Archive for 2013

Park City Group Welcomes Retail Industry Veteran Mark Trowbridge to Leadership Team

Park City Group (NYSE MKT:PCYG), a leader in consumer goods supply chain technology designed to increase sales and reduce out-of-stocks, today announced Mark Trowbridge has joined the company. A retail industry veteran with nearly 40 years of experience, Trowbridge is a Senior Advisor, with responsibility for developing business solutions, consulting and expanding efforts in the retail channel.

“Mark is a highly accomplished senior leader with expertise in operations, buying, training and development. He brings invaluable experience especially in the critical retail categories of frozen and dairy,” said Randall K. Fields, Chairman and CEO of Park City Group.

Trowbridge most recently was the Executive Vice President of Operations for CCF Brands, a leading dairy products marketer. He also has more than 16 years of experience with Walmart, where he launched the Neighborhood Markets store segment and a Merchant Leadership Program to recruit and train buyers and planners for Walmart. Prior to Walmart, Trowbridge spent 20 years at Ralphs Grocery Company in Southern California.

“To better serve their consumers, retailers and suppliers must work together to ensure that the products are in stock on the shelf when the consumer goes to purchase them,” said Trowbridge. “Park City Group is uniquely equipped to provide both the guidance for business process change and the technology needed to make significant changes that increase profitability for both.”
Mark has served on the National Dairy Board and the National Egg Board in a retail advisory role. He received a Masters of Business Administration degree from Azusa Pacific University, along with his Bachelor’s degree in Theology / Education / Psychology from Eugene Bible College. He currently serves on the Board of Elders of Hope Church NWA in Bentonville, Arkansas where he resides with his wife, Susan.

About Park City Group

Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets 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 Reports Record Fiscal Year 2013 Results

ReposiTrak Food Safety Platform Emerging as Industry Standard

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.

Total operating expenses during the fiscal year ended June 30, 2013 were $10.9 million, a decrease of $151,000 from the prior year. Operating expenses were relatively unchanged year over year as increased expenses for additional sales and marketing staff was offset by a reduction in general and administrative expenses. 

Net income for the fiscal year ended June 30, 2013 was $257,000, as compared to a net loss of ($859,000) during the prior year. Net loss applicable to common shareholders for the fiscal year was ($654,000), or ($0.05) per share, as compared to ($1.7 million), or ($0.14) per share during the prior year. Non-GAAP earnings per common shareholder for the fiscal year was $0.06, versus break even during the prior year. 

Total cash at June 30, 2013 was $3.6 million as compared to $1.1 million at June 30, 2012, and debt levels decreased by 19% to $2.2 million, versus $2.7 million at the same time last year. ”We took actions to simplify and strengthen our balance sheet this past year, and as a result, we moved from a net debt position to a net cash position of $1.6 million,” said Mr. Fields.

Highlights of ReposiTrak™: ReposiTrak, the Company’s venture with Leavitt Partners, provides food and drug retailers and their suppliers with a cost-effective service to help protect their brands, and reduce regulatory and financial risk associated with the rapidly evolving Food Safety Modernization Act. “Based on the endorsements and adoptions by key players, ReposiTrak is rapidly becoming recognized as the industry standard,” said Mr. Fields. ”Our food and drug safety venture has enormous economic consequences for Park City Group. As a result, we are increasingly focused on its scaling and delivery.”

  • ReposiTrak adopted by largest cooperative of independent food wholesalers –“ROFDA (Retailer Owned Food Distributors & Associates), which represents approximately 20% of the U.S. supermarket industry and nearly 50,000 suppliers, announced that it is adopting ReposiTrak,” said Mr. Fields. “ReposiTrak is automating the processes to enable rapid scaling with several thousand suppliers already in its pipeline.”  
  • ReposiTrak adopted by leading dietary supplement trade association – United Natural Products Alliance (UNPA) recently agreed to adopt ReposiTrak for use by its members. “Building on its strength in the food industry, ReposiTrak is aggressively moving to establish its service offering as the standard for the food supplement industry, as well as the drug industry,” said Mr. Fields.
  • All Star Association adopts ReposiTrak – All Star Association, a leading buying association serving the dairy, food, beverage and packaging industries has agreed to adopt ReposiTrak for use by its more than 275 food and dairy members and 400 plants in 48 states.
  • Amended ReposiTrak™ Agreement – In recognition of the potential of ReposiTrak, and in consideration for providing certain credit arrangements to fund its growth, the Company received an option to acquire additional stock in the venture, increasing its potential ultimate ownership from 49% to 75%. 

The Company will host a conference call at 4:15 P.M. Eastern today, September 23, 2013, to discuss the results. Investors and interested parties may participate in the call by dialing (877) 675-3568 and referring to Conference ID: 29185118. The conference call is also being webcast and is available via the investor relations section of the Company’s website, www.parkcitygroup.com

About Park City Group

Park City Group (NYSE MKT: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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance for both retailers and their suppliers. Through a process known as Consumer Driven Sales Optimization™, 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

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 earnings per share, net debt and free cash flow. 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 will be provided upon the completion of the Company’s annual audit.

