BOISE, Idaho, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PCS Edventures!, Inc., (PCSV) a leading provider of K-12 Science, Technology, Engineering and Mathematics (STEM) education programs and drone products, today announced unaudited results of operations for its third quarter of fiscal year 2023 (FY 2023), which ended on December 31, 2022.
Revenue for the third quarter of FY 2023 was $1.85 million, which was 225% higher than the $0.57 million in revenue for the same period last year. Net income for the third quarter was $0.57 million compared to ($0.15 million) for the third quarter of fiscal year 2022. The Company ended the quarter with $0.69 million in cash.
Michael Bledsoe, President, commented, “Our exceptional results for the third quarter of our FY 2023 were driven by the order for our Discover Drones program from the Air Force JROTC program, which we received on September 30, 2022. During our third fiscal quarter, we partially fulfilled their order of 344 units by delivering 150 units of our Discover Drones program. During the quarter, we invoiced for these 150 delivered units, received payment, and retired the short-term debt we incurred to procure the materials for this order.”
Mr. Bledsoe continued, “In January of 2023, we completed the first JROTC order of 344 units and will invoice for the 194 units we shipped subsequent to the first invoice once delivery to all sites is verified. We expect to receive payment for this second invoice prior to our fiscal year-end, at which time we plan to retire all corporate debt.”
Todd Hackett, CEO, stated, “I want to extend my appreciation to all of our shareholders for your patience while we worked resiliently to position PCS to be a profitable company. We are now in a secured position for growth, and we expect to create tremendous shareholder value in the years ahead. I also want to thank our employees for their hard work and determination in turning the Company around. Additionally, a very warranted thank you goes to our president, Mike Bledsoe, who worked tirelessly to lead the Company to sustained profitability. We are on course to produce record revenue and earnings for the next year. I look forward to reporting our full fiscal year 2023 results.”
For more information about PCS Edventures!, Inc., visit our website.
Company financial information and reports can be found at https://www.otcmarkets.com/.
About PCS Edventures!, Inc.
PCS Edventures!, Inc. (OTCPK: PCSV) is a Boise, Idaho company that designs and delivers technology-rich products and services for the K-12 market that develop 21st-century skills. PCS programs emphasize experiential learning in Science, Technology, Engineering, and Math (STEM). https://edventures.com/.
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
Investor Contact: Michael Bledsoe 1.800.429.3110, mikeb@edventures.com
Investor Relations Web Site: https://investors.edventures.com/
