0001415889-12-000239.txt : 20120214 0001415889-12-000239.hdr.sgml : 20120214 20120214160044 ACCESSION NUMBER: 0001415889-12-000239 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20120214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARK CITY GROUP INC CENTRAL INDEX KEY: 0000050471 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 371454128 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34941 FILM NUMBER: 12609473 BUSINESS ADDRESS: STREET 1: 3160 PINEBROOK ROAD CITY: PARK CITY STATE: UT ZIP: 84098 BUSINESS PHONE: 435-645-2000 MAIL ADDRESS: STREET 1: 3160 PINEBROOK ROAD CITY: PARK CITY STATE: UT ZIP: 84098 FORMER COMPANY: FORMER CONFORMED NAME: FIELDS TECHNOLOGIES INC DATE OF NAME CHANGE: 20010626 FORMER COMPANY: FORMER CONFORMED NAME: AMERINET GROUP COM INC DATE OF NAME CHANGE: 19990803 FORMER COMPANY: FORMER CONFORMED NAME: EQUITY GROWTH SYSTEMS INC /DE/ DATE OF NAME CHANGE: 19951214 8-K 1 form8k-02142012_040202.htm Park City Group, Inc. - FORM 8-k



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 14, 2012

Commission File Number:  000-03718

Park City Group, Inc.
(Exact name of small business issuer as specified in its charter)

Nevada
(State or other jurisdiction of incorporation or organization)
37-1454128
(IRS Employer Identification No.)



3160 Pinebrook Rd., Park City, Utah 84098
(Address of principal executive offices)

435-645-2000
(Registrant's Telephone number)

Not Applicable
(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 2.02 Results of Operations and Financial Condition.

On February 14, 2012, Park City Group, Inc. (the "Company") issued a press release announcing its financial results for the quarter ending December 31, 2011. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

Item 8.01 Other Events.

Also on February 14, 2012, the Company issued a press release announcing its partnership with Leavitt Partners, an internationally-known health care and food safety consulting firm. The Company and Leavitt Partners have joined to create a solution targeted toward improving supply chain visibility for food and drug safety. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

See Exhibit Index.

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Park City Group, Inc.


Date:   February 14, 2012
By: /s/ David Colbert
Name: David Colbert
Title: Chief Financial Officer

Exhibit Index
 
Exhibit No.
   
Description
EX-99.1
   
PCG Press Release Feb 14 2012
EX-99.2
   
PCG Press Release Feb 14 2012 (Leavitt)
EX-99 2 ex99-02142012_040212.htm Press Contacts:




Park City Group Reports Second Quarter Fiscal 2012 Financial Results


Food and Drug Safety Partnership Planned with Leavitt Partners

Marks an Important Strategic Milestone


·

Quarterly subscription revenue of $1.7 million, a 5.4% increase year over year

·

2Q12 total revenue of $2.6 million versus $2.7 million during the same period a year ago

·

2Q12 free cash flow of $414,000

·

2Q12 adjusted EBITDA of $429,000

·

2Q12 GAAP EPS ($0.03), versus breakeven during 2Q11

·

2Q12 non-GAAP EPS breakeven, versus $0.03 during 2Q11

·

Year over year total debt reduction of  $817,000, a 20% decrease

PARK CITY, Utah – February 14, 2012 -- Park City Group (NYSE Amex: PCYG), a Software-as-a-Service (SaaS) provider of unique supply chain solutions for retailers and their suppliers, today announced results for its fiscal second quarter ended December 31, 2011.

“Our three primary initiatives during fiscal 2012 are to increase the adoption of our end-to-end supply chain management solutions, expand into at least one new retail vertical outside of the grocery industry, and validate our track and trace technology for use as a food and drug safety registry.  We made significant progress on all three of these initiatives during the first half of the year,” said Randall K. Fields, Park City Group’s Chairman and CEO. “We’re seeing an acceleration of customers deploying more of our solutions deeper into their supply chains.  In addition, we’re increasingly confident of a significant win in an additional vertical market given our growing sales pipeline.”

