The Marygold Companies Reports Financial Results For Fiscal Year and Fourth Quarter Ended June 30, 2024
The Marygold Companies (NYSE American: MGLD) reported financial results for the fiscal year and fourth quarter ended June 30, 2024. Key points include:
- FY2024 revenue: $32.8 million (down from $34.9 million in FY2023)
- FY2024 net loss: $4.1 million ($0.10 per share), compared to net income of $1.2 million in FY2023
- Q4 2024 revenue: $8.3 million (down from $8.9 million in Q4 2023)
- Q4 2024 net loss: $1.9 million ($0.05 per share)
- Total assets: $32.9 million (down from $35.3 million)
- Cash and equivalents: $5.5 million (down from $8.2 million)
The company cited investments in its Marygold & Co. mobile fintech app, lower assets under management at USCF Investments, and an impairment charge for Original Sprout as factors impacting results.
Le Marygold Companies (NYSE American: MGLD) hanno riportato risultati finanziari per l'anno fiscale e il quarto trimestre conclusosi il 30 giugno 2024. I punti chiave includono:
- Entrate FY2024: 32,8 milioni di dollari (in calo rispetto ai 34,9 milioni di dollari del FY2023)
- Perdita netta FY2024: 4,1 milioni di dollari (0,10 dollari per azione), rispetto a un profitto netto di 1,2 milioni di dollari nel FY2023
- Entrate Q4 2024: 8,3 milioni di dollari (in calo rispetto agli 8,9 milioni di dollari del Q4 2023)
- Perdita netta Q4 2024: 1,9 milioni di dollari (0,05 dollari per azione)
- Attività totali: 32,9 milioni di dollari (in calo rispetto ai 35,3 milioni di dollari)
- Cassa e equivalenti: 5,5 milioni di dollari (in calo rispetto agli 8,2 milioni di dollari)
La società ha citato gli investimenti nella sua app mobile fintech Marygold & Co., il calo degli attivi in gestione presso USCF Investments e un addebito per svalutazione per Original Sprout come fattori che hanno influenzato i risultati.
Las empresas Marygold (NYSE American: MGLD) informaron sobre los resultados financieros para el año fiscal y el cuarto trimestre que finalizó el 30 de junio de 2024. Los puntos clave incluyen:
- Ingresos del FY2024: 32,8 millones de dólares (disminución desde 34,9 millones de dólares en el FY2023)
- Pérdida neta del FY2024: 4,1 millones de dólares (0,10 dólares por acción), en comparación con un ingreso neto de 1,2 millones de dólares en el FY2023
- Ingresos del Q4 2024: 8,3 millones de dólares (disminución desde 8,9 millones de dólares en el Q4 2023)
- Pérdida neta del Q4 2024: 1,9 millones de dólares (0,05 dólares por acción)
- Activos totales: 32,9 millones de dólares (disminución desde 35,3 millones de dólares)
- Efectivo y equivalentes: 5,5 millones de dólares (disminución desde 8,2 millones de dólares)
La empresa citó inversiones en su aplicación móvil fintech Marygold & Co., menores activos bajo gestión en USCF Investments y un cargo por deterioro de Original Sprout como factores que impactaron los resultados.
메리골드 컴퍼니(Marygold Companies) (NYSE American: MGLD)가 2024년 6월 30일 종료된 회계 연도 및 4분기 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:
- 2024 회계연도 수익: 3,280만 달러(2023 회계연도 3,490만 달러에서 감소)
- 2024 회계연도 순손실: 410만 달러(주당 0.10 달러), 2023 회계연도 순이익 120만 달러와 비교
- 2024 4분기 수익: 830만 달러(2023 4분기 890만 달러에서 감소)
- 2024 4분기 순손실: 190만 달러(주당 0.05 달러)
- 총 자산: 3,290만 달러(3,530만 달러에서 감소)
- 현금 및 현금성 자산: 550만 달러(820만 달러에서 감소)
회사는 Marygold & Co. 모바일 핀테크 앱에 대한 투자와 USCF Investments의 관리 자산 감소, Original Sprout에 대한 손상 차감으로 인해 결과에 영향을 미쳤다고 밝혔습니다.
Les entreprises Marygold (NYSE American: MGLD) ont annoncé les résultats financiers pour l'exercice fiscal et le quatrième trimestre clos le 30 juin 2024. Les points clés comprennent :
- Revenus FY2024 : 32,8 millions de dollars (en baisse par rapport à 34,9 millions de dollars en FY2023)
- Perte nette FY2024 : 4,1 millions de dollars (0,10 dollar par action), par rapport à un revenu net de 1,2 million de dollars en FY2023
- Revenus Q4 2024 : 8,3 millions de dollars (en baisse par rapport à 8,9 millions de dollars en Q4 2023)
- Perte nette Q4 2024 : 1,9 million de dollars (0,05 dollar par action)
- Actifs totaux : 32,9 millions de dollars (en baisse par rapport à 35,3 millions de dollars)
- Liquidités et équivalents : 5,5 millions de dollars (en baisse par rapport à 8,2 millions de dollars)
L'entreprise a cité les investissements dans son application mobile fintech Marygold & Co., la diminution des actifs sous gestion chez USCF Investments et une charge d'amortissement pour Original Sprout comme des facteurs influençant les résultats.
