Park City Group (PCYG) Reports In-Line Q3 EPS, Revenues Beat
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Park City Group (NASDAQ: PCYG) reported Q3 EPS of $0.03, in-line with the analyst estimate of $0.03. Revenue for the quarter came in at $6 million versus the consensus estimate of $5.2 million.
Third Quarter Financial and Recent Business Highlights:
- Total revenue increased 30.0% to $6.0 million from $4.6 million due to higher MarketPlace revenue and recurring SaaS revenue.
- Recurring, SaaS revenue from compliance, supply chain, out-of-stock and other software solutions, increased 13% to $ 4.5 million.
- GAAP net income of $773,000 million vs. net income of $272,000 in the prior year.
- Net income to common shareholders of $627,000, vs. $125,000.
- EPS $0.03 vs. $0.01 in the prior year third quarter.
Randall K. Fields, Chairman and CEO of Park City Group commented, “Our strong performance in the quarter reflects 30% top line and 184% net income growth, demonstrating the inherent leverage of our business model. MarketPlace revenue soared as customers utilized this unique solution to find hard-to-source items amidst the pandemic. But even as our revenue mix resulted in more transactional, lower-margin MarketPlace revenue this quarter, our bottom-line conversion still grew exponentially demonstrating the strong leverage inherent in our business model. As the pandemic begins to abate and MarketPlace revenue moderates, we expect our mix to shift in favor of our traditional SaaS solutions where budgets are beginning to loosen, likely resulting in slower top-line growth but increased profitability.”
“Our business is highly scalable,” added Mr. Fields. “We can significantly increase our revenue, especially our software revenue, and particularly recurring compliance and supply chain revenue, driving incremental profitability. Meanwhile, the value we have provided our customers with the MarketPlace offering has further bolstered our relationships with customers. Our network creates value far beyond the transaction, as we are perhaps the only partner who can help customers source, vet, and transact business across the entire supply chain.”
For earnings history and earnings-related data on Park City Group (PCYG) click here.
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