Concierge Technologies Reports Continued Growth in all Subsidiaries for First Quarter 2017
VALLEY CENTER, Calif., May 22, 2017 /PRNewswire/ -- Concierge Technologies, Inc. (OTCQB: "CNCG") today recaps the quarterly financial statements for March 31, 2017 filed earlier this week as an indication of continued strong performance in all subsidiary operations. Consolidated net revenues for the quarter were approximately $7.5M, a gross profit of approximately $6.5M and operating profit of approximately $1.2M after adjustment for depreciation. All operating subsidiaries were profitable with Wainwright Holdings leading the way followed by Gourmet Foods in New Zealand, Brigadier Security Systems in Canada and Kahnalytics in California. Shareholder equity continues to improve with net assets totaling $17.5M over liabilities of $4.3M and stockholders' equity at approximately $13M. Details can be found on the Company's filing of SEC form 10Q on May 17, 2017.
USCF rang the opening bell on the New York Stock Exchange on April 18th to commemorate the 10th anniversary of the United States Natural Gas Fund (UNG). USCF also launched their first mutual fund, the United States Commodity Strategy Fund (USCFX) on March 31st. USCF currently manages approximately $4 billion in assets from its headquarters in Oakland, California.
In Tauranga, New Zealand, Gourmet Foods continues to improve sales through innovative recipes for its meat pie products and by slightly altering the way its products go to market. While the company is known for its fresh products there is a market for frozen products as well. Gourmet Foods is now aggressively exploring that niche with the anticipation that providing a selection of frozen products will allow them to ship further distances and reach areas of the country previously not pursued. In order to prepare for increased production demands and to create more efficiencies in daily operations, Gourmet Foods has purchased and installed a new oven. The new oven not only produces a more consistent and controlled temperature environment it also expands baking capacity by 66%, positioning the company for future sales growth and higher profit margins through efficiency.
In Saskatchewan, Brigadier Security Systems reinvested some profits into acquiring a new fleet of vehicles. With offices in Regina and Saskatoon, Brigadier services the majority of the province and replacement of the aging fleet of service trucks and vans will help them continue uninterrupted. The service vehicles so familiar to Saskatchewan residents will now sport an even more attention-getting look with revitalized graphics and fresh new color schemes. Also announced during the quarterly period, the Regina office of Brigadier Security Systems (Elite Security Systems) was awarded the President's Award from SecurTek as the top selling dealer in Canada based on sales and customer service. Barely edged out was the Saskatoon office who was runner up. Concierge congratulates the entire Brigadier Security Systems team.
David Neibert, Chief Financial Officer of Concierge, commented; "Over the past year we have been focused on acquisitions and all that entails. With talented management teams concentrating on their specific areas we are now realizing gains in these subsidiaries through improved operations and sustainable growth. We couldn't be happier. As Concierge Technologies continues its acquisition strategies by putting our cash reserves to work, I'm confident the effort will be supported by the consistent performance of our operating base of companies. In short, the strategy is working. Our acquisitions are contributing to the consolidated income of Concierge Technologies rather than becoming a drain on resources. In turn, a heightened value is expected to be realized by our shareholders, which has always been our underlying focus."
About Concierge Technologies
Founded in 1996, Concierge Technologies, Inc. today is a global conglomerate with operating businesses in financial services, food manufacturing, security systems and data streaming. 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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SOURCE Concierge Technologies, Inc.
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