Concierge Technologies Highlights New Acquisition With Latest Quarterly Financial Statements
VALLEY CENTER, Calif., Feb. 23, 2017 /PRNewswire/ -- Concierge Technologies, Inc. (Concierge) today announced the first filing of quarterly financial statements that include recently acquired Wainwright Holdings, Inc. (Wainwright). Concierge consolidated revenues for the quarter topped $8.5 million with operating profit of approximately $1.6 million representing a solid operating performance and a strong balance sheet with $7.0 million in cash.
Concierge now operates on an international scale with wholly owned subsidiaries located in New Zealand, Canada and the U.S. The Company is active in food manufacturing and distribution, home and residential security systems and monitoring, live-streaming mobile video data, and investment fund management. For readers of the quarterly report on Form 10-Q filed February 21, 2017 attention will be drawn to the revenues which, for the six-month period ended December 31, 2016 were approximately $17 million with operating profits near $4 million. Long term shareholders will readily recognize the increase from previous periods where reports did not include Wainwright. With the acquisition of Wainwright on December 9, 2016, where Wainwright and Concierge have a commonality of ownership and control as represented by the shareholdings, the acquisition has been recorded as a transaction between entities under common control on the balance sheets of Concierge. Further, the income statements have been adjusted to include the carrying value of operations of Wainwright as if the transaction had concluded on July 1, 2015.
Wainwright is the holding company for United States Commodity Funds LLC and USCF Advisers LLC (USCF). USCF is a registered commodity pool operator that is the general partner for flagship funds, (NYSE:USO) United States Oil Fund, LP, (NYSE:UNG) United States Natural Gas Fund, LP and (NYSE:USCI) United States Commodity Index Fund. The funds under management during the most recent quarter totaled approximately $5 billion. Wainwright earns revenues from contractual agreements providing for investment management and advisory services charged against these funds. For more information about USCF, please visit www.uscfinvestments.com.
David Neibert, Chief Financial Officer of Concierge, explains; "Our company looks much different than it did a few short years ago, when we were struggling to make a profit with 5 employees and some dash cams. Today we have operations in three different countries with staff numbering near one hundred. Our annual revenues have climbed from just over $2 million to an expected $30 million for this fiscal year. With significant cash in the bank, no convertible debt instruments, and significant profits coming from our subsidiaries, we are in a continuing growth mode. The new focus of the Company is "Growing Together" as we strive to acquire additional profitable companies and integrate them into the Concierge family. The mantra among our management team and our subsidiaries is to work together bringing growth and profits which, in turn, provide the returns on investment expected by our shareholders. For our long-term patient shareholders who have endured the ups and downs the past few years I wish to thank them for their loyalty and assure them we have finally put in motion the strategy and the funding to realize our goals."
About Concierge Technologies
Founded in 1996, Concierge Technologies, Inc. today is a global conglomerate with operating businesses in financial services, food manufacturing, and security systems. Concierge's common stock is listed as "CNCG" on the OTC QB Exchange.
This release may contain "forward-looking statements" that include information relating to future events and future financial and operating performance. Forward-looking statements 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, please refer to the Company's recent Securities and Exchange Commission filings, which are available at the Company's website or at www.sec.gov.
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Katie Rooney is a registered representative of ALPS Distributors, Inc.
ALPS Distributors, Inc. is not affiliated with Concierge Technologies, Wainwright Holdings, Inc. or USCF.
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SOURCE Concierge Technologies, Inc.
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