CHATSWORTH, Calif., May 27, 2016 (GLOBE NEWSWIRE) -- Provision Holding, Inc. (OTCQB:PVHO) announced today operational and financial results for the fiscal quarter ended March 31, 2016.
Total revenues exceeded $2.0 million for the quarter ended March 31, 2016, its third fiscal quarter after its June 30, 2015 year end, compared to $172 thousand for the similar quarter last year. For the nine months ended March 31, 2016, revenues were nearly $5.4 million, compared with $300 thousand for the same period of the prior fiscal year. Revenues are primarily related to sales of Provision’s 3D Savings Center kiosks for placement into retail stores. There are now nearly 500 kiosks installed in one of the nation’s leading pharmacy chains.
Curt Thornton, CEO and President of Provision Holding commented, “While we experienced a slowdown in the quantity of 3D Savings Center kiosks placed into retail stores during the quarter, it was primarily driven by the focus and emphasis placed on improving the consumer experience inside the stores as we learned from the installation of the first 500 kiosks. The consumer experience includes: improving the software platform for added value and ease of use, and relevant instore content that provides value to the shopper.” We’re seeing a lot of pent up excitement in our 2.0 software testing to date, especially as we approach our eminent production release. When we combine this with major brand advertising currently on our kiosks, the momentum is building. We are determined to build long-term value for our shareholders and we will achieve that through improvements to the kiosks.”
While improving the network, the company incurred a quarterly net loss of $913 thousand, which was higher than the net loss in the comparable period from last year when the company had much lower sales and operations. The higher net loss was the result of additional general and administrative costs as well as research and development costs primarily associated with improving the kiosks, growing the Provision network and strengthening Provision’s brand.
For a more complete review of the Company’s results, copies of its financial statements for the quarter ended March 31, 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
Source: Provision Holding Inc.