PCSV Corporate Update: November 15th
Greetings from PCS Edventures! (PCSV)
By now I hope you will have seen our latest press release and 10-Q announcing a very strong Q2 for PCSV and some very good news for our long time supporters and shareholders. To summarize:
- Record results for the quarter ended September 30, 2012 with revenue of $1,308,510, up 73% from the same quarter last year.
- Net income for the quarter of $99,627 after a charge $128,044 against net income due to the change in fair value of derivatives related to a portion of our debt.
- Revenue for the six months ended September 30, 2012, were $1,873,542, an increase of 42% compared to the same period in the prior year.
- Cash flow from operations for the six months ended was $150,259.
I wanted to follow up on the great news in this press release with a few additional comments and highlights from our 10-Q:
First and foremost, I want to personally thank all of our employees, shareholders, partners, suppliers, and customers for making our second quarter such a strong success. It truly required a team effort from the Board of Directors all the way down to the part-time contract help we recruited to help process orders. The success of our company requires ongoing commitment from all stakeholders to support the company strategy endorsed by our Board of Directors, to communicate and collaborate, to solve problems creatively, and to work hard to support each other as we grow. I know we are all looking forward to continuing our growing momentum through the end of this fiscal year and beyond.
I’m sad to announce that our team has lost a very significant contributor with the resignation of our CFO, Leann Gilberg. Leann contributed strength, sound counsel, and ongoing enthusiasm for the PCS mission over the past year and we will miss her very much. Navigating the many challenges we faced toward the end of FY2012 and early in this year would not have been possible without her matter-of-fact approach to problem solving. I know you all join me in wishing her the best of luck and success as she joins the Idaho Humane Society for what she described to me as her dream job with an organization she has been involved in for many years. We are actively developing a plan to address her departure, but have no operational concerns due to the stength of Leann’s right hand, Krystal Wright, who is more than capable of handling our accounting department and company needs. Leann has also committed to making herself available as needed to make this transition a smooth one.
In addition to the great statistics highlighted in our press release this morning, I wanted to also draw attention to the fact that operating expenses for the three and six-month periods ended September 30, 2012, decreased by $136,314 (20%) and $329,851 (23%) as compared to the same periods ended September 30, 2011. In short, We’re trimming costs, improving efficiencies, and growing revenues. The global STEM opportunity for company growth is significant and we are implementing a multi-pronged strategy to capture as much of that opportunity as possible for our shareholders.
Help us get the good news out! PCSV will be featured in another spotlight on MoneyTV this week starting tomorrow as we highlight our financial results. We also continue to gain exposure through our investor relations partner Investorials who created our company video profile. To date, over 2,000 individuals have viewed our company video and we continue to see 80 additional views per day. Investorials is also working to add their service and announcements to the Google Financial network in the coming month which will get PCSV in front of hundreds of thousands of additional potential shareholders. Our existing shareholders and friends can help us spread the word by forwarding on these updates and press releases. PCSV is proud of the progress we’re making and we want to let more people know about it. Thanks for your support.
Thanks again for your ongoing support and enthusiasm for PCSV. We’ll keep working hard to continue delivering more good news on a regular basis.
Best wishes and have a great weekend,