11/16/09 - US Dataworks, Inc. Announces Fiscal Second Quarter Financial Results
HOUSTON, Nov 16, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- US Dataworks, Inc. (Amex: UDW), a leading developer of payment processing solutions, announced today financial results for its fiscal 2010 second quarter and six months results ended September 30, 2009.
Revenues for the second quarter ended September 30, 2009 were $2,087,189 compared with revenues of $2,030,737 for the same period a year ago. The company reported a gain from operations for the second quarter of $129,813 compared to $162,703 for the second quarter ended September 30, 2008. Net loss for the second quarter was $154,750 or $0.00 per share, compared to a net loss of $1,841,695 or $0.06 per share, for the corresponding period in the prior year.
Revenues for the six months ended September 30, 2009 were $4,095,650 compared with revenues of $4,099,786 for the same period a year ago. Gain from operations for the six months ended September 30, 2009 was $371,379 compared to $269,850 for the six months ended September 30, 2008. Net loss for the six months ended September 30, 2009 was $178,663 or $0.01 per share, compared to a net loss of $1,951,176 or $0.06 per share, for the corresponding period in the prior year.
Charles E. Ramey, Chairman and CEO of US Dataworks said, "The second quarter financial results signals how our Company is performing during these difficult economic times. Revenues increased slightly, by 3%, due to our professional services contract with a United States government entity, which enabled us to report positive cash flow on a non-GAAP basis (adjusted EBITDA). It is relationships like this one that has enabled us to build a solid foundation and remain fiscally sound. The challenges that we see in the near term are coming directly from the slowdown in the economy, which has taken a slight toll on our transactional revenues. While we await the expected economic recovery, our Company is currently well-positioned to convert our sales pipeline into revenue when these potential customers are ready to transition to electronic solutions from traditional means." |