“Finally, our recently announced venture with Leavitt Partners has significant implications for both the adoption of our food and drug safety global registry, as well as for the future overall growth of our Company.  Leavitt Partners provides industry-recognized thought leadership that will accelerate the adoption of our track and trace technology as the industry standard.  Successful adoption not only provides the opportunity to expand our addressable market, but also offers the potential to significantly increase our revenue and profitability. It’s currently anticipated that the partnership will be a newly created entity primarily capitalized by independent investors. As a result of these three initiatives, growth of our retail/supplier connections and revenue should begin to accelerate during the fourth quarter.”

Revenue


Total revenue for the second quarter ended December 31, 2011 was $2.6 million, a 6.5% decrease from the prior year.  The Company said its shift to a subscription based revenue model makes quarterly comparisons of maintenance, professional services, and license revenue difficult, as these can vary significantly from quarter to quarter.  The decrease in non-subscription revenues was largely anticipated, and reflects management’s emphasis on growing subscription revenue in future periods. Subscription revenue is expected to continue to increase as a percentage of revenue and other revenue categories will continue to decrease, or remain volatile. This was evident during the second quarter, as maintenance, professional services, and license revenue decreased 15%, 36%, and 27%, respectively.


Subscription revenue during the second quarter increased 5.4% to $1.7 million, reflecting growth of retail and supplier customers contracted during the last several quarters, which was partially offset by customer churn.  “Our churn rate was slightly higher than normal during the second quarter, which offset subscription revenue growth by approximately five percentage points,” said David Colbert, the Company’s Chief Financial Officer.  


Commenting on revenue trends, Mr. Fields said, “So far this fiscal year, more than a dozen of our current retail and supplier customers have agreed to deploy additional point solutions that help not only diagnose problems within their supply chains, but also provide solutions to those problems.  This is solid evidence that our shift from being a tactical to a strategic service provider is accelerating.”


Net (Loss) Income

   

Net loss available to common shareholders for the quarter ended December 31, 2011 was ($385,000), or ($0.03) per share, as compared to a net loss of ($22,000), or ($0.00) per share, during the prior year period. Non-GAAP EPS for the second quarter were $0.00 versus $0.03 during the same period last year.


Cash


During the quarter ended December 31, 2011, free cash flow was $414,000, compared to $482,000 during the same period last year. On a year over year basis, the Company reduced its debt balance by $817,000, or 20%, to end the second quarter with a balance of $3.2 million. Total cash was $942,000 at December 31, 2011.


  

The Company will host a conference call at 4:30 P.M. Eastern to discuss today’s results. Investors and interested parties may participate in the call by dialing (877) 675-3568 and referring to Conference ID: 48543871. The conference call is also being webcast and is available via the investor relations section of the Company’s website, www.parkcitygroup.com. A toll free replay of the conference call will be available until February 21, 2012 by dialing (855) 859-2056 and entering Conference ID: 48543871.


About Park City Group


Park City Group (NYSE Amex: PCYG) is a Software-as-a-Service (“SaaS”) provider that brings unique visibility to the consumer goods supply chain.  With over $100 million invested in development and 16 years of commercialization surrounding its proprietary scan based data platform, the Company’s services increase customers’ sales and profitability, while ensuring regulatory compliance for both retailers and their suppliers.  


Through a process known as Consumer Driven Sales OptimizationTM, Park City Group helps retail and consumer packaged goods customers turn transactional information into actionable strategies to lower inventory, increase sales and improve efficiencies in the supply chain.  


The Company’s Food Safety Global RegistryTM provides food retailers and suppliers with a robust solution that will help them protect their brands and remain in compliance with rapidly evolving regulations in the recently-passed Food Safety Modernization Act.  The Food Safety Global Registry, an internet-based technology, will enable all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners.  For more information, go to www.parkcitygroup.com.


Non-GAAP Financial Measures

This press release includes the following financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission: non-GAAP EBITDA, non-GAAP earnings per share, net debt and free cash flow. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures will be provided upon the completion of the Company’s annual audit.


