This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Park City Group Reports Record Third Quarter Fiscal 2013 Results

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs