PCYG - Park City Group Revenue Increases 9% Net Income Increases 45% EPS Up 62% for Fiscal Second Quarter of 2023
Park City Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak, Inc., which operates a B2B ecommerce, compliance, and supply chain platform that largely partners with grocery retailers, wholesalers, and their suppliers, to accelerate sales, control risk, improve supply chain efficiencies, and source hard-to-find items, today announced financial results for the second quarter of fiscal 2023 and year-to-date for the period ended December 31, 2022.
Second Quarter Financial Highlights:
- Second quarter total revenue increased 9% to $4.75 million from $4.35 million.
- Recurring revenue increased 10% for the quarter.
- Total quarterly operating expense increased 5% to $3.57 million from $3.40 million.
- Quarterly operating income increased 23% to $1.18 million from $0.96 million last year.
- Quarterly GAAP net income increased 45% to $1.27 million from $0.87 million last year.
- Quarterly net income to common shareholders was $1.12 million, up 54% from $0.72 million last year.
- Quarterly EPS of $0.06, up 62% from $0.04 last year.
- During the quarter, the Company repurchased 88,741 shares at an average price of $5.05 for a total of $448,266 during the quarter.
- Declared a quarterly cash dividend of $0.015 per share ($0.06 per year), payable to shareholders of record on February 15, 2023, which dividend will be paid on or about February 21, 2023.
Fiscal Year-to-Date Financial Highlights:
- Fiscal year-to-date revenue increased 6% to $9.47 million from $8.91 million.
- Recurring revenue increased 8% year-to-date.
- Total year-to-date operating expense increased 4% to $7.07 million from $6.80 million.
- Year-to-date operating income increased 13% to $2.40 million from $2.12 million last year.
- Year-to-date GAAP net income increased 40% to $2.55 million from $1.82 million last year
- Year-to-date net income to common shareholders was $2.26 million, up 48% from $1.53 million last year.
- Year-to-date EPS of $0.12, up 56% from $0.08 last year.
- Year-to-date cash from operations of $3.30 million, up 8% from $3.06 million last year.
- Cash at December 31, 2022 was $21.4 million.
- Year-to-date, the Company repurchased 109,600 shares at an average price of $5.03 for a total $551,922.
Randall K. Fields, Chairman and CEO of Park City Group commented, “Our recurring revenue continues to accelerate without any contribution from the traceability catalyst that will begin benefiting Park City later in calendar 2023. As you can see, the continued growth in organic revenue disproportionally drove operating leverage, as 9% revenue growth translated to 23% operating income growth and 45% net income growth. Our strategy has and will continually to be squarely focused on operating leverage and earnings power. We therefore believe incremental top line growth will continue to drive profitability and cash generation faster than revenue. This will continue to fortify our already strong balance sheet and further continue to fund our capital allocation strategy.”
“The traceability opportunity is unfolding ahead of our expectations, as several new and existing customers have already signed up with ReposiTrak Traceability Network, or RTN. We now expect to be onboarding thousands of suppliers during the next several years, starting later in 2023,” added Mr. Fields. “This initiative, already representing our largest opportunity to date, continues to grow, and our position as the ideal company to address the track-and-trace requirements for retailers is reinforced by our partnerships with industry leaders and trade associations. Simultaneously, we are actively preparing for the task of onboarding thousands of suppliers into our ReposiTrak Traceability Network (RTN).
We will be ready; lots more customers is not a bad problem to have.”
Second Fiscal Quarter Financial Results ( three months ended December 31, 2022, vs. three months ended December 31, 2021):
Total revenue was up 9% to $4.75 million as compared to $4.35 million in the prior-year second quarter as 10% growth in recurring revenue offset the planned elimination of non-recurring revenue and sunsetting for non-core services. Total operating expense of $3.57 million was up 5% compared to $3.40 million last year, reflecting investments in traceability and other growth initiatives and continued rigor in expense management. GAAP net income was $1.27 million compared to $872,000. Net income to common shareholders was $1.12 million, or $0.06 per diluted share, compared to $725,000, or $0.04 per diluted share.
