QualityStocks would like to highlight Park City Group, Inc. (OTCBB: PCYG). The company is a trusted business solutions and services provider that enables retailers and suppliers to work collaboratively as strategic partners to reduce out-of-stocks, shrink, inventory and labor while improving profits, efficiencies and customer service. Park City’s innovative solutions provide trading partners a common platform on which they can capture, manage, analyze and share critical data, bringing greater visibility throughout the supply chain, and giving them the power to make better and more informed decisions.
In the company’s news yesterday,
Park City Group, Inc. announced its financial results for the first quarter of this year. Revenue increased 118% to $2.503 million, from $1.149 million in the comparable quarter in 2008, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 150% to $213,000 compared to $(422,000) in 2008.
Operating expenses for the quarter included a $1,457,383 non-cash charge related to impairment of capitalized software acquired in connection with acquisition of Prescient, in addition to approximately $75,800 in non-recurring costs incurred in connection with the consummation of the merger. According to the press release, operating expenses are expected to significantly decline as a percentage of revenue due to cost reduction measures initiated during the quarter.
Including the impairment charge to capitalized software, and interest, taxes, depreciation and amortization, net loss for the first quarter totaled $2,035,944, or $(0.21) per common share, compared with a net loss of $289,610 in the quarter ended March 31, 2008, or $(0.03) per common share.
“The combined results from Park City and Prescient reported in the recently completed quarter are solid indicators that the anticipated benefits resulting from the consummation of the merger have been achieved. The financial results actually exceeded our guidance provided in our last quarterly conference call, and are a positive reflection of our ability to successfully integrate the operations,” said Randall K. Fields, Park City Group’s Chairman and CEO. “The early results from our collaborative sales and marketing efforts, together with the operational efficiencies gained during the quarter, position the combined company to further increase sales and realize our objective of achieving profitability.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
