Fourth Quarter Revenue Growth Accelerates
to Record 37%, Full-Year Growth to Record 35%FY
2017 Net Income Increases to Record $3.8 million, or 20% of
Revenue, from $667,000 in FY 2016Management
Expects FY 2018 Revenue Growth Within 3-5 Year Annual Target of 25%
to 35%
Park City Group, Inc. (NASDAQ:PCYG), a software company that uses
big data management to help retailers and their suppliers increase
sales and lower costs, while simultaneously reducing compliance
risks, announced financial results for the fourth quarter and
fiscal-year ended June 30, 2017.
Strategic and Financial
Highlights:
- Fiscal 4Q17 revenue growth accelerates to a record 37%,
driving full-year revenue growth to 35%. “Our top-line
growth and financial success is directly correlated to providing
successful outcomes for our customers. Great execution builds
trust, leads to deeper customer engagement and referrals, and
expands both the scale and scope of our business,” said Randall K.
Fields, Park City Group’s Chairman and CEO. “As a result, revenue
increased a record 37% in fiscal 4Q17 to $5.2 million. Revenue for
the full-year increased 35% to $18.9 million, at the high end of
our 25% to 35% annual growth target.”
- Fiscal 2017 net margin expands to 20%, driving record
profit and cash flow performance. “Our focus on
customer success drives a network effect that enables growth
without the need for heavy investment in sales and marketing. As a
result, we generated significant operating leverage with fiscal
4Q17 GAAP net income increasing 78% to $883,000, or 17.0% of
revenue, and fiscal 2017 GAAP net income increasing 467% to $3.8
million, or 20.0% of revenue. Operating cash flow for the full-year
increased to $2.3 million from $503,000 last year, lifting total
cash to $14.1 million,” said Mr. Fields.
- ReposiTrak supplier connections nearly double as
momentum continues to accelerate. “During fiscal 2017, we
increased the scale of our network by adding nearly as many
ReposiTrak hubs and supplier connections as we did in the prior
four years cumulatively,” said Mr. Fields. “Growth in total
connections is being driven by the addition of large retail and
wholesale hubs. However, we are also seeing a substantial
acceleration in growth from smaller supplier hubs, which we expect
to become an increasingly meaningful part of our business going
forward, given the far greater number of prospects.”
- Continuous expansion of ReposiTrak’s service offering
reinforces industry leadership. “We have been busy
increasing the scope of our network by introducing new applications
that expand ReposiTrak’s capabilities. These include the ability of
a hub to require deeper levels of compliance, down to individual
items; new applications that help ensure product quality and
safety; and tighter integration with the industry-standard food
safety audit platforms. These new services enhance the value
proposition to ReposiTrak’s hubs and their suppliers, reinforcing
our industry leadership,” said Mr. Fields.
- Successful introduction of converged business strategy
solidifies multi-year growth outlook. “During the year, we
successfully introduced Vendor Portal, our unified service delivery
platform, and MarketPlace, our compliant-vendor sourcing solution,
expanding ReposiTrak’s scope beyond that of a food safety and
compliance platform, while helping to reinforce the scale of our
network,” said Mr. Fields. “We are very encouraged by the favorable
reaction from our customers and expect a more meaningful revenue
contribution from both in fiscal 2018.”
- Management continues to expect top-line growth of 25%
to 35% and margin expansion. “We are benefiting from the
positive network effect of our customers’ success. We look to add
more ReposiTrak hubs and supplier connections in fiscal 2018 than
in fiscal 2017. We are also exploring alliances both domestically
and internationally to further increase the scale of our network.
As a result, we are confident fiscal 2018 will be within our
multi-year annual growth target of 25% to 35%, while operating
leverage should drive higher margins and an even faster growing
cash balance,” said Mr. Fields.
Financial Results Summary:
Fiscal 4Q17 Results: Total
revenue increased 37% to $5.2 million for the three months ended
June 30, 2017, as compared to $3.8 million during the same period a
year ago. Total operating expenses were $4.3 million, a 30%
increase from $3.3 million a year ago, reflecting planned
investments. GAAP net income was $883,000, versus $498,000 a year
ago, and GAAP net income to common shareholders was $677,000, or
$0.03 per diluted share, as compared to $315,000, or $0.02 per
diluted share, a year ago.
