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The Marygold Companies, Inc. (NYSE American: MGLD) announced the appointment of James S. Alexander as an independent director and Stuart Crumbaugh as the new management director, succeeding Kathryn Rooney. This change comes as the company's Marygold & Co. subsidiary is set to launch a mobile fintech app later this year. James Alexander brings over 30 years of banking experience from firms like Wells Fargo and Bank of America, while Stuart Crumbaugh has been CFO since 2017. CEO Nicholas Gerber emphasized that these appointments will enrich TMC's financial expertise and guide its future development. The company continues to operate in multiple sectors including financial services and food manufacturing, positioning itself for growth.
The Marygold Companies reported its financial results for the second quarter of fiscal 2023, revealing net revenue of $8.8 million, down from $9.4 million year-over-year. Net income for the quarter was $181,794, compared to $1 million in the prior year. For the first half, revenue was $17.7 million versus $19.2 million, but net income improved to $678,962 from a loss of $857,658 in the same period last year. The company's balance sheet remains strong with no debt and cash increasing to $14.6 million. A new fintech app is in beta testing and expected to soft launch later this year.
Marygold Companies, Inc. (MGLD) announced the appointment of Timothy M. Rooney as President of Marygold & Co., a subsidiary focused on developing a mobile banking app. The app, now in beta testing after three years of development, aims to provide a unified platform for spending, receiving, saving, and investing. It boasts features like secure payment sending, interest-bearing accounts, and customizable investing options. Over 10,000 potential clients are on the waitlist. CEO Nicholas Gerber emphasized Rooney's leadership experience in financial services and their readiness for market launch.
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