Park City Group Reports Financial Results for the Fiscal Fourth Quarter and Full-Year 2019
Summary
SALT LAKE CITY--(BUSINESS WIRE)--Park City Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak, Inc., which operates a B2B ecommerce, compliance, and supply chain platform that partners with retailers, wholesalers, and their suppliers, to accelerate sales, control risk, and improve supply chain efficiencies, announced financial results for the fourth fiscal quarter and fiscal year ended June 30, 2019. “This was a year of continued progress as each of the three revenue streams drove a 13% increase in the size of our network as we reduced our cost structure,” said Randall K. Fields, Chairman and CEO of Park City Group. Driving the network scale, making it easier for customers to buy, provides cross selling opportunities for more services, at a competitive price. We ended the year with the strongest balance sheet in our company’s history.” Mr. Fields concluded, “Our focus for fiscal 2020 is to continue to grow the percentage of our revenue that is recurring, helping to mitigate the impact of the lumpy contribution from MarketPlace. Strategically we remain focused on leveraging our modest fixed cost structure, maximizing profitability and strengthening our balance sheet, which will enable us to repurchase shares and generate value for our customers and shareholders.” Fourth Fiscal Quarter 2019 Results (three months ended June 30, 2019 vs. three months ended June 30, 2018): Total revenue declined 26% to $4.7 million as compared to $6.3 million primarily due to lower non-recurring revenues from licenses, associated professional services and MarketPlace.
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