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Park City Group Reports Record Third Quarter Fiscal 2013 Results

Stocks in this article: PCYG

Posts Record Quarterly and Year-To-Date Revenue and Earnings

Third Quarter Revenue Increased 21%, Adjusted EBITDA Increased 195%

SALT LAKE CITY, Utah, May 9, 2013 (GLOBE NEWSWIRE) -- Park City Group (NYSE MKT:PCYG), a cloud-based software company that uses big data management to help retailers and their suppliers sell more, stock less and see everything, today announced record results across numerous financial metrics for its fiscal third quarter ended March 31, 2013. In addition, the Company made significant progress with several key strategic initiatives.  

Strategic and Financial highlights included:

  • Record quarterly and year-to-date revenue – Total revenue growth accelerated to 21% for the third quarter, and 10% for the nine month period. "We continued to deliver record results during the quarter and our growth rate is accelerating. Subscription revenue growth is beginning to see the effect of some of our larger customers, as they move through the phases of implementation. The scale of these retailers, all of which are among the largest in the world, is an order of magnitude greater than most of our existing customers," said Randall K. Fields, Park City Group's Chairman and CEO.  
  • Record quarterly and year-to-date profitability – Net income was a record for both the third quarter and the nine month periods ended March 31, 2013. During the third quarter, EBITDA nearly tripled to $799,000 from $271,000 during the same period last year. "Profitability accelerated at a faster pace than revenue growth, as each dollar of incremental sales produced substantially greater than our targeted 75%+ incremental profit contribution," said Mr. Fields.  
  • Progress with large retailers. – The implementation of Park City Group's first drug store chain is progressing and contributed to revenue growth during the third quarter. The Company is currently in discussions to provide services to several other large retail chains.
  • Expanding opportunity with large retailer - The previously announced program to provide services to one of the largest retailers in the world is progressing. Park City Group and the retailer are exploring additional opportunities.
  • Established new industry solutions team – The Company established a "Customer First" Industry Solutions team to work collaboratively with retailers and their suppliers to drive measureable improvements in sales and inventory management objectives.
  • Redeemed Series A Preferred Stock – The Company recently completed the redemption of its Series A preferred stock, reducing preferred dividend payments by approximately $650,000 annually, or $0.04 per share. 
  • Simplified and strengthened capital structure – Total cash at the end of March 31, 2013 increased 597% to $4.4 million, as compared to $631,000 at March 31, 2012, and debt levels decreased by 20% to $2.3 million, versus $2.8 million at the same time last year. As of March 31, the current ratio improved by 375% to 1.5 and stockholders' equity increased to $10.3 million versus $5.3 million at March 31, 2012.
  • ReposiTrak™ gaining significant industry momentum – The Company's food and drug safety collaboration with Leavitt Partners is receiving increased attention from large food wholesalers, retailers, and manufacturers. "Our food and drug safety initiative, ReposiTrak, has enormous economic consequences for Park City Group. ReposiTrak continues to gain traction and is well positioned to become the industry standard platform for tracking and tracing food and drugs throughout the supply chain. In addition to the direct benefits from subscription revenue and ultimate equity ownership, we expect ReposiTrak to provide access to a global base of food and drug retailers and suppliers. This greatly expands the size of our "hub and spoke" network and provides the opportunity to expose new connections to our other services," said Mr. Fields.

During the third fiscal quarter, subscription revenue increased 19% year over year to a record $2.0 million, reflecting growth in sales to new and existing customers. Combined with growth in other revenue, total revenue increased 21% to a record $3.0 million.

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