PCS Edventures! Reports Unaudited Results for the First Quarter of Fiscal Year 2022

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported strong results for Q1 FY2022, with revenue reaching $1.06 million, a significant 47% increase compared to $0.72 million from the same period last year. The company achieved a net income of $0.09 million, a turnaround from a loss of $0.08 million in Q1 FY2021. Cash flow from operations was $0.15 million, and cash reserves were $0.64 million. Management anticipates continued revenue growth and increased capacity to meet rising demand for K-12 STEM education products.

Positive

• Revenue increased by 47% compared to the previous year.
• Net income of $0.09 million, a turnaround from loss in the prior year.
• Expectations of mid to high double-digit growth over the next three quarters.
• Capacity expansion to handle increased sales volume.

Negative

• None.

BOISE, Idaho, Aug. 13, 2021 (GLOBE NEWSWIRE) -- 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 2022, which ended on June 30, 2021.

Revenue was $1.06 million, which was 47% higher than the $0.72 million in revenue for the same period last year. Net income for the first quarter was $0.09 million compared to ($0.08 million) for the first quarter of Fiscal Year 2021. Cash flow from operations was $0.15 million, and the Company ended the quarter with $0.64 million in cash.

Michael Bledsoe, President, commented, “This was the first quarter of our revenue recovery from the pandemic. Revenue was up 47% from the year-ago period, and we expect to ramp our revenue back to pre-pandemic levels and above over the course of the next year. Over at least the next three quarters, we expect quarterly revenue to show mid to high double-digit growth, with the possibility of triple-digit growth, when compared to the year-ago periods. We have added capacity to handle a sustained increase in sales volume and to facilitate quicker order fulfillment. We have automated several fulfillment functions and we are preparing to increase inventory levels in anticipation of record order levels over the next year.”

Todd Hackett, CEO, commented, “We had a solid quarter on all operating metrics, we hustled in a challenging supply-chain environment to help our customers successfully offer their educational programs this summer, and we were able to invest significantly in expanding our capacity. I couldn’t be more pleased with our execution and expect to see more of the same in the future.”

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://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, mikeb@edventures.com
Investor Relations Web Site: pcsv.global

FAQ

What were the revenue results for PCSV in Q1 FY2022?

PCSV reported revenue of $1.06 million in Q1 FY2022, a 47% increase from $0.72 million in the same quarter last year.

How did PCSV's net income change compared to last year?

PCSV achieved a net income of $0.09 million in Q1 FY2022, compared to a net loss of $0.08 million in Q1 FY2021.

What is the future revenue outlook for PCS Edventures!?

Management expects mid to high double-digit growth in revenue for the next three quarters, with potential for triple-digit growth.

What cash flow did PCSV report for Q1 FY2022?

PCS Edventures! reported cash flow from operations of $0.15 million in Q1 FY2022.

What are the cash reserves for PCSV?

PCSV ended Q1 FY2022 with cash reserves of $0.64 million.