US Dataworks, Inc. Announces Fiscal Third Quarter and Nine Months Financial Results
HOUSTON, Feb 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- US Dataworks, Inc. (Amex: UDW), a leading developer of payment processing solutions, announced today its fiscal third quarter and nine months financial results ended December 31, 2006.
Revenues for the third quarter ended December 31, 2006 were $1,719,887 compared with revenues of $1,086,553 for the same period a year ago. Loss from operations for the third quarter was $222,724 compared to a loss from operations of $587,267 for the third quarter ended December 31, 2005. Net loss for the third quarter was $321,192 or $0.01 per share, compared to a net loss of $800,897 or $0.03 per share, for the corresponding period in the prior year.
Revenues for the nine months ended December 31, 2006 were $4,756,649 compared with the revenues of $4,899,185 for the same period a year ago. Loss from operations for the nine months ended was $1,805,128 compared to an operating loss of $641,495 for the nine months ended December 31, 2005. Net loss for the nine months ended was $1,997,353 or $(0.07) per share, compared to a net less of $770,462 or $0.03 per share, for the corresponding period in the prior year.
Charles E. Ramey, Chairman and CEO of US Dataworks said, "I am pleased with the third quarter financial results, particularly with the growth in software transactional revenues, which grew 125% in the third quarter as a result of both new and past customers increasing their utilization of our software solutions on a transaction fee basis. Professional service revenues continued to remain strong, climbing 50%, from two agreements signed with major financial services companies during that last few months."
"Total revenues rose in excess of 58%, thanks in part to the agreements signed during the first half of fiscal 2007. Our cash burn was minimal in the quarter and we feel very positive about the current quarter and fiscal 2008, especially on the heels of our new relationship with Hyundai Syscomm, which under our amended agreement calls for us to sell through Hyundai, or its designee, 700 ATM units to a major U.S. ATM dealer for the sales price of $3.5 million. Although these orders have the potential to be shipped in the near future, we expect it to be booked in FY 2008. We plan to keep shareholders up to date as events unfold with regards to this new relationship," added Mr. Ramey.
"Another important milestone for US Dataworks will be the new rules for back-office conversions, set to begin next month. The new rule will enable all checks received during the day to be converted at a single location, rather than employ multiple scanners at multiple point-of-sales. As a result, we anticipate higher adoption rates among retailers to use electronic conversion, whereby opening additional audiences for our proprietary Clearingworks(TM) software solution," concluded Mr. Ramey. |
