BOISE, Idaho, Aug. 13, 2020 (GLOBE NEWSWIRE) — In a release issued earlier today by PCS Edventures!, Inc. (OTCPK: PCSV), please note in the headline the reference to the Third Quarter of Fiscal Year 2020 should have been the First Quarter of Fiscal Year 2021. The corrected release follows:
PCS Edventures! Reports Unaudited Results for the First Quarter of Fiscal Year 2021
PCS Edventures!, Inc., (PCSV) a leading provider of K-12 Science, Technology, Engineering and Mathematics (STEM) education programs and drone products, today announced unaudited results of operations for its first quarter of Fiscal Year 2021 which ended on June 30, 2020.
Revenue was $0.72 million, which was down 56% from the revenue generated in the same period last year. Net income was ($0.08 million) compared to $0.58 million for the same period last year.
Michael Bledsoe, President, commented, “The closure of schools and after-school programs has significantly affected the Company’s performance compared to a year ago. While this is extremely disappointing to all of us, the consolation I offer is that the Company is streamlined and efficient, with good operating leverage when revenue levels rebound to normal levels. As evidence, our performance for the first quarter of this fiscal year exceeded our performance in the same quarter of Fiscal Year 2018, when we reported revenue of $0.64 million and net income of ($0.27 million), and Fiscal Year 2017, when we reported revenue of $0.65 million and net income of ($0.41 million).”
Todd Hackett, CEO, noted, “The Company has been developing a new product line for the K-3 market in today’s educational landscape, which increasingly includes distance learning. This product line includes an individualized and easy-to-clean Brick Kit and flexible resources for students, educators, and families. This product rolls out on September 1, 2020. We are excited about the potential of this product line, not only because it directly addresses our current educational environment and the struggles associated with online learning, but also because it can be used in any educational environment and can be scaled easily as its popularity increases.”
For more information about PCS Edventures!, Inc., visit our website.
Company financial information and reports can be found at https://www.otcmarkets.com/.
About PCS Edventures!, Inc.
PCS Edventures!, Inc. (OTCPK: PCSV) is a Boise, Idaho company that designs and delivers technology-rich products and services for the K-12 market that develop 21st-century skills. PCS programs emphasize experiential learning in Science, Technology, Engineering, and Math (STEM). https://edventures.com/.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934; actual results could differ materially from such statements.
Contact
Investor Contact: Michael Bledsoe 1.800.429.3110, investors@edventures.com