PCS Edventures! Reports Audited Results for Fiscal Year 2022 Ending March 31, 2022

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported audited financial results for Fiscal Year 2022, revealing a significant revenue increase to $4.07 million from $2.11 million in 2021. The company achieved a net income of $0.73 million compared to a loss of $0.12 million the previous year. Cash flow from operations was $0.26 million, with year-end cash reserves of $0.58 million. Management anticipates continued sales growth through Fiscal Year 2023, despite pressing supply-chain challenges.

Positive

• Revenue increased to $4.07 million, up from $2.11 million in FY 2021.
• Net income improved to $0.73 million versus a loss of $0.12 million in FY 2021.
• Management expects sales for FY 2023 to exceed prior levels significantly.

Negative

• None.

BOISE, Idaho, July 08, 2022 (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 2022, which ended on March 31, 2022.

Revenue was $4.07 million, compared to revenue of $2.11 million in Fiscal Year 2021. Net income for Fiscal Year 2022 was $0.73 million compared to ($0.12 million) for Fiscal Year 2021. Cash flow from operations was $0.26 million, and the Company ended the fiscal year with $0.58 million in cash.

Michael Bledsoe, President, commented, “Fiscal Year 2022 represented a sharp rebound back to profitability from the pandemic-gripped environment in Fiscal Year 2021. Our sales experience thus far in Fiscal Year 2023 is meaningfully exceeding the level we saw during the same period in Fiscal Year 2022, and we expect that trend to continue throughout Fiscal Year 2023. Considering that we have been able to hold our margins steady in a very challenging supply-chain environment and the exciting opportunities immediately ahead of us, it is difficult not to expect a breakout year in Fiscal Year 2023.”

Todd Hackett, CEO, stated, “Our long-term goals have not changed. We intend to continue paying down debt with funds exceeding our working capital needs. We intend to become an SEC reporting company, to expand our Board, and to eventually return some capital to shareholders when our debt target is reached. Operationally, we are executing at a high level which will allow us to achieve all of these things over time.”

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/.

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 PCS Edventures!'s audited financial results for FY 2022?

PCS Edventures! reported revenue of $4.07 million and a net income of $0.73 million for FY 2022.

How did PCS Edventures!'s revenue change from FY 2021 to FY 2022?

Revenue increased significantly from $2.11 million in FY 2021 to $4.07 million in FY 2022.

What is the future outlook for PCS Edventures! in FY 2023?

Management expects FY 2023 sales to meaningfully exceed those of FY 2022.

What were the cash flow and cash reserves for PCS Edventures! at the end of FY 2022?

The company reported cash flow from operations of $0.26 million and cash reserves of $0.58 million.