Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries The Marygold Companies Reports Financial Results for the Second Quarter and First Half of Fiscal 2024 By: The Marygold Companies, Inc. via Business Wire February 14, 2024 at 17:20 PM EST The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm, today reported financial results for the three and six months ended December 31, 2023. Revenue for the three months ended December 31, 2023 was $8.5 million, compared with $8.8 million, last year. The Company registered a net loss of $1.2 million, equal to a loss of $0.03 per share, for the fiscal 2024 second quarter, principally reflecting continued investment in the Marygold & Co. fintech app. TMC reported net income of $0.2 million, or approximately breakeven per share, for the same quarter a year ago. For the six-month period ended December 31, 2023, revenue was $16.7 million, versus $17.7 million for the comparable period last year. A net loss of $1.7 million, or $0.04 per share, was recorded for the six months ended December 31, 2023, versus net income of $0.7 million, equal to $0.02 per fully diluted share, for the same period a year ago. TMC’s balance sheet remained strong at December 31, 2023. Cash and cash equivalents amounted to $6.2 million and investments totaled $12.4 million at the end of the quarter, and the Company has essentially no debt. Total assets at December 31, 2023, were $35 million, and total stockholders’ equity at quarter’s end was $29 million. “Operating results are within the range of expectations,” said David Neibert, TMC’s Chief Operations Officer. “Our core businesses are all operating efficiently and producing cash, which is being used to build our fintech business under the Marygold & Co. brand. The more we earn at our other divisions, the more we can invest in growing the fintech app. As we are seeing, those investments will continue to negatively impact TMC’s income statement over the near term until our mobile banking app gains traction. While we are not showing profits at the consolidated level, the fundamentals of our Company remain on solid footing, and we are building what we believe to be a highly valued business and doing so without any dilutive effects of equity or debt funding from outside sources.” Nicholas Gerber, TMC’s Chief Executive Officer, added, “We have started the marketing of our innovative fintech app, a unique mobile app with a debit card feature that enables account holders to invest in Money Pools, send money to anyone in the U.S., monitor spending habits and budgets, and to transact business at retailers throughout the world. In the background, we are readying even more features to be incorporated into the app, as daily onboarding of new accountholders increases. Following our successful soft launch in the second half of 2023, we are excited as ever that Marygold & Co. is gaining attention. I strongly believe that the strategy of using of our capital reserves to develop this app, versus borrowing or diluting our shareholders, will prove to be a sound investment as the true value is realized in the coming years.” Business Units The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 15 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca. Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in 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 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 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. Original Sprout, acquired in 2017, with warehouse and office facilities located in San Clemente, California www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, distributed 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 further development of its mobile banking app, having completed the initial development stage and soft launch in the U.S. in June 2023. https://marygoldandco.com/ Marygold & Co. (UK) Limited, formed in the U.K. during 2021, operates through its subsidiary acquired in 2022, Tiger Financial & Asset Management Limited (“Tiger”), a U.K. based investment adviser. Tiger’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles. http://www.tfam.co.uk/ About The Marygold Companies, Inc. The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Marygold & Co., Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, tangible benefits expected to be realized in the 2024 calendar year from current investments, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s most recent Annual Report on Form 10-K, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) December 31, 2023 June 30, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,214 $ 8,161 Accounts receivable, net (of which $1,624 and $1,674, respectively, due from related parties) 2,596 3,026 Inventories 2,389 2,254 Prepaid income tax and tax receivable 1,618 992 Investments, at fair value 12,379 11,481 Other current assets 1,057 904 Total current assets 26,253 26,818 Restricted cash 434 425 Property and equipment, net 1,215 1,255 Operating lease right-of-use assets 1,287 821 Goodwill 2,307 2,307 Intangible assets, net 2,112 2,330 Deferred tax assets, net 771 771 Other assets 553 554 Total assets $ 34,932 $ 35,281 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 3,287 $ 2,771 Operating lease liabilities, current portion 715 457 Purchase consideration payable 637 605 Loans - property and equipment, current portion 352 359 Total current liabilities 4,991 4,192 LONG-TERM LIABILITIES Loans - property and equipment, net of current portion 82 88 Operating lease liabilities, net of current portion 582 381 Deferred tax liabilities, net 242 242 Total long-term liabilities 906 711 Total liabilities 5,897 4,903 STOCKHOLDERS’ EQUITY Preferred stock, $0.001 par value; 50,000 shares authorized Series B: 49 shares issued and outstanding at December 31, 2023 and June 30, 2023 - - Common stock, $0.001 par value; 900,000 shares authorized; 39,383 shares issued and outstanding at December 31, 2023 and June 30, 2023 39 39 Additional paid-in capital 12,605 12,397 Accumulated other comprehensive loss (12 ) (144 ) Retained earnings 16,403 18,086 Total stockholders’ equity 29,035 30,378 Total liabilities and stockholders’ equity $ 34,932 $ 35,281 THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Revenue Fund management - related party $ 4,997 $ 5,266 $ 10,047 $ 10,686 Food products 1,920 1,932 3,649 3,870 Beauty products 842 785 1,617 1,588 Security systems 570 665 1,123 1,295 Financial services 128 124 256 258 Revenue 8,457 8,772 16,692 17,697 Cost of revenue 2,091 2,231 4,128 4,256 Gross profit 6,366 6,541 12,564 13,441 Operating expense Salaries and compensation 2,999 2,805 5,589 5,173 General and administrative expense 2,306 1,820 4,556 3,512 Fund operations 1,187 1,112 2,461 2,253 Marketing and advertising 718 556 1,685 1,329 Depreciation and amortization 153 148 307 297 Total operating expenses 7,363 6,441 14,598 12,564 (Loss) income from operations (997 ) 100 (2,034 ) 877 Other income (expense): Interest and dividend income 138 63 331 115 Interest expense (3 ) (4 ) (7 ) (11 ) Other (expense) income, net (503 ) 130 (458 ) 32 Total other (expense) income, net (368 ) 189 (134 ) 136 (Loss) income before income taxes (1,365 ) 289 (2,168 ) 1,013 Benefit (provision) for income taxes 182 (107 ) 484 (334 ) Net (loss) income $ (1,183 ) $ 182 $ (1,684 ) $ 679 Weighted average shares of common stock Basic 40,397 40,371 40,397 40,371 Diluted 40,397 40,371 40,397 40,384 Net (loss) income per common share Basic $ (0.03 ) $ - $ (0.04 ) $ 0.02 Diluted $ (0.03 ) $ - $ (0.04 ) $ 0.02 View source version on businesswire.com: https://www.businesswire.com/news/home/20240214787407/en/Contacts Media and investors, for more Information, contact: Roger S. Pondel PondelWilkinson Inc. 310-279-5965 rpondel@pondel.com Contact the Company: David Neibert, Chief Operations Officer 949-429-5370 dneibert@themarygoldcompanies.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
The Marygold Companies Reports Financial Results for the Second Quarter and First Half of Fiscal 2024 By: The Marygold Companies, Inc. via Business Wire February 14, 2024 at 17:20 PM EST The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm, today reported financial results for the three and six months ended December 31, 2023. Revenue for the three months ended December 31, 2023 was $8.5 million, compared with $8.8 million, last year. The Company registered a net loss of $1.2 million, equal to a loss of $0.03 per share, for the fiscal 2024 second quarter, principally reflecting continued investment in the Marygold & Co. fintech app. TMC reported net income of $0.2 million, or approximately breakeven per share, for the same quarter a year ago. For the six-month period ended December 31, 2023, revenue was $16.7 million, versus $17.7 million for the comparable period last year. A net loss of $1.7 million, or $0.04 per share, was recorded for the six months ended December 31, 2023, versus net income of $0.7 million, equal to $0.02 per fully diluted share, for the same period a year ago. TMC’s balance sheet remained strong at December 31, 2023. Cash and cash equivalents amounted to $6.2 million and investments totaled $12.4 million at the end of the quarter, and the Company has essentially no debt. Total assets at December 31, 2023, were $35 million, and total stockholders’ equity at quarter’s end was $29 