Archive for 2010

Park City Group Selected by Leading National Health Food Restaurant Chain for Enterprise Demand Sensing Solution

PARK CITY, UT – December 8, 2010 – Park City Group (NYSE Amex: PCYG), a Software-as-a-Service provider of unique supply chain solutions for retailers and their suppliers, today announced that it has been selected for its Enterprise Demand Sensing Solution (DSS) by a leading health food restaurant retailer with over 700 company-owned and franchised locations.

The purpose of implementing a DSS strategy is to benefit from store-level and supply chain information in near real-time to enhance sales, profits and customer/brand loyalty. Proprietary analytics from Park City Group accumulates sales and related data enabling more accurate decision making relating to product requirements and customer demand, with additional benefits pertaining to improved inventory management, forecasting, supply chain reconciliation, and cost savings. Like all of Park City Group’s services, DSS is provided on a scalable, cloud computing subscription basis, which allows for efficient expansion of services and the accommodation of additional locations as its retail customers grow.

“We are very pleased to have been selected by a leading and fast growing national specialty retailer for our Demand Sensing Solution, one of the supply chain services on our unique Software-as-a-Service platform,” said Randall K. Fields, Chairman & CEO of Park City Group. “At the heart of any growth company is an IT system to support mission critical functions and business process improvements. Our DSS optimizes performance at the store level while enabling continued growth for the entire organization, including automation to maximize sales, inventory management and increased product introduction opportunities. With the opportunity to add additional services, the risk mitigation and return on investment from our initial service made Park City Group stand out in a competitive crowd.”

Mr. Fields continued, “Our selection by a leading retailer in its category for a large scale deployment is further evidence that Park City Group’s Software-as-a-Service technology is in increasing demand. We continue to elevate our recognition in the marketplace, which is contributing to our growing supplier backlog and an increase in interest by retailers.”

The implementation of Park City Group’s Enterprise DSS will replace the retailer’s current process involving manual driven forecasting and other operational tasks that limit growth opportunities due to labor intensive methods. The new process-oriented automated solution from Park City Group will obviate several areas of risks and bottlenecks that previously had prevented accurate ordering and led to lost sales. As growth continues, the scalability of Park City Group’s solution will easily allow the addition of new stores, the opportunity to increase product offerings, and streamline the management of the customer’s supply chain.

About Park City Group

Park City Group (NYSE Amex: 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.

Through a process known as Consumer Driven Sales OptimizationTM, Park City Group helps its customers turn information into cash and increased sales, using the largest scan based platform in the world. Scan based trading provides retail trading partners with a distinct competitive advantage through scan sales that provide store level visibility and set the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

Park City Group is the only company to provide robust, collaborative supply chain, merchandising and store level solutions for both retailers and suppliers. Its solutions and services enable 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. These 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.

Park City Group Announces Significant SaaS Customer Win with Bunzl Distribution USA

PARK CITY, UT – November 11, 2010 – Park City Group, Inc. (NYSE Amex: PCYG), a Software-as-a-Service provider of unique supply chain solutions for retailers and their suppliers, today announced that it has been selected by Bunzl Distribution USA, Inc. for a comprehensive hosted solution spanning a number of distribution centers for up to 20 of the customer’s trading partners. The Company has been contracted to provide Bunzl with vendor managed inventory (“VMI”) and future demand planning on a Software-as-a-Service (“SaaS”) basis.

“We are excited to have been selected by Bunzl Distribution USA, one of the nation’s leading suppliers of disposable packaging and other products used by major supermarkets and retailers,” said Randall K. Fields, Chairman and CEO of Park City Group. “Although not a traditional hub-and-spoke customer for Park City Group, our contract with Bunzl is significant in that it demonstrates the depth of our software solution within a defined segment of the retailing industry supply chain. As a large new customer, Bunzl also presents us with the opportunity for future growth as we add more locations and trading partners to their hosted platform, along with the possibility for additional services.”
“Park City Group is increasingly becoming the technology partner of choice for the retail supply chain,” said Ken Aull, Exec VP – IT for Bunzl Distribution USA, Inc. “Following a formal review of vendors, Park City Group was selected because it has the most comprehensive solution covering hosted VMI and demand planning services among other important features. With a strong reputation for customer service and sophisticated software solutions, Park City Group will help us ensure that our retail trading partners have the products they need to maximize their revenue opportunities and manage their inventory and working capital. Bunzl’s goal is to be positioned starting in 2011 to offer VMI services to key customers as an additional value-add to the breadth of existing information based value-add services that we provide our customers, as a means of differentiating ourselves from our competitors.”

