Revenues Increase 131% and Financial Metrics Improve Considerably
PARK CITY, UT May 14, 2008 Park City Group, Inc. (OTCBB: PCYG) today announced its financial results for the third quarter and nine-month period ended March 31, 2008.
For the third quarter of fiscal 2008 the Company reported revenues increased 131 percent to $1,149,521 as compared with $498,149 for the same period last year. When income from patent activities (which cannot be included in GAAP Revenue) is added, total revenue & income was $1,549,521, a 211% increase compared with the third quarter of fiscal 2007.
This resulted in a net loss applicable to common shareholders of ($286,610), or ($0.03) loss per share, as compared with ($912,173), or ($0.10) loss per share, in the same period last year. The adjusted EBITDA loss for the quarter improved 93 percent to ($58,455) from ($869,386) in the third quarter of 2007.
For the nine months ended March 31, 2008 revenues increased 52 percent to $2,498,282, as compared with $1,644,731 for the nine-month period last year. Income for the nine months ended fiscal 2008 including income from patent activities was $3,098,282, an 88 percent increase compared with the same nine months ended in fiscal 2007.
This resulted in a net loss applicable to common shareholders of ($2,462,529), or ($0.27) per share, as compared with ($2,193,394), or ($0.25) per share, in the same period last year. The adjusted EBITDA loss for the nine months ended March 31, 2008 compared with the same period in fiscal 2007 improved 10 percent to ($1,876,759) from ($2,078,327).
The increased revenue for the quarter and the nine month period were due to considerable increases in Subscription and License revenues.
Commenting on the Company’s results, Park City Group’s Chairman and CEO, Randall K. Fields said, “We are very pleased to note that our subscription revenue from top-tier retailers and suppliers is increasing and are confident that this trend will continue throughout the balance of this year and going forward. While the transition to a recurring revenue stream has not been without its’ challenges, we are now embarking on a new era of increasingly predictable financial results. As retailers and manufacturers experience greater challenges in retaining their best customers, interest in our Supply Chain Profit Link (SCPL) program strengthens in both sectors.”
The Company will conduct a conference call on Wednesday, May 14 at 4:30 p.m. ET to discuss the results. The conference call may be accessed by dialing 877-407-0782 toll-free in the U.S. or Internationally at 201-689-8567. The call may also be accessed via the Internet at: http://www.investorcalendar.com/IC/CEPage.asp?ID=129761
For those unable to access the live event, the webcast and conference call will be archived after its completion and will remain available through July 14, 2008 by dialing 877-660-6853 (domestic) or 201-612-7415 (international) and entering account number 286 and access code 285302.
Additionally, Investors can continue to track the Company’s progress by reviewing the monthly SCPL updates on the investor pages of the Park City Group website at www.parkcitygroup.com