Fiscal Year-to-Date Financial Results ( six months ended December 31, 2022, vs. six months ended December 31, 2021):
Total revenue was $9.47 million, up 6% as compared to $8.91 million in the prior-year period. Total operating expense of $7.07 million was up 4% compared to $6.80 million last year. GAAP net income was $2.55 million compared to $1.82 million. Net income to common shareholders was $2.26 million, or $0.12 per diluted share, compared to $1.53 million, or $0.08 per diluted share.
Return of Capital:
In the second quarter, the Company repurchased 88,741 shares at an average price of $5.05 for a total of $448,266. The Company has approximately $10.3 million remaining on the $21 million total buyback authorization since inception.
In September 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.015 per share ($0.06 per year). Quarterly cash dividends will be paid to shareholders on or about 45 days following each quarterly period.
Balance Sheet:
The Company had $21.4 million in cash and cash equivalents at December 31, 2022, compared to $21.5 million at June 30, 2022. The Company had $0.450 million drawn on its working line of credit as of December 31, 2022 compared to $2.6 million at June 30, 2022. Funds were utilized to buy back additional shares of stock.
Conference Call:
The Company will host a conference call at 4:15 p.m. Eastern today to discuss the Company’s results. The conference call will also be webcast and will be available via the investor relations section of the Company’s website, www.parkcitygroup.com .
Participant Dial-In Numbers:
Date: Tuesday, February 14, 2023
Time: 4:15 p.m. ET (1:15 p.m. PT)
Toll-Free: 1-877-407-9716
Toll/International 1-201-493-6779
Conference ID: 13736176
Replay Dial-In Numbers:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Start: Tuesday, February 14, 2023, 7:15 p.m. ET
Replay Expiry: Tuesday, March 14, 2023, 11:59 p.m. ET
Replay Pin Number: 13736176
About Park City Group:
Park City Group, Inc. (NASDAQ:PCYG), the parent company of ReposiTrak, Inc., a compliance, supply chain, and e-commerce platform that enables retailers, wholesalers, and their suppliers, to accelerate sales, control risk, and improve supply chain efficiencies. 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, 2020 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.
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 (Unaudited) |
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| December 31, |
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| June 30, |
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| Assets |
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| Current Assets |
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| Cash |
|
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| $ |
| 21,400,255 |
|
|
|
|
| $ |
| 21,460,948 |
|
|
| Receivables, net of allowance for doubtful accounts of $184,847 and $206,093 at December 31, 2022 and June 30, 2022, respectively |
|
|
|
|
| 2,827,039 |
|
|
|
|
|
|
| 3,165,200 |
|
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| Contract asset – unbilled current portion |
|
|
|
|
| 440,087 |
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|
|
|
|
|
| 649,433 |
|
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| Prepaid expense and other current assets |
|
|
|
|
| 1,197,120 |
|
|
|
|
|
|
| 1,307,128 |
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| Total Current Assets |
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|
|
|
| 25,864,501 |
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|
|
|
|
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| 26,582,709 |
|
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|
|
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| Property and equipment, net |
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|
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| 1,154,534 |
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|
|
|
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| 764,517 |
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| Other Assets: |
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|
|
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|
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| Deposits and other assets |
|
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|
|
| 22,414 |
|
|
|
|
|
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| 22,414 |
|
|
| Prepaid expense – less current portion |
|
|
|
|
| 60,130 |
|
|
|
|
|
|
| 82,934 |
|
|
| Contract asset – unbilled long-term portion |
|
|
|
|
| 108,052 |
|
|
|
|
|
|
| 108,052 |
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|
| Operating lease – right-of-use asset |
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|
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| 340,062 |
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|
|
|
|
| 368,512 |
