- 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/
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