Revenue was $5.00 million – a fiscal year record for the Company – and was up 3% from audited Fiscal Year 2019 revenue. Net income was $1.04 million – a fiscal year record for the Company – and was up 22% from audited Fiscal Year 2019 net income. Cash flow from operations was $0.86 million, and the Company ended the fiscal year with $133,800 in cash.
Regarding the Company’s profitability, Michael Bledsoe, President, commented, “This is the second consecutive year of profitability for the Company, a result brought forth by focused effort of the Company’s outstanding employees. Having achieved profitability will now allow the Company to utilize various lending programs only available to companies with positive 2019 EBITDA. We expect to secure funding within the next few months to refinance all of our outstanding debt. Consolidating under this funding will substantially reduce the Company’s average annual interest on outstanding debt from 10% to under 4%.”
Mr. Bledsoe continued, “There is no doubt that the pandemic has affected our sales, as it has for many other companies. On a preliminary basis, our revenue was down over 50% from the year ago period for the Company’s first quarter of Fiscal Year 2021 (April 1, 2020 to June 30, 2020). Almost all schools and after school programs – essentially our entire market – were closed during this period. I was encouraged to see that even with our market 90%+ shut down during the quarter, we still managed to produce sales orders and revenue that exceeded the levels the Company produced during the same period in 2016 and 2017. It is incredible to me that we could exceed our performance prior to 2018 with nearly our entire market closed. This demonstrates that our Company has undergone significant positive change from what it was prior to 2018.”
Todd Hackett, CEO, said, “I think that we can safely say that we have achieved our first strategic priority of profitability. In the two fiscal years since new operating management took over, our Company has generated 16% more sales than it did in the previous four fiscal years (excluding the non-core, low margin international contract business that we exited in 2018), dropping $1.9 million to the bottom line. Due to the pandemic, management delayed its plans to continue paying down debt, our second strategic priority, and instead we have been accumulating cash as a safety buffer. On a preliminary basis, we ended the quarter with over $950,000 in cash which we expect is sufficient to fund our operations until things return closer to normal.”
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://www.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