Die Marygold Companies (NYSE American: MGLD) haben die Finanzergebnisse für das am 30. Juni 2024 endende Geschäftsjahr und das vierte Quartal bekannt gegeben. Zu den wichtigsten Punkten gehören:
- Umsatz FY2024: 32,8 Millionen Dollar (rückläufig von 34,9 Millionen Dollar im FY2023)
- Nettoverlust FY2024: 4,1 Millionen Dollar (0,10 Dollar pro Aktie), im Vergleich zu einem Nettogewinn von 1,2 Millionen Dollar im FY2023
- Umsatz Q4 2024: 8,3 Millionen Dollar (rückläufig von 8,9 Millionen Dollar im Q4 2023)
- Nettoverlust Q4 2024: 1,9 Millionen Dollar (0,05 Dollar pro Aktie)
- Gesamtvermögen: 32,9 Millionen Dollar (rückläufig von 35,3 Millionen Dollar)
- Bargeld und Äquivalente: 5,5 Millionen Dollar (rückläufig von 8,2 Millionen Dollar)
Das Unternehmen nannte Investitionen in seine mobile Fintech-App Marygold & Co., geringere verwaltete Vermögenswerte bei USCF Investments und eine Wertberichtigung für Original Sprout als Faktoren, die die Ergebnisse beeinflusst haben.
- USCF Investments remains highly profitable despite AUM decline
- Acquisition of two UK investment advisory firms completed
- Progress made in refocusing on financial services
- Development of innovative digital platform nearing broader U.S. rollout and UK introduction
- Revenue decreased from $34.9 million in FY2023 to $32.8 million in FY2024
- Net loss of $4.1 million in FY2024 compared to net income of $1.2 million in FY2023
- Assets under management at USCF Investments declined by 11%
- $1.4 million non-cash impairment charge for Original Sprout subsidiary
- Cash and cash equivalents decreased from $8.2 million to $5.5 million
- Original Sprout continued to post operating losses
Insights
The Marygold Companies' FY2024 results reveal significant challenges. Revenue declined by
- Declining assets under management at USCF Investments (down
11% ) - Continued losses at Original Sprout
- Significant cash burn on fintech app development (
$5.7 million in FY2024)
While investments in future growth are noteworthy, the immediate financial impact is substantial. The company's pivot towards financial services is costly, potentially straining resources in the short term.
The Marygold Companies' heavy investment in their fintech app is a bold but risky move. With
- User acquisition and retention rates post-launch
- Revenue model and path to profitability
- Competitive landscape and differentiation strategy
The success of this app could make or break the company's future, given the significant resources allocated to its development.
The Marygold Companies' diversified portfolio presents a mixed outlook. While USCF Investments remains profitable despite AUM decline, other segments show varying performance. Key market trends affecting TMC:
- Shift towards digital financial services, benefiting their fintech app investment
- Post-COVID changes in consumer behavior impacting Original Sprout's sales channels
- Potential for new ETF launches in a competitive market
The acquisition of UK financial advisory firms could provide a strategic advantage for the fintech app's expansion. However, the company's ability to effectively integrate these diverse businesses and create synergies remains crucial. The market's reception to their upcoming fintech app launch will be a critical indicator of future growth potential.
Revenue for the 2024 fiscal year amounted to
For the fourth quarter ended June 30, 2024, revenue was
At the close of fiscal 2024, total stockholders’ equity totaled
“As TMC implemented its plans for the future, operating results for the year were impacted by a number of factors, including continued investments in our Marygold & Co. subsidiary, lower assets under management (AUM) by
“Despite the average AUM at USCF Investments declining from
Nicholas
“Our objective remains to provide shareholder value by operating the Company for the long-term, which often means making some challenging short-term investment decisions, as was the case during fiscal 2024. I thank all of our shareholders for their patience and ongoing support, and express deep gratitude to our talented team throughout the globe for their hard work and dedication, which I am confident will pay off in time for all.”
Business Units
The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in 2016 and based in
Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout
Brigadier Security Systems, www.brigadiersecurity.com, acquired in 2016 and headquartered in
Original Sprout, acquired in 2017, located in
Marygold & Co., formed in the
Marygold & Co. (
About The Marygold Companies, Inc.
