US Dataworks, Inc. Announces Fourth Quarter and Year-End Financial Results
HOUSTON, June 29, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- 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." |
