Park City Group Inc (PCYG, Financial), the parent company of ReposiTrak, announced its financial results for the fourth quarter and full-year period ended June 30, 2023, on September 28, 2023. The company reported a significant increase in net income and earnings per share for the fiscal year 2023, demonstrating promising growth.
Fiscal Full-Year Financial Highlights
For the fiscal year 2023, Park City Group Inc (PCYG, Financial) reported total revenue of $19.10 million, a 6% increase compared to $18.05 million in the prior-year period. The company's GAAP net income was $5.59 million compared to $4.00 million in the previous year. Net income to common shareholders was $5.00 million, or $0.27 per diluted share, compared to $3.42 million, or $0.18 per diluted share.
Fourth Quarter Financial Highlights
In the fourth quarter of 2023, the company's total revenue was up 5% to $4.80 million compared to $4.58 million in the prior-year fourth quarter. GAAP net income was $1.38 million compared to $1.10 million. Net income to common shareholders was $1.23 million, or $0.07 per diluted share, compared to $950,000, or $0.05 per diluted share.
CEO's Commentary
Chairman and CEO of Park City Group, Randall K. Fields, commented on the company's performance. He stated,
As a trusted provider in end-to-end solutions for our customers, we focused first on supplier compliance and supply chain efficiency, expanding further to out-of-stock management and now traceability. Our ability to provide customers with more highly valuable solutions will enable our long-term growth simultaneously providing additional cash."
Return of Capital
In the fourth quarter, Park City Group Inc (PCYG, Financial) repurchased 47,847 shares of common stock at an average price of $6.86 for a total of $328,129. Since inception, the company has repurchased 1.95 million shares of common stock for $11.45 million at an average price per share of $5.91. The company has approximately $9.5 million remaining on the $21 million total buyback authorization since inception.
Balance Sheet
As of June 30, 2023, the company had $24.0 million in cash and cash equivalents, compared to $21.5 million at June 30, 2022. The company had nothing drawn on its working line of credit as of June 30, 2023 compared to $2.6 million at June 30, 2022.
Overall, Park City Group Inc (PCYG, Financial)'s financial results for the fiscal year 2023 show promising growth and a strong financial position. The company's focus on providing end-to-end solutions for its customers has resulted in increased revenue and net income, demonstrating the effectiveness of its business strategy.
