Concierge Technologies Reports Fiscal 2021 Financial Results
Revenues increase 49% to $39.9 million
Net income advances more than threefold to $5.8 million
Total assets rise 29% to $31.5 million
San Clemente, Calif., September 22, 2021—Concierge Technologies, Inc. (OTC: CNCG), a diversified global holding firm, today reported sharply higher financial results for the fiscal year ended June 30, 2021, compared with the prior fiscal year.
Revenues rose 49 percent to $39.9 million from $26.7 million for the prior year. Net income for the 2021 fiscal year advanced more than threefold to $5.8 million, equal to $0.15 per share, from $1.7 million, equal to $0.05 per share, for fiscal 2020.
The Company attributed the favorable performance principally to an increase in assets under management (AUM) by its Wainwright Holdings subsidiary, the holding company for United States Commodity Funds and USCF Advisors (together, “USCF”), currently managing two exchange-traded funds and eight exchange-traded products, all listed on the New York Stock Exchange. Average AUM had increased to $4.9 billion for the 2021 fiscal year from $3.0 billion for fiscal 2020.
Concierge Technologies’ “Other” operating segment – which consists of Gourmet Foods, Brigadier Security Systems and Original Sprout – registered higher total revenues for fiscal 2021, paced by Gourmet Foods, which completed an acquisition early in fiscal 2021. Total revenue for the “Other” segment was $14.7 million, up from $11.2 million for the prior fiscal year ended June 30, 2020. Net income attributed to the “Other” segment totaled approximately $600,000 for fiscal 2021, as compared with $800,000 for the prior fiscal year. The decline reflected a combination of one-time costs associated with relocation of facilities and the negative effects of the continuing COVID-19 pandemic.
The Company’s balance sheet remained strong at June 30, 2021, with total assets of $31.5 million, of which $16.1 million are held in cash and cash equivalents, up from total assets of $24.3 million at June 30, 2020. The Company has essentially no debt.
“Fiscal 2021 was an active and highly productive year,” said David Neibert, Concierge Technologies’ Chief Operations Officer. “In July 2020, we completed the acquisition of New Zealand-based Printstock Products, which prints wrappers for food products, including Gourmet Foods and others, and whose operations have been consolidated into Gourmet Foods. Our newest subsidiary, Marygold & Co., made excellent progress developing a proprietary banking and financial services app for sending, receiving, spending and saving securely through mobile devices. Marygold is now working toward completion of the testing phase prior to launch and widescale marketing. Brigadier Security Systems has pivoted nicely from residential hardware as a primary market to focus on commercial and public building clientele, where COVID-19 poses fewer restrictions to complete system installations. Lastly, Original Sprout completed a relocation to spacious new facilities in preparation for staging its entry into the big box distribution channel.”
Nicholas Gerber, Chief Executive Officer, said, “Adding to our financial services offerings, subsequent to the close of fiscal 2021 we formed a wholly owned subsidiary, Marygold & Co. (UK) Limited, which, in turn, signed a definitive agreement to acquire Tiger Financial & Asset Management Limited, an established and certified investment advisor in the U.K. Tiger’s core business is managing clients’ financial wealth across a diverse range of products, which eventually we hope will include services as provided by Marygold in the United States. The transaction is expected to close before the end of 2021 calendar year, subject to customary closing conditions, including approval of the U.K. Financial Conduct Authority (FCA.)
“Our strategy of building a profitable, value-oriented business that provides stability for our shareholders is working well, as we build a solid foundation for the long-term. We look forward to continuing our progress in the years ahead,” Gerber added.
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. Acquired by Gourmet Foods in July 2020, Printstock Products Limited https://www.printstocknz.com/ , is a printer of specialized food wrappers and is located in Napier, New Zealand. Its operations are consolidated with those of Gourmet Foods.
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 under the brands Brigadier Security Systems in Saskatoon and Elite Security in Regina, Canada.
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, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada among other areas.
Marygold & Co., formed in the U.S. during 2019 and operating from offices in Denver, CO, together with its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, was established to explore opportunities in the financial technology sector. The Company continues in the development stage as it works toward introduction of a fintech mobile banking app. https://marygoldandco.com/