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 one-time cash and non-cash charges. Non-GAAP EPS excludes items such as non-cash stock based compensation, charges to consolidate and integrate recently acquired businesses, costs for closing corporate facilities, amortization of acquired intangible assets and other one-time cash and non-cash charges. Net debt is the total debt balance less the cash balance. Free cash flow includes net cash provided (used) by operating activities less replacement purchases of property and equipment. 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, which 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.

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.
Consolidated Condensed Balance Sheets
     
   June 30,
2013
June 30,
2012
Assets    
Current assets:    
Cash  $ 3,616,585  $ 1,106,176
Receivables, net of allowance of $190,000 and $220,000 at June 30, 2013 and June 30, 2012, respectively 2,383,366 2,290,859
Prepaid expenses and other current assets 403,909 171,526
       
Total current assets 6,403,860 3,568,561
        
Property and equipment, net 671,959 559,140
        
Other assets:      
Deposits and other assets   14,866 20,697
Note receivable 1,622,863
Customer relationships 2,340,335 2,762,651
Goodwill   4,805,933 4,805,933
Capitalized software costs, net 73,082 219,248
        
Total other assets 8,857,079 7,808,529
        
Total assets  $15,932,898  $11,936,230
        
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable  $ 653,655  $ 550,846
Accrued liabilities   1,096,982 1,242,328
Deferred revenue 1,777,326 2,081,459
Capital lease obligations   — 41,201
Lines of credit 1,200,000 1,200,000
Notes payable 551,421 798,704
        
Total current liabilities   5,279,384 5,914,538
        
Long-term liabilities:      
Notes payable, less current portion 310,642 711,571
Other long-term liabilities 101,500
        
Total liabilities 5,691,526 6,626,109
        
Commitments and contingencies
        
Stockholders’ equity:      
     
Series A Convertible Preferred Stock, $0.01 par value, 30,000,000 shares authorized; 0 and 685,671 shares issued and outstanding at June 30, 2013 and June 30, 2012, respectively 6,857
Series B Convertible Preferred Stock, $0.01 par value, 30,000,000 shares authorized; 411,927 shares issued and outstanding at June 30, 2013 and June 30, 2012, respectively 4,119 4,119
Common Stock, $0.01 par value, 50,000,000 shares authorized; 16,128,530 and 12,087,431 shares issued and outstanding at June 30, 2013 and June 30, 2012, respectively  161,285  120,874
Additional paid-in capital  43,314,986  37,763,196
Accumulated deficit  (33,239,018)  (32,584,925)
         
Total stockholders’ equity  10,241,372  5,310,121
     
Total liabilities and stockholders’ equity  $15,932,898  $11,936,230
 
 
PARK CITY GROUP, INC.
Consolidated Condensed Statements of Operations (unaudited)
         
    Three Months Ended
June 30,
Twelve Months Ended
June 30,
   2013 2012 2013 2012
Revenues:        
Subscription  $2,107,047  $1,888,602  $8,025,025  $ 6,994,484
Other Revenue 792,810 553,896 3,293,549 3,104,063
          
Total revenues 2,899,857 2,442,498 11,318,574 10,098,547
          
Operating expenses:        
Cost of services and product support  1,169,148  1,127,970  4,490,438  4,581,765
Sales and marketing  963,584  697,491  3,054,361  2,640,292
General and administrative  612,120  664,193  2,474,169  2,949,108
Depreciation and amortization  218,282  229,096  901,407  900,094
          
Total operating expenses  2,963,134  2,718,750  10,920,375  11,071,259
          
Income (loss) from operations  (63,277)  (276,252)  398,199  (972,712)
          
Other income (expense):        
Other gains  –   263,277  –   319,272
Interest expense  (29,063)  (37,462)  (140,712)  (205,227)
         
Total other (expense) income  (29,063)  225,815  (140,712)  114,045
          
Income (loss) before income taxes  (92,340)  (50,437)  257,487  (858,667)
          
(Provision) benefit for income taxes:  –   –   –   – 
 Net income (loss)  (92,340)  (50,437)  257,487  (858,667)
          
Dividends on preferred stock  (123,578)  (209,052)  (911,580)  (834,687)
          
Net income (loss) applicable to common shareholders  $ (215,918)  $ (259,489)  $ (654,093)  $(1,693,354)
          
Weighted average shares, basic and diluted 15,734,000 11,921,000 13,246,000 11,780,000
Basic and diluted loss per share  $ (0.01)  $ (0.02)  $ (0.05)  $ (0.14)
 
 
PARK CITY GROUP, INC.
Consolidated Condensed Statements of Cash Flows (Unaudited)
For the Twelve Months Ended June 30,
     