“Park City Group is increasingly becoming the technology partner of choice for the retail supply chain,” said Ken Aull, Exec VP – IT for Bunzl Distribution USA, Inc. “Following a formal review of vendors, Park City Group was selected because it has the most comprehensive solution covering hosted VMI and demand planning services among other important features. With a strong reputation for customer service and sophisticated software solutions, Park City Group will help us ensure that our retail trading partners have the products they need to maximize their revenue opportunities and manage their inventory and working capital. Bunzl’s goal is to be positioned starting in 2011 to offer VMI services to key customers as an additional value-add to the breadth of existing information based value-add services that we provide our customers, as a means of differentiating ourselves from our competitors.”

VMI and demand planning from Park City Group are built on sophisticated automated systems that collect, sort, and analyze data to produce actionable intelligence for business decisions and enhanced capabilities, including:

  • Improve forecast accuracy, days of supply and service level;
  • Allow planners to focus on value-added customer service instead of Excel formulas;
  • Provide improved visibility into your own DC inventory levels;
  • Provide statistical forecasting for systematic planning of promotions, new item introductions, analysis and seasonal trends;
  • Improve supplier reputation within the retailer community; and
  • Maximize shipping efficiency by automatically generating orders that meet shipping constraints, such as weight and pallets.

About Bunzl Distribution USA, Inc..

Bunzl Distribution USA, Inc. (www.bunzldistribution.com) supplies a range of products including outsourced food packaging, disposable supplies, and cleaning and safety products to food processors, supermarkets, retailers, convenience stores and other users. Based in St. Louis, Mo., Bunzl Distribution is the largest division of Bunzl plc, an international distribution and outsourcing group headquartered in London. Worldwide sales are well in excess of $6 billion.

Bunzl Distribution owns and operates more than 75 warehouses that serve all 50 states and Puerto Rico, as well as Canada, the Caribbean and parts of Mexico. With 3,500 employees and more than 250,000 different supply items, Bunzl is regarded as a leading supplier in North America.

About Park City Group

Park City Group (NYSE Amex: 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.

Through a process known as Consumer Driven Sales OptimizationTM, Park City Group helps its customers turn information into cash and increased sales, using the largest scan based platform in the world. Scan based trading provides retail trading partners with a distinct competitive advantage through scan sales that provide store level visibility and set the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

Park City Group is the only company to provide robust, collaborative supply chain, merchandising and store level solutions for both retailers and suppliers. Its solutions and services enable 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. These 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.

Park City Group Reports Fiscal Year 2011 First Quarter Results

SaaS Subscription Revenues Increase 9% to Record Level

PARK CITY, UT – November 9, 2010 – Park City Group, Inc. (NYSE Amex: PCYG), a Software-as-a-Service provider of unique supply chain solutions for retailers and their suppliers, today announced recent developments and financial results for the fiscal year 2011 first quarter ended September 30, 2010.
Highlights:

  • Subscription revenues increased to over $1.5 million in 1QFY11, up by 9% from prior year
  • Supplier “backlog” of approximately 300 at end of quarter
  • Retailer hubs at end of quarter were 26, up by 3 from June 30, 2010
  • Eighth consecutive quarter of positive non-GAAP EBITDA
  • Delivered positive non-GAAP net income and EPS before dividends
  • Continued positive operating cash flow and debt reduction
  • Common stock commences trading on NYSE Amex

Commenting on the financial results, Randall K. Fields, Park City Group’s Chairman and CEO, said, “In addition to the milestone of our national exchange listing, we are pleased to report that very meaningful progress was achieved for our business during the first quarter of fiscal 2011. Subscription revenues increased by 9%. We continued to generate positive operating cash flow and non-GAAP net income as well as reported our eighth consecutive quarter of positive adjusted EBITDA. Moreover, it is important to note that while we maintained these profitability measures, our focus this last quarter has been on process improvement and scalability enhancements to support our next significant phase of growth.

“During the first quarter, we identified areas for significant enhancements to a number of our operational processes that will support our planned growth, ranging from a new contracting process to a new accounting system. By leveraging these upgrades, we believe we’ll be positioned to accommodate the increasing influx of customers without commensurate increases in overhead. At the end of the first quarter of fiscal 2011, our retail customers (“hubs”) had grown to 26, a substantial increase as compared with 18 as of July 2009. It is clear that we have not fully exploited the revenue potential of these hubs and their suppliers (“spokes”). As a result of additional retail customers and the focus on internal process improvement, we currently have a “backlog” of approximately 300 supplier connections. For comparison purposes, historically the largest number of supplier connections in any year was 100. Given the first quarter’s scaling activities, we plan to accelerate our connections from 25 in the current quarter to in excess of 100 by the fourth quarter of this fiscal year, so long as the quality of those implementations achieves our standards.

