MasTec Announces Fourth Quarter and Annual Results, Amended and Expanded Credit Facility and Issues 2017 Guidance

CORAL GABLES, Fla., Feb. 23, 2017 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced better than expected 2016 fourth quarter and full year financial results, and issued its initial 2017 guidance range.

The Company also reported:

Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA and book leverage ratio, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.

Jose Mas, MasTec’s Chief Executive Officer, commented, “We exceeded our fourth quarter expectations, driven primarily by improved productivity in our Oil & Gas segment. We also signed pipeline contracts approximating $1.7 billion during the quarter, ending the year, as expected, with record Oil & Gas segment backlog. We expect record results for our Oil & Gas segment in 2017 and continue to have clear visibility to continued opportunities in this segment for several years.”

Mr. Mas continued, “I want to thank the men and women of MasTec for their dedicated efforts during 2016 and look forward to a great 2017 and beyond.”

The company also announced that it has entered into an amended and restated credit facility with a syndicate of lenders led by Bank of America, N.A. and SunTrust Bank, which increased the capacity under the senior secured credit facility by over $250 million to $1.5 billion and extended the maturity date of the facility to February 2022. The amended credit facility also contains more favorable terms and provides additional flexibility for borrowings in foreign currencies.

George Pita, MasTec’s Executive Vice President and Chief Financial Officer noted, “We had strong financial performance and working capital management during 2016, enabling us to significantly improve our leverage ratios, despite the working capital usage associated with over $900 million in organic revenue growth during the year. We appreciate the continued support and confidence of the financial institutions involved in our credit facility. The amended facility further strengthens our capital structure and liquidity, allowing us full financial flexibility to take advantage of the significant growth opportunities in the markets we serve.”

Based on the information available today, the Company is providing both first quarter and full year 2017 guidance. The Company currently estimates 2017 revenue will increase 7% to approximately $5.5 billion. 2017 full year GAAP net income is expected to approximate $188 million, with adjusted EBITDA, a non-GAAP measure, expected to increase 15% to $550 million. 2017 full year GAAP diluted earnings per share are expected to be $2.24, a 39% increase over 2016, with adjusted diluted earnings per share, a non-GAAP measure, expected to be $2.35, a 24% increase over 2016.

For the first quarter of 2017, the Company expects revenue of approximately $1.05 billion.  First quarter 2017 GAAP net income is expected to approximate $40 million, with adjusted EBITDA, a non-GAAP measure, expected to increase 132% and approximate $125 million. First quarter 2017 GAAP diluted earnings per share are expected to approximate $0.48 with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $0.51. First quarter 2017 guidance reflects expected improved Oil & Gas segment performance due to higher revenues and efficiencies, as well as improvement in the Electrical Transmission segment results.

Management will hold a conference call to discuss these results on Friday, February 24, 2017 at 9:00 a.m. Eastern time.  The call-in number for the conference call is (719) 457-2601 and the replay number is (719) 457-0820, with a pass code of 6638861.  The replay will be available for 30 days.  Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company’s website at www.mastec.com.

The following tables set forth the financial results for the periods ended December 31, 2016 and 2015:


Prudential Bancorp, Inc. Announces Declaration of Quarterly Cash Dividend

PHILADELPHIA, Feb. 23, 2017 (GLOBE NEWSWIRE) — Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP) announced that its Board of Directors, at a meeting held today, declared a quarterly cash dividend of $0.03 per share on the common stock of the Company, payable on March 30, 2017 to the shareholders of record at the close of business on March 16, 2017.  Prudential Bancorp, Inc. is the holding company for Prudential Bank, a Pennsylvania-chartered, FDIC-insured savings bank originally organized in 1886 and headquartered in Philadelphia, Pennsylvania.  Prudential Savings Bank operates nine full service offices in Philadelphia, one office in Huntingdon Valley, Pennsylvania and one office in Drexel Hill, Pennsylvania.  At December 31, 2016, the Company had assets totaling $590.1 million, liabilities totaling $477.0 million and $113.1 million of shareholders’ equity.  The Company completed the acquisition of Polonia Bancorp, Inc. (“Polonia”), effective January 1, 2017. With the completion of the merger of the two organizations, the Company has approximately $838.9 million in assets, $508.8 million in loans and $563.7 million in deposits with 11 branch offices in Philadelphia, Delaware and Montgomery counties.Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”  Forward-looking statements, by their nature, are subject to risks and uncertainties.  A number of factors, many of which are beyond the Company’s control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements.  The Company’s reports filed from time-to-time with the Securities and Exchange Commission, describe some of these factors, including general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality and interest rate risks associated with the Company’s business and operations.  Other factors described include changes in our loan portfolio, changes in competition, fiscal and monetary policies, legislation and regulatory changes, and difficulties and delays in integrating Polonia’s business or fully realizing anticipated cost savings and other benefits of the merger with Polonia, and business disruptions following the merger.Investors are encouraged to access the Company’s periodic reports filed with the Securities and Exchange Commission for financial and business information regarding the Company at www.Prudentialsavingsbank.com under the Investor Relations menu. We undertake no obligation to update any forward-looking statements.Contact:
Jack E. Rothkopf, Senior Vice President, Treasurer, Chief Financial Officer, Prudential Bancorp, Inc. and Prudential Savings Bank, 215-755-1500.

INGENICO GROUP – 2016: Solid results in line with expectations

  Press Release
Paris, 23 February 2017
 

2016: Solid results in line with expectations

Operating and financial performance

  • Revenue for the year : 2,312 million euros
    • Up 8% on a comparable basis[1]
    • Up 16% on a comparable basis1 excluding the United States and Brazil
       
  • Highlights :
    • Acceleration in growth of ePayments (+11%1 for the year and +19%1 in Q4)
    • Increase in contribution from Omnichannel solutions
    • Excellent performance in 2016 in Europe (+14%1) and in Asia-Pacific (+25%1)
       
  • EBITDA[2]: 476 million euros representing 20.6% of revenues
  • Free cash-flow of 248 million euros, representing a conversion rate FCF/EBITDA of 52%
  • Group net profit of 244 million euros, up 6%
  • Proposed dividend of 1.50 euros, up 15%

       
      New Organisational Structure[3]
       

  • New client-centred operational structure : in place at the start of April 2017
  • Organisation into two operating segments : Retail and Banks & Acquirers

      2017 Objectives
       

  • 2017 Organic Growth of around 7%
  • 2017 EBITDA margin slightly stronger than that of 2016

Ingenico Group (Euronext: FR0000125346 – ING) today announced today its fourth quarter 2016 revenues and its audited financial statements results for the year ended December 31, 2016.