   2013 2012
Cash Flows From Operating Activities:    
Net income (loss)  $ 257,487  $ (858,667)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 901,407 900,093
Bad debt expense 144,617 260,402
Stock compensation expense  843,645  911,094
Other gains  –   (319,272)
Decrease (increase) in:        
Receivables  (1,859,987)  491,488
Prepaids and other assets  (226,552)  97,621
Increase (decrease) in:        
Accounts payable  102,809  (184,073)
Accrued liabilities  (8,357)  132,679
Deferred revenue  (304,133)  418,227
          
Net cash (used in) provided by operating activities  (149,064)  866,616
          
Cash Flows From Investing Activities:        
Purchase of property and equipment  (445,744)  (238,760)
Net cash used in investing activities  (445,744)  (238,760)
          
Cash Flows From Financing Activities:        
Proceeds from issuance of stock  4,162,920  – 
Proceeds from issuance of notes  176,797  310,231
Proceed from employee stock plans  156,741  141,827
Proceeds from exercise of options and warrants  –   496,393
Dividends paid  (503,311)  (494,312)
Payments on notes payable and capital leases  (866,210)  (2,594,048)
          
Net cash provided by (used in) financing activities  3,105,217  (2,139,909)
          
Net increase (decrease) in cash  2,510,409  (1,512,053)
     
Cash at beginning of period 1,106,176 2,618,229
        
Cash at end of period  $3,616,585  $1,106,176
        
Supplemental Disclosure of Cash Flow Information:      
Cash paid for income taxes $ — $ —
Cash paid for interest  $ 142,491  $ 281,269
        
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Common stock to pay accrued liabilities  $ 786,343  $ 846,765
Dividends accrued on preferred stock  $ 911,580  $ 834,687
Dividends paid with preferred stock  $ 501,060  $ 336,380
Conversion of accounts receivable into notes receivable  $1,622,863 $ —
 
 
PARK CITY GROUP, INC. AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
         
         
Adjusted EBITDA
(In $000’s)
Unaudited results of operations
  Three Months Ended
June 30,
Twelve Months Ended
June 30,
  2013 2012 2013 2012
         
Net Income (loss)  $ (92)  $ (50)  $ 257  $ (859)
         
Adjusted EBITDA Reconciliation Adjustments:        
Depreciation and amortization 318 229 901 900
Bad debt expense 64 86 145 260
Interest, net 29 37 141 204
Stock based compensation 219 262 996 1,073
One-time expenses (stock and cash) 60
         
Adjusted EBITDA $438 $564 $2,440 $1,638
         
         
Non-GAAP Net Income (Loss) to Common Shareholders and EPS
(In $000’s, except per share)
Unaudited results of operations
  Three Months Ended
June 30,
Twelve Months Ended
June 30,
  2013 2012 2013 2012
         
Net Income (loss)  $ (92)  $ (50)  $ 257  $ (859)
         
Non-GAAP Net Income (Loss) Reconciliation Adjustments:        
Stock based compensation 219 262 996 1,073
One-time expenses (stock and cash) 60
Acquisition related amortization 126 126 504 504
         
Non-GAAP Net Income $253 $338 $1,757 $778
         
Preferred dividends  (124)  (209)  (912)  (834)
         
Non-GAAP Net Income to Common Shareholders $129 $129  $ 845  $ (56)
         
Weighted average shares, diluted 15,734,000 11,921,000 13,246,000 11,780,000
Non-GAAP EPS, diluted $0.01 $0.01 $0.06 $(0.00)
         
         
Non-GAAP Free Cash Flow
(In $000’s)
Unaudited results of operations
  Three Months Ended 
June 30,
Twelve Months Ended
June 30,
  2013 2012 2013 2012
         
Net Cash Provided by Operating Activities  $ (566)  $ 364  $ (149)  $ 1,008
         
Non-GAAP Free Cash Flow Reconciliation Adjustments:        
Purchase of property and equipment  (100)  (94)  (214)  (239)
         
Non-GAAP Free Cash Flow  $ (666)  $ 270  $ (363)  $ 769
         
Free cash flow includes net cash provided by operating activities less replacement purchases and equipment. Capital expenditures related to long-term investments and new technology developments are omitted. During 2Q13 the Company invested $232,000 in leasehold improvements for its new corporate headquarters located in Salt Lake City, UT, this amount is excluded from the Free Cash Flow calculation.
         
