Thanks for heads up Chief, Good Luck! Park City Group Reports Fiscal 2002 Year-End Financial Results and Financial Results for the First Six Months of Fiscal 2003 FRIDAY, FEBRUARY 21, 2003 9:01 AM - BusinessWire
PARK CITY, Utah, Feb 21, 2003 (BUSINESS WIRE) -- Park City Group, Inc. (PKCY) reported financial results for its year ended June 30, 2002 and for the first six months of fiscal 2003 ended December 31, 2002. With all Securities and Exchange Commission filings current, Park City Group will apply immediately for re-listing on the NASDAQ OTCBB system.
Revenues for the year increased five percent to $3.9 million when compared to reported revenues of $3.7 million for fiscal 2001. According to Park City Group CEO and President Randall K. Fields, the company's revenue growth is attributable to increases in sales personnel and new software licensing fees. "With the downturn in the economic environment during fiscal 2002," continued Fields, "we managed to increase revenue growth for the year by five percent -- an achievement few software companies within our industry were able to attain in a very uncertain economic environment."
For the fiscal year ended June 30, 2002, the company reported a loss from operations of $1.2 million, or a loss per share of $0.01, as compared to a loss from operations of $289,554, or a loss per share of $0.01 in fiscal year 2001. The loss is due in part to the additional costs associated with being a public company as well as Park City Group's mid-year expansion of sales efforts including an increase in personnel.
Revenues for the first six months of fiscal 2003 were $2.3 million with a loss from operations of $159,395, or a loss per share of $0.0008. "We believe revenues for the first six months of fiscal 2003 present a strong upward trend and an economic recovery within our target markets" noted Fields. "Revenues for the six-month period represent approximately 60 percent of all revenues reported for fiscal 2002," said Fields. "We believe this significant improvement is an indication that fiscal 2003 will represent a year of revenue growth through increased penetration into our target markets."
During the first six months of fiscal 2003, expenses associated with the progress of the company's new development platform, its newly re-designed ActionManager products and Fresh MarketManager ("FMM") product, were reduced as these products neared completion of their development cycle. The company expects expenses for the remainder of the year to be further reduced as management continues to monitor, control and, where appropriate, to decrease ongoing expenses.
"We have signed more new customers during the first six months of 2003 than in our history as a public company," commented Fields. "The sales momentum is clearly associated with FMM achieving excellent acceptance in the market place and that the implementation of the product within several high-profile grocery chains is going well. Because of the varying sizes and expertise of our new customers, we have found it difficult to measure revenue on a quarter-to-quarter basis as the sales and installation cycle can span longer time periods."
With the increased pressure and growth plans of the large warehouse clubs and super-center giants, today's grocery retailer must become more focused on creating a clear line of differentiation for its customers. The impending competition within the retail industry is causing grocery chains to reinvent themselves to maintain their competitive edge. The most significant change is the growth of perishable products within the grocery industry.
"Perishables are an extremely difficult inventory to manage and create a significant market opportunity for our suite of products and services which include FMM, the only product in the marketplace developed specifically to manage perishable inventories," said Fields. "Utilizing patented technologies, FMM automates the majority of the planning, forecasting, ordering and administrative functions associated with perishable inventories. To enable all of our customers to quickly realize these operational and economic benefits, we have focused on installing and implementing our suite of software technology products, including our FMM product, with our customers' enterprise software as quickly as possible. Additional department licenses within our existing customer base could allow us to exceed our fiscal 2002 revenues."
The company has already signed agreements with a number of grocery chains representing some of the largest retailers within the industry. Management expects two of these installations to be operational and excellent references during the coming quarter.
About Park City Group, Inc.
Park City Group is a leading provider of software and services for business productivity. The company uniquely leverages its expertise in retail operations management and state-of-the-art, patented technologies to simplify the planning and execution of complex processes; deliver timely, relevant and "action-able" information; and improve its customers' profitability by putting the "best manager" in every store. The software was developed initially for the Mrs. Fields Cookies business, co-founded by Randall K. Fields, the CEO of Park City Group, Inc. To date, the company has sold to or installed its software solutions in over 52,000 customer locations. For additional information, please contact Park City Group at 800.835.8824, info@parkcity.com (e-mail), or visit the corporate website at www.parkcity.com. To respond directly to this news release, click on the following web address: http://216.234.225.2/sendfeedback.asp?B=581&RL=3307&s+515.
Securities Exchange Act of 1934
This release is comprised of inter-related information that must be interpreted in the context of all the information provided; accordingly, care should be exercised not to consider portions of this release out of context. This release is provided in compliance with Commission Regulation FD and contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumption or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. Such statements reflect the current views of Park City Group with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed or expected. Park City Group does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.
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