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) February 6, 2006
Commission File Number 000-03718
PARK CITY GROUP, INC.
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(Exact name of small business issuer as specified in its charter)
Nevada 37-1454128
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
333 Main Street, P.O. Box 5000; Park City, Utah 84060
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(Address of principal executive offices)
(435) 649-2221
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(Registrant's telephone number)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure
The following press release is being published today:
Contacts:
At Park City Group At Cameron Associates
Randy Fields John McNamara
800-772-4556 212-554-5485
Info@parkcitygroup.com john@cameronassoc.com
PARK CITY GROUP ANNOUNCES FISCAL 2006 SECOND QUARTER RESULTS
o REVENUES INCREASE 18%
o ASP REVENUES INCREASE 145%
o OPERATING EXPENSES DECLINE 34.5%
PARK CITY, Utah--February 6, 2006--Park City Group, Inc. (OTCBB:PKCY), a leading
provider of software and consulting services for the retail industry, today
announced financial results for its 2006 fiscal year second quarter. The company
reported revenues for the quarter of $1,113,656, an 18% increase compared to
$941,062 in the second quarter of the 2005 fiscal year, and a net income loss
for the three month period of $354,763 compared to a loss of $1,000,602 in last
year's same period. Chairman and CEO, Randy Fields commented, "We are extremely
pleased with our second quarter results. This performance reflects the continued
execution of our strategy to increase revenues on an annual basis while keeping
a tight rein on our expenses."
Additional highlights of the Second Quarter include:
o Software license revenues were $230,574 for the second quarter, a 63% increase
from the $141,692 for the prior year period.
o ASP revenues increased 145% to $50,250 in the second quarter from $20,550 in
the prior year period.
o Consulting and other revenue was $226,521 and $120,231 for the quarters ended
December 31, 2005 and 2004, respectively.
Mr. Fields added, "We continue to gain traction in all our target areas.
Software license revenue continues to grow as existing customers add to their
usage. These additional sales also translate into increasing consulting revenues
as customers partner with us to leverage our extensive industry experience.
Additionally, we are seeing strong interest for ASP services, which contribute
to our own efforts to create a more normalized and predictable revenue stream.
We still have much to do in that aspect, but with a 145% increase in ASP
revenues, we are encouraged."
For the six month period ending December 31, 2005, total revenues increased 149%
to $4,812,521 from the $1,930,739 for the same period of 2004. Software license
revenues increased 842% to $2,861,027 from the $303,855 reported in the prior
year. Net income for the six-month period totaled $1,810,052 compared to a loss
of $1,445,221 for the prior year period
This is an exciting time for our company," Fields continued. "The market place
is looking for solutions to the demand for fresh food while maximizing
operational efficiencies. Hardly a week passes without a significant story in
the financial press that focuses on the growing importance of fresh food,
produce and perishables to the grocery business, and Park City Group is uniquely
situated to meet this demand. We have already booked more business in the first
half of this fiscal year than we did in all of last fiscal year and we look
forward to a strong second half of the fiscal year as well."
About Park City Group
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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. For more about Park
City Group (OTCBB:PKCY) visit our website at www.parkcitygroup.com.
Forward-Looking Statements:
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This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including statements regarding
the Company's anticipated financial results for its third quarter and fiscal
year ending June 30, 2006. These forward-looking statements are based on the
Company's expectations and are subject to risks and uncertainties that cannot be
predicted or quantified and are beyond the Company's control. Future events and
actual results could differ materially from those set forth in, contemplated by,
or underlying these forward-looking statements. These risks and uncertainties
include economic and market conditions, audit-related costs and findings and
legal proceedings and their effects on the Company's expected financial results.
Other factors that could cause actual results to differ materially from
expectations are described in the Company's reports filed with the Securities
and Exchange Commission pursuant to the Securities Exchange Act of 1934.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Dated: February 6, 2006 PARK CITY GROUP, INC.
By: /s/ Randall K. Fields
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CEO