         
Non-GAAP Net Debt
(In $000’s)
Unaudited results of operations
  As of June 30,    
  2013 2012    
         
Total Debt $2,062 $2,711    
         
Less Total Cash 3,617 1,106    
         
Non-GAAP Net Debt  $ (1,555)  $ 1,605    

Third Member of Leading Supermarket Group Adopts ReposiTrak, the Industry Standard Food Safety Platform

Northeastern Wholesaler Initiates ReposiTrak for their Supply Chain

ReposiTrak, a food safety solution provider backed by international food safety consultants Leavitt Partners and retail technology experts Park City Group (NYSE MKT: PCYG) today announced the successful initiation of the “on-boarding” process for the suppliers of the third member of ROFDA (Retailer Owned Food Distributors & Associates), the largest cooperative of independent food wholesalers in the U.S. The ReposiTrak system, which includes Document Management and Track & Trace, is now available to ROFDA’s hundreds of retail locations in the northeast U.S.

“The continued adoption of the ReposiTrak food safety tracking and tracing platform by a third ROFDA wholesaler continues to enforce that food wholesalers today recognize the need for increased visibility to business relationships and the ability to track and trace products and their ingredients in the supply chain,” said Rich McKeown, President of ReposiTrak.

Powered by Park City Group’s technology, ReposiTrak helps manage regulatory, financial and brand risk associated with issues of food safety in the global food supply chain. ReposiTrak enables grocery warehouses, supermarkets, packaged goods manufacturers, food processing facilities, drug stores and drug manufacturers, as well as logistics partners, to track and trace products and components throughout the food, drug and dietary supplement supply chains. In addition, the technology addresses the market need of receiving, storing, sharing, and maintaining regulatory documentation all in one convenient location. ReposiTrak reduces risk in the supply chain by identifying backward chaining sources and forward chaining recipients of products in near real time.

Glendale, Alabama –based ROFDA is a cooperative established in 1962 to promote and support the retailer-owned distribution segment of the food industry. ROFDA members represent 20% of the supermarket industry and nearly 50,000 suppliers.

About Retailer Owned Food Distributors & Associates (ROFDA)

In 1962, a few cooperative food distributors from around the southeast formed an organization known as the, “Southeastern Food Cooperative Association,” (SFCA). Over the years, growth from outside the southeast occurred as cooperatives recognized the numerous advantages of participating in a cooperative only environment. Due to the new geographic locations of its members and the changing demands of the retailer owned segment of the food industry, the name, Southeastern Food Cooperative Association, did not appropriately identify its members. So in 1988, a name change of the association was approved by its Board of Directors, and thus the new name, Retailer Owned Food Distributors & Associates (ROFDA), emerged. The mission of ROFDA is to promote and support the retailer-owned distribution segment of the food industry with value added programs and services, all in furtherance of servicing independent retail grocers located throughout America.

About ReposiTrakTM

ReposiTrak is collaboration between Leavitt Partners and Park City Group. The collaboration provides food retailers and suppliers with a robust solution to help protect their brands and remain in compliance with rapidly evolving regulations in the Food Safety Modernization Act. Powered by Park City Group’s technology, ReposiTrak is an internet-based solution that enables all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners. More information is available at www.repositrak.com.

About Park City Group

Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

About Leavitt Partners

Leavitt Partners advises clients in the health care and food safety sectors. The firm applies its experience, knowledge and a network of global relationships to serve our clients. As a food safety and health care intelligence business we provide the best available window to the future of American health care. More information is available at www.leavittpartners.com.

All Star Association Supports Repositrak, the Industry Standard Food Safety Platform

Adoption by All Star Association extends ReposiTrak solutions to key sectors

SALT LAKE CITY, Utah–(BUSINESS WIRE)– All Star Association, a leading buying association serving the dairy, food, beverage and packaging industry since 1958, today announced its commitment to food safety by endorsing and agreeing to promote the use of track and trace technology from ReposiTrak, a solution provider backed by international food safety consultants Leavitt Partners and retail technology experts Park City Group (NYSE MKT:PCYG). The ReposiTrak system, which includes Document Management, Track & Trace and Perpetual Inventory applications, is now available to All Star’s more than 275 food and dairy members and 400 plants in 48 states.

“The ReposiTrak solution will clearly help reduce the food safety risks our members potentially face while creating opportunities to improve the efficiencies in their extended supply chain. We look forward to working with the experts on the ReposiTrak team to bring these and other benefits to fruition for our members,” said Jeff Sterne, Executive Director of All Star Association.

Powered by Park City Group’s technology, ReposiTrak enables grocery warehouses, supermarkets, packaged goods manufacturers, food processing facilities, drug stores and drug manufacturers, as well as logistics partners, to track and trace products and components throughout the global food, drug and dietary supplement supply chains. In addition, the technology addresses the market need of receiving, storing, sharing, and maintaining regulatory documentation all in one convenient location. ReposiTrak reduces risk in the supply chain by identifying backward chaining sources and forward chaining recipients of products in near real time.

“All Star Association represents some of the most progressive food and dairy companies in the country, so it is gratifying they are placing their trust in ReposiTrak for food safety and related issues. We will continue to earn that trust as we build additional functionality to our solution and work to ensure All Star member companies meet all government food reporting requirements,” said Rich McKeown, President of ReposiTrak.

About All Star Association

All Star Association is a member-owned purchasing association that leverages the collective volume of its membership to increase buying power for the benefit of all members. They specialize in working with companies in the food and beverage industries. A board comprised of leaders from member companies governs the association, based in Lexington, Ky. Visit http://allstarassociation.com.

About ReposiTrakTM

ReposiTrak is collaboration between Leavitt Partners and Park City Group. The collaboration provides food retailers and suppliers with a robust solution to help protect their brands and remain in compliance with rapidly evolving regulations in the Food Safety Modernization Act. Powered by Park City Group’s technology, ReposiTrak is an internet-based solution that enables all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners. More information is available at www.repositrak.com.

About Park City Group

Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

About Leavitt Partners

Leavitt Partners advises clients in the health care and food safety sectors. The firm applies its experience, knowledge and a network of global relationships to serve our clients. As a food safety and health care intelligence business we provide the best available window to the future of American health care. More information is available at www.leavittpartners.com.

Second Member of Leading Supermarket Group Adopts ReposiTrak, the Industry Standard Food Safety Platform

Adoption by ROFDA extends ReposiTrak solutions to additional wholesaler

ReposiTrak, a food safety solution provider backed by international food safety consultants Leavitt Partners and retail technology experts Park City Group (NYSE MKT: PCYG) today announced the successful implementation for the suppliers of the second member of ROFDA (Retailer Owned Food Distributors & Associates), the largest cooperative of independent food wholesalers in the U.S. The ReposiTrak system, which includes Document Management and Track & Trace, is now available to ROFDA’s hundreds of retail locations in the northeast U.S.

Powered by Park City Group’s technology, ReposiTrak helps manage regulatory, financial and brand risk associated with issues of food safety in the global food supply chain. ReposiTrak enables grocery warehouses, supermarkets, packaged goods manufacturers, food processing facilities, drug stores and drug manufacturers, as well as logistics partners, to track and trace products and components throughout the food, drug and dietary supplement supply chains. In addition, the technology addresses the market need of receiving, storing, sharing, and maintaining regulatory documentation all in one convenient location. ReposiTrak reduces risk in the supply chain by identifying backward chaining sources and forward chaining recipients of products in near real time.

“The adoption of ReposiTrak by the second ROFDA wholesaler shows the continued support by ROFDA membership to providing safe food throughout its supply chain,” said Rich McKeown, President of ReposiTrak.

Glendale, Alabama –based ROFDA is a cooperative established in 1962 to promote and support the retailer-owned distribution segment of the food industry. ROFDA members represent 20% of the supermarket industry and nearly 50,000 suppliers.

About Retailer Owned Food Distributors & Associates (ROFDA)

In 1962, a few cooperative food distributors from around the southeast formed an organization known as the, “Southeastern Food Cooperative Association,” (SFCA). Over the years, growth from outside the southeast occurred as cooperatives recognized the numerous advantages of participating in a cooperative only environment. Due to the new geographic locations of its members and the changing demands of the retailer owned segment of the food industry, the name, Southeastern Food Cooperative Association, did not appropriately identify its members. So in 1988, a name change of the association was approved by its Board of Directors, and thus the new name, Retailer Owned Food Distributors & Associates (ROFDA), emerged. The mission of ROFDA is to promote and support the retailer-owned distribution segment of the food industry with value added programs and services, all in furtherance of servicing independent retail grocers located throughout America.

About ReposiTrak

ReposiTrak is collaboration between Leavitt Partners and Park City Group. ReposiTrak provides food retailers and suppliers with a robust solution to help protect their brands and remain in compliance with rapidly evolving regulations in the Food Safety Modernization Act. Powered by Park City Group’s technology, ReposiTrak is an internet-based solution that enables all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners.

About Park City Group

Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

About Leavitt Partners

Leavitt Partners advises clients in the health care and food safety sectors. The firm applies its experience, knowledge and a network of global relationships to serve our clients. As a food safety and health care intelligence business we provide the best available window to the future of American health care. More information is available at www.leavittpartners.com.

United Natural Products Alliance Adopts Industry Food Safety Standard from ReposiTrakTM

UNPA support positions ReposiTrak at the center of the track and trace effort for dietary supplements and natural and functional foods

Salt Lake City, Utah – The United Natural Products Alliance (UNPA), a leading international association of dietary supplement, functional food and natural health products companies, today announced its commitment to food safety by endorsing and agreeing to promote the use of track and trace technology from ReposiTrak, a solution provider backed by international food safety consultants Leavitt Partners and retail technology experts Park City Group (NYSE MKT: PCYG). The ReposiTrak system, which includes Document Management and Track & Trace applications, will be made available to and employed by UNPA members during the coming months.

