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 preliminary results for the fiscal year ended June 30, 2010. Park City Group expects to report:
Full year revenue of approximately $10.9 million, an increase of approximately 82% as compared with approximately $6.0 million in fiscal 2009
Full year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are projected to be approximately $2.6 million, an increase of over 600% as compared with $357,000 pro-forma adjusted (for the Prescient acquisition) EBITDA for fiscal 2009
“We are pleased to report that we met our expectation of significantly increasing our EBITDA on a year over year basis. Momentum in our operating performance during the fourth quarter is anticipated to allow us to exceed our full year goal for EBITDA by nearly 13%. Furthermore, our improvement in revenue is similarly impressive. These achievements reflect our proven ability to grow through successful implementation of internal growth initiatives, integrate acquisitions, and scale our business to maximize profits and cash flow,” said Randall K. Fields, Park City Group’s Chairman and CEO. Park City Group will announce at a later date the details for its fiscal 2010 fourth quarter and full year financial results conference call, which is expected to be held at the end of September. The projected and unaudited financial results discussed in this press release are preliminary only and are subject to change as a result of the completion of the Company’s annual audit. GAAP results are anticipated to be different than projected EBITDA results and those differences are anticipated to be material. EBITDA is calculated as net income before deducting interest, taxes, depreciation and amortization. Adjusted EBITDA also excludes items such as impairment charges, charges to consolidate and integrate recently acquired businesses, costs of closing corporate facilities, non-cash stock based compensation and other non-cash charges. Although EBITDA and adjusted EBITDA are not measures of actual cash flow because they do not consider changes in assets and liabilities that may impact cash balances, the Company’s management reviews these non-GAAP financial measures internally to evaluate the Company’s performance and manage the operations. Additionally, the Company believes they are useful metrics to evaluate operating performance and has therefore included such measures in the reporting of operating results. For a reconciliation of non-GAAP EBITDA full year financial results for 2009 to GAAP, please visit www.parkcitygroup.com/company/investor-relations. About Park City Group Park City Group (OTCBB: PCYG) is a Software-as-a-Service (“SaaS”) provider that brings unique visibility to the consumer goods supply chain, delivering actionable information that ensures product is on the shelf when the consumer expects it. Our service increases our customers’ sales and profitability while enabling lower inventory levels for both retailers and their suppliers.