Philippe Lazare, the Chairman and Chief Executive Officer of Ingenico Group, commented: “The growth of the ePayments division accelerated sharply at the end of the year, illustrating the relevance of the investments we have made. All regions recorded excellent performances, with the exception of the Brazilian and US markets. Again this year, the Group demonstrated its strong cash generation capability and strengthened its excellent financial position. Our recent commercial successes reflect our excellent innovation capabilities combined with the quality of our products and services. The operational reorganization designed around our clients, announced today, will strengthen the implementation of the Group’s omnichannel strategy.”

2016 Results

Key figures

(in millions of euros) 2016 2015 Year-on-Year Difference
Revenue 2 312 2 197 +5%
Adjusted Gross Profit 987 972 +2%
  As a % of revenue 42.7% 44.3%  -160bpts
Adjusted Operating expenses (584) (536) 9%
  As a % of revenue -25.3% -24.4% 90bpts
Profit from ordinary activities, adjusted (EBIT) 403 437 -8%
  As a % of revenue 17.5% 19.9% -240bpts
Operating margin 357 381 -6%
Net Profit 251 235 7%
Net Profit attributable to Group shareholders 244 230 6%
EBITDA 476 508 -6%
  As a % of revenue 20.6% 23.1% -250bpts
       
Free cash flow 248 285 -13%
Net Debt 126 252 -50%
Net Debt-to-EBITDA ratio 0.3x 0.5x  
Equity attributable to Group shareholders 1 703 1 506 13%

8% organic growth in revenue

  FY 2016 Q4 2016
M€ % change M€ % change
Comparable1 Reported Comparable1 Reported
ePayments 488 11% 9% 133 19% 19%
Europe-Africa 846 14% 11% 215 7% 3%
APAC & Middle East 530 25% 21% 153 23% 26%
Latin America 172 -20% -25% 42 -30% -22%
North America 276 -13% -13% 66 -32% -32%
Total 2 312 8% 5% 609 3% 3%

Performance in the fourth quarter

In the fourth quarter of 2016, revenue totaled 609 million Euros, representing a 3% increase on a reported basis, including a negative exchange rate impact of 8 million Euros and a positive perimeter effect of 10 million Euros. Total revenue included 412 million Euros generated by the Payment Terminals business and 197 million Euros in Payment Services activities.

On a comparable basis1, revenue was up 3% compared to the Q4 2015 figure in comparison to the fourth quarter of 2015 with an increase of 16% for Payment Services and a decline of 3% in Payment Terminals.

Compared to Q4 2015, performance for the fourth quarter by division, on a like-for-like basis and at constant exchange rates, was as follows:

ePayments (+19%) : The ePayments division recorded very strong growth, with strong transaction volumes at the end of the year (Single Day, Thanksgiving, Cyber Monday), thus beating its record for the number of transactions processed in a single day.
The division’s new offer has encountered tremendous commercial success notably thanks to the newly developed features, allowing e-retailers to improve their conversion rates. In 2016, the platform delivered a record availability rate, reflecting the quality of the investments made.

Europe-Africa (+7%): Activity in payment terminals in mature markets remained steady.  It continued to be driven by a dynamic market and by the replacement cycle of PCI v1 terminals in the United Kingdom and Nordic countries.  In Russia, the excellent performance was based on our success in executing the contract with Sberbank. In Eastern Europe, the Group continues to expand its market share, especially in Poland and Greece.  
Payment Services activity was also dynamic, benefitting from the increase in retail transaction volumes generated on different platforms. In France and the United Kingdom, the Group continued to gain market share and started to deploy omnichannel contracts.  In Germany, the level of momentum in the market was reflected in strongly raised levels of transaction volumes in the large retailers’ space and in the Petrol vertical, where the Group pursued its expansion.

Asia Pacific and the Middle East (+23%):  Thanks to its strong positions across the region, Ingenico Group continued to register strong growth.  In the fourth quarter, performance was mainly driven by South East Asia and India as a result of the demonetisation announced by the government there. In China, as expected, growth slowed in comparison to previous quarters as a result of an unfavourable base effect.

Latin America (-30%): Activity continues to be obstructed by weak demand from the main acquirers as a result of the unfavourable macro-economic environment in Brazil.  The Group has proceeded with the certifications and deployment of Telium Tetra in the rest of the region where performances remain solid.

North America (-32%): As expected, recent performance was strongly affected by the bottleneck amongst distributors and the recent relaxation of EMV regulations combined with high comparison basis in the American market.  Meanwhile, the Group pursued its expansion into new segments (healthcare, hotels and restaurants, unattended, transports).  In Canada, the Group recorded a solid growth, characterised by higher delivery volumes following market share gains.

Performance for the year

In 2016, revenue totaled 2,312 million euros, representing a 5% increase on a reported basis, including a negative exchange rate effect of 72 million euros and a positive perimeter effect of 10 million euros. Total revenue included €1,584 million generated by the Payment Terminals business and €728 million generated by Payment Services activities.

In a comparable basis1, revenue growth reached 8%, with an increase of 11% for Payment Services activity and 7% for the Terminals activity.