“It is critical that our members know exactly where their ingredients are coming from and where finished goods are going so customers and consumers have total confidence in their brands. ReposiTrak, which we believe is quickly becoming the industry standard across the retail food industry, creates the visibility needed to reduce risks and ensure that only safe products are being sold to shoppers,” said Loren D. Israelsen, President of UNPA.

Powered by Park City Group’s technology, ReposiTrak enables grocery warehouses, supermarkets, packaged goods manufacturers, food processing facilities, drug stores and drug manufacturers, as well as logistics partners, to track and trace products and components throughout the global food, drug and dietary supplement supply chains. In addition, the technology addresses the market need of receiving, storing, sharing, and maintaining regulatory documentation all in one convenient location. ReposiTrak reduces risk in the supply chain by identifying backward chaining sources and forward chaining recipients of products in near real time.

“UNPA is an innovative trade group acting to safeguard its members in a market that is increasingly complicated by changing consumer behavior and new government and food safety regulations. ReposiTrak helps UNPA accomplish this goal by enabling its members to see all product flows and act quickly and effectively to address any issues before they become real problems,” said Rich McKeown, President of ReposiTrak.

About UNPA

The United Natural Products Alliance (UNPA) is an international association representing many leading dietary supplement, functional food and analytical companies that share a commitment to provide consumers with natural health products of superior quality, benefit and reliability. Founded in Utah in 1991, UNPA was instrumental in the passage of the 1994 Dietary Supplement Health and Education Act (DSHEA) and continues to take a leadership position in regulatory issues and industry best practices. Visit www.unpa.com.

About ReposiTrakTM

ReposiTrak is collaboration between Leavitt Partners and Park City Group. The collaboration provides food retailers and suppliers with a robust solution to help protect their brands and remain in compliance with rapidly evolving regulations in the Food Safety Modernization Act. Powered by Park City Group’s technology, ReposiTrak is an internet-based solution that enables all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners. More information is available at www.repositrak.com.

About Park City Group

Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

About Leavitt Partners

Leavitt Partners advises clients in the health care and food safety sectors. The firm applies its experience, knowledge and a network of global relationships to serve our clients. As a food safety and health care intelligence business we provide the best available window to the future of American health care. More information is available at www.leavittpartners.com.

Media Contacts

Frank Lampe, VP, Communications & Industry Relations
United Natural Products Alliance
720.398.8172
frank@unpa.com

Ronald Margulis
RAM Communications
+1 908.272.3930
ron@rampr.com

Park City Group Welcomes Private Label Marketing Veteran Bill Wolfe to Leadership Team

Salt Lake City, Utah. – August 27, 2013 – Park City Group (NYSE MKT: PCYG), a leader in consumer goods supply chain technology designed to increase sales and reduce out-of-stocks, today announced William “Bill” Wolfe is joining the company. A private label veteran with over 30 years’ experience, Wolfe will serve as a Senior Advisor, with responsibility for developing business solutions, consulting and expanding efforts in the retail channel.

“Bill is a highly accomplished senior leader with expertise private label marketing, merchandising and procurement at premier supermarket retailers including Giant Eagle, Ahold USA and Genuardi’s Family Markets. He supports Park City Group’s mission to drive replenishment based on register rings rather than stuffing the back room with product,” said Randall K. Fields, Chairman and CEO of Park City Group.

During his career, Wolfe has both developed and managed several major private label programs, receiving two Private Label Manufacturers Association (PLMA) “Salute to Excellence” awards for his efforts.

“Retailers are moving more and more toward selling their own brands and gauging demand based on what the consumer really buys is key to reducing waste in the private label manufacturer’s supply chain,” said Wolfe. “I’m excited to work with the Park City Group team. Their solutions provide both the retailer and their private label manufacturer the ability to stock to demand.”

Wolfe most recently served for more than a decade as Chief Marketing Officer at Resource One, a private label sales and marketing company based in St. Louis, MO.

About Park City Group

Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

Media Contacts:

Park City Group
Karen Sickles
+1 435-645-2324
ksickles@parkcitygroup.com

or

RAM Communications
Ronald Margulis
+1 908-272-3930
ron@rampr.com

First Member of Leading Supermarket Group Implements Food Safety Solution From ReposiTrak

Adoption of ReposiTrak as the industry standard for tracking and tracing food continues to expand with first distributor

Salt Lake City, Utah – ReposiTrak, a food safety solution provider backed by international food safety consultants Leavitt Partners and retail technology experts Park City Group (NYSE MKT: PCYG) today announced the successful initiation of the “on-boarding” process for the suppliers of the initial member of ROFDA (Retailer Owned Food Distributors & Associates), the largest cooperative of independent food wholesalers in the U.S.

Powered by Park City Group’s technology, ReposiTrak enables grocery warehouses, supermarkets, packaged goods manufacturers, food processing facilities, drug stores and drug manufacturers, as well as logistics partners, to track and trace products and components throughout the food, drug and dietary supplement supply chains. In addition, the technology addresses the market need of receiving, storing, sharing, and maintaining regulatory documentation all in one convenient location. ReposiTrak reduces risk in the supply chain by identifying backward chaining sources and forward chaining recipients of products in near real time.