Fiscal 2017 Results: Total
revenue increased 35% to $18.9 million for the twelve months of
fiscal 2017, as compared to $14.0 million in fiscal 2016. Total
operating expenses were $15.0 million, a 13% increase from $13.3
million in fiscal 2016. GAAP net income for fiscal 2017 was $3.8
million, versus $667,000 in fiscal 2016, and GAAP net income to
common shareholders was $3.0 million, or $0.15 per diluted share,
versus a loss of $63,000, or ($0.00) per share, in fiscal 2016.
Cash and Liquidity: The Company
ended fiscal 2017 with $14.1 million in cash and cash equivalents,
versus $11.4 million at the end of the fiscal 2016. During fiscal
2017, the Company generated $2.3 million in operating cash flow as
compared to $503,000 in operating cash flow in fiscal 2016.
Conference Call:
The Company will host a conference call at 4:15
P.M. Eastern today, September 13, 2017 to discuss the results.
Investors and interested parties may participate in the
call by dialing
888-778-8913 and referring to
Conference ID: 8591568. 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 (PCYG) is a
Software-as-a-Service (“SaaS”) provider that brings unique
visibility to the consumer goods supply chain, delivering
actionable information to ensure products are available when and
where consumers demand them, helping retailers and suppliers to
‘Sell More, Stock Less, and See Everything’™. Park
City Group’s technology also assists all participants in the food
and drug supply chains to comply with food and drug safety
regulations through the Company’s ReposiTrak subsidiary. More
information is available at www.parkcitygroup.com and
www.repositrak.com.
Specific disclosure relating to Park City Group,
including management’s analysis of results from operations and
financial condition, are contained in the Company’s annual report
on Form 10-K for the fiscal year ended June 30, 2017 and other
reports filed with the Securities and Exchange
Commission. Investors are encouraged to read and consider such
disclosure and analysis contained in the Company’s Form 10-K and
other reports, including the risk factors contained in the Form
10-K.
Investor Relations Contact:
Jeff ElliottThree Part Advisors, LLC972-423-7070
Dave MossbergThree Part Advisors, LLC817-310-0051
Non-GAAP Financial Measures
While this press release does not include
non-GAAP financial measures, the financial presentation below
contains certain financial measures defined as “non-GAAP financial
measures” by the Securities and Exchange Commission, including
non-GAAP EBITDA 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 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, 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, amortization of acquired intangible assets and other
one-time cash and non-cash charges. 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. Because Park City Group has historically reported certain
non-GAAP results to investors, the Company believes that the
inclusion of non-GAAP measures in the financial presentation below
allows investors to compare the Company’s financial results with
the Company’s historical financial results reported using non-GAAP
financial measures, as well as with the financial results reported
by others.
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.
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Park City Group, Inc. |
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INCOME STATEMENT |
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3 Months Ended |
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12 Months Ended |
FY
ENDS June |
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|
6/30/17 |
|
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|
6/30/16 |
|
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|
% Chg. |
|
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|
6/30/17 |
|
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|
6/30/16 |
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% Chg. |
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Total Revenues |
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$ |
5,188,477 |
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|
$ |
3,794,941 |
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37 |
% |
|
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$ |
18,939,263 |
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$ |
14,010,693 |
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35 |
% |
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Operating
Expenses |
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Cost of Services and Product Support |
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|
1,581,351 |
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|
1,056,176 |
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50 |
% |
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|
5,318,042 |
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|
|
4,279,724 |
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24 |
% |
Sales and Marketing |
|
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|
1,394,097 |
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|
1,263,329 |
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10 |
% |
|
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|
5,097,072 |