As announced, the ePayments division recovered to a double digit level of growth in the second half of 2016, allowing it to record for the whole year an better-than-expected growth which approached 11%.  This performance is explained by a strong commercial dynamic, driven by the quality of its platforms and its successes with large players such as Alipay. In Latin America (-20%) sales declined strongly due to the unfavourable economic situation in Brazil, however Mexico recorded strong growth and the first Telium Tetra terminals started to be delivered.  In North America (-13%), after an encouraging start to the year, the performance of the Group was significantly impacted in the second half by a relaxation of the EMV regulations in the United States. The other regions recorded very good results and more than compensate the negative trends observed in Brazil and the United States.  The excellent performance in Europe – Africa (+14%) reflects the very strong position of the Group in this zone and its capacity to benefit fully from the opportunities presented by technological developments and changes in the regulations, while pursuing its expansion into emerging markets and by developing its Services activities.  In Asia-Pacific and the Middle East (+25%) China experienced strong growth. The other countries represented half of the revenues of the region and also booked a robust performance, demonstrating the solidity of the new growth drivers in the zone. 

Gross profit up 2%

In 2016, adjusted Gross profit reached 987 million euros, or 42.7% of revenues.

Gross profit in the Terminals division rose to 733 million euros, a growth of 1% to 46.3% of revenues, due to a less favourable geographical mix.

In parallel, the Gross profit on Payment Services grew by 4% to 255 million euros, or 35% of revenue, despite accrued expenses improving the performance of the ePayments platforms.

An EBITDA margin of 20.6% of revenue

In 2016, adjusted operating costs were 584 million euros, representing 25.3% of revenue, compared to 24.4% in 2015.  This increase reflected the increase in expenditure relating to the launch of Telium Tetra, the development of the features of online payments platforms, as well as the strengthening of the commercial and product teams.

EBITDA was 476 million euros against 508 million euros in 2015, representing an EBITDA margin of 20.6%.

EBIT margin represented 17.5% of turnover and reached 403 million euros compared to 437 million euros in 2015.

A solid operating result

The other products and operational charges reached -5 million euros.  In 2015 they were -8 million euros.
In 2016, acquisition costs stood at 42 million euros against 48 million euros in 2015.

After taking into account these charges and other operating costs, profit from operations was 357 million euros against 381 million euros in 2015.  Operating margin represented 15.4% of revenue against 17.3% in 2015.

Increasing net profit attributable to shareholders

The financial outcome of -8 million euros, against -19 million euros in 2015, takes into account the profit from the sale of 12 million euros of Visa Europe equity securities.

Taxation costs were reduced by 22% to 97 million euros against 125 million euros in 2015. This improvement can be explained by a favourable geographic mix leading to an effective tax rate for the Group of 27.9% against 34.5% in 2015.

In 2016, Group net profit attributable to shareholders grew 6% to 244 million euros against 230 million euros in 2015.

A sound financial position due to strong cash generation

In 2016, the Group’s operations generated free cash-flow of 248 million euros, with a variation of the change in working capital that was relatively stable.  The FCF/EBITDA conversion ratio reached 52%, overtaking the previously fixed target of 45%, and despite a significant increase in investments to 77 million euros against 62 million in 2015.

The Group net debt reduced to 126 million euros against 252 million euros at December 31 2015.  The ratio of net debt to equity was 7% and the ratio of net debt to EBITDA was brought down to 0.3x from 0.5x at the end of 2015.

Proposed dividend of 1.50 euro per share, a rise of 15%

In line with the Group’s dividend policy, a proposal to distribute a dividend of 1.50 euros per share will be presented to the Annual General Meeting of shareholders on May 10, 2017, representing a distribution rate of 38%.  This dividend will be payable in cash or shares, according to the holder’s preference.

Post balance sheet events / Advancement of the Omnichannel strategy

New Group Organisation3
Ingenico Group announced the adoption of a market and customer-centric organization to support its global omnichannel acceptance leadership. In this context, the two operating segments of the Group will be called Banks & Acquirers and Retail. The detailed operational structure of this new organization and the associated financial indicators will be defined and communicated as part of the publication of first quarter revenue.

Acquisition of TechProcess, leader in online payment services in India
On February 22nd 2017, the Group announced that it had completed the acquisition of 100% of TechProcess, leader in electronic payment services in India. TechProcess has acquired significant positions in several segments of the market, notably in online payment platforms, bill payments, mobile payments and recurrent payments via the NACH system. This acquisition reinforces the Group’s strategy in India, where it is already present in payment terminals with around 50% market share and as a player in online payments with EBS, an entity of Ingenico Payments.

Outlook

In 2017, the Group expects to achieve revenue growth of around 7% (on a like-for-like basis and at constant exchange rates) and to increase its EBITDA margin slightly than that of 2016.

Given the 2016 growth achieved and the 2017 targets, the 2020 objective provided in March 2016 now looks ambitious. Beyond 2017, the Group anticipates a gradual improvement in the organic growth rate of its turnover as well as its EBITDA margin. The Group also confirms the 45% floor for the EBITDA conversion ratio to Free Cash Flow and maintains its minimum rate of distribution of net income of 35%.

Conference call

/EIN News/ — The results for the 2016 period will be discussed during a Group telephone conference call which will be held on the 23rd February 2017 at 6.00pm (Paris Time).  The conference can be accessed by dialling on of the following numbers: 01 70 99 32 08 (from France), +1 646 851 2407 (from the US) and +44 207 1620 077 (for international participants) using the conference ID of: 961202. The presentation will be available at www.ingenico.com/finance.

This press release contains forward-looking statements. The trends and objectives given in this release are based on data, assumptions and estimates considered reasonable by Ingenico Group. These data, assumptions and estimates may change or be amended as a result of uncertainties connected in particular with the performance of Ingenico Group and its subsidiaries. These forward-looking statements in no case constitute a guarantee of future performance, and involve risks and uncertainties. Actual performance may differ materially from that expressed or suggested in the forward-looking statements. Ingenico Group therefore makes no firm commitment on the realization of the growth objectives shown in this release. Ingenico Group and its subsidiaries, as well as their executives, representatives, employees and respective advisors, undertake no obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future developments or otherwise. This release shall not constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities or financial instruments.