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| Customer relationships |
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|
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| 328,500 |
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|
|
|
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| 394,200 |
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| Goodwill |
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|
|
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| 20,883,886 |
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|
|
|
|
|
| 20,883,886 |
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| Capitalized software costs, net |
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|
|
| 85,866 |
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|
|
|
|
|
| 114,488 |
|
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| Total Other Assets |
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|
|
|
| 21,828,910 |
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|
|
|
|
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| 21,974,486 |
|
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|
|
|
|
|
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|
|
|
|
|
|
|
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| Total Assets |
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| $ |
| 48,847,945 |
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|
|
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| $ |
| 49,321,712 |
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| Liabilities and Shareholders ’ Equity |
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| Current liabilities |
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| Accounts payable |
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| $ |
| 389,708 |
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|
|
| $ |
| 690,638 |
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| Accrued liabilities |
|
|
|
|
| 1,332,720 |
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|
|
|
|
|
| 1,206,284 |
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|
| Contract liability – deferred revenue |
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|
|
|
| 1,566,383 |
|
|
|
|
|
|
| 1,555,143 |
|
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| Lines of credit |
|
|
|
|
| 448,742 |
|
|
|
|
|
|
| 2,590,907 |
|
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| Operating lease liability – current |
|
|
|
|
| 56,306 |
|
|
|
|
|
|
| 53,862 |
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|
| Notes payable and financing leases – current |
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|
|
|
| 220,915 |
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|
|
|
|
|
| - |
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| Total current liabilities |
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|
|
|
| 4,014,774 |
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|
|
|
|
|
| 6,096,834 |
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| Long-term liabilities |
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|
|
|
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|
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|
| Operating lease liability – less current portion |
|
|
|
|
| 293,202 |
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|
|
|
|
|
| 321,818 |
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|
| Notes payable and financing leases – less current portion |
|
|
|
|
| 283,576 |
|
|
|
|
|
|
| - |
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| Total liabilities |
|
|
|
|
| 4,591,552 |
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|
|
|
|
| 6,418,652 |
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| Commitments and contingencies |
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| Stockholders ’ equity: |
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| Preferred Stock; $0.01 par value, 30,000,000 shares authorized; |
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| Series B Preferred, 700,000 shares authorized; 625,375 shares issued and outstanding at December 31, 2022 and June 30, 2022; |
|
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| 6,254 |
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|
|
|
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| 6,254 |
|
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| Series B-1 Preferred, 550,000 shares authorized; 212,402 shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively |
|
|
|
|
| 2,124 |
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|
|
|
|
|
| 2,124 |
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| Common Stock, $0.01 par value, 50,000,000 shares authorized; 18,394,296 and 18,460,538 issued and outstanding at December 31, 2022 and June 30, 2022, respectively |
|
|
|
|
| 183,945 |
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|
