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Park City Group Reports Record Fiscal Year 2013 Results

SALT LAKE CITY, Sept. 23, 2013 (GLOBE NEWSWIRE) -- Park City Group (NYSE MKT:PCYG), a cloud-based software as a service (SaaS) company that uses big data management to help retailers and their suppliers sell more, stock less and see everything, today announced record results for its fiscal year ended June 30, 2013.

Strategic and Financial highlights:
  • Record year-to-date revenue – Total revenue increased 12% for the fiscal year ended June 30, 2013. "We delivered record results during fiscal 2013. As expected, subscription revenue growth accelerated from prior years," said Randall K. Fields, Park City Group's Chairman and CEO.
  • Record annual profitability – During 2013, EBITDA increased 49% to $2.4 million, versus $1.6 million during the prior year. "Benefiting from the operating leverage in our business model, profitability accelerated at a faster pace than revenue growth," said Mr. Fields. 
  • Series A Preferred Stock Redemption – The Company completed the redemption of its Series A preferred stock, reducing preferred dividend payments by approximately $650,000 annually, or $0.04 per share.
  • Growth among national retailers exceeding expectations – "The pace at which national retailers are recognizing our valuation proposition is faster than we had anticipated. As a result, we have initiated test programs with three of the largest retailers in the world with more than 20,000 retail stores combined. Additionally, results from the retailer we announced in January have exceeded expectations and we are now exploring additional opportunities with this retailer," said Mr. Fields.
  • Significantly expanded sales leadership team – "We recently added several seasoned professionals to our sales leadership team. We are also expanding our account management staff to address significant growth opportunities with larger national retailers and our food safety initiative," said Mr. Fields.

Subscription revenue increased 15% for the fiscal year ended June 30, 2013. Record subscription revenue reflected growth in sales to new and existing customers during both periods, including ReposiTrak. Combined with growth in other revenue, total revenue increased 12% to a record $11.3 million for the fiscal year.

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