“The successful implementation of ReposiTrak by the first ROFDA member strengthens ROFDA’s commitment to providing safe food throughout its supply chain,” said Rich McKeown, President of ReposiTrak. ROFDA members represent 20% of the supermarket industry and nearly 50,000 suppliers.

About Retailer Owned Food Distributors & Associates (ROFDA)

In 1962, a few cooperative food distributors from around the southeast formed an organization known as the, “Southeastern Food Cooperative Association,” (SFCA). Over the years, growth from outside the southeast occurred as cooperatives recognized the numerous advantages of participating in a cooperative only environment. Due to the new geographic locations of its members and the changing demands of the retailer owned segment of the food industry, the name, Southeastern Food Cooperative Association, did not appropriately identify its members. So in 1988, a name change of the association was approved by its Board of Directors, and thus the new name, Retailer Owned Food Distributors & Associates (ROFDA), emerged. The mission of ROFDA is to promote and support the retailer-owned distribution segment of the food industry with value added programs and services, all in furtherance of servicing independent retail grocers located throughout America.

About ReposiTrak

ReposiTrak is a partnership jointly owned by Leavitt Partners and Park City Group. The Partnership provides food retailers and suppliers with a robust solution to help protect their brands and remain in compliance with rapidly evolving regulations in the Food Safety Modernization Act. Powered by Park City Group’s technology, ReposiTrak is an internet-based solution that enables all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners.

About Park City Group

Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

About Leavitt Partners

Leavitt Partners advises clients in the health care and food safety sectors. The firm applies its experience, knowledge and a network of global relationships to serve our clients. As a food safety and health care intelligence business we provide the best available window to the future of American health care. More information is available at www.leavittpartners.com.

Investor Relations Contact:

Dave Mossberg
Three Part Advisors, LLC
P.O. Box 92698
Southlake, TX 76092
Phone: (817) 310-0051
dmossberg@threepa.com
www.threepa.com

Park City Group Names CPG Industry Veteran Janet Carter Smith to Leadership Team

PARK CITY, UTAH – Park City Group (NYSE Amex: PCYG), a leader in consumer goods supply chain technology designed to increase sales and reduce out-of-stocks, today announced Janet Carter Smith is joining the company. A Consumer Packaged Goods industry veteran, serves as Senior Vice President, Market Development, with responsibility for developing business solutions, consulting and expanding efforts in market development.

“Janet is an industry-recognized senior leader with a proven track record of driving commercial success in the Consumer Packaged Goods industry. She is uniquely talented at identifying, managing and providing organizational leadership to develop enterprise wide initiatives and strategies. Her extensive industry experience will help expand Park City Group’s market development and expand into new channels,” said Randall K. Fields, Chairman and CEO of Park City Group. We are privileged to have someone of Janet’s caliber join our team and are looking forward to utilizing her talent.”

Carter Smith spent more than 17 years at GlaxoSmithKline Consumer Healthcare, most recently serving as Vice President, Corporate Development. In this role, she directed customer development across all classes of trade and led all aspects of industry and trade relations including association management, external communications and conference planning and execution. She was also the commercial lead and expert for cross sector collaborations and enterprise wide initiatives with GSK Pharmaceutical, Vaccines and Consumer Healthcare businesses. Carter Smith previously served as Director, Business Development – Strategic Retail Solutions, Senior District Retail Sales Manager, Regional Retail Sales Manager and Senior Corporate Account Manager.

“One of the biggest challenges our industry faces today is we live in a consumer-driven marketplace where the speed of change and the ability to respond to the shopper’s expectations is paramount. The strength of the industry rests in our ability to adapt to meet the increasing and changing needs of our consumers. Park City Group is providing leadership and solutions enabling greater collaboration and more informed decision making between retailers and suppliers, resulting in increased sales and profitability for both,” said Carter Smith. “I am excited to join Park City Group in their efforts to provide technology solutions that help address one component of delivering consumer centricity.”

Carter Smith served as Chairperson, Retail Liaison Committee and sat on the Annual Executive Conference Planning Committee at the Consumer Healthcare Products Association (CHPA), she was a Retail Advisory Board Member for the National Association of Chain Drug Stores (NACDS), a member of the Education Leadership Council for the Global Marketing Development Center (GMDC) and was on the Health, Beauty and Wellness Advisory Committee at the Healthcare Distribution Management Association (HDMA). She was also the Network of Executive Women (NEW) Ambassador for GlaxoSmithKline.

Carter Smith received a BS in Business Management from Huntingdon College, Montgomery, Ala.