|
|
|
|
| 184,608 |
|
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| Additional paid-in capital |
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|
|
|
| 68,303,199 |
|
|
|
|
|
|
| 68,653,361 |
|
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| Accumulated deficit |
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|
|
|
| (24,239,129 |
| ) |
|
|
|
|
| (25,943,287 |
| ) |
| Total stockholders ’ equity |
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|
|
|
| 44,256,393 |
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|
|
|
|
|
| 42,903,060 |
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| Total liabilities and stockholders ’ equity |
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| $ |
| 48,847,945 |
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|
|
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| $ |
| 49,321,712 |
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| PARK CITY GROUP, INC. Consolidated Condensed Statements of Operations (Unaudited) |
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| Three Months Ended |
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| Six Months Ended |
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| 2022 |
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| 2021 |
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| 2022 |
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| 2021 |
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| Revenue |
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| $ |
| 4,750,513 |
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|
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| $ |
| 4,353,587 |
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|
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| $ |
| 9,470,990 |
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|
|
|
| $ |
| 8,913,264 |
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| Operating expense: |
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|
|
|
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|
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|
|
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| Cost of services and product support |
|
|
|
|
| 866,642 |
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|
|
|
|
|
| 817,213 |
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|
|
|
|
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| 1,699,346 |
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|
|
|
|
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| 1,663,700 |
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| Sales and marketing |
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|
|
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| 1,226,812 |
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|
|
|
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| 1,152,036 |
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|
|
|
|
| 2,427,071 |
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|
|
|
|
|
| 2,340,929 |
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| General and administrative |
|
|
|
|
| 1,252,357 |
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|
|
|
|
| 1,209,002 |
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|
|
|
|
|
| 2,475,819 |
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|
|
|
|
|
| 2,305,658 |
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| Depreciation and amortization |
|
|
|
|
| 229,160 |
|
|
|
|
|
|
| 217,767 |
|
|
|
|
|
|
| 465,166 |
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|
|
|
|
|
| 478,931 |
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|
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| Total operating expense |
|
|
|
|
| 3,574,971 |
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|
|
|
|
|
| 3,396,018 |
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|
|
|
|
|
| 7,067,402 |
|
|
|
|
|
|
| 6,789,218 |
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|
|
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|
|
|
|
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|
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| Income from operations |
|
|
|
|
| 1,175,542 |
|
|
|
|
|
|
| 957,569 |
|
|
|
|
|
|
| 2,403,588 |
|
|
|
|
|
|
| 2,124,046 |
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| Other income (expense): |
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|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
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| Interest income |
|
|
|
|
| 199,266 |
|
|
|
|
|
|
| 86,884 |
|
|
|
|
|
|
| 278,358 |
|
|
|
|
|
|
| 142,040 |
|
|
| Interest expense |
|
|
|
|
| (18,058 |
| ) |
|
|
|
|
| (3,303 |
| ) |
|
|
|
|
| (42,710 |
| ) |
|
|
|
|
| (6,201 |
| ) |
| Unrealized gain (loss) on short term investments |
|
|
|
|
| (31,406 |
| ) |
|
|
|
|
| (113,807 |
| ) |
|
|
|
|
