SEC 873 Potential persons who are to respond to the collection of information
contained in this form are not required to (03/2003) respond unless the form
displays a currently valid OMB control number.
-------------------------
OMB APPROVAL
-------------------------
OMB Number: 3235-0060
Expires: October 31, 2005
Estimated average burden
hours per response: 2.58
-------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 14, 2004
PARK CITY GROUP, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its chapter)
NEVADA 0003718 37-1454128
------------------------------ ------------- ---------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
333 Main Street #300
Park City, UT 84060 84060
----------------------------- ----------
(Principal executive offices) (Zip Code)
Registrant's telephone number, including area code (435) 649-2221
N/A
(Former name or former address, if changed since last report)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 7.01. Regulation FD Disclosure.
The following press release is being published today:
PARK CITY GROUP REPORTS SUBSTANTIAL YEAR-OVER-YEAR IMPROVEMENT
IN ITS FY2004 YEAR END FILING
Increased revenues and profitability and improved cash flow from
operations continue trend of year-over-year improvements
PARK CITY, UTAH - October 14, 2004 - Park City Group, Inc. (OTCBB: PKCY)
announced today that it has filed its 10KSB for FY2004 ending June 30, 2004 and
reports significant improvements in the business operations for the year. The
Company reported revenues of $6.03 million as compared to FY2003 revenues of
$5.35 million, an improvement of approximately 12.7% or $680,000. Also reported
is a significant improvement in cash flow from operations of 270% where in
FY2004, the Company reported approximately $67,000 as compared to $27,000 in
FY2003. Equally as important to the improved operation of the Company is a
reduction in operating expenses to $5.37 million from $8.14 million or
approximately a 34% reduction over FY2003. The prior year comparisons are based
on reported FY2003 year results with the one time write down for capitalization
of software expenses of approximately $2.24 million.
Additional highlights for the year include reduced liabilities by more than
$1.45 million and the addition of the PAYGo (Pay-As-You-Go) monthly subscription
model that resulted in accelerated new customer sales as demonstrated by the
addition of Kwik Trip, WinCo Foods, Marvelous Market and Larry's Market.
Additionally, the Company reported increases in recurring revenues from
customers such as Wawa, Schnuck Markets, Pacific Sunwear of California and Price
Chopper and it should be noted that these revenues from existing customers are
recurring revenues, one of the Company's most important revenue sources.
"I am very pleased with our efforts in this past year to improve our operations
by increasing revenues and reducing expenses," said Randy Fields, CEO and
Chairman of Park City Group. "These efforts validated our plan to improve our
balance sheet and increase our market penetration while controlling expenses.
Simply put, it was a very good year. In our new fiscal year we expect the trend
for our subscription based payment model (PAYGo) to accelerate.
-MORE-
Page 2 - PARK CITY GROUP REPORTS SUBSTANTIAL YEAR-OVER-YEAR IMPROVEMENT
IN ITS FY2004 YEAR END FILING
The impact of that acceleration would be to reduce revenue in the short term,
but it also increases the total revenues and makes it much more predictable in
the longer term. We are, needless to say, very, very proud of the efforts our
team made this year. Our new president, Jim Horton, is already making
substantial progress toward building an expanded sales organization and the
market traction is absolutely increasing. I believe that FY2005 will show
continued progress in both revenues and profitability."
While the Company did end the year with a decreased net loss of $(675,000) as
compared to $(5,000,000) in the prior year, the net loss was approximately an
86.6% improvement over results of FY2003. "We look at our progress over the past
two years and we are increasingly confident in our products and our efforts,"
continues Fields. "We have placed a significant emphasis on providing the
products and services that will make our customers successful. This is
especially crucial since our success is measured by our customers' success."
"We feel we are well positioned for FY2005. We have already signed a few new
customers whose names we will be announcing in future news releases as they
begin their product implementations, "concludes Fields.
About Park City Group:
Park City Group, Inc. develops and markets patented computer software that helps
its retail customers to increase their sales while reducing their inventory and
labor costs: the two largest, controllable expenses in the retail industry. The
technology has its genesis in the operations of Mrs. Fields Cookies, co-founded
by Randy Fields, CEO of Park City Group, Inc. Industry leading customers such as
The Home Depot, Victoria's Secret, The Limited, Anheuser Busch Entertainment and
Tesco Lotus benefit from our software. Feel free to contact us (Media Contact
Randy Fields) at 800.772.4556 or info@parkcitygroup.com. To find out more about
Park City Group (OTCBB: PKCY, Berlin: WKN# 925919), visit our website at
www.parkcitygroup.com.
Statements in this press release that relate to Park City Group's future plans,
objectives, expectations, performance, events and the like are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and the Securities Exchange Act of 1934. Future events, risks and
uncertainties, individually or in the aggregate, could cause actual results to
differ materially from those expressed or implied in these statements. Those
factors could include changes in economic conditions that may change demand for
the Company's products and services and other factors discussed in the
"forward-looking information" section and the "risk factor" section of the
management's discussion and analysis included in the Company's report on Form
10-K for the year ended June 30, 2003 filed with the Securities and Exchange
Commission. This release is comprised of interrelated information that must be
interpreted in the context of all of the information provided and care should be
exercised not to consider portions of this release out of context. Park City
Group uses paid services of investor relations organizations to promote the
Company to the investment community. Investments in any company should be
considered speculative and prior to acquisition, should be thoroughly
researched. Park City Group does not intend to update these forward-looking
statements prior to announcement of quarterly or annual results.
####
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PARK CITY GROUP, INC.
(Registrant)
Date: October 14, 2004 /s/ Randall K. Fields
------------------------------------
Randall K. Fields, President and CEO