About Ingenico Group

Ingenico Group (Euronext: FR0000125346 – ING) is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, we deliver secure payment solutions with a local, national and international scope. We are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best known global brands. Our solutions enable merchants to simplify payment and deliver their brand promise.
Learn more at www.ingenico.com       twitter.com/ingenico 

Contacts / Ingenico Group

Upcoming events
Conference call on FY16 results: February 23 2017 at 6pm (Paris)
Q1’17 revenue: April 26 2017
Annual General Meeting: May 10 2017

EXHIBIT 1 :
Basis for preparing the 2016 accounts

The consolidated financial data has been drawn up in accordance with International Financial Reporting Standards. In order to provide meaningful comparable information, that data has been presented on an adjusted basis, i.e. restated to reflect the depreciation and amortization expenses arising on the acquisition of new entities. Pursuant to IFRS3R, the purchase price for new entities is allocated to the identifiable assets acquired and subsequently amortized over specified periods.

The main financial data for 2016  is discussed on an adjusted basis, i.e., before Purchase Price Allocation (PPA); see Exhibit 3.

EBITDA is not an accounting term; it is a financial metric defined here as profit from ordinary activities before depreciation, amortization and provisions, and before share-based compensation. The reconciliation of adjusted profit from ordinary operations to EBITDA is available in Exhibit 3.

EBIT (Earnings Before Interest and Taxes) is equal to profit from ordinary activities, adjusted for amortization of the purchase price for newly acquired entities allocated to the identifiable assets acquired.

Free cash flow is equal to EBITDA less: cash and other operating income and expenses, changes in working capital requirements, investing activities net of disposals, financial expenses net of financial income, and tax paid.

EXHIBIT 2 :
Income statement, balance sheet, cash flow statement

                                                                                                                                                                
1.     CONSOLIDATED INCOME STATEMENT (AUDITED)

(in millions of euros) 2016 2015
     
REVENUE 2 312 2 197
Cost of sales (1 337) (1 237)
     
GROSS PROFIT 975 960
     
Distribution and marketing costs (204) (203)
Research and development expenses (178) (157)
Administrative expenses (232) (212)
     
PROFIT FROM ORDINARY ACTIVITIES 361 389
     
Other operating income 4 1
Other operating expenses (8) (9)
     
PROFIT FROM OPERATING ACTIVITIES 357 381
     
Finance income 77 84
Finance costs (84) (103)
     
NET FINANCE COSTS (8) (19)
     
Share of profits in equity-accounted investees (1) (3)
     
PROFIT BEFORE INCOME TAX 348 360
     
Income tax expense (97) (125)
     
NET PROFIT 251 235
     
Attributable to:    
– Ingenico Group SA shareholders 244 230
– non-controlling interests 7 4
     
EARNINGS PER SHARE (in euros)    
Net earnings:    
– basic earnings per share 4.00 3.81
– diluted earnings per share 3.91 3.76

2.     CONSOLIDATED BALANCE SHEETS (AUDITED)

ASSETS    
(in millions of euros) 2016 2015
     
Goodwill 1 409 1 351
Other intangible assets 488 509
Property, plant and equipment 75 56
Investments in equity-accounted investees 9 12
Financial assets 17 11
Deferred tax assets 58 49
Other non-current assets 27 31
TOTAL NON-CURRENT ASSETS 2 083 2 019
Inventories 172 144
Trade and related receivables 501 461
Receivables related to intermediation activities 29 10
Other current assets 24 32
Current tax assets 27 7
Derivative financial instruments 12 10
Funds related to intermediation activities 273 256
Cash and cash equivalents 1 014 920
TOTAL CURRENT ASSETS 2 052 1 842
TOTAL ASSETS 4 136 3 860
     
EQUITY AND LIABILITIES    
(in millions of euros) 2016 2015
     
Share capital 61 61
Share premium account 762 722
Other reserves 841 682
Translation differences 38 41
Equity for the period attributable to Ingenico Group SA shareholders 1 703 1 506
Non-controlling interests 4 5
TOTAL EQUITY 1 707 1 511
Non-current borrowings and long-term debt 896 885
Provisions for retirement and benefit obligations 25 17
Other long-term provisions 24 21
Deferred tax liabilities 134 142
Other non-current liabilities 127 98
TOTAL NON-CURRENT LIABILITIES 1 206 1 163
Short-term loans and borrowings 244 287
Other short-term provisions 30 31
Trade and related payables 505 439
Payables related to intermediation activities 302 266
Other current liabilities 119 135
Current tax liabilities 20 28
Derivative financial instruments 4 1
TOTAL CURRENT LIABILITIES 1 223 1 187
TOTAL LIABILITIES 2 429 2 350
TOTAL EQUITY AND LIABILITIES 4 136 3 860

3.     CONSOLIDATED CASH FLOW STATEMENTS (AUDITED)

(in millions of euros) 2016 2015
     
Profit for the period 251 235
Adjustments for:    
– Share of profit of equity-accounted investees 1 3
– Income tax expense/(income) 97 125
– Depreciation, amortization and provisions 93 106
– Change in fair value (4) 3
– (Gains)/losses on disposal of assets 0 2
– Net interest costs/(revenue) 3 13
– Share-based payment expense(1) 24 18
Interest paid (12) (15)
Income tax paid (131) (137)
Cash flows from operating activities before change in net working capital 322 351
  Inventories (26) (24)
  Trade and other receivables (12) (33)
  Trade payables and other payables 25 43
Change in net working capital (12) (14)
NET CASH FLOWS FROM OPERATING ACTIVITIES 310 337
     
Acquisition of fixed assets (77) (62)
Proceeds from sale of tangible and intangible fixed assets 9 1
Acquisition of subsidiaries, net of cash acquired (53) (4)
Disposal of subsidiaries, net of cash disposed of 3
Loans and advances granted and other financial assets (16) (5)
Loan repayments received 1 1
Interest received 8 9
CASH FLOWS FROM INVESTING ACTIVITIES (125) (59)
     