Non-GAAP EBITDA excludes items such as impairment charges, allowance for doubtful accounts, charges to consolidate and integrate recently acquired businesses, costs of closing corporate facilities, non-cash stock based compensation and other one-time cash and non-cash charges. Non-GAAP EPS excludes items such as non-cash stock based compensation, charges to consolidate and integrate recently acquired businesses, costs for closing corporate facilities, amortization of acquired intangible assets and other one-time cash and non-cash charges. Net debt is the total debt balance less the cash balance. Free cash flow includes net cash provided (used) by operating activities less replacement purchases of property and equipment.  The Company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses or net purchases of property and equipment, as the case may be, which may not be indicative of its core operation results and business outlook. In addition, because Park City Group has historically reported certain non-GAAP results to investors, the Company believes that the inclusion of non-GAAP measures provides consistency in the Company’s financial reporting.


Forward-Looking Statement

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Park City Group, Inc. (”Park City Group”) are intended to identify such forward-looking statements. Park City Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Park City’s annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.


Investor Relations Contact:

Dave Mossberg

Three Part Advisors, LLC

817-310-0051



-- tables to follow –







1





PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (Unaudited)


 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

2011

 

2010

 

2011

 

2010

Revenues:

 

 

 

 

 

 

 

Subscription

$1,681,000

 

$1,595,345

 

$3,423,130

 

$3,144,892

Maintenance

494,351

 

584,732

 

1,009,647

 

1,152,951

Professional services and other revenue

168,971

 

262,213

 

363,015

 

552,433

Software licenses

222,800

 

304,719

 

350,610

 

462,719

 

 

 

 

 

 

 

 

 

 

Total revenues

2,567,122

 

2,747,009

 

5,146,402

 

5,312,995

 

 

 

 

 

 

 

 

 

Operating revenues:

 

 

 

 

 

 

 

Cost of services and product support

1,115,113

 

908,846

 

2,255,374

 

1,800,401

Sales and marketing

568,797

 

737,936

 

1,230,545

 

1,357,534

General and administrative

790,855

 

648,493

 

1,550,392

 

1,712,815

Depreciation and amortization

220,835

 

182,492

 

444,800

 

376,606

 

 

 

 

 

 

 

 

 

 

Total operating expenses

2,695,600

 

2,477,767

 

5,481,111

 

5,247,356

 

 

 

 

 

 

 

 

 

(Loss) Income from operations

(128,478)

 

269,242

 

(334,709)

 

65,639

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Interest expense

(47,394)

 

(84,687)

 

(120,884)

 

(183,177)

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

(175,872)

 

184,555

 

(455,593)

 

(117,538)

 

 

 

 

 

 

 

 

 

(Provision) benefit for income taxes

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Net (loss) income

(175,872)

 

184,555

 

(455,593)

 

(117,538)

 

 

 

 

 

 

 

 

 

 

Dividends on preferred stock

(208,867)

 

(206,975)

 

(417,220)

 

(414,070)

 

 

 

 

 

 

 

 

 

 

Net income (loss) applicable to common shareholders

$(384,739)

 

$ (22,420)

 

$(872,813)

 

$(531,608)

 

 

 

 

 

 

 

 

 

Weighted average shares, basic and diluted

11,698,000

 

11,138,000

 

11,674,000

 

11,044,000

Basic and diluted loss per share

$      (0.03)

 

$      (0.00)

 

$      (0.07)

 

$      (0.05)






2





PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheet


 

December 31, 2011

 

June 30,

2011

Assets

(Unaudited)

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$    942,327

 

$  2,618,229

 

Receivables, net of allowance of $55,000 and $15,581

 

 

 

 

   at December 31, 2011 and June 30, 2011, respectively

1,524,059

 

2,059,773

 

Prepaid expenses and other current assets

217,225

 

265,818

 

 

 

 

 

 

Total current assets

2,683,611

 

4,943,820

 

 

 

 

 

 

Property and equipment, net

545,751

 

651,992

 

 

 

 

 

 

Other assets:

 

 

