- Company Reports $7.1 Million in Revenue for the Fiscal Year -
HOUSTON, June 29 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing solutions,
today announced financial results for its fiscal 2007 fourth
quarter and year-end results ended March 31, 2007. Revenues for the
fourth quarter ended March 31, 2007 were $2,312,926 compared with
revenues of $2,075,992 for the same period a year ago. Loss from
operations for the fourth quarter was $1,159,698 compared to an
operating income of $232,130 for the fourth quarter ended March 31,
2006. Net loss for the fourth quarter was $1,308,655 or $(0.04) per
share, compared to a net loss of $47,694 or $(0.00) per share, for
the corresponding period in the prior year. Revenues for the year
ended March 31, 2007 were $7,069,575 compared with the revenues of
$6,975,177 for the same period a year ago. Loss from operations for
the year ended was $2,964,826 compared to an operating loss of
$409,365 for the year ended March 31, 2006. Net loss for the year
ended was $3,306,009 or $(0.11) per share, compared to a net loss
of $818,157 or $(0.03) per share, for the corresponding period in
the prior year. "Fiscal 2007 was one that has allowed the Company
to evolve into other revenue generating businesses, which should
yield dynamic results in fiscal 2008," said Charles E. Ramey, Chief
Executive Officer of US Dataworks. "The source of our optimism is
our new relationship with Hyundai Syscomm, which has already, in a
short order, delivered initial revenues of $1.0 million. We are
highly pleased with our resale agreement with Hyundai Syscomm and
believe this new source of business could potentially magnify our
revenues from Fiscal 2007. As our ATM /teller-less kiosk revenues
expand, which are expected over the coming quarters, we anticipate
approaching profitability." "Another highlight during the fiscal
year was the 64.7% improvement in our recurring,
transactional-based revenues, which were $1.5 million for the year,
due to new customers added during the year and a steady growth of
transactions processed by our existing customers," noted Mr. Ramey.
Mr. Ramey concluded, "We believe that the demand for our software
and professional services will continue to grow steadily with
anticipated ramp up in production of our existing and new customers
and the inevitable adoption of Back Office Conversion. In addition,
we believe our alliance with Hyundai Syscomm will facilitate new
channels of revenue generation utilizing our industry leading
payment processing software, Clearingworks(TM). As a result, we are
estimating fiscal 2008 revenues to be in the range of $12-$16
million, which is expected to produce profitability." 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 1:30 pm EDT on June 29, 2007, and ending on July
6, 2007. For the replay, please dial (877) 660-6853 (replay account
# 305, replay conference # 247099). The access number for the
replay for international callers is (201) 612-7415 (replay account
# 305, replay conference # 247099). 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-K for the period
ended March 31, 2007 and its quarterly report on Form 10-Q for the
period ended December 31, 2007. These forward-looking statements
speak only as of the date hereof. US Dataworks disclaims any
obligation to update these forward-looking statements. - Tables to
Follow - US DATAWORKS, INC. QUARTERLY INCOME STATEMENT DATA Three
Months Ended Year-Ended as restated as restated 3/31/07 3/31/06
3/31/07 3/31/06 Revenues Software licensing revenues 80,267 841,449
689,425 2,681,478 Software transactional revenues 357,029 258,589
1,495,617 908,040 Software maintenance revenues 123,127 101,509
438,804 432,878 Software service revenues 752,503 874,446 3,445,730
2,952,781 ATM Equipment Revenues 1,000,000 - 1,000,000 - 2,312,926
2,075,992 7,069,575 6,975,177 Cost of sales 1,299,209 451,820
2,859,063 1,555,776 Gross profit 1,013,717 1,624,172 4,210,512
5,419,401 Operating Expenses General and administrative 2,134,547
1,299,656 7,031,224 5,466,735 Depreciation and amortization 38,868
92,386 144,114 362,031 Total operating expenses 2,173,415 1,392,042
7,175,338 5,828,766 (Loss) from operations (1,159,698) 232,130
(2,964,826) (409,365) Other income (expense) Financing costs
(46,200) -- (46,200) (160,001) Interest expense (6,402) (101,299)
(226,820) (342,462) Interest expense - related parties (10,938) --
(21,875) -- Loss on extinguishment of debt -- -- -- (206,000)
Gain/Loss on Derivatives (85,418) 36,054 (279,378) 489,783
Contingent liabilities loss - (222,600) 222,600 (222,600) Other
income (expense) - 8,021 10,490 32,488 Total other income (expense)
(148,957) (279,824) (341,183) (408,791) Loss before provision for
income taxes (1,308,655) (47,694) (3,306,009) (818,157) Provision
for income taxes -- -- Net (loss) (1,308,655) (47,694) (3,306,009)
(818,157) Basic and diluted loss per share $(0.04) $(0.00) $(0.11)
$(0.03) Basic and diluted weighted -average (adjusted for reverse
stock split 1:5)shares outstanding 31,444,647 30,046,992 30,717,707
29,684,597 US DATAWORKS, INC. Balance Sheet Analysis Fiscal year
ended March 31, 2007 ASSETS Current assets Cash and cash
equivalents 140,276 Accounts receivable, net allowance for doubtful
accounts of $250,000 2,180,029 Prepaid expenses and other current
assets 131,913 Total current assets 2,452,218 Property and
equipment, net 480,483 Goodwill, net 14,133,629 Other assets 30,334
Total assets 17,096,664 LIABILITIES AND SHAREHOLDERS EQUITY Current
liabilities Notes payable - related parties 539,000 Current portion
of convertible promissory notes 256,066 Derivative Liability -
Warrants 75,255 Deferred revenue 643,895 Accounts payable 920,110
Accrued expenses 999,897 Interest payable 13,932 Interest payable -
related parties 4,926 Total current liabilities 3,453,081 Total
liabilities 3,453,081 Shareholders' equity Convertible series B
preferred stock, $0.0001 par 55 Common Stock. $0.0001 par 3,740
Additional paid in capital 64,056,135 Accumulated deficit
(50,416,347) Total shareholders' equity 13,643,583 Total
liabilities and shareholders' equity 17,096,664 CONTACTS: John
Figone, SVP, Business Development US Dataworks, Inc. (713) 934-3855
x250 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., +1-713-934-3855, x250; 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/
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