million. “Operating results are within the range of expectations,” said David Neibert, TMC’s Chief Operations Officer. “Our core businesses are all operating efficiently and producing cash, which is being used to build our fintech business under the Marygold & Co. brand. The more we earn at our other divisions, the more we can invest in growing the fintech app. As we are seeing, those investments will continue to negatively impact TMC’s income statement over the near term until our mobile banking app gains traction. While we are not showing profits at the consolidated level, the fundamentals of our Company remain on solid footing, and we are building what we believe to be a highly valued business and doing so without any dilutive effects of equity or debt funding from outside sources.” Nicholas Gerber, TMC’s Chief Executive Officer, added, “We have started the marketing of our innovative fintech app, a unique mobile app with a debit card feature that enables account holders to invest in Money Pools, send money to anyone in the U.S., monitor spending habits and budgets, and to transact business at retailers throughout the world. In the background, we are readying even more features to be incorporated into the app, as daily onboarding of new accountholders increases. Following our successful soft launch in the second half of 2023, we are excited as ever that Marygold & Co. is gaining attention. I strongly believe that the strategy of using of our capital reserves to develop this app, versus borrowing or diluting our shareholders, will prove to be a sound investment as the true value is realized in the coming years.” Business Units The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 15 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca. Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in 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 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 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. Original Sprout, acquired in 2017, with warehouse and office facilities located in San Clemente, California www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, distributed 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 further development of its mobile banking app, having completed the initial development stage and soft launch in the U.S. in June 2023. https://marygoldandco.com/ Marygold & Co. (UK) Limited, formed in the U.K. during 2021, operates through its subsidiary acquired in 2022, Tiger Financial & Asset Management Limited (“Tiger”), a U.K. based investment adviser. Tiger’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles. http://www.tfam.co.uk/ About The Marygold Companies, Inc. The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Marygold & Co., Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, tangible benefits expected to be realized in the 2024 calendar year from current investments, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s most recent Annual Report on Form 10-K, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) December 31, 2023 June 30, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,214 $ 8,161 Accounts receivable, net (of which $1,624 and $1,674, respectively, due from related parties) 2,596 3,026 Inventories 2,389 2,254 Prepaid income tax and tax receivable 1,618 992 Investments, at fair value 12,379 11,481 Other current assets 1,057 904 Total current assets 26,253 26,818 Restricted cash 434 425 Property and equipment, net 1,215 1,255 Operating lease right-of-use assets 1,287 821 Goodwill 2,307 2,307 Intangible assets, net 2,112 2,330 Deferred tax assets, net 771 771 Other assets 553 554 Total assets $ 34,932 $ 35,281 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 3,287 $ 2,771 Operating lease liabilities, current portion 715 457 Purchase consideration payable 637 605 Loans - property and equipment, current portion 352 359 Total current liabilities 4,991 4,192 LONG-TERM LIABILITIES Loans - property and equipment, net of current portion 82 88 Operating lease liabilities, net of current portion 582 381 Deferred tax liabilities, net 242 242 Total long-term liabilities 906 711 Total liabilities 5,897 4,903 STOCKHOLDERS’ EQUITY Preferred stock, $0.001 par value; 50,000 shares authorized Series B: 49 shares issued and outstanding at December 31, 2023 and June 30, 2023 - - Common stock, $0.001 par value; 900,000 shares authorized; 39,383 shares issued and outstanding at December 31, 2023 and June 30, 2023 39 39 Additional paid-in capital 12,605 12,397 Accumulated other comprehensive loss (12 ) (144 ) Retained earnings 16,403 18,086 Total stockholders’ equity 29,035 30,378 Total liabilities and