Provision Holding Announces Fiscal Year Results
CHATSWORTH, Calif., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Provision Holding, Inc. (OTCQB:PVHO) announced today financial results for the fiscal year ended June 30, 2016 which reflected the company’s sales and installations of its 3D Savings Center kiosks in the largest U.S. markets.
Total revenues were $5.0 million for the year ended June 30, 2016, compared to $575,000 for the similar year ended June 30, 2015. Revenues are primarily related to sales of Provision’s 3D Savings Center kiosks for placement into retail stores. Gross profit nearly doubled to $526,000 in the 2016 fiscal year from $265,000 in the previous year. The Company also reported a net loss of $6.2 million for the year ended June 30, 2016, compared to a net loss of $0.8 million for the same period last year as the company incurred greater expenses related to the ramp-up of its network of kiosks installed in approximately 475 retail locations and higher interest expense primarily associated with non-cash expenses from the extinguishment of debt. The Company expects lower interest expense in its next fiscal year.
Curt Thornton, CEO and President of Provision Holding commented, “We made tremendous progress this year by working on the deployment of our 3D Savings Center kiosks into the new markets of Philadelphia, Detroit, and San Francisco, while also expanding our penetration the New York and Los Angeles markets. It is very exciting to see Provision continue its forward progress this year with an increase in commitments for advertising revenue.”
For a more complete review of the Company’s results, copies of Provision Holdings Form 10-K and its financial statements for the year ending June 30, 2016 may be found on the Company’s website.
About Provision Interactive Technologies, Inc.
Provision Interactive Technologies, Inc., a subsidiary of the publicly traded company Provision Holding, Inc. (OTCQB:PVHO), is the leading purveyor of intelligent interactive 3D holographic display technologies, software, and integrated solutions for both commercial and consumer focused applications.
Provision's 3D holographic display systems represent a revolutionary technology that provides the projection of full color, high-resolution videos into space detached from the screen, without any special glasses. Provision is currently the market leader in true 3D consumer advertising display products being implemented by innovative, consumer-focused companies.
Provision Holding, Inc. (OTCQB:PVHO) trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements unless legally required.
For more information, visit www.provision.tv.
Contact Media Relations: The Lexicomm Group Wendi Tush Phone : (212) 794-4531 Email : Wendi@lexicommgroup.com
Released October 27, 2016