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|
5,371,005 |
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(5 |
%) |
General and Administrative |
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|
1,169,154 |
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|
847,761 |
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38 |
% |
|
|
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|
4,136,996 |
|
|
|
|
3,165,077 |
|
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|
31 |
% |
Depreciation and Amortization |
|
|
|
149,684 |
|
|
|
|
124,993 |
|
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|
20 |
% |
|
|
|
|
486,024 |
|
|
|
|
507,446 |
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|
|
(4 |
%) |
Total Operating Expenses |
|
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|
4,294,286 |
|
|
|
|
3,292,259 |
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30 |
% |
|
|
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|
15,038,134 |
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|
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|
13,323,252 |
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13 |
% |
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Income (Loss) from Operations |
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|
$ |
894,191 |
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|
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$ |
502,682 |
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|
|
78 |
% |
|
|
|
$ |
3,901,129 |
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|
|
$ |
687,441 |
|
|
|
467 |
% |
|
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|
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Other
Income (Expenses) |
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Interest Income (Expense) |
|
|
|
(8,356 |
) |
|
|
|
(5,138 |
) |
|
|
63 |
% |
|
|
|
|
(26,408 |
) |
|
|
|
5,190 |
|
|
|
NM |
|
Gain (Loss) on Disposal of Investment |
|
|
|
10,380 |
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|
- |
|
|
|
NM |
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|
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|
10,380 |
|
|
|
|
(26,128 |
) |
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NM |
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Income (Loss) Before Taxes |
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|
896,215 |
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|
497,544 |
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|
80 |
% |
|
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|
|
3,885,101 |
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|
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|
666,503 |
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NM |
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(Provision)
Benefit for Taxes |
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|
|
(12,914 |
) |
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|
- |
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NM |
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|
(107,569 |
) |
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- |
|
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|
NM |
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|
Net
Income (Loss) |
|
|
$ |
883,301 |
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|
|
$ |
497,544 |
|
|
|
78 |
% |
|
|
|
$ |
3,777,532 |
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|
|
$ |
666,503 |
|
|
|
467 |
% |
|
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Dividends on Preferred Stock |
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|
|
(206,523 |
) |
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|
|
(182,752 |
) |
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13 |
% |
|
|
|
|
(790,811 |
) |
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|
(729,288 |
) |
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8 |
% |
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Net Income
(Loss) to Common Shareholders |
$ |
676,778 |
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$ |
314,792 |
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|
115 |
% |
|
|
|
$ |
2,986,721 |
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$ |
(62,785 |
) |
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NM |
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GAAP EPS, Basic |
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$ |
0.03 |
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$ |
0.02 |
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|
113 |
% |
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$ |
0.15 |
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$ |
(0.00 |
) |
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|
NM |
|
GAAP EPS, Diluted |
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|
$ |
0.03 |
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$ |
0.02 |
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|
112 |
% |
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|
$ |
0.15 |
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|
$ |
(0.00 |
) |
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|
NM |
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Weighted
