PCSV Annual Shareholders Meeting
Greetings shareholders and friends. Our shareholder’s meeting for FY2012 was a great success. You can download the meeting PPT from our download area. Also, the following article summarizing the meeting is reprinted from Investorials, a PCSV investor relations partner. Visit Investorials and sign up for their ongoing updates and analysis of PCSV and other companies.
PCS Edventures!.com Inc. (OTCBB: PCSV), a leading provider of K-16 programs focused on STEM education products, recently held its annual meeting on September 28, 2012. During the meeting, the company re-elected its board of directors, ratified its auditors, reviewed its financials, discussed its strategic business units, and answered shareholder questions.
Strong Results for Fiscal 2012
PCS Edventures reported revenues that increased 27% to $2.3 million and gross profits that jumped 10% to $1.2 million during its fiscal year 2012. While the company’s net loss increased 3% due to higher debt costs, its cash flow used in operations improved 46% year over year, signaling that it has made strong improvements in cutting expenses.
These positive trends have continued into fiscal 2013. During the first quarter, the company reported positive cash from operations and a net loss that fell 40% year over year. Meanwhile, second quarter sales already broke a record with a $742,000 purchase order received and shipped during the period. Official second quarter results are expected out in November 2012.
Expanding After School Markets
PCS Edventures derives about half of its revenues from its after school products, which are designed to make STEM education easier for parents and teachers. But despite its progress record setting second quarter, the company controls just 0.15% of the $2 billion market, which means there’s an enormous growth opportunity remaining.
To help capture additional market share, the company is enhancing some of its most popular product lines, increasing awareness through online advertising and webinars, and expanding its customer loyalty and retention programs. The firm hopes that these revised products will more accurately meet customer needs, while its sales programs will keep driving sales higher.
Enhancing Lab Mentors & Learning Centers
PCS Edventures is also improving a number of its other programs. The Lab Mentors division will soon see a new HDX solution designed to create a better user experience for its clients by expanding onto more platforms and solving key firewall challenges. Meanwhile, new standalone products may help diversify its revenues by reducing dependency on Cengage and Devry.
The company also provided an outline of its Learning Centers business model targeting both institutional and direct-to-consumer sales during the annual meeting. Revenue streams from this model include virtual services (subscriptions), merit system classes, experiential retail sales, and potential institutional sales through on-site demonstrates in key school districts.
Improvements Across the Board
Robotics are being increasingly integrated into school curriculums to teach science, technology, engineering and math (STEM) subjects to students around the world. WinterGreen Research projects that the market for robotic educational kits worldwide will expand from 541,000 units and $27.5 million in 2007 to more than 35.8 million and $1.6 billion and 35.8 million by 2014.
PCS Edventures has made significant progress across the board in this market. By simplifying STEM education with well-designed products, the company has grown its revenues by double-digits and recently reported a positive cash flow from operations. These results have continued into fiscal 2013, as it implements new programs designed to expand its sales.