The Marygold Companies 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, Step By Step Financial Planners, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of
THE MARYGOLD COMPANIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) |
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June 30, 2024 |
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June 30, 2023 |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
5,461 |
|
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$ |
8,161 |
|
Accounts receivable, net (of which |
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|
2,678 |
|
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|
3,026 |
|
Inventories |
|
|
2,191 |
|
|
|
2,254 |
|
Prepaid income tax and tax receivable |
|
|
1,338 |
|
|
|
992 |
|
Investments, at fair value |
|
|
9,551 |
|
|
|
11,481 |
|
Other current assets |
|
|
3,034 |
|
|
|
904 |
|
Total current assets |
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24,253 |
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26,818 |
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Restricted cash |
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|
62 |
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|
425 |
|
Property and equipment, net |
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1,166 |
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|
1,255 |
|
Operating lease right-of-use asset |
|
|
974 |
|
|
|
821 |
|
Goodwill |
|
|
2,481 |
|
|
|
2,307 |
|
Intangible assets, net |
|
|
1,375 |
|
|
|
2,330 |
|
Deferred tax assets, net |
|
|
1,969 |
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|
|
771 |
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Other assets |
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|
619 |
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|
|
554 |
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Total assets |
|
$ |
32,899 |
|
|
$ |
35,281 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
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Accounts payable and accrued expenses |
|
$ |
4,021 |
|
|
$ |
2,771 |
|
Operating lease liabilities, current portion |
|
|
602 |
|
|
|
457 |
|
Purchase consideration payable |
|
|
277 |
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|
|
605 |
|
Loans - property and equipment, current portion |
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|
333 |
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|
359 |
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Total current liabilities |
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5,233 |
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|
4,192 |
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Loans - property and equipment, net of current portion |
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|
70 |
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|
|
88 |
|
Purchase consideration payable, net of current portion |
|
|
237 |
|
|
|
- |
|
Operating lease liabilities, net of current portion |
|
|
385 |
|
|
|
381 |
|
Deferred tax liabilities, net |
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|
360 |
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|
|
242 |
|
Total long-term liabilities |
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1,052 |
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|
711 |
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Total liabilities |
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6,285 |
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4,903 |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, |
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- |
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- |
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Common stock, |
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40 |
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39 |
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Additional paid-in capital |
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12,825 |
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12,397 |
|
Accumulated other comprehensive loss |
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(269 |
) |
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(145 |
) |
Retained earnings |
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14,018 |
|
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|
18,087 |
|
Total stockholders’ equity |
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26,614 |
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|
30,378 |
|
Total liabilities and stockholders’ equity |
|
$ |
32,899 |
|
|
$ |
35,281 |
|
THE MARYGOLD COMPANIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) |
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Year Ended June 30, |
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2024 |
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2023 |
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Revenue |
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Fund management - related party |
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$ |
18,965 |
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$ |
20,862 |
|
Food products |
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7,271 |
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7,632 |
|
Beauty products |
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3,296 |
|
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|
3,033 |
|
Security systems |
|
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2,655 |
|
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|
2,833 |
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Financial services |
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649 |
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|
517 |
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Revenue |
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32,836 |
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34,877 |
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Cost of revenue |
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8,720 |
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8,751 |
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Gross profit |
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24,116 |
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26,126 |
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Operating expense |
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Salaries and compensation |
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11,150 |
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|
10,042 |
|
General and administrative expense |
|
|
8,942 |
|
|
|
7,076 |
|
Fund operations |
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|
5,154 |
|
|
|
4,387 |
|
Marketing and advertising |
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3,152 |
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2,624 |
|
Impairment loss |
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1,389 |
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|
- |
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Depreciation and amortization |
|
|
585 |
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|
|
577 |
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Total operating expenses |
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30,372 |
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24,706 |
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(Loss) income from operations |
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(6,256 |
) |
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1,420 |
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Other income (expense): |
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Interest and dividend income |
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756 |
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275 |
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Interest expense |
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(16 |
) |
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(20 |
) |
Other income (expense), net |
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|
68 |
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|
|
(81 |
) |
Total other income (expense), net |
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808 |
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|
174 |
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(Loss) income before income taxes |
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|
(5,448 |
) |
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1,594 |
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Benefit (provision) of income taxes |
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1,379 |
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(429 |
) |
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Net (loss) income |
|
$ |
(4,069 |
) |
|
$ |
1,165 |
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Weighted average shares of common stock |
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Basic |
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40,396 |
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|
40,371 |
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Diluted |
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40,396 |
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40,404 |
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Net (loss) income per common share |
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Basic |
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$ |
(0.10 |
) |
|
$ |
0.03 |
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Diluted |
|
$ |
(0.10 |
) |
|
$ |
0.03 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240918230735/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
Source: The Marygold Companies, Inc.
FAQ
What was The Marygold Companies' (MGLD) revenue for fiscal year 2024?
How much did MGLD invest in Marygold & Co. during fiscal 2024?
What was the main reason for MGLD's Q4 2024 losses?
How did USCF Investments' assets under management (AUM) change in fiscal 2024 for MGLD?