Value investors may like WNYN. Earnings PR: SANTA BARBARA, Calif., May 22 /PRNewswire-FirstCall/ -- Warp 9, Inc. (OTC Bulletin Board: WNYN - News), the premier provider of robust e-commerce platforms and services, announces financial results for its quarter ended March 31, 2009.
Highlights of the financial results for the quarter:
Ten consecutive quarters of positive net income
Net Income of $140,095 is the third highest in Company's history
Gross Margin holding at greater than 90%
A 93% reduction in long term debt since prior year
The nine month income rose 46% to $360,132 compared to $247,462 for the prior year before a provision for income tax of ($168,126)
Increase in working capital to $1,096,107, compared to $400,205 for the prior year
Warp 9's President and CEO, Harinder Dhillon, stated, "We are pleased to report on another profitable quarter's results. Like most retail oriented businesses, the contracting economy continues to impact our customers, as reflected in their spending cutbacks on professional services and delays in making outright purchasing decisions. However, we continue to believe that our approach in marketing our e-commerce platform as a Software-as-a-Service (SaaS) model is the right strategy in an economic and retail environment that is clearly struggling and may continue to struggle for some time. We believe this provides us a significant advantage over our competitors as clients and prospects continue to seek lower capital expenditures and higher relative value in their e-commerce solutions. Moreover, our fiscal discipline over the last couple of years has left the company with a strong cash position and little debt, allowing us to continually make the necessary investment in sales and marketing required to win customers and grow our core business."
Warp 9 powers some of the most successful e-commerce websites for retailers such as www.magellans.com, Craft Supplies USA flagship site www.woodturnerscatalog.com, Lehman's www.lehmans.com, and Spiegel Brands' www.shapefx.com.
About Warp 9
Warp 9, Inc. (www.warp9inc.com) is the premier provider of enterprise-class e-commerce solutions and services to catalogers and multi-channel retailers. With a proven track record in the industry, Warp 9's comprehensive and scalable suite of software solutions for online catalogs, e-mail marketing, and interactive visual merchandising help businesses leverage the Internet to increase sales. Offered on a fully managed Software-as-a-Service (SaaS) model, Warp 9 products deliver unique benefits to its customers by reducing total cost of ownership, lowering upfront cost, and providing faster time to market. Known for its outstanding customer service, Warp 9 powers some of the most successful e-commerce sites for companies like Magellan's and Spiegel.
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