US Dataworks Reports Fiscal 2006 First Quarter Results HOUSTON,
Aug. 2 /PRNewswire-FirstCall/ -- US Dataworks (AMEX:UDW), a leading
developer of payment processing solutions, today announced
financial results for the first quarter of fiscal 2006. Revenues
for the fiscal 2006 first quarter were $1.1 million compared to
revenues of $903,132 for the same period a year ago. Operating loss
for the first quarter was $939,962 compared to an operating loss of
$957,035 for the first quarter of fiscal 2004. Net loss for the
first quarter was $968,800, or $0.03 per share, compared to a net
loss of $1.4 million, or $0.05 per share, for the corresponding
period in the prior year. "We are pleased to report year over year
growth in revenues and, in particular, marked improvement in
revenues over our recent fourth quarter of 2005 results," stated
Charles E. Ramey, CEO of US Dataworks. "We are also pleased to have
recently announced that we have exceeded the one billion
(1,000,000,000) transaction threshold using our Clearingworks(TM)
payment platform and remain confident about our growth
opportunities over the next several years as the
electronification(SM) of payment processing increases.
"Additionally, we have added several new brand name accounts and
believe our Clearingworks product suite is being embraced, embedded
and standardized into the fabric of some of the world's name brand
financial institutions." FY 2006 OUTLOOK The following statements
are based on current expectations. These statements are
forward-looking and actual results may differ materially. US
Dataworks expects revenues for the second quarter of fiscal 2006 to
range from $1.5 million to $1.6 million and loss per share to be
approximately $(0.01) to $(0.02). For the full fiscal year ending
March 31, 2006, the company continues to expect revenues to range
from $4.8 million to $5.3 million and loss per share to be between
($0.10) and ($0.12) excluding any one-time charges. CONFERENCE CALL
US Dataworks has scheduled a conference call for today, August 2,
2005 at 9:00 a.m. EDT. To participate in the conference call, dial
303-262-2140 at least ten minutes before the call begins and ask
for the US Dataworks conference call. A replay of the call will be
available approximately two hours after the live broadcast ends and
will be accessible until August 9, 2005. To access the replay, dial
(303) 590-3000 using a pass code of 11036766. Investors, analysts
and the general public will also have the opportunity to listen to
the conference call over the Internet by visiting
http://www.usdataworks.com/ . To listen to the live call on the
web, please visit the company's web site at least fifteen minutes
before the call begins to register, download and install any
necessary audio software. For those who cannot listen to the live
web cast, an archive will be available shortly after the call.
ABOUT US DATAWORKS 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 extent to
which the Company's balance sheet has been strengthened, leadership
in the ARC market has been captured and efforts toward
profitability have been continued and the increasing of our efforts
toward capturing further market share in ARC, Check-21 and other
electronic payment processing solutions 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, our ability to obtain
future financing and other risks detailed from time to time in the
SEC reports of US Dataworks, Inc., including its annual report on
Form 10-KSB/A for the period ended March 31, 2004. These
forward-looking statements speak only as of the date hereof. US
Dataworks disclaims any obligation to update these forward-looking
statements. STATEMENTS OF OPERATIONS (UNAUDITED) For the Three
Months Ended June 30, 2005 2004 Revenues Software licensing
revenues $299,120 $347,716 Software transactional revenues 181,243
129,652 Software maintenance revenues 92,326 31,739 Professional
service revenues 507,650 394,025 Total revenues 1,080,339 903,132
Cost of sales 377,501 316,136 Gross profit 702,838 586,996
Operating expenses General and administrative 1,554,275 1,469,905
Depreciation and amortization 88,525 74,126 Total operating expense
1,642,800 1,544,031 Loss from operations (939,962) (957,035) Other
income (expense) Financing costs --- (322,451) Interest expense
(35,637) (116,521) Other income (expense) 6,799 6,460 Total other
income (expense) (28,838) (432,512) Loss before provision for
income taxes (968,800) (1,389,547) Provision for income taxes ---
--- Net Loss $(968,800) $(1,389,547) Basic and diluted loss per
share Total basic and diluted loss per share $(0.03) $(0.05) Basic
and diluted weighted-average shares outstanding 28,972,005
25,509,912 BALANCE SHEET June 30, 2005 (UNAUDITED) ASSETS Current
assets Cash and cash equivalents $1,769,273 Accounts receivable,
net of allowance for doubtful accounts of $0 752,959 Prepaid
expenses and other current assets 169,333 Total current assets
2,691,565 Property and equipment, net 629,736 Goodwill, net
14,133,629 Other assets 43,792 Total Assets $17,498,722 LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities Note payable-related
party $39,000 Deferred revenue 195,702 Accounts payable 309,338
Accrued expenses 344,483 Interest payable 60,877 Current portion of
convertible notes payable, net of unamortized discount of $314,484
95,582 Total current liabilities 1,044,982 Long-term portion of
convertible notes payable, net of unamortized discount of $327,596
800,537 Deferred revenue 25,021 Deferred compensation 2,022 Total
liabilities 1,872,562 Commitments Shareholders' equity Convertible
Series B preferred stock, $0.0001 par value 700,000 shares
authorized, 549,667 shares issued and outstanding, $0.75
liquidation preference, dividends of $179,805 in arrears 55 Common
stock, $0.0001 par value 90,000,000 shares authorized and
30,037,020 shares issued and outstanding 3,004 Additional paid-in
capital 62,885,019 Deferred compensation (937) Accumulated deficit
(47,260,981) Total shareholders' equity 15,626,160 Total
Liabilities and Shareholders' Equity $17,498,722 Contacts: John
Reiland, CFO US Dataworks, Inc. (713) 934-3855
http://www.usdataworks.com/ Ken Dennard, Managing Partner Karen
Roan, Sr. Vice President DRG&E (713) 529-6600 DATASOURCE: US
Dataworks, Inc. CONTACT: John Reiland, CFO of US Dataworks, Inc.,
+1-713-934-3855; or Ken Dennard, Managing Partner, or Karen Roan,
Sr. Vice President, both of DRG&E, +1-713-529-6600, for US
Dataworks, Inc. Web site: http://www.usdataworks.com/
Copyright
US Dataworks (AMEX:UDW)
Historical Stock Chart
From Jul 2024 to Jul 2024
US Dataworks (AMEX:UDW)
Historical Stock Chart
From Jul 2023 to Jul 2024