US Dataworks (AMEX:UDW)
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HOUSTON, Aug. 14 /PRNewswire-FirstCall/ -- US Dataworks, Inc. (AMEX:UDW), a leading developer of payment processing solutions, today announced financial results for its fiscal first quarter ended June 30, 2007.
Revenues for the first quarter ended June 30, 2007 were $1,229,071 compared with revenues of $1,215,088 for the same period a year ago. Operating loss for the first quarter was $837,072 compared to an operating loss of $1,103,219 for the first quarter ended June 30, 2006. Net loss for the first quarter was $869,264 or $(0.03) per share, compared to a net loss of $1,600,370 or $(0.05) per share, for the corresponding period in the prior year.
Charles E. Ramey, Chairman and CEO of US Dataworks said, "Our core business was positive in the quarter, whereby transactional revenues increased by 24% due to the increase in utilization of our software solutions by current customers along with some new customers. Maintenance revenue jumped 84% in the quarter, primarily due to the start of an annual maintenance agreement with a major financial services company in May of 2007. Also showing major improvement in the quarter was our gross margin, which was 68.6%, up from 57% one year ago, due specifically to lower costs of third party software that is resold and packaged in conjunction with our software Clearingworks(TM)."
"We implemented certain operational efficiencies during the quarter that assisted us in reducing our operating expense and improving our earnings per share. Although we did not recognize any ATM revenue this quarter, we expect those revenues to be recognized in future quarters. We believe that the production of smart kiosks will be widely accepted in the marketplace and a revenue driver in the coming quarters," stated Mr. Ramey.
A conference call is scheduled for today, at 10:30 AM EDT. Interested parties may participate in the call by dialing (877) 407-8037; international callers dial (201) 689-8037 about 5-10 minutes prior to 10:30 AM EDT. The conference call will also be available on replay starting at 1:00 p.m. EDT on August 14, 2007, and ending on September 14, 2007. To access the replay, please dial (877) 660-6853 (replay account # 305, replay conference # 251864). The access number for the replay for international callers is (201) 612-7415 (replay account # 305, replay conference # 251864).
About US Dataworks, Inc.
US Dataworks is a developer of payment processing solutions, focused on the Financial Services market, Federal, State and local governments, billers and retailers. Software developed by US Dataworks is designed to enable organizations to transition from traditional paper-based payment and billing processes to electronic solutions that automate end-to-end processes for accepting and clearing checks.
Except for the historical information contained herein, the matters set forth in this press release, including, but not limited to the Company's belief of the company's software's status in the marketplace, the anticipated revenue growth for fiscal year 2008, our anticipated expansion of revenues and approach toward profitability, the market demand for our products and services and the market's adoption of Back Office Conversion are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to, the Company's position in the marketplace, our ability to develop and timely introduce products that address market demand, the impact of alternative technological advances and competitive products, market fluctuations and other risks detailed from time to time in the SEC reports of US Dataworks, including its annual report on Form 10-KSB for the period ended March 31, 2007 and its quarterly report on Form 10-QSB for the period ended December 31, 2006. These forward-looking statements speak only as of the date hereof. US Dataworks disclaims any obligation to update these forward-looking statements.
- Financial Tables To Follow -
US DATAWORKS, INC.
QUARTERLY INCOME STATEMENT DATA
For the quarters ended June 30, 2007 and 2006
(UNAUDITED)
June 30, June 30, Net %
2007 2006 Change Change
Revenues
Software licensing
revenues 70,000 379,255 (309,255) -81.5%
Software transactional
revenues 389,508 313,996 75,512 24.0%
Software maintenance
revenues 191,213 103,765 87,447 84.3%
Software service revenues 578,350 418,072 160,278 38.3%
ATM Equipment revenues - - -
1,229,071 1,215,088 13,982 1.2%
Cost of sales 385,959 522,299 (136,340) -26.1%
Gross profit 843,112 692,789 150,323 21.7%
Operating Expenses
General and administrative 1,641,134 1,762,948 (121,814) -6.9%
Depreciation and
amortization 39,050 33,060 5,990 18.1%
1,680,184 1,796,008 (115,824) -6.4%
Loss from operations (837,072) (1,103,219) 266,147 -24.1%
Other income (expense)
Interest expense (6,401) (92,172) 85,771 -93.1%
Interest expense -
related parties (10,938) - (10,938)
Gain/Loss on Derivatives (14,853) (413,454) 398,601 -96.4%
Contingent liabilities loss - - -
Other income (expense) - 8,475 (8,475) -100.0%
(32,192) (497,151) 464,960 -93.5%
Loss before provision for
income taxes (869,264) (1,600,370) 731,106 -45.7%
Provision for income taxes
Net loss (869,264) (1,600,370) 731,106 -45.7%
Basic and diluted loss
per share (0.03) (0.05) 0 -47.5%
Basic and diluted weighted -
average (adjusted for reverse
stock split 1:5)shares
outstanding 31,300,462 30,269,429 1,031,033 3.4%
US DATAWORKS, INC.
Quarterly Balance Sheet Analysis
For the quarter ended June 30, 2007
(UNAUDITED)
ASSETS June 30,
2007
Current assets
Cash and cash equivalents 174,040
Accounts receivable, net allowance
for doubtful accounts of $250,000 1,279,108
Prepaid expenses and other current assets 193,141
Total current assets 1,646,289
Property and equipment, net 459,606
Goodwill, net 14,133,629
Other assets 60,085
Total assets 16,299,609
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Notes payable - related parties 539,000
Current portion of convertible
promissory notes 256,066
Deferred revenue 532,681
Accounts payable 1,053,625
Accrued expenses 959,494
Interest payable 20,333
Interest payable - related parties 3,246
Derivative Liability - Warrants 90,108
Total current liabilities 3,454,553
Total liabilities 3,454,553
Shareholders' equity
Convertible series B preferred stock, 0001 par 55
Common Stock. 0001 par 3,740
Additional paid in capital 64,126,873
Deferred Compensation
Accumulated deficit (51,285,612)
Total shareholders' equity 12,845,056
Total liabilities and
shareholders' equity 16,299,609
Contact:
John Figone, SVP, Business Development
US Dataworks, Inc.
(832) 635-7932
Donald C. Weinberger/Alisa Steinberg (media)
Wolfe Axelrod Weinberger Assoc. LLC
Tel. (212) 370-4500 Fax (212) 370-4505
DATASOURCE: US Dataworks, Inc.
CONTACT: John Figone, SVP, Business Development of US Dataworks, Inc.,
+1-832-635-7932, or Donald C. Weinberger, or Alisa Steinberg, both of Wolfe
Axelrod Weinberger Assoc. LLC for US Dataworks, Inc., +1-212-370-4500, Fax
+1-212-370-4505
Web site: http://www.usdataworks.com/