US Dataworks (AMEX:UDW)
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- Company Reports Income from Operations during Quarter -
HOUSTON, June 29 /PRNewswire-FirstCall/ -- US Dataworks, Inc. (AMEX:UDW), a leading developer of payment processing solutions, today announced financial results for its fiscal 2006 fourth quarter and year-end results ended March 31, 2006.
Revenues for the fourth quarter ended March 31, 2006 were $2,075,992 compared with revenues of $655,848 for the same period a year ago. Income from operations for the fourth quarter was $232,130 compared to an operating loss of $1,444,251 for the fourth quarter ended March 31, 2005. Net loss for the fourth quarter was $47,694 or $(0.00) per share, compared to a net loss of $1,447,425 or $(0.05) per share, for the corresponding period in the prior year.
Revenues for the year ended March 31, 2006 were $6,975,177 compared with the revenues of $2,686,749 for the same period a year ago. Loss from operations for the year ended was $409,365 compared to an operating loss of $4,954,766 for the year ended March 31, 2005. Net loss for the year ended was $818,157 or $(0.03) per share, compared to a net loss of $6,459,279 or $(0.24) per share, for the corresponding period in the prior year.
"We are very pleased with our reported fourth quarter and year-end results," said Charles E. Ramey, Chief Executive Officer of US Dataworks. "Our revenues increased by 160% during fiscal 2006."
"Our leveraged business model has begun to yield results, as seen in the fourth quarter, which provided income from operations of $232,130, mostly due to the release of Clearingworks(TM), our comprehensive solution for automated payment processing. The company is well positioned for fiscal 2007, as seen in recent announcements with various financial services companies including Online Resources Corp. (ORCC), Bank of Oklahoma, and a significant financial transaction processor. Combined, we believe these relationships will continue the company's growth into fiscal 2007."
A conference call is scheduled for today, at 10:00 AM EDT. Interested parties may participate in the call by dialing (877) 407-8293; international callers dial 201-689-8349 about 5-10 minutes prior to 10:00 AM EDT. The conference call will also be available on replay starting at 12:00 noon EDT on June 29, 2006, and ending on July 29, 2006. For the replay, please dial (877) 660-6853 (replay account # 269, replay conference # 206810). The access number for the replay for international callers is (201) 612-7415 (replay account # 269, replay conference # 206810).
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 that it will be "well positioned" for 2007 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-K for the period ended March 31, 2006 and its quarterly report on Form 10-Q for the period ended December 31, 2005. These forward-looking statements speak only as of the date hereof. US Dataworks disclaims any obligation to update these forward-looking statements.
US DATAWORKS, INC.
QUARTERLY INCOME STATEMENT DATA
Three Months Ended Year-Ended
3/31/06 3/31/05 3/31/06 3/31/05
Revenues
Software licensing
revenues 841,449 15,624 2,681,478 611,356
Software transactional
revenues 258,589 173,180 908,040 617,342
Software maintenance
revenues 101,509 87,384 432,878 349,606
Software service revenues 874,446 379,660 2,952,781 1,108,445
2,075,992 655,848 6,975,177 2,686,749
Cost of sales 451,820 237,396 1,555,776 903,733
Gross profit 1,624,172 418,452 5,419,401 1,783,016
Operating Expenses
General and
administrative 1,299,656 1,776,754 5,466,735 6,414,334
Depreciation and
amortization 92,386 85,949 362,031 323,448
Total operating expenses 1,392,042 1,862,703 5,828,766 6,737,782
(Loss) from operations 232,130 (1,444,251) (409,365) (4,954,766)
Other income (expense)
Financing costs -- -- (160,001) (419,902)
Interest expense (101,299) (18,942) (342,462) (206,628)
Interest expense -
related parties -- -- - -
Loss on extinguishment
of debt -- -- (206,000) -
Loss on extinguishment
of debt-related party -- -- - -
Investor litigation
settlement expense -- -- - (924,200)
Gain/Loss on Derivatives 36,054 489,783
Contingent liabilities
loss (222,600) (222,600)
Other income (expense) 8,021 15,768 32,488 46,217
Total other income
(expense) (279,824) (3,174) (408,792) (1,504,513)
Loss before provision for
income taxes (47,694) (1,447,425) (818,157) (6,459,279)
Provision for income taxes -- --
Net (loss) (47,694) (1,447,425) (818,157) (6,459,279)
Basic and diluted loss per
share $ (0.00) $ (0.05) $ (0.03) $ (0.24)
Basic and diluted weighted
- average (adjusted for
reverse stock split 1:5)
shares outstanding 30,046,992 28,778,062 29,773,954 27,231,401
US DATAWORKS, INC.
Quarterly Balance Sheet Analysis
Fiscal year ended March 31, 2006
ASSETS Year-Ended
3/31/06 3/31/05
Current assets
Cash and cash equivalents 1,290,438 1,525,386
Accounts receivable 1,491,688 872,528
Allowance for doubtful accounts (33,238)
Costs and estimated earnings in excess of
billings on uncompleted contracts 238,000
Prepaid expenses and other current assets 166,514 95,728
Total current assets 3,186,640 2,460,404
Property and equipment 2,055,975 1,902,666
Accumulated Amortization and depreciation (1,583,868) (1,225,386)
Goodwill, net 14,133,629 14,133,629
Other assets 43,224 43,793
Total assets 17,835,600 17,315,106
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Notes payable
Notes payable - related parties 39,000 39,000
Current portion of capital lease
obligations
Current portion of convertible promissory
notes 1,128,133 256,066
Current portion of convertible promissory
notes unamortized discount (529,345)
Convertible promissory notes - related
parties
Derivative Liability - Compound embed 118,416
Derivative Liability - Warrants 112,830
Deferred revenue 216,754 470,684
Accounts payable 231,412 239,247
Accrued expenses 462,538 326,270
Interest payable 41,672 41,672
Interest payable - related parties
Due to related party
Net liabilities of discontinued operations
Total current liabilities 1,821,410 1,372,939
Long term convertible promissory note 358,733 512,133
Long term convertible promissory notes
unamortized discount -
Long term deferred revenue - 33,352
Long term deferred salaries - 21,500
Total liabilities 2,180,143 1,939,924
Shareholders' equity
Convertible series A preferred stock,
$0.0001 par - -
Convertible series B preferred stock,
$0.0001 par 55 55
Common Stock. $0.0001 par 3,013 2,878
Common Stock subscription -
Additional paid in capital 62,762,727 61,676,629
Deferred Compensation (12,198)
Accumulated deficit (47,110,338) (46,292,182)
Total shareholders' equity 15,655,457 15,375,182
Total liabilities and shareholders'
equity 17,835,600 17,315,106
CONTACTS:
John Figone, SVP, Donald C. Weinberger /
Business Development Alisa Steinberg (media)
US Dataworks, Inc. Wolfe Axelrod Weinberger Assoc. LLC
(713) 934-3855 Tel. (212) 370-4500
Fax (212) 370-4505
DATASOURCE: US Dataworks, Inc.
CONTACT: John Figone, SVP, Business Development for US Dataworks, Inc.,
+1-713-934-3855; or Donald C. Weinberger, or Alisa Steinberg (media), both of
Wolfe Axelrod Weinberger Assoc. LLC, +1-212-370-4500, Fax +1-212-370-4505
Web site: http://www.usdataworks.com/