Proceeds from share capital issues 2
Purchase/sale of treasury shares 0 0
Proceeds from loans and borrowings 756
Repayment of loans and borrowings (38) (601)
Change in the Group’s ownership interests in controlled entities 1 94
Changes in other financial liabilities (0) (0)
Effect of financial derivative instruments (14) (0)
Dividends paid to shareholders (36) (30)
Taxes on financing activities (1) (8)
NET CASH FLOWS FROM FINANCING ACTIVITIES (88) 212
Effect of exchange rates fluctuations 6 (2)
CHANGE IN CASH AND CASH EQUIVALENTS 103 488
     
Net cash and cash equivalents at beginning of the year 900 412
Net cash and cash equivalents at year end 1 003 900
     
     
  2016 2015
CASH AND CASH EQUIVALENT    
Short-term investments and short-term deposits (only for the portion considered as cash equivalents) 285 295
Cash 729 625
Bank overdrafts (11) (20)
TOTAL NET CASH AND CASH EQUIVALENTS 1 003 900

EXHIBIT 3

Impact of purchase price allocation (« PPA »)

(in millions of euros) 2016 excl.
PPA
PPA Impact 2016
Gross profit 987 (12) 975
Operating expenses (584) (30) (614)
Profit from ordinary activities 403 (42) 361

Reconciliation of profit from ordinary activities to EBITDA

EBITDA represents profit from ordinary activities, restated to include the following:

  • Provisions for impairment of tangible and intangible assets, net of reversals (including impairment of goodwill or other intangible assets with indefinite lives, but not provisions for impairment of inventories, trade and related receivables and other current assets), and provisions for risks and charges (both current and non-current) on the liability side of the balance sheet, net of reversals.
  • Expenses related to the restatement of finance lease obligations on consolidation.
  • Expenses recognized in connection with the award of stock options, free shares or any other payments to be accounted for using IFRS 2, Share-based compensation.
  • Changes in the fair value of inventories in accordance with IFRS 3, Business Combinations, i.e. determined by calculating the selling price less costs to complete and sell.

Reconciliation :

(in millions of euros) 2016  2015
Profit from ordinary activities 361 389
Allocated assets amortization 42 48
EBIT 403 437
Other D&A and changes in provisions 49 55
Share-based compensation 24 16
EBITDA 476 508

[1]On a like-for-like basis at  constant exchange rates

[2]EBITDA is not an accounting term; it is a financial metric defined here as profit from ordinary activities before depreciation, amortization and provisions, and before share-based compensations.

[3]Pending completion of regulatory process with Works Council

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/c5f36d25-29c0-47d9-909f-884c42d701e5

Primero Announces Executive Leadership Change

Primero Announces Executive Leadership Change

SOURCE: Primero Mining Corp.

Primero Mining Corp.

February 23, 2017 17:00 ET

TORONTO, ON–(Marketwired – February 23, 2017) – Primero Mining Corp. (“Primero” or the “Company”) (TSX: P) (NYSE: PPP) announced today that Mr. Ernest Mast and Primero have reached a mutual decision that Mr. Mast will depart Primero to pursue other opportunities effective no later than March 6, 2017. Upon Mr. Mast’s departure, Mr. Joseph F. Conway will be appointed Interim President and Chief Executive Officer. Mr. Mast will continue to assist the Company in facilitating a smooth transition in leadership. The Company thanks Mr. Mast for his service and his assistance in transitional matters.

Mr. Conway is currently Vice Chairman and was previously President and C.E.O. of Primero from June 2010 through January 2016. Mr. Conway has nearly 30 years of mining and financial industry experience. He was President and C.E.O. of IAMGOLD Corporation from 2003 to 2010, growing it from a $50 million joint venture company to a $6 billion leading intermediate gold producer. Mr. Conway has a B.Sc. from Memorial University of Newfoundland (1981), and an MBA from Dalhousie University (1987).

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River‐Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.

Primero’s website is www.primeromining.com.

Attachment Available: http://www.marketwire.com/library/MwGo/2017/2/23/11G131248/PR4-17_CEO_Appointment_Final-c0783048adf3b6c8ab8d1217a12726c6.pdf

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Sandspring announces maiden Mineral Resource Estimate for Sona Hill Discovery

DENVER, COLORADO and VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 23, 2017) – Sandspring Resources Ltd. (TSX VENTURE:SSP)(OTC PINK:SSPXF) (“Sandspring” or the “Company”) is pleased to report the maiden mineral resource estimate (“Resource Estimate”) for its discovery at Sona Hill, deposit located 5 km southeast of the Toroparu Gold Project (“Toroparu”)(1) in Guyana, South America.

Highlights of the Resource Estimate include:

  • Pit-constrained maiden gold only resource having a total Indicated (“Ind.”) resource of 195,000 Au, and Inferred (“Inf.”) resource of 241,000 ounces of at a cut-off grade of 0.31 g/t Au (Table 1)
  • Significant quantities of higher grade gold-only mineralization include (Table 1):
    • 178,000 oz Ind. resource at 1.30 g/t Au and 218,000 Inf. resource at 1.29 g/t Au at elevated cutoff grade of 0.5 g/t Au, and
    • 129,000 oz Ind. resource at 1.88 g/t Au and 156,000 Inf. resource at 1.94 g/t Au at elevated cutoff grade of 1.0 g/t Au, and
  • Shallow lode-gold vein mineralized system in proximity to main Toroparu pit with 80% of total mineralization located within 120m of surface within single optimized Whittle pit; 25% of the total Indicated resource contained in weathered Saprolite rock from surface (see Table 2); and
  • Mineralization at Sona Hill remains open at depth and along strike.

