Concierge Technologies Reports Fiscal First Quarter Financial Results
ACCESSWIRE
15 Nov 2019, 10:37 GMT+10
Balance Sheet Remains Strong, with Essentially No Debt
SAN CLEMENTE, CA / ACCESSWIRE / November 14, 2019 / Concierge Technologies, Inc. (OTCQB: CNCG), a diversified global holding firm, today announced financial results for the first fiscal quarter ended September 30, 2019.
The company reported revenues of $6.0 million for the three months ended September 30, 2019, compared with $7.2 million for the prior year. Net income for the most recent three-month period amounted to $54,892, equal to $0.00 per share, versus $285,954, or $0.01 per share, for the comparable prior year period.
Results for the fiscal 2020 first quarter, as anticipated, were impacted primarily by lower assets under management (AUM) at the company's Wainwright Holdings funds management subsidiary. Wainwright, which operates under the name, USCF Investments, currently manages 13 commodity-oriented exchange-traded funds (ETFs) that are listed on the New York Stock Exchange.
The company's Other business segment, which comprised approximately 50 percent of total revenues in the most recent first quarter vs 41 percent of revenues in last year's first quarter, achieved improved revenues and income for the fiscal 2020 period. 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 $6.9 million, compared with $6.5 million at June 30, 2019. Total stockholders' equity increased to $17.3 million at September 30, 2019 from $17.2 million at the end of fiscal 2019. The company has essentially no debt.
'USCF, our commodities-focused fund management subsidiary, experienced a decline in AUM throughout the past year, as did the entire commodities sector,' said David Neibert, chief operations officer of Concierge Technologies. 'Nevertheless, USCF continues to be profitable at current AUM levels and is expected to benefit when the cyclical trend for commodities shifts upward.'
The table below summarizes the performance of the Financial Services business unit as compared to Other for the three-month periods ended September 30, 2019 and 2018.
($'s in thousands) | Financial Services For the Three Months Ended September 30, | Other Operating Units For the Three Months Ended September 30, | Concierge Corporate For the Three Months Ended September 30, | Consolidated For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | Change | 2019 | 2018 | Change | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 3,041 | $ | 4,223 | $ | (1,182 | ) | (28 | %) | $ | 2,987 | $ | 2,954 | $ | 33 | 1 | % | $ | 6,028 | $ | 7,177 | $ | (1,149 | ) | ||||||||||||||||||||||||||||||||||||||||
% of total revenue | 50 | % | 59 | % | (9 | %) | 50 | % | 41 | % | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 1,769 | $ | 1,838 | $ | (69 | ) | (4 | %) | $ | 1,769 | $ | 1,838 | $ | (69 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | $ | 3,041 | $ | 4,223 | $ | (1,182 | ) | (28 | %) | $ | 1,218 | $ | 1,116 | $ | 102 | 9 | % | $ | 4,259 | $ | 5,339 | $ | (1,080 | ) | ||||||||||||||||||||||||||||||||||||||||
Operating expenses | 2,843 | 3,633 | $ | (790 | ) | (22 | %) | 866 | 802 | 64 | 8 | % | $ | 489 | $ | 335 | $ | 154 | 46 | % | 4,198 | 4,770 | (572 | ) | ||||||||||||||||||||||||||||||||||||||||
% of total operating expenses | 68 | % | 76 | % | (8 | %) | 20 | % | 17 | % | 3 | % | 12 | % | 7 | % | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | $ | 198 | $ | 590 | $ | (392 | ) | (66 | %) | $ | 352 | $ | 314 | $ | 38 | 12 | % | $ | (489 | %) | (335 | ) | $ | (154 | ) | (46 | %) | $ | 61 | $ | 569 | $ | (508 | ) | ||||||||||||||||||||||||||||||
Other (expense) / income | 15 | (175 | ) | 190 | 109 | % | 6 | $ | 2 | $ | 4 | 238 | % | 2 | (6 | ) | $ | 8 | 133 | % | 23 | (179 | ) | 202 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 213 | $ | 415 | $ | (202 | ) | (49 | %) | $ | 358 | $ | 316 | $ | 42 | 13 | % | $ | (487 | ) | $ | (341 | ) | $ | (146 | ) | (43 | %) | $ | 84 | $ | 390 | $ | (306 | ) | |||||||||||||||||||||||||||||
'The management teams at our Other operating units continue to make good progress. They are building their respective businesses, with strategies in place for adding new, larger distribution channels to enhance growth,' Neibert said.
'As a global holding company, our corporate goal remains to build a profitable, diverse organization, through organic growth, acquisitions and new ventures,' added Nicholas Gerber, chairman and chief executive officer. 'We are laser-focused on creating and sustaining tangible long-term value for all of our stakeholders, while at the same time not being reliant on any one business sector for that sustainability.'
Business Units
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.
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 13 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 and Canada.
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.
Forward-Looking Statements
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, adding new distribution channels and an expectation for the USCF operating subsidiary to benefit when the cyclical trend for commodities shifts upward, 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.
Financial Tables Follow
CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| September 30, 2019 | June 30, 2019 | |||||||
| (AUDITED) | ||||||||
ASSETS | ||||||||
Subscribe and FollowGet a daily dose of Dallas Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well. News RELEASESPublish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dallas Sun. More Information
80
℉
Mostly Cloudy in Dallas/Love
Nick Cordero dies from Covid-19 after 90 days in intensive care
WASHINGTON, DC - Broadway actor Nick Cordero, aged 41, has passed away after a long battle with coronavirus.According to Variety, ... Virus continues spreading in United States, but death rate in retreat
WASHINGTON, DC - The novel coronavirus is continuing to spread in the United States, particularly in the western and southern ... Philippine government to offer jobs at home for returning Filipinos
ZAMBOANGA CITY, Philippines July 5 (PIA) - The returning Filipinos who arrived Sunday in the city from Sabah in Malaysia ... World must be better equipped to manage crises and future plagues
Wherever one is at anywhere in the world today - given the yet unknown first, second, third, fourth or however ... Iran seeking return of 3 diplomats and journalist abducted in 1982
TEHRAN, Iran - Iran is rallying the international community in a bid to clarify the whereabouts, and return, of three ... Afghans to farewell U.S. troops, as Taliban prepares to take over
LONDON, UK - The only element of the Afghan peace plan going according to schedule is the withdrawal of American ... Demand for oil may have peaked
PARIS, France - Although crude prices have rebounded from coronavirus crisis lows, oil executives and experts are starting to ask ... Nationalism an earth-shattering trend in shaping economies of future
Former U.S. Treasury Secretary Lawrence Summers has recently conceded: "In general, economic thinking has privileged efficiency over resilience, and it ... A million Russians predicted to declare bankruptcy in coming months
Moscow [Russia], July 4 (ANI): As countries across the globe have been facing the worst collective economic downturn since the ... 5,000 English pubs have closed in last 5 years
Coronavirus has had an unprecedented impact on pubs in Britain. The British Beer and Pub Association estimates that the industry ... Ban on flights to and from India extended until end of July
NEW DELHI, India, July 3 (ANI): The ban on international commercial passenger flights to and from India has been extended ... Axis Bank to wind down and close operations in Britain
MUMBAI, Maharashtra, India - Private sector lender Axis Bank is fully winding down and closing operations of its subsidiary in ... 
The HappeningHappening
| ||||||||
