Park City Group, Inc. (OTCBB: PCYG), a Software-as-a-Service provider of unique supply chain solutions for retailers and their suppliers, today announced its financial results for the fiscal year 2010 ended June 30, 2010.
- Revenue of $10.9 million in FY10, up by 82% from prior year
- Seventh consecutive quarter of positive non-GAAP EBITDA
- Non-GAAP EBITDA of $2.6 million in FY10 increased by over 600% from FY09 on a pro forma basis
- Non-GAAP net income before dividends of $1.4 million for FY10 as compared to net loss of $(1.8 million) for FY09
- Non-GAAP earnings per share of $0.10 for FY10, up from loss of $(0.26) for FY09
- Positive operating cash flow in FY10 of $947,000 compares with negative operating cash flow of ($821,000) in FY09
Commenting on the financial results, Randall K. Fields, Park City Group’s Chairman and CEO, said, “We are excited to report our results for fiscal 2010 which has been a breakthrough year for Park City Group. While delivering on our goals and achieving record levels for revenue and non-GAAP EBITDA, net income and earnings per share, we also produced substantial positive operating cash flow at nearly 9% of revenues while only beginning to utilize the scalability of our platform. In addition, we have significantly improved the Company’s financial condition by reducing our debt by 50% and doubling our cash balance at the end of the fiscal year.
“Our achievements reflect the proven ability to grow through successful implementation of internal growth initiatives, integrate acquisitions, and initial scaling of our business to begin maximizing profits and cash flow. With the 2009 transition to a SaaS model which benefits from recurring subscription revenues and with the successful integration of Prescient, our total subscription revenue increased 110% year-over-year, while our retail hubs increased from 12 at the beginning of the fiscal year to 19 on June 30, 2010. Through the first few months of the new fiscal year, we have made further progress in the expansion of our platform to include the first engagement for a “mega” hub contract that has nearly three times the recurring revenue opportunity as a traditional retail hub. Given the strength of our recurring and growing revenue base, fiscal 2010 represents only the beginning for Park City Group, as we have entered into a multi-year period of growth in top line and, now, profits.”