Average Shares, Basic |
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|
19,419,000 |
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|
19,219,000 |
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|
|
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|
19,353,000 |
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|
|
19,151,000 |
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|
Weighted
Average Shares, Diluted |
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|
20,324,000 |
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|
19,994,000 |
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|
|
|
|
|
|
20,264,000 |
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|
19,151,000 |
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Park City Group, Inc. |
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RECONCILIATION OF NON-GAAP ITEMS |
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|
|
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|
|
3 Months Ended |
|
|
|
12 Months Ended |
FY
ENDS June |
|
|
|
6/30/17 |
|
|
|
|
6/30/16 |
|
|
|
% Change |
|
|
|
|
6/30/17 |
|
|
|
|
6/30/16 |
|
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
|
$ |
883,301 |
|
|
|
$ |
497,544 |
|
|
|
78 |
% |
|
|
|
$ |
3,777,532 |
|
|
|
$ |
666,503 |
|
|
|
NM |
|
|
|
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|
|
|
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|
|
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|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
|
149,684 |
|
|
|
|
124,993 |
|
|
|
20 |
% |
|
|
|
|
486,024 |
|
|
|
|
507,446 |
|
|
|
(4 |
%) |
Interest Income (Expense) |
|
|
|
8,356 |
|
|
|
|
5,138 |
|
|
|
63 |
% |
|
|
|
|
26,408 |
|
|
|
|
(5,190 |
) |
|
|
NM |
|
Other (Incl. Bad Debt Exp.) |
|
|
|
104,620 |
|
|
|
|
51,128 |
|
|
|
105 |
% |
|
|
|
|
335,320 |
|
|
|
|
94,268 |
|
|
|
256 |
% |
Stock Compensation Expense |
|
|
|
305,216 |
|
|
|
|
235,110 |
|
|
|
30 |
% |
|
|
|
|
1,266,805 |
|
|
|
|
1,010,312 |
|
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
$ |
1,451,177 |
|
|
|
$ |
913,913 |
|
|
|
59 |
% |
|
|
|
$ |
5,892,089 |
|
|
|
$ |
2,273,339 |
|
|
|
159 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
|
$ |
883,301 |
|
|
|
$ |
497,544 |
|
|
|
78 |
% |
|
|
|
$ |
3,777,532 |
|
|
|
$ |
666,503 |
|
|
|
467 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation Expense |
|
|
|
305,216 |
|
|
|
|
235,110 |
|
|
|
30 |
% |
|
|
|
|
1,266,805 |
|
|
|
|
1,010,312 |
|
|
|
25 |
% |
Acquisition Related Amortization |
|
|
|
32,850 |
|
|
|
|
32,850 |
|
|
|
- |
|
|
|
|
|
131,400 |
|
|
|
|
131,400 |
|
|
|
- |
|
Other |
|
|
|
(10,380 |
) |
|
|
|
- |
|
|
|
NM |
|
|
|
|
|
(10,380 |
) |
|
|
|
26,128 |
|
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP Net Income (Loss) |
|
|
|
1,210,987 |
|
|
|
|
765,504 |
|
|
|
58 |
% |
|
|
|
|
5,165,357 |
|
|
|
|
1,834,343 |
|
|
|
182 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Preferred Stock |
|
|
|
(206,523 |
) |
|
|
|
(182,752 |
) |
|
|
13 |
% |
|
|
|
|
(790,811 |
) |
|
|
|
(729,288 |
) |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to Common Shareholders |
|
|
$ |
1,004,464 |
|
|
|
$ |
582,752 |
|
|
|
72 |
% |
|
|
|
$ |
4,374,546 |
|
|
|
$ |
1,105,055 |
|
|
|
296 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP EPS |
|
|
$ |
0.05 |
|
|
|
$ |
0.03 |
|
|
|
70 |
% |
|
|
|
$ |
0.22 |
|
|
|
$ |
0.06 |
|
|
|
278 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares, Diluted |
|
|
|
20,324,000 |
|
|
|
|
19,994,000 |
|
|
|
|
|
|
|
|
20,264,000 |
|
|
|
|
19,332,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park City Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
FY
ENDS June |
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/17 |
|
|
|
|
6/30/16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,054,006 |
|
|
|
$ |
11,443,388 |
|
|
|
|
Accounts Receivables, Net Allowances |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,009,127 |
|
|
|
|
3,048,774 |
|
|
|
|
Prepaid Expenses and Other Current Assets |
|
|
|
|
|
|
|
|
|
|
643,600 |
|
|
|
|
393,275 |
|
|
|
|
Total Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,706,733 |
|
|
|
$ |
14,885,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
and Equipment, Net |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,115,277 |
|
|
|
$ |
469,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Receivables, Deposits, and Other |
|
|
|
|
|
|
|
|
|
|
2,540,291 |
|
|
|
|
514,060 |
|
|
|
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
477,884 |
|
|
|
|
471,584 |
|
|
|
|
Customer Relationships |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,051,200 |
|
|
|
|
1,182,600 |
|
|
|
|
Goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,883,886 |
|
|
|
|
20,883,886 |
|
|
|
|
Capitalized Software Costs, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
137,205 |
|
|
|
|
182,942 |
|
|
|
|
Total Other Assets |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
25,090,466 |
|
|
|
$ |
23,235,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
45,912,476 |
|
|
|
$ |
38,589,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
565,487 |
|
|
|
$ |
580,309 |
|
|
|
|
Accrued Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,084,980 |
|
|
|
|
1,502,203 |
|
|
|
|
Deferred Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,350,846 |