The estimate was completed at a variety of cut off grades by SRK Consulting (U.S.) Inc. (“SRK”) and the details are presented in the following table: http://media3.marketwire.com/docs/SandspringLocationMap.pdf

Table 1: Mineral Resource Sensitivity Table – All Rock Types (2)

All Rock Type Cutoff Sensitivity (Ind)
Gold Price Cutoff Tonnes Au Au oz.
($/oz) (g/t Au) (000’s) (g/t) (000’s)
$1,750 0.25 5,996 1.03 199
$1,460 0.3 5,643 1.08 196
$1,400 0.31 5,563 1.09 195
$1,250 0.35 5,315 1.13 192
$1,095 0.4 4,968 1.18 188
$875 0.5 4,245 1.30 178
$730 0.6 3,692 1.42 168
$625 0.7 3,182 1.54 157
$550 0.8 2,748 1.66 147
$490 0.9 2,401 1.78 137
$440 1.0 2,138 1.88 129
All Rock Type Cutoff Sensitivity (Inf)
Gold Price Cutoff Tonnes Au Au oz.
($/oz) (g/t Au) (000’s) (g/t) (000’s)
$1,750 0.25 7,660 1.00 247
$1,460 0.3 7,151 1.05 242
$1,400 0.31 7,041 1.06 241
$1,250 0.35 6,606 1.11 236
$1,095 0.4 6,127 1.17 231
$875 0.5 5,232 1.29 218
$730 0.6 4,418 1.43 203
$625 0.7 3,754 1.57 189
$550 0.8 3,265 1.69 178
$490 0.9 2,829 1.82 166
$440 1.0 2,497 1.94 156

The resource estimate is based on analytical and geological data from 12,585 metres (“m”) of diamond drill core recovered from the 109 deposit specific boreholes drilled to date and reported in news releases on February 3, 2016, November 3, 2016, and February 13, 2017.

(1) 2013 SRK Consulting (U.S.) Inc., Toroparu pre-feasibility study estimates 44.5 mt of Measured Resource at a grade of 0.98 g.t Au containing 1.398 moz of Gold, Indicated Resource of 195.7 mt at 0.87 g/t containing 5.497 moz Gold for a total M&I resource of 6.894 moz of Gold, inclusive of 4.107 moz of Proven and Probable Reserves as follows: Proven Reserves are 29.7 mt at 1.10 g/t containing 1.049moz Au, and Probable Reserves of 97.3 mt at 0.98 g/t containing 3.058 moz Au.
(2) Mineral Resources are reported in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 (NI 43-101) and have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (CIM) “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.

Table 2: Mineral Resource Sensitivity Table – Fresh Rock & Saprolite

Fresh Rock Type Cutoff Sensitivity (Ind)
Gold Price Cutoff Tonnes Au Au oz.
($/oz) (g/t Au) (000’s) (g/t) (000’s)
$1,750 0.25 4,405 1.05 148
$1,460 0.3 4,118 1.10 146
$1,400 0.31 4,047 1.11 145
$1,095 0.4 3,602 1.21 140
$875 0.5 3,076 1.34 132
$550 0.8 1,976 1.72 109
$440 1 1,555 1.95 97
Fresh Rock Type Cutoff Sensitivity (Inf)
Gold Price Cutoff Tonnes Au Au oz.
($/oz) (g/t Au) (000’s) (g/t) (000’s)
$1,750 0.25 5,374 1.01 174
$1,460 0.3 5,069 1.05 171
$1,400 0.31 4,994 1.06 171
$1,095 0.4 4,371 1.16 164
$875 0.5 3,712 1.29 154
$550 0.8 2,299 1.70 125
$440 1 1,736 1.96 109
Saprolite Cutoff Sensitivity (Ind)
Gold Price Cutoff Tonnes Au Au oz.
($/oz) (g/t Au) (000’s) (g/t) (000’s)
$1,750 0.25 1,591 1.00 51
$1,460 0.3 1,525 1.03 50
$1,400 0.31 1,515 1.03 50
$1,250 0.35 1,461 1.06 50
$1,095 0.4 1,366 1.10 49
$875 0.5 1,169 1.21 46
$550 0.8 772 1.51 38
$440 1.0 583 1.71 32
Saprolite Cutoff Sensitivity (Inf)
Gold Price Cutoff Tonnes Au Au oz.
($/oz) (g/t Au) (000’s) (g/t) (000’s)
$1,750 0.25 2,287 0.99 73
$1,460 0.3 2,082 1.06 71
$1,400 0.31 2,047 1.07 70
$1,250 0.35 1,899 1.13 69
$1,095 0.4 1,756 1.19 67
$875 0.5 1,520 1.30 64
$550 0.8 965 1.69 52
$440 1.0 762 1.90 46

Next Steps include:

  • Identification of infill locations to meet the goal of increasing the Indicated classification of the resource to +80%;
  • Identification of step-out locations to determine continuity potential of mineralization at depth to the west and to a lesser extent north and south of existing resource shell; and
  • Determination of metallurgical, recovery, and comminution properties of representative saprolite and fresh rock samples.
  • Continuation of feasibility work for Toroparu including evaluation of Sona Hill resource impacts on mine plan presented in the Pre-Feasibility Study for Toroparu published on May 24, 2013.

Rich Munson, CEO states: “We are very pleased to announce the maiden resource estimate for the Sona Hill Satellite Deposit. Sona Hill adds significant shallow gold-only resources in proximity to the existing reserves reported in the pre-feasibility study for Toroparu. The results from Sona Hill and the new discovery at Wynamu Hill that were reported on February 13, 2017 clearly warrant the continuation of systematic exploration of our property position surrounding Toroparu, including the eight-additional high-priority gold features within the 20 km by 7 km regional hydrothermal alteration halo surrounding Toroparu. Our geologic team, that continues to be led by Werner Claessens and Pascal van Osta, consultants to the Company, is working with SRK on additional drill programs to increase the confidence classification of Sona Hill resources, as well as looking at programs to further delineate mineralization at Wynamu Hill and explore for additional satellites within our concession boundaries.

