-Company Files Annual Report Form 10-K with Profitable Results-
San Clemente, Calif., September 28, 2020—Concierge Technologies, Inc. (OTCQB: CNCG), a diversified global holding firm, today announced financial results for the fiscal year ended June 30, 2020.
For the year ended June 30, 2020, the company reported revenues of $26.7 million, compared with $26.9 million for the prior year. Concierge reported net income of $1.77 million, equal to $0.05 per fully diluted share, for fiscal 2020, versus $0.3 million, or $.01 per fully diluted share, for the prior year.
Concierge’s balance sheet remained strong at fiscal year-end, with $17.6 million in current assets, of which $9.8 million are held in cash and cash equivalents, essentially no debt, and total assets of $24.4 million.
The company said that, as expected, results for its operating subsidiaries in the food service, hair and skin care, and security monitoring businesses lagged somewhat in the 4th quarter of fiscal 2020 due to the impact of the COVID-19 pandemic on a global scale. Despite the 4th quarter slow-down, these businesses all reported profits and near normal operating results. Its financial services business, Wainwright Holdings is the holding company for United States Commodity Funds LLC and USCF Advisers, LLC (together USCF). USCF currently manages ten exchange-traded funds and exchange-traded products that are all listed on the New York Stock Exchange. This year has seen significant inflows into commodity funds, including USCF’s, raising assets under management (“AUM”) from $2.7 billion in 2019 to near $6 billion as of June 30, 2020. Income to USCF is related to AUM through management fees.
Concierge said each of its other business units—Gourmet Foods, Brigadier Security Systems and Original Sprout—were all deemed essential businesses within their jurisdictions of New Zealand, Canada and California, respectively, in regard to COVID-19 lockdown orders. None of these businesses were shut down for any period of time and each of them adapted as required to meet safety standards and to continue supplying their customers. Each had a different approach: Gourmet Foods began producing more frozen product to supply households; Brigadier Security Systems took on more work in public buildings and commercial spaces than residential; Original Sprout added an online sales channel to market and also began producing hand sanitizer. Each of them employed cost cutting measures enabling them to maintain projected profitability on reduced gross revenues.
“I know I’ve said this before,” commented Nicholas Gerber, Chief Executive Officer of Concierge Technologies. “but the ongoing pandemic has further proven to us that our strategy of creating a diverse, global, holding company is working. Despite entering one of the worst, and most confusing, economic times in recent memory, Concierge continues to be strong and profitable. We’re going to keep on doing what we do, building a talented management team around a solid, high quality, platform from which to grow organically or by acquisition of other profitable companies.”
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 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.
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, growing the business platform and an expectation for its subsidiaries to rebound, or AUM to continue to rise, 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.
For further information contact:
David Neibert, COO