About Park City Group
Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan-based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

ReposiTrakTM provides food retailers and suppliers with a robust solution that will help them protect their brands and remain in compliance with rapidly evolving regulations in the recently passed Food Safety Modernization Act. An internet-based technology, ReposiTrakTM, will enable all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners.

Leading Supermarket Group Adopts Food Safety Solution from ReposiTrak

Adoption positions ReposiTrak as the industry standard for tracking and tracing food and drugs throughout the global supply chain.

Commitment represents 20% of the supermarket industry and nearly 50,000 suppliers.

Salt Lake City, Utah – The Retailer Owned Food Distributors & Associates (ROFDA), the largest cooperative of independent food wholesalers, today announced its commitment to food safety by adopting the use of track and trace technology from ReposiTrak, a solution provider backed by international food safety consultants Leavitt Partners and retail technology experts Park City Group (NYSE MKT: PCYG). The ReposiTrak system, which includes Document Management and Track & Trace, is being successfully deployed among the 14 ROFDA members.

“We selected the ReposiTrak solution for three reasons: the technology on which it is based is a proven, scalable platform; it is easy to use and inexpensive; and it is simple to implement because it is web-based and requires no hardware or software installation. We see the ReposiTrak system becoming an industry standard for the retail supply chain, helping all trading partners meet the new federal food safety requirements, reducing unsalable products and keeping the end consumer healthy,” said Francis Cameron, President & CEO of ROFDA.

Powered by Park City Group’s technology, ReposiTrak enables grocery warehouses, supermarkets, packaged goods manufacturers, food processing facilities, drug stores and drug manufacturers, as well as logistics partners, to track and trace products and components throughout the food, drug and dietary supplement supply chains. In addition, the technology addresses the market need of receiving, storing, sharing, and maintaining regulatory documentation all in one convenient location. ReposiTrak reduces risk in the supply chain by identifying backward chaining sources and forward chaining recipients of products in near real time.

“The relationship we’ve built with ROFDA and its members has been a case study for vendor–customer collaboration. We have jointly implemented a solution that is exactly what the member distribution companies need to meet government regulations, maintain supplier insurance and inspection documentation, and keep the consumers safe,” said Rich McKeown, President of ReposiTrak.

Additional Resources

Food Safety News
The Challenges and Advantages of Farm-to-Fork Traceability
By James Andrews | May 13, 2013
…..when it comes to food, the variety of traceability systems in the marketplace nearly parallels the number of ingredients in a pint of that chocolate chip peppermint brownie ice cream. Not only do most competitors use different systems and technology, most firms along the same supply chain — from farm to processing plant to retailer — record and translate their data in different ways.
More at:
http://www.foodsafetynews.com/2013/05/the-challenges-and-advantages-of-farm-to-fork-traceability/

Food Safety News
The Changing World of Food Traceability
By Dan Flynn | May 6, 2013
You, the consumer, are at the end of a long line of stops food makes before reaching your plate. Being able to trace this food back to its origins can be crucial to government and industry during a food-related recall or outbreak. But you may also want to know whether what you are about to consume is organic, whether it’s vegetarian, or maybe because of your beliefs you are looking for food that’s kosher or halal.
More at:
http://www.foodsafetynews.com/2013/05/the-changing-world-of-food-chain-traceability/#.UYeTTcp31dg

About Retailer Owned Food Distributors & Associates (ROFDA)
In 1962, a few cooperative food distributors from around the southeast formed an organization known as the, “Southeastern Food Cooperative Association,” (SFCA). Over the years, growth from outside the southeast occurred as cooperatives recognized the numerous advantages of participating in a cooperative only environment. Due to the new geographic locations of its members, and the changing demands of the retailer owned segment of the food industry, the name, Southeastern Food Cooperative Association, did not appropriately identify its members. So in 1988, a name change of the association was approved by its Board of Directors, and thus the new name, Retailer Owned Food Distributors & Associates (ROFDA), emerged. The mission of ROFDA is to promote and support the retailer-owned distribution segment of the food industry with value added programs and services, all in furtherance of servicing independent retail grocers located throughout America.

About ReposiTrak
ReposiTrak is a partnership jointly owned by Leavitt Partners and Park City Group. The Partnership provides food retailers and suppliers with a robust solution to help protect their brands and remain in compliance with rapidly evolving regulations in the Food Safety Modernization Act. Powered by Park City Group’s technology, ReposiTrak is an internet-based solution that enables all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners. More information is available at www.repositrak.com.

About Park City Group
Park City Group (NYSE MKT: 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 as well as providing food safety tracking information. The Company’s service increases customers’ sales and profitability while enabling lower inventory levels and ensuring regulatory compliance 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 provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

About Leavitt Partners
Leavitt Partners advises clients in the health care and food safety sectors. The firm applies its experience, knowledge and a network of global relationships to serve our clients. As a food safety and health care intelligence business we provide the best available window to the future of American health care. More information is available at www.leavittpartners.com.