Park
City Group Inc. OTCBB:
PKCY
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| Shares Outstanding | 243.64 M |
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Park City Group Could Become a $25-30 Million Company Within a Few Years
Technology Strategy Park City Group uniquely leverages its expertise in retail operations management and state-of-the-art, patented technologies to simplify the planning and execution of complex processes; deliver timely, relevant and "action-able" information; and improve its customers' profitability by putting the "best manager" in every store. It isn't enough to develop software using the latest or greatest technology. Technology needs to work hand in hand to meet the objectives that the software has targeted. Rather than drive to a commitment to a single operating system, database or communications methodology, Park City Group's design and technology experts adhere to a technology strategy that leverages the key technology requirements while supporting the existing technical environments. The highlights of this type of strategy can be summarized as follows:
Products & Services Fresh Market Manager Fresh Market Manager is a fully integrated, end to end, management system for perishable, non-perishable and food service departments such as bakery, deli, produce, meat, seafood, dairy, floral and frozen. FMM provides category analysis and precise item management, in-store forecasting and production planning, computer-aided ordering, perpetual onhand inventory and real time alerts. The elements that are defined as part of the total Fresh Market Manager solution are as follows:
ActionManager's Work Bench ActionManager's Work Bench software solutions for business operations are tailorable, rules-based and event-driven technologies. Each ActionManager Workbench solution incorporates Park City Group's core Action Dashboard technology. This unique feature allows you to embed your company's "best practice" solutions into the system. Action Dashboard software automates tactical, routine tasks; alerts managers to issues that require immediate attention; and gives advice on actions to be taken. Routine processes become automated and less time-consuming, allowing your managers to focus on people, rather than paper and processes.
Account Manager Park City Group customers receive personalized support and ongoing attention from an Account Manager with over five years experience in data processing, project management, and business expertise. Every Account Manager has worked with numerous customer implementations and has been instrumental in optimizing productive use of Park City Group products. This management-level professional works closely with your project team to ensure implementation success while keeping your management team informed of implementation progress.
The Market The company believes it is the only software vendor offering a comprehensive client/server and Internet-based application solution that automates and manages most paper-based functions of multi-unit organizations. Its latest product (Fresh Market Manager), in addition to the Home Depot product, (Action Manager) will greatly improve supermarket operations, saving up to 50% of perishable waste costs. These software products have tremendous potential to increase revenues. Similar software helped Mrs. Fields Cookies coordinate over 600 stores and has been developed for multiunit organizations worldwide in unlimited languages using their patented quick-switch language software. "This technological breakthrough proves again that we have a real understanding of the needs of retail business from the perspective of operations, not only in the U.S. but around the world," said Randall K. Fields, President and CEO of Park City Group. "Innovation has been a hallmark of the Park City Group's development technology and achievement of yet another patent pending truly demonstrates this fact." At a recent show held in Las Vegas for International Bakery Industry Exposition, Park City Group premiered the Fresh Market Manager solution and received extraordinary interest in the product. IBIE vendors showcased products and services of 778 companies in its 349,600 net square feet of exhibit space. A total of 19,640 attendees included 3,925 international attendees representing 96 countries. According to Randy Fields, "These manufacturers are very interested in being able to do the same cost controls and profitability improvement in the large scale production of perishable products. While we anticipated that these types of businesses were a potential new market for our product, the response we received and the speed at which these organizations have been requesting presentations and pursuing licensing options has far exceeded our expectations. We may even have the opportunity to sign one or two deals and initiate an implementation before the end of the year." Management
Future Outlook Park City Group recently reported its 10KSB for FY2004 ending June 30, 2004. The Company reported 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. Randy Fields, CEO and Chairman of Park City Group stated, "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. "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." Additional highlights for the year 2004 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. Software industry respected James D. Horton and recently appointed president and COO of Park City Group has said, "I can foresee the possibility of making this a $25-30 million company in just a few years. I believe this is achievable and my personal investment in the company is demonstration of my commitment and confidence in the growth possibilities for Park City Group."
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Management Story
In the early 1970's, Fields established a financial and economic consulting firm called Fields Investment Group. He co-founded Mrs. Fields Cookies with Debbi Fields, and served as its chairman from 1978 to 1990. During his tenure at Mrs. Fields Cookies, Fields pioneered the development of Fresh Market Manager and ActionManager software systems to provide innovative management solutions for Mrs. Fields Cookies. Based on the acclaim surrounding Fields; use of technology in operating business environments, and the effectiveness of the software in producing benefits and results, he founded Park City Group in 1990. Randy and Debbi co-founded the Mrs. Fields Children's Health Foundation and served as Directors for several charitable institutions, including the Primary Children's Hospital and the LDS Hospital in Salt Lake City . He is a contributing editor to Chief Executive Magazine, and has written extensively on the subject of using technology to solve business challenges. Articles regarding Fields' concepts, companies and products have been featured in business publications such as Forbes, Business Week, INC Magazine, The Wall Street Journal, Management Review as well as computer and trade magazines including Computerworld, Information Week, PC Week, Network World, Datamation, RIS News and Chain Store Age Executive. Fields holds both bachelor and masters degrees from
Stanford University , where he was a Phi Beta Kappa, Danforth
Fellow and National Science Foundation Fellow. SEC Filings PKCY filings with the SEC can be found here. All Fillings are current and the Company is fully reporting.
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Randall K. (Randy) Fields is CEO and President of Park
City Group, Inc. a software development and consulting
services company based in Park City , Utah . Fields is
responsible for the strategic direction of Park City Group's
two application suites: Fresh Market Manager, software suite
that addresses the needs of organizations with perishable
inventory, production planning and product forecasting and
category and costing requirements and ActionManager™ a suite
of 20 integrated software applications for business operations
management for geographically distributed multi-unit
businesses.