Park City Group Reports Increased Net Income for Fiscal Year 2023
Company's Revenue Surpasses $19 Million Mark
Park City Group, Inc.(PCYG), a leading provider of softw are solutions for supply chain management and data analytics, has released its consolidated financial results for the fiscal year ending on June 30, 2023. The report reveals a notable increase in net income compared to the previous year, along with robust revenue growth. These financial metrics showcase the company's strong performance and strategic positioning within its industry.
Net Income and Revenue
For the fiscal year 2023, Park City Group, Inc. reported a net income of $5,590,289, marking a significant increase from the previous year's figure of $4,003,095. This substantial growth in net income demonstrates the company's ability to efficiently manage its operations and generate higher profits.
The company's revenue for the same fiscal year reached $19,098,910, surpassing the $18,046,941 reported in the prior year. This increase in revenue highlights the continued demand for Park City Group's innovative solutions in the supply chain and data analytics sectors.
Balance Sheets
As of June 30, 2023, Park City Group, Inc.'s consolidated balance sheet reflects a total asset value of $50,583,431. Current assets, including cash, receivables, and prepaid expenses, amounted to $27,274,620, indicating the company's strong liquidity position.
The balance sheet also shows total liabilities of $4,701,500, demonstrating prudent financial management. The company's shareholders' equity stands at $45,881,931, underlining its financial stability and ability to invest in future growth opportunities.
Operating Activities and Cash Flow
In terms of cash flow from operating activities, Park City Group, Inc. generated $8,860,019 in net cash provided during the fiscal year 2023. This strong cash flow performance reflects the company's efficient management of working capital and its ability to fund ongoing operations and strategic initiatives.
Investing and Financing Activities
During the fiscal year, the company engaged in investing activities that included the sale of property and equipment, as well as the purchase of property and equipment. These activities resulted in a net cash outflow of $903,187.
In terms of financing activities, Park City Group, Inc. experienced a net cash outflow of $5,426,901. This includes a decrease in lines of credit, common stock buy-back/retirement, and payments on notes payable and capital leases.
The company's cash and cash equivalents at the end of the fiscal year amounted to $23,990,879, highlighting its financial stability and ability to meet short-term obligations.
Park City Group, Inc.'s fiscal year 2023 financial results showcase impressive growth in both net income and revenue, reaffirming its position as a leading player in the supply chain management and data analytics industry. With a strong balance sheet and positive cash flow from operating activities, the company is well-positioned to continue its growth trajectory and capitalize on future opportunities in its market segment.