 

 

Deposits and other assets

24,026

 

24,026

 

Customer relationships

2,973,809

 

3,184,967

 

Goodwill

4,805,933

 

4,805,933

 

Capitalized software costs, net

292,330

 

365,413

 

 

 

 

 

 

Total other assets

8,096,098

 

8,380,339

 

 

 

 

 

 

Total assets

$  11,325,460

 

$ 13,976,151

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

$        526,604

 

$      790,914

 

Accrued liabilities

1,365,505

 

1,162,775

 

Deferred revenue

1,127,728

 

1,663,232

 

Capital lease obligations

72,979

 

107,547

 

Lines of credit

1,200,000

 

1,200,000

 

Note payable

1,031,060

 

2,414,853

 

 

 

 

 

 

Total current liabilities

5,323,876

 

7,339,321

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

Notes payable, less current portion

941,813

 

1,271,691

 

Capital lease obligations, less current portion

10,404

 

41,202

 

 

 

 

 

 

Total liabilities

6,276,093

 

8,652,214







3





PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheet


 

December 31, 2011

 

June 30,

2011

 

 

(Unaudited)

 

 

 

Stockholders’ equity:

 

 

 

 

Series A Convertible Preferred stock, $0.01 par value, 30,000,000 shares

 

 

 

 

authorized; 672,670 and 667,955 shares issued and outstanding at September 30, 2011 and June 30, 2011, respectively


6,768

 


6,680

 

Series B Convertible Preferred stock, $0.01 par value, 30,000,000 shares

 

 

 

 

authorized; 411,927 shares issued and outstanding at December 31, 2011 and June 30, 2011


4,119

 


4,119

 

Common stock, $0.01 par value, 50,000,000 shares authorized; 11,657,901 and

 

 

 

 

11,612,460 issued and outstanding at September 30, 2011 and June 30, 2011,

 

 

 

 

Respectively

117,749

 

116,125

 

Additional paid-in capital

36,685,115

 

36,088,584

 

Accumulated deficit

(31,764,384)

 

(30,891,571)

 

 

 

 

 

 

Total stockholders’ equity

5,049,367

 

5,323,937

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$  11,325,460

 

$ 13,976,151

 

 

 

 

 





4





PARK CITY GROUP, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flows (Unaudited)


 

Six Months Ended December 31,

 

2011

 

2010

Cash Flows From Operating Activities:

 

 

 

 

Net loss

$        (455,593)

 

$      (117,538)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

444,800

 

376,606

 

Bad debt expense

69,194

 

2,888

 

Stock compensation expense

563,175

 

363,071

 

Stock issued for litigation settlement

-

 

375,000

Decrease (increase) in:

 

 

 

 

Trade receivables

466,520

 

73,452

 

Prepaids and other assets

48,593

 

(36,381)

(Decrease) increase in:

 

 

 

 

Accounts payable

(264,310)

 

(266,007)

 

Accrued liabilities

54,985

 

(227,074)

 

Deferred revenue

(535,504)

 

96,639

 

 

 

 

 

 

Net cash provided by operating activities

391,860

 

640,656

 

 

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

Purchase of property and equipment

(54,318)

 

(24,973)

 

Capitalization of software costs

-

 

(197,051)

 

 

 

 

 

 

Net cash used in investing activities

(54,318)

 

(222,024)

 

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

 

Proceeds from issuance of note payable

137,028

 

-

 

Proceeds from exercise of warrants

12,749

 

-

 

Proceeds from issuance of stock

-

 

140,800

 

Dividends paid

(247,156)

 

(123,578)

 

Payments on notes payable and capital leases

(1,916,065)

 

(362,265)

 

 

 

 

 

 

Net cash used in financing activities

(2,013,444)

 

(345,043)

 

 

 

 

 

Net (decrease) increase in cash

(1,675,902)

 

73,589

 

 

 

 

 

Cash and cash equivalents at beginning of period

2,618,229

 

1,157,431

 

 

 

 

 

Cash and cash equivalents at end of period

$           942,327

 