| (38,821 |
| ) |
|
|
|
|
| (263,098 |
| ) |
| Other gain (loss) |
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 70,047 |
|
|
|
|
|
|
| (83,081 |
| ) |
|
|
|
|
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|
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|
|
|
|
|
|
|
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|
|
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|
| Income before income taxes |
|
|
|
|
| 1,325,344 |
|
|
|
|
|
|
| 927,343 |
|
|
|
|
|
|
| 2,670,462 |
|
|
|
|
|
|
| 1,913,706 |
|
|
|
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|
|
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|
|
|
|
|
| (Provision) for income taxes: |
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|
|
|
| (60,000 |
| ) |
|
|
|
|
| (55,275 |
| ) |
|
|
|
|
| (120,006 |
| ) |
|
|
|
|
| (94,821 |
| ) |
| Net income |
|
|
|
|
| 1,265,344 |
|
|
|
|
|
|
| 872,068 |
|
|
|
|
|
|
| 2,550,456 |
|
|
|
|
|
|
| 1,818,885 |
|
|
|
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|
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|
|
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|
|
| Dividends on preferred stock |
|
|
|
|
| (146,611 |
| ) |
|
|
|
|
| (146,611 |
| ) |
|
|
|
|
| (293,222 |
| ) |
|
|
|
|
| (293,222 |
| ) |
|
|
|
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|
|
|
|
|
|
|
|
| Net income applicable to common shareholders |
|
|
| $ |
| 1,118,733 |
|
|
|
|
| $ |
| 725,457 |
|
|
|
|
| $ |
| 2,257,234 |
|
|
|
|
| $ |
| 1,525,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares, basic |
|
|
|
|
| 18,402,000 |
|
|
|
|
|
|
| 19,357,000 |
|
|
|
|
|
|
| 18,419,000 |
|
|
|
|
|
|
| 19,370,000 |
|
|
| Weighted average shares, diluted |
|
|
|
|
| 18,630,000 |
|
|
|
|
|
|
| 19,682,000 |
|
|
|
|
|
|
| 18,678,000 |
|
|
|
|
|
|
| 19,658,000 |
|
|
| Basic income per share |
|
|
| $ |
| 0.06 |
|
|
|
|
| $ |
| 0.04 |
|
|
|
|
| $ |
| 0.12 |
|
|
|
|
| $ |
| 0.08 |
|
|
| Diluted income per share |
|
|
| $ |
| 0.06 |
|
|
|
|
| $ |
| 0.04 |
|
|
|
|
| $ |
| 0.12 |
|
|
|
|
| $ |
| 0.08 |
|
|
| PARK CITY GROUP, INC. Consolidated Condensed Statements of Cash Flows (Unaudited) |
|
|
|
|
| Six Months |
|
|
|
|
|
|
| 2022 |
|
|
|
|
| 2021 |
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
| $ |
| 2,550,456 |
|
|
|
|
| $ |
| 1,818,885 |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
| 465,166 |
|
|
|
|
|
|
| 478,931 |
|
|
| Amortization of operating right of use asset |
|
|
|
|
| 28,450 |
|
|
|
|
|
|
| 44,382 |
|
|
| Stock compensation expense |
|
|
|
|
| 209,869 |
|
|
|
|
|
|
| 234,396 |
|
|
| Bad debt expense |
|
|
|
|
| 300,000 |
|
|
|
|
|
|
| 250,000 |
|
|
| Gain on disposal of assets |
|
|
|
|
| - |
|
|
|
|
|
|
| (24,737 |
| ) |
| Loss on sale of property and equipment |
|
|
|
|
| - |
|
|
|
|
|
|
| 107,820 |
|
|
| (Increase) decrease in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivables |
|
|
|
|
| 247,507 |
|
|
|
|
|
|
| 285,141 |
|
|
| Long-term receivables, prepaids and other assets |
|
|
|
|
| 21,431 |
|
|
|
|
|
|
| (97,532 |
| ) |
| (Decrease) increase in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
|
|
| (300,930 |
| ) |
|
|
|
|
| 15,721 |
|
|
| Operating lease liability |
|
|
|
|
| (26,172 |
| ) |
|
|
|
|
| (44,382 |
| ) |
| Accrued liabilities |
|
|
|
|
| (207,025 |
| ) |
|
|
|
|
| 87,811 |
|
|
| Deferred revenue |
|
|
|
|
| 11,240 |
|
|
|
|
|
|
| (97,482 |
| ) |
| Net cash provided by operating activities |
|
|
|
|
| 3,299,992 |
|
|
|
|
|
|
| 3,058,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sale of property and equipment |
|
|
|
|
| - |
|
|
|
|
|
|
| 1,374,085 |
|
|
| Purchase of property and equipment |
|
|
|
|
| (270,854 |
| ) |
|
|
|
|
| (17,049 |
| ) |
| Net cash provided by (used in) investing activities |
|
|
|
|
| (270,854 |
| ) |
|
|
|
|
| 1,357,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (decrease) increase in lines of credit |
|
|
|
|
| (2,142,165 |
| ) |
|
|
|
|
| (5,070,000 |
| ) |
| Common Stock buyback/retirement |
|
|
|
|
| (551,923 |
| ) |
|
|
|
|
| (1,470,974 |
| ) |
| Proceeds from employee stock plan |
|
|
|
|
| 48,903 |
|
|
|
|
|
|
| 56,577 |
|
|
| Dividends paid |
|
|
|
|
| (570,511 |
| ) |
|
|
|
|
| (293,222 |
| ) |
| Payments on notes payable |
|
|
|
|
| 125,865 |
|
|
|
|
|
|
| - |
|
|
| Net cash used in financing activities |
|
|
|
|
| (3,089,831 |
| ) |
|
|
|
|
| (6,777,619 |
| ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net decrease in cash and cash equivalents |
|
|
|
|
| (60,693 |
| ) |
|
|
|
|
| (2,361,629 |
| ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at beginning of period |
|
|
|
|
| 21,460,948 |
|
|
|
|
|
|
| 24,070,322 |
|
|
| Cash and cash equivalents at end of period |
|
|
| $ |
| 21,400,255 |
|
|
|
|
| $ |
| 21,708,693 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005655/en/
Investor Relations Contact:
John Merrill, CFO
Investor-relations@parkcitygroup.com
Or
FNK IR
Rob Fink
646.809.4048
rob@fnkir.com