BOISE, Idaho, Feb. 26, 2015 (GLOBE NEWSWIRE) -- via PRWEB - PCS Edventures, Inc. (PCSV), a leading K12 education company focused on Science, Technology, Engineering, and Math solutions for the K12 market, released its 10-Q for FY2015 Q3 on February 11th, 2015. The results were a $18,184.77 EBITDA positive quarter for the company that has made large investments in market development as well as product development over the past 18 months. The positive results come in a quarter that is typically a down quarter for the company due to the drop in traditional K12 domestic sales during the Oct-Dec holiday season.
Robert Grover, Co-CEO of PCS, said of the results, "In the past 18 months we have been investing in product R&D, expanding our International footprint through larger contracts in the Middle East, and expanding our domestic sales force focusing on STEM product sales. We have also continued to reduce overhead and trim operational costs in all ways possible, while simultaneously improving product efficiency. The positive quarterly results indicate that our overall strategy which involves the monetizing of our core STEM technologies and solutions through multiple avenues is working. We are now seeing growing revenue streams from retail robotics, International contracting, domestic learning labs, and domestic educational sales, all of which work together to create a business model with multiple points of scalability. We are establishing a foundation for future growth that leverages our core competencies in many ways."
Russelee Horsburgh, Vice President of PCS, said "Revenues for three months ended December 31, 2014 increased by $433,983 (125%) to $782,322, as compared to revenues during the quarter ended December 31, 2013 of $348,339. All revenue streams showed growth, with $304,339 in International contract sales and $87,795 in domestic sales growth as the biggest gains. These same International contracts produced a marked improvement in our gross profit margin this quarter."
Todd Hackett, Co-CEO, said regarding the third quarter results that he found it very encouraging to have positive growth in what is normally known as a difficult quarter. The increased contract and sales activity has helped to develop more market strength and will ultimately further company growth. "The company is optimistic about its future."
PCS Edventures concludes its fiscal year on March 31st and will be providing further information and discussion on the company's progress in April.
Non-GAAP Financial Measures Description
This press release includes presentation of EBITDA, which is not a financial measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (GAAP). This measurement may be deemed "non-GAAP financial measures" under rules of the Securities and Exchange Commission, including Regulation G. EBITDA is defined as net income (loss) before equity in earnings of unconsolidated subsidiary, income tax benefit (expense), loss on early debt extinguishment, other income (expense), net, realized gains (losses) on investments, interest expense, net, equity-based compensation expense, related party management fees, restructuring charges, and depreciation and amortization expense.
This non-GAAP financial measure is commonly used by management and investors as a performance measure. However, the items excluded from this non-GAAP financial measure is a significant component in understanding and assessing PCS's financial performance, and as a result, this measures should not be considered in isolation or as an alternative to GAAP measures such as net income, cash flows provided by or used in operating, investing or financing activities or other financial statement data presented in PCS's consolidated financial statements as an indicator of financial performance or liquidity. Since these non-GAAP financial measures are not measures determined in accordance with GAAP and are susceptible to varying calculations, these measures, as presented, may not be comparable to other similarly titled measures of other companies.
About PCS Edventures!
PCS Edventures!.com, Inc. (PCS) designs and delivers educational products and services to the K-16 market that develop 21st century skills. PCS programs emphasize hands-on experiences in Science, Technology, Engineering, Arts, and Math (STEAM) and have been deployed at over 7,000 sites in all 50 United States and 17 foreign countries. Additional information on our STEAM products is available at http://www.edventures.com/products
PCS Edventures is headquartered in Boise, Idaho, and its common stock is listed on the OTC Markets under the symbol "PCSV."
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.
Contact Information:
Investor Contact: Robert Grover 1.800.429.3110, robert(at)edventures(dot)com
Investor Relations Web Site: http://www.edventures.com/investors
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