PCS Edventures! Reports Audited Results for Fiscal Year 2021 Ending March 31, 2021
PCS Edventures!, Inc. (PCSV) reported its FY 2021 results, showing a significant decline in revenue to $2.11 million from $5.00 million in FY 2020. The company faced a net loss of ($0.16 million), compared to a profit of $1.04 million the previous year. Despite the setbacks from the pandemic, PCS is optimistic about FY 2022 due to increased sales as schools reopen and additional funding from government stimulus. Management projects that FY 2022 could be the company's strongest year yet in revenue and profitability.
- Sales activity has increased significantly in FY 2022 compared to the pandemic-affected FY 2021.
- Management expresses strong optimism for FY 2022 as schools reopen and funding increases.
- Revenue decreased by 58% year-over-year from FY 2020 to FY 2021.
- Net income dropped, resulting in a loss of ($0.16 million) in FY 2021.
Insights
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BOISE, Idaho, July 06, 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 audited results of operations for its Fiscal Year 2021, which ended on March 31, 2021.
Revenue was
Michael Bledsoe, President, commented, “Fiscal Year 2021 represents the full grip of the pandemic. With many educational sites closed during this time, our revenue took a significant hit from the year-ago period. However, our experience thus far in Fiscal Year 2022 is quite encouraging. Schools are reopening to in-person learning, and their funding has increased due to government-provided stimulus. Our sales activity has increased significantly this fiscal year, relative to both pandemic fiscal year 2021 and pre-pandemic fiscal year 2020. Looking out the front window, things look very encouraging. It is not a stretch to think that our Fiscal Year 2022 will be our best year ever at the Company in terms of revenue and profitability. But looking out the back window, one can see the damage that the pandemic had on our company when reviewing our Fiscal Year 2021 report.”
Todd Hackett, CEO, commented, “FY2021 tested PCS Edventures’ strength and ability to react to the issues at hand caused by the pandemic. I am impressed by the Company’s ability to maneuver in such difficult conditions where our primary market was essentially closed. This experience has widened our perspective and we are eager to return to the positive uptrend we were experiencing pre-pandemic. PCS Edventures is strong, capable and fully resilient. We look forward to future reports.”
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/.
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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
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