$      1,231,020

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

Cash paid for income taxes

$                      -

 

$                     -

Cash paid for interest

$           180,943

 

$         144,564

 

 

 

 

Supplemental Disclosure of Non-cash Investing and Financing Activities

 

 

 

Common stock to pay accrued liabilities

$           418,434

 

$         405,000

Dividends accrued on preferred stock

$           417,220

 

$         414,070

Dividends paid with preferred stock

$           167,060

 

$         162,230

 

 

 

 

 






5





PARK CITY GROUP, INC. AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures


Adjusted EBITDA

(In $000’s)

Unaudited results of operations

 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

Net Income (loss)

($176)

 

$185

 

($456)

 

($117)

 

 

 

 

 

 

 

 

Adjusted EBITDA Reconciliation Adjustments:

 

 

 

 

 

 

Depreciation and amortization

221

 

182

 

445

 

376

Bad debt expense

27

 

3

 

70

 

3

Interest, net

47

 

85

 

120

 

183

Stock based compensation

310

 

232

 

563

 

363

One-time expenses (stock and cash)

-

 

-

 

60

 

450

 

 

 

 

 

 

 

 

    Adjusted EBITDA

$429

 

$687

 

$802

 

$1,258

 

 

 

 

 

 

 

 


Non-GAAP Net Income (Loss) to Common Shareholders and EPS

(In $000’s, except per share)

Unaudited results of operations

 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

Net Income (loss)

($176)

 

$185

 

($456)

 

($117)

 

 

 

 

 

 

 

 

Non-GAAP Net Income (Loss) Reconciliation Adjustments:

 

 

 

 

 

 

Stock based compensation

310

 

232

 

563

 

363

One-time expenses (stock and cash)

-

 

-

 

60

 

450

Acquisition related amortization

126

 

126

 

252

 

252

 

 

 

 

 

 

 

 

      Non-GAAP Net Income

$260

 

$543

 

$419

 

$948

 

 

 

 

 

 

 

 

Preferred dividends

(209)

 

(207)

 

(417)

 

(414)

 

 

 

 

 

 

 

 

Non-GAAP Net Income to Common Shareholders


$51

 


$336

 

$2

 

$534

 

 

 

 

 

 

 

 

Weighted average shares, diluted

11,698,000

 

11,138,000

 

11,674,000

 

11,044,000

    Non-GAAP EPS, diluted

$0.00

 

$0.03

 

$0.00

 

$0.05





6





Non-GAAP Free Cash Flow

(In $000’s)

Unaudited results of operations

 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

Net Cash Provided by Operating Activities

$448

 

$598

 

$392

 

$641

 

 

 

 

 

 

 

 

Non-GAAP Free Cash Flow Reconciliation Adjustments:

 

 

 

 

 

 

Purchase of property and equipment

(34)

 

(8)

 

(54)

 

(25)

Capitalized software costs

-

 

(108)

 

-

 

(197)

 

 

 

 

 

 

 

 

Non-GAAP Free Cash Flow

$414

 

$482

 

$338

 

$419

 

 

 

 

 

 

 

 


Non-GAAP Net Debt

(In $000’s)

Unaudited results of operations

 

 

As of

 

 

December 31,

 

 

2011

 

2010

 

 

 

 

 

Total Debt

 

$3,173

 

$3,990

 

 

 

 

 

Less Total Cash

 

$942

 

$1,231

 

 

 

 

 

Non-GAAP Net Debt

 

$2,231

 

$2,759

 

 

 

 

 






7



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For release

February 14, 2012


Media Contacts

Investor Contact (Park City Group)

Natalie Gochnour

Dave Mossberg

Leavitt Partners

Three Part Advisors, LLC

801.961.1581

817.310.0051

natalie@leavittpartners.com


Ronald Margulis

RAM Communications

+1 908.272.3930

ron@rampr.com


Leavitt Partners and Park City Group Unite to Build a Global Food and Drug Safety Registry


