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Provision Holding Announces Fiscal Year Results
GlobeNewswire•October 27, 2016
CHATSWORTH, Calif., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Provision Holding, Inc. (PVHO) announced today financial results for the fiscal year ended June 30, 2016 which reflected the company’s sales and installations of its 3D Savings Center kiosks in the largest U.S. markets.
Total revenues were $5.0 million for the year ended June 30, 2016, compared to $575,000 for the similar year ended June 30, 2015. Revenues are primarily related to sales of Provision’s 3D Savings Center kiosks for placement into retail stores. Gross profit nearly doubled to $526,000 in the 2016 fiscal year from $265,000 in the previous year. The Company also reported a net loss of $6.2 million for the year ended June 30, 2016, compared to a net loss of $0.8 million for the same period last year as the company incurred greater expenses related to the ramp-up of its network of kiosks installed in approximately 475 retail locations and higher interest expense primarily associated with non-cash expenses from the extinguishment of debt. The Company expects lower interest expense in its next fiscal year.
