beauty products. Offices and manufacturing operations are in the U.S., New Zealand and Canada. For more information, visit www.conciergetechnology.net.
This press release may contain "forward-looking statements" that include information relating to Concierge Technologies' future events and future financial and operating performance. Such forward-looking statements, including, but not limited to, the launch of a new fintech venture, should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
For a more detailed description of the risk factors and uncertainties affecting Concierge Technologies or its subsidiary companies, and more detailed information about the individual operating entities, please refer to the Company's Securities and Exchange Commission filings, which are available on the Company's website, (http://www.conciergetechnology.net), or at www.sec.gov.
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