“In addition to our accelerating retail hub initiatives, our growth strategy includes the implementation of two mega hubs this year. We plan to begin the implementation of the first mega hub in our third quarter and we anticipate starting the installation of a second mega hub before the end of the fiscal year. We have continued to carefully manage our expenses and reduced our debt by 4% since June 30, 2010. Total operational spending (excluding a one-time charge for the settlement of a lawsuit) was down slightly when compared to the prior year even with the recent additions of several key people to our account management organization. In light of the progress made in the first quarter, we are confident in achieving our goals for the full fiscal year 2011, including increased revenues, accelerated profitability, and further improvements in our financial condition.”

First Quarter Fiscal Year 2011 Results

For the first quarter of fiscal 2011, total subscription revenues were over $1.5 million, an increase of 9% from $1.4 million in the same period of the prior fiscal year. Subscriptions comprised 60% of revenues in the 2011 first quarter, as compared with 53% in the first quarter of fiscal 2010.

Park City Group reported total revenue of $2.6 million for the first quarter of fiscal year 2011, a decrease from $2.7 million for the same quarter in fiscal 2010. The decrease in total revenues was the result of reductions in license and maintenance revenue as well as professional services revenue. Large one-time license sales and associated maintenance is expected to continue to decline over time as the Company focuses on its subscription-based services. Professional services revenue decreased due to several one-time larger scale projects and development work handled in the fiscal 2010 first quarter when compared to projects in the most recent fiscal quarter.

Total operating expenses in the quarter ended September 30, 2010 were $2.8 million, consisting of the following: $892,000 for cost of revenues and product support; $620,000 for sales and marketing expenses; $1.1 million for general and administrative expenses; and $194,000 for depreciation and amortization. Cost of services and product support expenses decreased from the prior year by 1.4%. Sales and marketing expenses were modestly higher year-over-year, reflecting a 0.5% increase; general and administrative (G&A) expenses increased by 63.5% due to a one-time charge for the settlement of a lawsuit. Excluding the one-time settlement charge, total operating expenses for the first quarter of this year decreased 2.5% when compared to the prior year first quarter.

The Company’s loss from operations on a GAAP basis was approximately ($204,000) for the fiscal 2011 first quarter due to the one-time settlement expense, as compared with income from operations of $311,000 in the prior year period. Including the aforementioned one-time expense, the Company reported a GAAP net loss of ($302,000) in the first quarter of fiscal 2011 as compared with net income of $168,000 in the 2010 period.

On a non-GAAP basis, the Company reported its eighth consecutive quarter of positive adjusted EBITDA of $571,000. The Company reported non-GAAP net income of $405,000 in the first quarter of fiscal 2011 as compared with net income of $383,000 in the 2010 period. Non-GAAP net earnings applicable to common shareholders totaled $198,000 for the first quarter of 2011 versus $302,000 for the prior year period.

GAAP and Non-GAAP Highlights


Conference Call

The Company will host a conference call today at 4:30 P.M. Eastern to discuss the Company’s fiscal year 2011 first quarter financial results. Shareholders and other interested parties may participate in the conference call by dialing (877) 278-9471 or (International) (763) 488-3310 and entering Conference ID #20029605.

A replay of the conference call will be accessible until November 16, 2010 by dialing (800) 642-1687 or (International) (706) 645-9291 and entering Conference ID #20029605.

About Park City Group

Park City Group (NYSE Amex: 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.

Through a process known as Consumer Driven Sales OptimizationTM, Park City Group helps its customers turn information into cash and increased sales, using the largest scan based platform in the world. Scan based trading provides retail trading partners with a distinct competitive advantage through scan sales that provide store level visibility and set the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

Park City Group is the only company to provide robust, collaborative supply chain, merchandising and store level solutions for both retailers and suppliers. Its solutions and services enable 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. These 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.

Non-GAAP Financial Measures

This press release includes the following financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission: non-GAAP EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) to common shareholders and non-GAAP earnings per share. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in the following tables.

Non-GAAP EBITDA excludes items such as impairment charges, allowance for doubtful accounts, charges to consolidate and integrate recently acquired businesses, costs of closing corporate facilities, non-cash stock based compensation and other non-cash charges. Non-GAAP net income (loss) and non-GAAP net income (loss) to common shareholders excludes items such as non-cash stock based compensation, charges to consolidate and integrate recently acquired businesses, costs for closing corporate facilities and amortization of acquired intangible assets. The Company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses or net purchases of property and equipment, as the case may be, that may not be indicative of its core operation results and business outlook. In addition, because Park City Group has historically reported certain non-GAAP results to investors, the company believes that the inclusion of non-GAAP measures provides consistency in the company’s financial reporting. Non-GAAP pro-forma financial measures exclude certain items and consider non-GAAP results as if Park City Group, Inc. and Prescient were combined as of July 1, 2008.

