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/
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