Our technical team, which continues to be led by Greg Barnes, our Executive Vice President, with assistance from Yani Roditis as a consultant to the Company, will simultaneously be advancing the final feasibility study for Toroparu over the course of 2017. Because Sona Hill adds significant shallow gold-only resources in both Saprolite and Fresh Rock (the “New Resource”) in proximity to the existing reserves at Toroparu, on-going feasibility work will examine the potential impacts on the economic parameters of the project by including this higher grade New Resource in the overall mine plan and the initial Saprolite mining phase, as detailed in the 2013 Toroparu Pre-Feasibility Study.” To view the maps please click the following link: http://media3.marketwire.com/docs/SandspringMaps.pdf

Sona Hill Geology

The Sona Hill deposit, hosted by intrusives of intermediate composition, is a typical lode-gold vein system, which developed in the hanging wall above a low angle, west dipping shear zone. This fault feature forms the highly deformed and intensely altered contact zone between the intrusives and an underlying acid volcanic sequence. Gold- Pyrite mineralization occurs mainly within and at the border of tourmaline-feldspar bearing quartz veins, which are surrounded by intense bleaching and alteration halos.

Areas of higher grade mineralization occur frequently throughout the resource area, with more than 80% of gold mineralization contained in rock from 0 to 160m below surface. Mineralization at Sona Hill remains open at depth and along strike. The results of ground geophysical and infill geochemical surveys conducted in 2016, which focused on a 1000 x 1500 m area due west of Sona Hill, are being analyzed for evidence of possible extensions of mineralization in this direction (see February 13, 2017 Press Release).

The Sona Hill drill geologic model was developed in Leapfrog 3D modeling software utilizing geologic information from the 109 drill holes. The 109 deposit specific boreholes were drilled over a 1,000m x 300m area on the west flank of Sona Hill from 2014-2016. The resource estimate is based on data from 12,585m of diamond drill core recovered from the 109 deposit specific boreholes drilled to date.

Sona Hill Resource Estimate

The Sona Hill mineral resource estimate was independently estimated by SRK Consulting (U.S.) Inc. (“SRK”) as a potentially open-pit satellite deposit to Toroparu. The geologic and assay data were used to model a mineralized shell in Leapfrog Geo® software. The mineralized shape is based on continuity established with 6m composites, and incorporated anisotropy from a generalized average trend of mineralized quartz veins as well as local down-hole point-data structural orientations of veins. The mineralized veins (down-hole point data) have an average strike of 228°azimuth dipping on average 41°(NW).

The drill core assay length was 1.5m and the gold assay were composited to 2.5m intervals within the mineralized wireframes and capped at 18g/t Au. A block model was constructed in Datamine Studio3® mining software package (“Datamine”), using a 10m x 10m x 5m standard block size and sub-blocking with a variable “z” value at the fresh rock-saprolite surface.

Variogram analysis on 2.5m composites was undertaken, with reasonable continuity results, but no preferred orientation of mineralization observed; given the distribution of drilling and the geometry of the mineralization this was not un-expected. Therefore, the point data of structural vein orientations were used with the dynamic anisotropy option in Datamine, and search orientations interpolated into each block. The average interpolated orientation is azimuth 248°with a dip of 41°NW. Gold grades were interpolated using ordinary kriging constrained within the mineralized shape. Average Bulk Density values based on measurements of Sona Hill core are 1.65 for oxidized saprolite and 2.84 for fresh rock. Validation of model accuracy was based on comparing results from kriging with inverse distance and nearest neighbor grade estimates, which shows very similar results, and visual review on sections.

Confidence classification is based on a minimum of 5 composites, with a maximum of two composites from any one hole and search distances of 25m x 50m x 50m for Indicated. Inferred classification used a minimum of one composite with a search distance of 50m x 100m x 100m.

The effective date of the resource estimate is February 21, 2017. All resources in the mineral resource statement are in-pit resources reported within a Whittle optimized pit shell above an economic cut-off grade of 0.31 g/t Au. The optimized pit shell was determined using Indicated and Inferred resources, a gold price of US$1,400/oz. Au, an average metallurgical recovery of 92% for gold, an average mining cost of US$1.80/t, processing + G&A costs of US$11.88/t, and pit slope angles of 45 degrees. These parameters are similar to those used in the 2013 SRK Pre- Feasibility Study for the Toroparu Deposit.

Analysis and Quality Control

Analytical testing and reporting of quantitative assays for holes SOD001-SOD109 was performed independently by Bureau Veritas Mineral Laboratories Vancouver, Canada. Bureau Veritas Commodities Canada Ltd. is an ISO9001: 2008 accredited laboratory. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal quality assurance/quality control (“QA/QC”) tests performed by Bureau Veritas Mineral Laboratories.

The statistical analysis, geologic modelling and resource estimation were prepared by Frank Daviess, RM SME and MAusIMM., and Allan Moran, AIPG CPG, SRK Associates, who are Qualified Persons under National Instrument 43-101. Other scientific and technical content related to drilling in this news release is approved by Mr. Lucas W. Claessens, P.Geo. and Pascal van Osta, P.Geo., both Senior Exploration Consultants for Sandspring Resources Ltd., who are Qualified Persons under National Instrument 43-101.

On behalf of the Board of Directors of Sandspring Resources Ltd.

Richard A. Munson

Director and Chief Executive Officer

About Sandspring Resources Ltd.

Sandspring Resources Ltd. is a Canadian junior mining company currently moving toward a feasibility study for the multi-million ounce Toroparu Project in Guyana, South America. A prefeasibility study completed in May 2013 (NI 43-101 Technical Report, Prefeasibility Study, Toroparu Gold Project, Upper Puruni River Area, Guyana, dated May 24, 2013 completed by SRK Consulting (U.S.), Inc., available on SEDAR at www.sedar.com) outlined the design of an open-pit mine producing more than 200,000 ounces of gold annually over an initial 16-year mine life. Sandspring and Silver Wheaton have entered into a gold and silver purchase agreement for the Toroparu Project. Additional information is available at www.sandspringresources.com or by email at info@sandspringresources.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Quality Assurance / Quality Control

