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

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported strong financial results for Q2 FY2022, achieving revenue of $0.99 million, a remarkable 154% increase compared to $0.39 million in Q2 FY2021. The company also transitioned to a net income of $0.09 million, compared to a net loss of $0.21 million in the same quarter last year. With $0.46 million in cash, plans to enhance shareholder returns, and expectations of record sales early 2022, PCS anticipates becoming an SEC reporting company in Q1 2022. This strategic move aims to boost visibility and investor engagement.

Positive

• Revenue of $0.99 million, up 154% year-over-year.
• Net income of $0.09 million compared to a net loss of $0.21 million in Q2 FY2021.
• Paid off a $100,000 note, reducing net debt.
• Expecting robust growth and record sales activity in early 2022.
• Plans to file Form 10 to become an SEC reporting company, enhancing visibility.

Negative

• Challenging supply-chain environment noted.

BOISE, Idaho, Nov. 15, 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 second quarter of Fiscal Year 2022, which ended on September 30, 2021.

Revenue was $0.99 million, which was 154% higher than the $0.39 million in revenue for the same period last year. Net income for the second quarter was $0.09 million compared to ($0.21 million) for the second quarter of Fiscal Year 2021. The Company ended the quarter with $0.46 million in cash.

Michael Bledsoe, President, commented, “We had another strong quarter, with revenue rebounding significantly from last year’s comparable quarter. Operationally, we are preparing for record sales levels and a surge of order activity at the start of calendar year 2022, albeit within a challenging supply-chain environment. Financially, we paid off a $100,000 note during the quarter, reducing our net debt correspondingly. We anticipate reducing net debt significantly next year. Strategically, we are enhancing the translation of operational success into shareholder returns by preparing to file Form 10 with the Securities and Exchange Commission to become an SEC reporting company once again. This filing is imminent and, once effective, is expected to elevate our visibility within the investment community. I believe that calendar year 2022 will be a momentous year for the Company and our shareholders.”

Todd Hackett, CEO, commented, “We are executing our plan to enhance shareholder returns. The company is financially healthy and expecting robust growth over the next year. We expect to become an SEC reporting company sometime during the first calendar quarter of 2022, and we look forward to reinstituting our AGM next year.”

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 the Q2 FY2022 results for PCS Edventures! (PCSV)?

PCS Edventures! reported Q2 FY2022 revenue of $0.99 million, a 154% increase year-over-year, and net income of $0.09 million.

When does PCS Edventures! plan to become an SEC reporting company?

PCS Edventures! anticipates filing to become an SEC reporting company in the first quarter of 2022.

How is PCS Edventures! addressing its net debt?

PCS Edventures! reduced its net debt significantly by paying off a $100,000 note during Q2 FY2022.

What is the outlook for PCS Edventures! in 2022?

PCS Edventures! expects robust growth and record sales levels in early 2022.

What challenges is PCS Edventures! facing?

PCS Edventures! acknowledged a challenging supply-chain environment impacting operations.