Park City Group, Inc. New - PCYG STOCK NEWS

Park City Group, Inc. (NASDAQ: PCYG) will release its fiscal 2023 second quarter earnings results on February 14, 2023, post-market close. A conference call led by CEO Randall K. Fields is scheduled for 4:15 p.m. ET that same day to discuss the results. This call will also be available via webcast on the company's investor relations website. Interested parties can join the call by dialling the toll-free number or the international line provided in the press release.

For further details, visit www.parkcitygroup.com.

Park City Group, Inc. (NASDAQ:PCYG) has successfully completed its annual recertifications for SOC 1 Type 2 and SOC 2 Type 2 audits. This achievement underscores the company's commitment to data security in the retail technology sector. According to Jozef Jamrich, CTO at ReposiTrak, the recertifications ensure that customer information remains secure. The SOC audits evaluate the effectiveness of controls concerning security, availability, processing integrity, confidentiality, and privacy. ReposiTrak's Traceability Network addresses food traceability concerns, offering suppliers a low-cost solution to meet FDA requirements.

Haven Foods has joined the ReposiTrak Traceability Network, enhancing seafood traceability from suppliers to retailers. This partnership aids compliance with the FDA's FSMA 204, which mandates detailed traceability for products on the Food Traceability List (FTL). By streamlining data exchange from various suppliers, including fisheries and farms, Haven Foods aims to provide transparency and operational efficiency. This integration addresses inconsistencies in data formats, promoting better resource utilization and compliance with safety standards.

ReposiTrak, which operates a vast food supply chain network with nearly 30,000 suppliers, is implementing traceability services for a 300-store grocery chain to comply with FDA FSMA 204 regulations. This initiative involves a three-step approach, enhancing traceability from commissaries to distribution centers and store-level vendors. With FSMA 204 mandating detailed records for critical tracking events, ReposiTrak’s scalable solution requires no new hardware or software, facilitating easier onboarding for retailers. The cost-effective plan aims to help retailers adapt to rigorous food safety standards.

Park City Group, Inc. (NASDAQ: PCYG) reported a 4% increase in total revenue for Q1 2023, totaling $4.72 million, alongside a 6% increase in recurring revenue to $4.68 million. GAAP net income surged 36% to $1.3 million, with earnings per share up 50% to $0.06. The company maintained a strong cash position of $21.6 million and repurchased over 20,000 shares. A quarterly cash dividend of $0.015 per share was declared. CEO Randall K. Fields highlighted effective cost management and the positive impact of traceability initiatives aligning with FDA goals.

ReposiTrak welcomes the FDA's finalization of Traceability Rule 204 under the Food Safety Modernization Act, mandating enhanced traceability for 16 vulnerable food categories. This rule requires food suppliers to maintain detailed records for critical tracking events, impacting how they manage data. ReposiTrak, as the exclusive traceability partner for the National Grocers Association, aims to facilitate compliance with this low-cost, tech-enabled solution across the food supply chain. The requirement highlights the necessity for modern digital solutions to replace traditional methods.

Park City Group, Inc. (NASDAQ: PCYG) will release its fiscal 2023 first quarter earnings after the market closes on November 14, 2022. Chairman and CEO Randall K. Fields will lead a conference call at 4:15 p.m. ET to discuss the results. The call will also be webcast and can be accessed via the company's investor relations website. Participants can use specific dial-in numbers for the call, and a replay will be available after the event.

ReposiTrak announces the waiver of the $2,000 setup fee for food suppliers connecting to its Traceability Network, facilitating compliance with upcoming FDA food traceability rules. This partnership with the National Grocers Association (NGA) aims to support over one-third of U.S. grocery retail sales by simplifying traceability for suppliers and retailers. The Network allows suppliers to join within an hour and enables unlimited records sharing for a low, flat fee. This initiative highlights the growing importance of traceability in light of the new FDA regulations.