|
|
|
|
2,717,094 |
|
|
|
|
Lines of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,850,000 |
|
|
|
|
2,500,000 |
|
|
|
|
Current Portion of Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
318,616 |
|
|
|
|
239,199 |
|
|
|
|
Total Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,169,929 |
|
|
|
$ |
7,538,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable, Less Current Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,996,953 |
|
|
|
|
491,253 |
|
|
|
|
Other Long-Term Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
36,743 |
|
|
|
|
57,275 |
|
|
|
|
Total Long-Term Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,033,696 |
|
|
|
$ |
548,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,203,625 |
|
|
|
$ |
8,087,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series B Preferred |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,254 |
|
|
|
$ |
6,254 |
|
|
|
|
Series B-1 Preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,859 |
|
|
|
|
1,802 |
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
194,241 |
|
|
|
|
192,296 |
|
|
|
|
Additional Paid-In Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
75,489,189 |
|
|
|
|
73,272,620 |
|
|
|
|
Accumulated Deficit |
|
|
|
|
|
|
|
|
|
|
|
|
|
(39,983,692 |
) |
|
|
|
(42,970,413 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholder Equity |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35,708,851 |
|
|
|
$ |
30,502,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholder Equity |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
45,912,476 |
|
|
|
$ |
38,589,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park City Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
FY
ENDS June |
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/17 |
|
|
|
|
6/30/16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,777,532 |
|
|
|
$ |
666,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Reconcile Net Income (Loss), in Operating
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
486,024 |
|
|
|
|
507,446 |
|
|
|
|
Bad Debt
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
345,700 |
|
|
|
|
68,140 |
|
|
|
|
Stock
Compensation Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,266,805 |
|
|
|
|
1,010,312 |
|
|
|
|
Loss on Short-Term Marketable Securities |
|
|
|
|
|
|
|
|
|
|
(10,380 |
) |
|
|
|
26,128 |
|
|
|
|
Decrease (Increase) in Trade Receivables |
|
|
|
|
|
|
|
|
|
|
(2,325,075 |
) |
|
|
|
(1,975,517 |
) |
|
|
|
Decrease (Increase) in Prepaid Expenses and Other Assets |
|
|
|
|
|
|
|
|
|
|
(1,257,534 |
) |
|
|
|
70,152 |
|
|
|
|
Increase (Decrease) in Accounts Payable |
|
|
|
|
|
|
|
|
|
|
|
(14,822 |
) |
|
|
|
(236,810 |
) |
|
|
|
Increase (Decrease) in Accrued Liabilities |
|
|
|
|
|
|
|
|
|
|
|
355,136 |
|
|
|
|
(18,305 |
) |
|
|
|
Increase (Decrease) in Deferred Revenue |
|
|
|
|
|
|
|
|
|
|
|
(366,248 |
) |
|
|
|
385,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash From (Used In) Operating
Activities |
|
|
|
|
|
|
|
|
|
$ |
2,257,138 |
|
|
|
$ |
503,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of Marketable Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
(4,639,036 |
) |
|
|
|
Cash from Sale of Marketable Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
4,612,908 |
|
|
|
|
Cash from Sale of Property and Equipment |
|
|
|
|
|
|
|
|
|
|
|
13,000 |
|
|
|
|
- |
|
|
|
|
Capitalization of Software Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
(182,942 |
) |
|
|
|
Purchase of Property and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,957,402 |
) |
|
|
|
(80,987 |
) |
|
|
|
Purchase of Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,300 |
) |
|
|
|
(75,584 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash From (Used In) Investing
Activities |
|
|
|
|
|
|
|
|
|
$ |
(1,950,702 |
) |
|
|
$ |
(365,641 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Employee Stock Plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
223,465 |
|
|
|
|
199,848 |
|
|
|
|
Proceeds from Exercise of Options and Warrants |
|
|
|
|
|
|
|
|
|
|
156,176 |
|
|
|
|
33,002 |
|
|
|
|
Proceeds from Issuance of Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
1,824,617 |
|
|
|
|
- |
|
|
|
|
Net Increase in Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
350,000 |
|
|
|
|
- |
|
|
|
|
Dividends Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,576 |
) |
|
|
|
(10,575 |
) |
|
|
|
Payments on Notes Payable and Capital Leases |
|
|
|
|
|
|
|
|
|
|
(239,500 |
) |
|
|
|
(242,041 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash From (Used In) Financing
Activities |
|
|
|
|
|
|
|
|
|
$ |
2,304,182 |
|
|
|
$ |
(19,766 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Increase (Decrease) in Cash |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,610,618 |
|
|
|
$ |
117,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at Beginning of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,443,388 |
|
|
|
|
11,325,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at End of Period |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,054,006 |
|
|
|
$ |
11,443,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park City (NASDAQ:PCYG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Park City (NASDAQ:PCYG)
Historical Stock Chart
From Sep 2023 to Sep 2024