The drill program and sampling protocol is managed by Sandspring under the supervision of Lucas W. Claessens, P.Geo., and Pascal Van Osta, P.Geo. The diamond drill holes are drilled at HQ and NQ sizes and core recovery to date has averaged 94%. Half core is cut by rock saw and is generally sampled using 1.5 m meter intervals. Analytical testing and reporting of quantitative assays for the results reported in this press release was performed independently by Bureau Veritas Mineral Laboratories in Vancouver, Canada. Bureau Veritas Commodities Canada Ltd. is an ISO9001: 2008 accredited laboratory. Gold analyses reported in this release were performed by standard fire assay (FA450) using a 50 gram charge with atomic absorption finish and a gravimetric finish for assays greater than 10 grams per tonne. Samples from the geochemical survey were submitted for analysis of ICP 37 elements (including gold) AQ252 30 gram (Aqua Regia digestion – Ultratrace ICP-MS analyses). A system of blanks, standards and duplicates were added by the Company to the sample streams to verify accuracy and precision of assay results, supplementing a variety of internal QA/QC tests performed by Bureau Veritas Mineral Laboratories. The half core samples were securely transported by Sandspring personnel from the project site to the Bureau Veritas sample preparation facility in Georgetown, Guyana.

Forward-looking Statements

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “potential”, “suggesting”, “indicating”, “will”, “plans” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions that Sandspring has used to develop such statements and/or information, but which may prove to be incorrect. Although Sandspring believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Sandspring can give no assurance that such expectations will prove to be correct. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: the speculative nature of mineral exploration and development; risks associated with the uncertainty of exploration results and estimates; results from drilling and exploration activities and Sandspring’s ability to identify additional gold mineralization; Sandspring’s ability to successfully advance the Toroparu Gold Project toward feasibility; Sandspring’s future plans; the availability of financing and/or cash flow to fund current and future plans and expenditures; the impact of increasing competition; fluctuating commodity prices; the general stability of applicable economic and political environments; the general continuance of current industry conditions; uncertainty regarding the market price for gold, silver and copper; uncertainty of conducting operations under a foreign regime; uncertainty of obtaining all applicable regulatory approvals and related timing matters; Sandspring’s dependence on management personnel; and/or certain other risks detailed from time-to-time in Sandspring’s public disclosure documents. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.

Concierge Technologies, Inc. (CNCG: OTCQB) | 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.

USCF is a registered trademark.  All rights reserved.

Commodity Fund Disclosures:

Download a copy of a Fund’s Prospectus by clicking one of the following: ( USOUSLDNOUNGUNLUGAUHNBNOUSCICPERUSAG). Please read any Prospectus carefully before investing.

 These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. 

Katie Rooney is a registered representative of ALPS Distributors, Inc.

ALPS Distributors, Inc. is not affiliated with Concierge Technologies, Wainwright Holdings, Inc. or USCF.

USCF Funds distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203.

Member FINRA 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/concierge-technologies-highlights-new-acquisition-with-latest-quarterly-financial-statements-300412874.html

SOURCE Concierge Technologies, Inc.

Copyright © 2017 PR Newswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Concierge Technologies, Inc. (CNCG: OTCQB) | 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.

USCF is a registered trademark.  All rights reserved.

Commodity Fund Disclosures:

Download a copy of a Fund’s Prospectus by clicking one of the following: ( USOUSLDNOUNGUNLUGAUHNBNOUSCICPERUSAG). Please read any Prospectus carefully before investing.

 These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. 

Katie Rooney is a registered representative of ALPS Distributors, Inc.

ALPS Distributors, Inc. is not affiliated with Concierge Technologies, Wainwright Holdings, Inc. or USCF.

USCF Funds distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203.

Member FINRA 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/concierge-technologies-highlights-new-acquisition-with-latest-quarterly-financial-statements-300412874.html

SOURCE Concierge Technologies, Inc.

Copyright © 2017 PR Newswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Concierge Technologies, Inc. (CNCG: OTCQB) | 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.

USCF is a registered trademark.  All rights reserved.

Commodity Fund Disclosures:

Download a copy of a Fund’s Prospectus by clicking one of the following: ( USOUSLDNOUNGUNLUGAUHNBNOUSCICPERUSAG). Please read any Prospectus carefully before investing.

 These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. 

Katie Rooney is a registered representative of ALPS Distributors, Inc.

ALPS Distributors, Inc. is not affiliated with Concierge Technologies, Wainwright Holdings, Inc. or USCF.

USCF Funds distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203.

Member FINRA 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/concierge-technologies-highlights-new-acquisition-with-latest-quarterly-financial-statements-300412874.html

SOURCE Concierge Technologies, Inc.

Copyright © 2017 PR Newswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Concierge Technologies, Inc. (CNCG: OTCQB) | 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.

USCF is a registered trademark.  All rights reserved.

Commodity Fund Disclosures:

Download a copy of a Fund’s Prospectus by clicking one of the following: ( USOUSLDNOUNGUNLUGAUHNBNOUSCICPERUSAG). Please read any Prospectus carefully before investing.

 These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. 

Katie Rooney is a registered representative of ALPS Distributors, Inc.

ALPS Distributors, Inc. is not affiliated with Concierge Technologies, Wainwright Holdings, Inc. or USCF.

USCF Funds distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203.

Member FINRA 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/concierge-technologies-highlights-new-acquisition-with-latest-quarterly-financial-statements-300412874.html

SOURCE Concierge Technologies, Inc.

Copyright © 2017 PR Newswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Concierge Technologies, Inc. (CNCG: OTCQB) | 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.

USCF is a registered trademark.  All rights reserved.

Commodity Fund Disclosures:

Download a copy of a Fund’s Prospectus by clicking one of the following: ( USOUSLDNOUNGUNLUGAUHNBNOUSCICPERUSAG). Please read any Prospectus carefully before investing.

 These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. 

Katie Rooney is a registered representative of ALPS Distributors, Inc.

ALPS Distributors, Inc. is not affiliated with Concierge Technologies, Wainwright Holdings, Inc. or USCF.

USCF Funds distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203.

Member FINRA 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/concierge-technologies-highlights-new-acquisition-with-latest-quarterly-financial-statements-300412874.html

SOURCE Concierge Technologies, Inc.

Copyright © 2017 PR Newswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.