PCS Edventures! Reports Unaudited Results for the First Quarter of Fiscal Year 2023

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported a 31% year-over-year increase in revenue for Q1 FY2023, totaling $1.39 million, compared to $1.06 million last year. Net income also rose to $0.26 million from $0.09 million. The company ended the quarter with $0.55 million in cash and continues to focus on debt reduction, having paid down $43,000 in principal. Shareholder equity improved significantly to $725,072 from a negative $224,963 a year ago, indicating a positive trend for investors.

Positive

• Revenue increased 31% year-over-year to $1.39 million.
• Net income improved to $0.26 million from $0.09 million year-over-year.
• Shareholder equity rose to $725,072 from ($224,963) year-over-year.
• Continued focus on reducing debt, with $43,000 paid down during the quarter.

Negative

• None.

BOISE, Idaho, Aug. 12, 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 unaudited results of operations for its first quarter of Fiscal Year 2023, which ended on June 30, 2022.

Revenue was $1.39 million, which was 31% higher than the $1.06 million in revenue for the same period last year. Net income for the first quarter was $0.26 million compared to $0.09 million for the first quarter of Fiscal Year 2022. The Company ended the quarter with $0.55 million in cash.

Michael Bledsoe, President, commented, “Demand for our STEM solutions is robust and the Company experienced elevated sales activity during the first quarter of Fiscal Year 2023, resulting in excellent sales and profitability numbers for the quarter. We have been chipping away at our debt balance, having paid down another $43,000 in principal during the quarter. Our top priority with excess cash flow during the course of Fiscal Year 2023 is to continue reducing debt.”

Todd Hackett, CEO, stated, “In addition to taking care of our core business, we have been working on several larger customer relationships which we believe will become visible in our numbers as Fiscal Year 2023 progresses. I am pleased to point out that our efforts are already showing up in the numbers as shareholder equity at quarter end was $725,072 versus equity of ($224,963) in the comparable year-ago quarter.”

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: https://investors.edventures.com/

FAQ

What were PCS Edventures!'s Q1 FY2023 revenue figures?

PCS Edventures! reported Q1 FY2023 revenue of $1.39 million, a 31% increase from $1.06 million in the same quarter of FY2022.

How did net income change for PCS Edventures! in Q1 FY2023?

Net income for PCS Edventures! increased to $0.26 million in Q1 FY2023, compared to $0.09 million in Q1 FY2022.

What is PCS Edventures!'s current cash position?

PCS Edventures! ended Q1 FY2023 with $0.55 million in cash.

How much debt did PCS Edventures! pay down in Q1 FY2023?

The company paid down $43,000 in principal during Q1 FY2023.

What was the shareholder equity for PCS Edventures! at the end of Q1 FY2023?

Shareholder equity at the end of Q1 FY2023 was $725,072, compared to ($224,963) in the same quarter of the previous year.