US Dataworks Reports Fiscal 2005 Third Quarter Results; 24% Increase in 3rd Quarter Revenues Over Prior Year
HOUSTON, Feb 03, 2005 /PRNewswire-FirstCall via COMTEX/ -- US Dataworks (Amex: UDW), a leading developer of payment processing solutions, today announced financial results for its fiscal 2005 third quarter ended December 31, 2004.
Revenues for the fiscal 2005 third quarter were $518,000 compared with revenues of $416,000 for the same period a year ago. Operating loss for the quarter was $1,386,000 compared to an operating loss of $982,000 for the quarter ended December 31, 2003. Net loss for the third quarter was $1,320,000, or $0.05 per share, compared to a net loss of $1,243,000 or $0.05 per share, for the corresponding period in the prior year.
"Due primarily to seasonal factors, our recurring 'click' revenues from customers that pay by the transaction during the third quarter were basically flat with our second quarter. We have over one billion transactions under management available and processed approximately 537 million actual transactions between January 1, 2004 and December 31, 2004," stated Charles E. Ramey, CEO of US Dataworks. "We continue to be very excited about our growth opportunities over the next several years as the electronification(SM) of payment processing increases rapidly.
"Our solutions are leading the industry. National Automated Clearing House (NACHA) recently announced that industry volume in 2004 grew over five times the 2003 volume with an industry administrative return rate of 1.04%. Our volume was approximately 57% of the industry total with an administrative return rate of 0.1%, a significant performance difference.
"While we are pleased with solid year-over-year revenue growth, we have witnessed slower than expected implementation of Check 21 solutions since it became law in late October 2004. As we have previously stated, we are in the infancy of a rapidly increasing market and believe that our 'per transaction' results, strategic marketing relationships and strategic alliances will continue to grow. We believe our investment in our R&D, direct sales force and marketing efforts will drive recurring sales over the long term thereby benefiting our customers as well as our shareholders," concluded Ramey. |
