Park City Group (PCYG) has reported a 390.19 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.38 million, or $0.06 a share in the quarter, compared with $0.28 million, or $0.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1.75 million, or $0.08 a share compared with $0.54 million or $0.02 a share, a year ago. Revenue during the quarter surged 35.31 percent to $4.79 million from $3.54 million in the previous year period. Gross margin for the quarter expanded 337 basis points over the previous year period to 75.13 percent. Total expenses were 71.06 percent of quarterly revenues, down from 92.17 percent for the same period last year. This has led to an improvement of 2111 basis points in operating margin to 28.94 percent.
Operating income for the quarter was $1.39 million, compared with $0.28 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.91 million compared with $0.63 million in the prior year period. At the same time, adjusted EBITDA margin improved 2220 basis points in the quarter to 39.95 percent from 17.75 percent in the last year period.
"We continue to see strong revenue growth driven by demand for our new applications including ReposiTrak and our Vendor Portal," said Randall K. Fields, Park City Group’s chairman and chief executive officer.
Operating cash flow improves significantly
Park City Group has generated cash of $0.38 million from operating activities during the first half, up 369.14 percent or $0.30 million, when compared with the last year period. The company has spent $0.02 million cash to meet investing activities during the first six months as against cash outgo of $4.11 million in the last year period.
Cash flow from financing activities was $0.26 million for the first six months, up 2,963.41 percent or $0.25 million, when compared with the last year period.
Cash and cash equivalents stood at $12.06 million as on Dec. 31, 2016, up 65.03 percent or $4.75 million from $7.31 million on Dec. 31, 2015.
Working capital increases sharply
Park City Group has recorded an increase in the working capital over the last year. It stood at $9.32 million as at Dec. 31, 2016, up 50.48 percent or $3.13 million from $6.19 million on Dec. 31, 2015. Current ratio was at 2.29 as on Dec. 31, 2016, up from 1.76 on Dec. 31, 2015.
Days sales outstanding were almost stable at 57 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding went down to 57 days for the quarter from 84 for the same period last year.
Debt moves up
Park City Group has witnessed an increase in total debt over the last one year. It stood at $3.35 million as on Dec. 31, 2016, up 12.90 percent or $0.38 million from $2.96 million on Dec. 31, 2015. Total debt was 8.15 percent of total assets as on Dec. 31, 2016, compared with 7.99 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.10 as on Dec. 31, 2016, when compared with the last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
