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The Marygold Companies, Inc. (symbol: MGLD) is a diversified multinational conglomerate with a strategic focus on identifying, acquiring, and managing profitable and undervalued companies across various sectors. Established in 1996 as a small technology firm under the name Concierge Technologies, Inc., the company underwent significant transformation and rebranded to The Marygold Companies in 2022.
Today, The Marygold Companies operates through several key subsidiaries:
- Marygold & Co.: A fintech mobile banking app that provides an innovative platform for financial management, including tax filing, investment, and spending solutions. The app is available for free on both Android and iOS, offering services such as fee-free spending accounts and Money Pool investment accounts.
- USCF Investments: A leader in financial services offering investment management and advisory services.
- Gourmet Foods: Specializes in the manufacture of high-quality food products, catering to diverse culinary preferences.
- Printstock Products: Engages in printing and packaging solutions, serving a broad range of industries.
- Brigadier Security Systems: Provides advanced security system installations and services to ensure safety and security.
- Original Sprout: A beauty products company known for its eco-friendly and safe personal care products.
The company's mission, encapsulated in its motto “Growing Together,” emphasizes the creation of unity among its subsidiaries, the parent company, and its shareholders. This vision is supported by robust business practices aimed at generating consistent revenue streams and increasing shareholder value. The Marygold Companies' stock is listed on the NYSE American under the ticker symbol MGLD.
Recently, The Marygold Companies made headlines with its subsidiary Marygold & Co. partnering with the AI-driven tax firm april to offer free tax filing services within its app. This strategic move aims to enhance client experience by providing a comprehensive financial management solution under one platform. The app’s integration of AI-driven tax filing ensures maximum refunds for users, reinforcing the company’s commitment to innovation and client satisfaction.
The Marygold Companies, Inc. (NYSE American: MGLD) announced the appointment of James S. Alexander as an independent director and Stuart Crumbaugh as the new management director, succeeding Kathryn Rooney. This change comes as the company's Marygold & Co. subsidiary is set to launch a mobile fintech app later this year. James Alexander brings over 30 years of banking experience from firms like Wells Fargo and Bank of America, while Stuart Crumbaugh has been CFO since 2017. CEO Nicholas Gerber emphasized that these appointments will enrich TMC's financial expertise and guide its future development. The company continues to operate in multiple sectors including financial services and food manufacturing, positioning itself for growth.
The Marygold Companies reported its financial results for the second quarter of fiscal 2023, revealing net revenue of $8.8 million, down from $9.4 million year-over-year. Net income for the quarter was $181,794, compared to $1 million in the prior year. For the first half, revenue was $17.7 million versus $19.2 million, but net income improved to $678,962 from a loss of $857,658 in the same period last year. The company's balance sheet remains strong with no debt and cash increasing to $14.6 million. A new fintech app is in beta testing and expected to soft launch later this year.
Marygold Companies, Inc. (MGLD) announced the appointment of Timothy M. Rooney as President of Marygold & Co., a subsidiary focused on developing a mobile banking app. The app, now in beta testing after three years of development, aims to provide a unified platform for spending, receiving, saving, and investing. It boasts features like secure payment sending, interest-bearing accounts, and customizable investing options. Over 10,000 potential clients are on the waitlist. CEO Nicholas Gerber emphasized Rooney's leadership experience in financial services and their readiness for market launch.
The Marygold Companies, Inc. (MGLD) reported Q1 fiscal 2023 net revenues of $8.9 million, a decline from $9.7 million in Q1 2022. Net income rose to $497,000 or $0.01 per share, from a net loss of $1.9 million the previous year. Total stockholders’ equity increased to $29.2 million. Despite a $300 million decrease in assets under management at USCF Investments, overall gross profit from other subsidiaries improved by 2% to 9%. The company is also advancing its mobile fintech app, now in final testing phases.
The Marygold Companies, Inc. (MGLD) will present at the LD Micro Main Event XV Conference on October 26, 2022, at 1:30 p.m. PDT. CEO Nicholas Gerber and COO David Neibert will introduce the company’s new consumer fintech app, which is currently in beta testing, allowing secure transactions via mobile devices. The presentation will be available live and archived on their website. TMC, a diversified holding firm with global subsidiaries in financial services and food manufacturing, recently transitioned from Concierge Technologies, Inc. in March 2022.
The Marygold Companies reported its fiscal year 2022 financial results, revealing net revenues of $37.8 million, down from $39.9 million in 2021. Net income decreased to $1.1 million ($0.03 per share), compared to $5.8 million ($0.15 per share) the previous year. The company maintained profitability in Q4 with revenues of $9.9 million, up from $9.7 million year-over-year. Despite challenges, total assets increased to $35.3 million, and equity rose to $29.0 million. The organization ended the year debt-free after settling $740,000 in related-party debts.
Marygold Companies, Inc. (NYSE American: MGLD) will present at the Sidoti Micro-Cap Conference on August 17, 2022, at 10:45 a.m. EDT. CEO Nicholas Gerber and COO David Neibert will lead the presentation. The Company encourages investor participation through virtual one-on-one meetings on the same day and on August 18. Interested attendees can register for the presentation and meetings via Sidoti's website. Founded in 1996, Marygold has diversified operations in various sectors including finance and food manufacturing.
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