Comprehensive solution addresses supply chain visibility challenges

 for all food and pharmaceutical industry trading partners


Salt Lake City & Park City, Utah – Leavitt Partners, an internationally-known health care and food safety consulting firm, and Park City Group (NYSE Amex: PCYG), a leader in consumer goods supply chain technology, have joined to create a solution targeted toward improving supply chain visibility for food and drug safety. The solution creates visibility from the farm to the fork in the food industry, and from the manufacturer to the pharmacy in the pharmaceuticals industry. The new partnership will help food retailers, foodservice operators, wholesalers and manufacturers protect their brands and be compliant with current and future regulatory requirements that could emerge from the Food Safety Modernization Act (FSMA). It will also provide tracking and tracing of pharmaceuticals through the supply chain from manufacturer to retailer, as numerous state and federal laws require.


The database of trading partner connections can easily, quickly and economically help identify the source of suspect product, as well as track it throughout the supply chain. Since the system works with existing electronic documents, it requires no special labeling, hardware or software; and can be deployed for no more than the cost of an average monthly cell phone bill. The database will reduce tracking times from weeks to minutes, so affected products can quickly be identified and removed from all trade channels, which can ultimately save lives. The partnership expects to commence operation with a select number of retailers, foodservice operators, wholesalers and manufacturers in the next few months.


“The federal and state level food and drug tracking and tracing laws are placing a significant responsibility on retailers, manufacturers and other suppliers to know exactly where their product comes from and where it’s going to. Our partnership with Park City Group will deliver a very comprehensive and inexpensive solution for clients that both meets regulatory obligations and generates supply chain productivity opportunities,” said Rich McKeown, President of Leavitt Partners. “The Park City Group solution not only exists today, but is proven, scalable and very cost effective.”


The partnership will leverage Park City Group’s proven product synchronization technology that has been processing millions of transactions daily between retailers, foodservice operators and suppliers for more than a decade.  The system is known for its ability to maintain perpetual inventories, track product movement, and as a trusted provider of information used to settle financial transactions among trading partners. The new offering provides a low-cost, best practice solution for tracking and tracing products in the grocery and pharmaceutical supply chains.  Other benefits from the system are enhanced customer



loyalty, compatibility with any standard or in-house systems including GS1, sophisticated security, multi-platform connectivity and adherence to ever-changing traceability mandates.


“As a single point of connection for thousands of participants in the food and drug supply chain, the new partnership addresses the systemic challenge of a one-to-many information exchange through our easy-to-use web-based technology. By working with Leavitt Partners, our clients gain access to the most experienced team of food and drug safety experts on the planet, and the combination of the two organizations ensures that all regulatory requirements are efficiently and cost effectively met. It’s currently anticipated that the partnership will be a newly created entity primarily capitalized by independent investors,” said Randall K. Fields, Chairman and CEO of Park City Group.


About Leavitt Partners

Leavitt Partners advises clients in the health care and food safety sectors. The firm applies its experience, knowledge and a network of global relationships to serve our clients. As a food safety and health care intelligence business we provide the best available window to the future of American health care. More information is available at www.leavittpartners.com.


About Park City Group

Park City Group (NYSE Amex: PCYG) is a Software-as-a-Service provider that brings unique visibility to the consumer goods supply chain. With over $100 million invested in development and 16 years of commercialization surrounding its proprietary scan based data platform, the Company’s services increase customers’ sales and profitability, while ensuring regulatory compliance for both retailers and their suppliers. Through a process known as Consumer Driven Sales Optimization, Park City Group helps retail and consumer packaged goods customers turn transactional information into actionable strategies to lower inventory, increase sales and improve efficiencies in the supply chain. More information is available at www.parkcitygroup.com.


Forward-Looking Statements

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995.  Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Park City Group, Inc.  (“Park City Group”) are intended to identify such forward-looking statements.  Park City Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur.  These projections are subject to change and could differ materially from final reported results.  For a discussion of such risks and uncertainties, see “Risk Factors” in Park City’s Annual Report on Form 10-K for the fiscal year ended June 30, 2011, its quarterly report on Form 10-Q for the quarter ended September 30, 2011, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.


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