Forward-Looking Statement

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Park City Group, Inc. (”Park City Group”) are intended to identify such forward-looking statements. Park City Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Park City’s annual report on Form 10-K, its quarterly report on Form 10-Q and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (unaudited)


PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets


PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets


PARK CITY GROUP, INC. AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures


PARK CITY GROUP, INC. AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures


PARK CITY GROUP, INC. AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures


Park City Group Approved for NYSE Amex Listing

Shares to Begin Trading on NYSE Amex Under Symbol PCYG on November 2

PARK CITY, UT – October 29, 2010 – Park City Group, Inc. (OTCBB & OTCQB: PCYG), a Software-as-a-Service provider of unique supply chain solutions for retailers and their suppliers, today announced that it has been authorized to list its common stock for trading on the NYSE Amex stock exchange. The Company expects that shares of its common stock will begin trading on the NYSE Amex on November 2, 2010, under the trading symbol “PCYG.” The Company will delist from the OTCBB and OTCQB once trading commences on the NYSE Amex.

“We are pleased to announce this significant milestone as part of Park City Group’s continued momentum,” said Randall K. Fields, Chairman and CEO of Park City Group. “We believe that listing on the NYSE Amex stock exchange will prove beneficial toward creating value for shareholders as well as the execution of our overall growth strategy. The listing on a national exchange will help increase the Company’s visibility, liquidity and suitability for a more extensive investment community audience. Significant compliance restrictions and solicitation rules will be removed with our national exchange listing. Along with our share price appreciating 35% since the beginning of the year and recently reaching an all-time high above $5.00, we have paved the way for buy-side and sell-side firms to become far more constructive in our stock.”

“We’re excited to welcome Park City Group to NYSE Amex,” said Scott Cutler, EVP and Co-Head of US Listings and Cash Equities, NYSE Euronext. “Park City Group is a great addition to our growing roster of software companies, and we look forward to a strong, lasting partnership that will benefit the company and its shareholders.”

About Park City Group
Park City Group (OTCBB & OTCQB: 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.

Through a process known as Consumer Driven Sales OptimizationTM, Park City Group helps its customers turn information into cash and increased sales, using the largest scan based platform in the world. Scan based trading provides retail trading partners with a distinct competitive advantage through scan sales that provide store level visibility and set the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

Park City Group is the only company to provide robust, collaborative supply chain, merchandising and store level solutions for both retailers and suppliers. Its solutions and services enable 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. These 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.

Park City Group Announces Upcoming Investor Events

Schedules First Quarter Fiscal Year 2011 Financial Results Conference Call for November 9, 2010

PARK CITY, UT – October 28, 2010 – Park City Group, Inc. (OTCBB & OTCQB: PCYG), a Software-as-a-Service provider of unique supply chain solutions for retailers and their suppliers, today announced its schedule of upcoming investor relations events. The Company’s management will present on:

Tuesday, November 9, 2010 at 4:30 PM ET on a conference call to discuss its first quarter fiscal year 2011 financial results. Shareholders and other interested parties may participate in the conference call by dialing (877) 278-9471 or (International) (763) 488-3310 and entering Conference ID #20029605.

A replay of the conference call will be accessible until November 16, 2010 by dialing (800) 642-1687 (Domestic) or (706) 645-9291 (International) and entering Conference ID #20029605. The earnings results press release will be issued after the stock markets close on November 9.

Thursday, November 11, 2010 at 1:30 PM ET at the Southwest IDEAS Investor Conference. The presentation will be webcast live and may be accessed at the conference website at www.swideas.com, or under the investor relations section. A replay of the webcast will be available on the Company’s website for 90 days. The conference will be held at the Hilton Anatole in Dallas, Texas on November 10-11, 2010.

Thursday, December 9, 2010 at 2:00 PM ET at the 3rd annual LD MICRO Conference. The conference will be held at the Luxe Sunset in Los Angeles, California on December 8-9, 2010. Additional information is available on the conference website at www.ldmicro.com.

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.

Through a process known as Consumer Driven Sales OptimizationTM, Park City Group helps its customers turn information into cash and increased sales, using the largest scan based platform in the world. Scan based trading provides retail trading partners with a distinct competitive advantage through scan sales that provide store level visibility and set the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

Park City Group is the only company to provide robust, collaborative supply chain, merchandising and store level solutions for both retailers and suppliers. Its solutions and services enable 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. These 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.


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