PCS Edventures! Reports Unaudited Results for the First Quarter of Fiscal Year 2020
BOISE, Idaho, Aug. 15, 2019 (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 2020, which ended June 30, 2019.
Revenue for the quarter was $1.62 million, which was down 10% from the record quarterly revenue from the same period last year, but still ranked as the third best quarterly revenue mark for the Company in its history. Net Income was $0.58 million, and marked the fifth profitable quarter out of the last six quarters for the Company. For the quarter, cash flow from operations was $0.66 million, the Company paid down $0.33 million in debt, and ended the quarter with $402,981 in cash.
Michael Bledsoe, President, commented, “PCS Edventures produced another solid quarter according to many different metrics, as we outlined above. One example of the Company’s success, that does not show up in the numbers, is that we purchased a full container of our proprietary BrickLAB product, to be delivered early next month, and paid for it out of Company cash flow for the first time ever, saving the Company over $15,000 in financing costs. Another qualitative example of our Company’s health is that we recently hired three new employees.”
Todd Hackett, CEO, commented, “The improvement in the Company’s financial condition has allowed us to pursue some longer-term growth initiatives. While I cannot disclose the details of these potential initiatives at this time, what I can say is that:
1) We are looking at selling our BrickLAB product in a nationally recognized box store;
2) We are in the process of partnering with a large aerospace company to establish an educational drone competition similar to the FIRST Robotics Competition using our drone designs and technology;
3) We continue to work with our customer who purchased our rapidly deployable, portable wireless camera system to finalize installation with the intention of commercializing the product after successful testing; and
4) We are close to having a prototype enterprise drone, which is a product line we intend to market and sell to institutional customers. In addition to these activities, we have developed a robust product development roadmap for our STEM education product line to ensure that our products remain contemporary and valuable to educators.”
Company financial information and reports can be found at https://www.otcmarkets.com/.
For more information about PCS Edventures!, Inc., visit our website.
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, Arts and Math (STEAM). 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.