PCS Edventures! Reports Unaudited Results for the Third Quarter of Fiscal Year 2021

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported its Q3 fiscal results for 2021, revealing a 38% decline in revenue, totaling $0.36 million compared to the previous year. Net income improved to ($0.04 million), an increase from ($0.21 million) year over year, aided by a $184,480 gain from PPP loan forgiveness. Despite ongoing challenges in K-12 education due to the pandemic, the company achieved its third consecutive profitable year in 2020, with net income of $346,774.

Positive

• Achieved profitability for the third consecutive year, net income of $346,774 in 2020.
• Improved net income from ($0.21 million) to ($0.04 million) year-over-year.

Negative

• Revenue decreased by 38% year-over-year to $0.36 million.

BOISE, Idaho, Feb. 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 third quarter of Fiscal Year 2021, which ended on December 31, 2020.

Revenue was $0.36 million, which was down 38% from the revenue generated in the same period last year. Net income was ($0.04 million) compared to ($0.21 million) for the same period last year. The Company recorded a gain on the forgiveness of debt of $184,480 during the quarter, which represents the forgiven amount of the Company’s Paycheck Protection Program (PPP) loan recorded for the quarter.

Michael Bledsoe, President, commented, “PCS Edventures recorded its third profitable calendar year in a row in 2020, with net income of $346,774, compared to net income of $521,629 in calendar year 2019 and $1,253,537 in 2018. We have modified several of our programs to serve the remote learning environment and have had meaningful success. Though many locations have been struggling to offer in-person learning, our markets are beginning to return to normal with school reopenings becoming a national priority.”

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 PCS Edventures!'s Q3 2021 revenue and net income figures?

For Q3 2021, PCS Edventures! reported revenue of $0.36 million, which is a 38% decrease from the previous year. The net income improved to ($0.04 million) compared to ($0.21 million) in Q3 2020.

How did PCS Edventures! perform in fiscal year 2020?

In fiscal year 2020, PCS Edventures! recorded a net income of $346,774, marking its third consecutive profitable year.

What factors contributed to the decline in PCS Edventures!'s revenue?

The decline in revenue was attributed to challenges in the K-12 education sector due to the ongoing pandemic and its impact on in-person learning.

What was the gain recorded by PCS Edventures! from the PPP loan?

PCS Edventures! recorded a gain of $184,480 from the forgiveness of its Paycheck Protection Program (PPP) loan during Q3 2021.