stockholders’ equity $ 34,932 $ 35,281 THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Revenue Fund management - related party $ 4,997 $ 5,266 $ 10,047 $ 10,686 Food products 1,920 1,932 3,649 3,870 Beauty products 842 785 1,617 1,588 Security systems 570 665 1,123 1,295 Financial services 128 124 256 258 Revenue 8,457 8,772 16,692 17,697 Cost of revenue 2,091 2,231 4,128 4,256 Gross profit 6,366 6,541 12,564 13,441 Operating expense Salaries and compensation 2,999 2,805 5,589 5,173 General and administrative expense 2,306 1,820 4,556 3,512 Fund operations 1,187 1,112 2,461 2,253 Marketing and advertising 718 556 1,685 1,329 Depreciation and amortization 153 148 307 297 Total operating expenses 7,363 6,441 14,598 12,564 (Loss) income from operations (997 ) 100 (2,034 ) 877 Other income (expense): Interest and dividend income 138 63 331 115 Interest expense (3 ) (4 ) (7 ) (11 ) Other (expense) income, net (503 ) 130 (458 ) 32 Total other (expense) income, net (368 ) 189 (134 ) 136 (Loss) income before income taxes (1,365 ) 289 (2,168 ) 1,013 Benefit (provision) for income taxes 182 (107 ) 484 (334 ) Net (loss) income $ (1,183 ) $ 182 $ (1,684 ) $ 679 Weighted average shares of common stock Basic 40,397 40,371 40,397 40,371 Diluted 40,397 40,371 40,397 40,384 Net (loss) income per common share Basic $ (0.03 ) $ - $ (0.04 ) $ 0.02 Diluted $ (0.03 ) $ - $ (0.04 ) $ 0.02 View source version on businesswire.com: https://www.businesswire.com/news/home/20240214787407/en/Contacts Media and investors, for more Information, contact: Roger S. Pondel PondelWilkinson Inc. 310-279-5965 rpondel@pondel.com Contact the Company: David Neibert, Chief Operations Officer 949-429-5370 dneibert@themarygoldcompanies.com
The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm, today reported financial results for the three and six months ended December 31, 2023. Revenue for the three months ended December 31, 2023 was $8.5 million, compared with $8.8 million, last year. The Company registered a net loss of $1.2 million, equal to a loss of $0.03 per share, for the fiscal 2024 second quarter, principally reflecting continued investment in the Marygold & Co. fintech app. TMC reported net income of $0.2 million, or approximately breakeven per share, for the same quarter a year ago. For the six-month period ended December 31, 2023, revenue was $16.7 million, versus $17.7 million for the comparable period last year. A net loss of $1.7 million, or $0.04 per share, was recorded for the six months ended December 31, 2023, versus net income of $0.7 million, equal to $0.02 per fully diluted share, for the same period a year ago. TMC’s balance sheet remained strong at December 31, 2023. Cash and cash equivalents amounted to $6.2 million and investments totaled $12.4 million at the end of the quarter, and the Company has essentially no debt. Total assets at December 31, 2023, were $35 million, and total stockholders’ equity at quarter’s end was $29 million. “Operating results are within the range of expectations,” said David Neibert, TMC’s Chief Operations Officer. “Our core businesses are all operating efficiently and producing cash, which is being used to build our fintech business under the Marygold & Co. brand. The more we earn at our other divisions, the more we can invest in growing the fintech app. As we are seeing, those investments will continue to negatively impact TMC’s income statement over the near term until our mobile banking app gains traction. While we are not showing profits at the consolidated level, the fundamentals of our Company remain on solid footing, and we are building what we believe to be a highly valued business and doing so without any dilutive effects of equity or debt funding from outside sources.” Nicholas Gerber, TMC’s Chief Executive Officer, added, “We have started the marketing of our innovative fintech app, a unique mobile app with a debit card feature that enables account holders to invest in Money Pools, send money to anyone in the U.S., monitor spending habits and budgets, and to transact business at retailers throughout the world. In the background, we are readying even more features to be incorporated into the app, as daily onboarding of new accountholders increases. Following our successful soft launch in the second half of 2023, we are excited as ever that Marygold & Co. is gaining attention. I strongly believe that the strategy of using of our capital reserves to develop this app, versus borrowing or diluting our shareholders, will prove to be a sound investment as the true value is realized in the coming years.” Business Units The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 15 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca. Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in 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 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 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. Original Sprout, acquired in 2017, with warehouse and office facilities located in San Clemente, California www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, distributed 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 further development of its mobile banking app, having completed the initial development stage and soft launch in the U.S. in June 2023. https://marygoldandco.com/ Marygold & Co. (UK) Limited, formed in the U.K. during 2021, operates through its subsidiary acquired in 2022, Tiger Financial & Asset Management Limited (“Tiger”), a U.K. based investment adviser. Tiger’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles. http://www.tfam.co.uk/ About The Marygold Companies, Inc. The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Marygold & Co., Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, tangible benefits expected to be realized in the 2024 calendar year from current investments, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s most recent Annual Report on Form 10-K, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) December 31, 2023 June 30, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,214 $ 8,161 Accounts receivable, net (of which $1,624 and $1,674, respectively, due from related parties) 2,596 3,026 Inventories 2,389 2,254 Prepaid income tax and tax receivable 1,618 992 Investments, at fair value 12,379 11,481 Other current assets 1,057 904 Total current assets 26,253 26,818 Restricted cash 434 425 Property and equipment, net 1,215 1,255 Operating lease right-of-use assets 1,287 821 Goodwill 2,307 2,307 Intangible assets, net 2,112 2,330 Deferred tax assets, net 771 771 Other assets 553 554 Total assets $ 34,932 $ 35,281 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 3,287 $ 2,771 Operating lease liabilities, current portion 715 457 Purchase consideration payable 637 605 Loans - property and equipment, current portion 352 359 Total current liabilities 4,991 4,192 LONG-TERM LIABILITIES Loans - property and equipment, net of current portion 82 88 Operating lease liabilities, net of current portion 582 381 Deferred tax liabilities, net 242 242 Total long-term liabilities 906 711 Total liabilities 5,897 4,903 STOCKHOLDERS’ EQUITY Preferred stock, $0.001 par value; 50,000 shares authorized Series B: 49 shares issued and outstanding at December 31, 2023 and June 30, 2023 - - Common stock, $0.001 par value; 900,000 shares authorized; 39,383 shares issued and outstanding at December 31, 2023 and June 30, 2023 39 39 Additional paid-in capital 12,605 12,397 Accumulated other comprehensive loss (12 ) (144 ) Retained earnings 16,403 18,086 Total stockholders’ equity 29,035 30,378 Total liabilities and stockholders’ equity $ 34,932 $ 35,281 THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Revenue Fund management - related party $ 4,997 $ 5,266 $ 10,047 $ 10,686 Food products 1,920 1,932 3,649 3,870 Beauty products 842 785 1,617 1,588 Security systems 570 665 1,123 1,295 Financial services 128 124 256 258 Revenue 8,457 8,772 16,692 17,697 Cost of revenue 2,091 2,231 4,128 4,256 Gross profit 6,366 6,541 12,564 13,441 Operating expense Salaries and compensation 2,999 2,805 5,589 5,173 General and administrative expense 2,306 1,820 4,556 3,512 Fund operations 1,187 1,112 2,461 2,253 Marketing and advertising 718 556 1,685 1,329 Depreciation and amortization 153 148 307 297 Total operating expenses 7,363 6,441 14,598 12,564 (Loss) income from operations (997 ) 100 (2,034 ) 877 Other income (expense): Interest and dividend income 138 63 331 115 Interest expense (3 ) (4 ) (7 ) (11 ) Other (expense) income, net (503 ) 130 (458 ) 32 Total other (expense) income, net (368 ) 189 (134 ) 136 (Loss) income before income taxes (1,365 ) 289 (2,168 ) 1,013 Benefit (provision) for income taxes 182 (107 ) 484 (334 ) Net (loss) income $ (1,183 ) $ 182 $ (1,684 ) $ 679 Weighted average shares of common stock Basic 40,397 40,371 40,397 40,371 Diluted 40,397 40,371 40,397 40,384 Net (loss) income per common share Basic $ (0.03 ) $ - $ (0.04 ) $ 0.02 Diluted $ (0.03 ) $ - $ (0.04 ) $ 0.02 View source version on businesswire.com: https://www.businesswire.com/news/home/20240214787407/en/
Media and investors, for more Information, contact: Roger S. Pondel PondelWilkinson Inc. 310-279-5965 rpondel@pondel.com Contact the Company: David Neibert, Chief Operations Officer 949-429-5370 dneibert@themarygoldcompanies.com