04/23/10 - Earnings Pre-Release of Annual & 4th Quarter Results for Fiscal Year Ended March 31, 2010
Note: Results released through SEC Form 8-K filing Only - No press release!
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition
US Dataworks, Inc., a Nevada corporation (the “Company”), is releasing certain preliminary unaudited financial results of its completed fourth quarter of fiscal 2010 as well as certain preliminary unaudited year-end fiscal 2010 financial information. The Company is releasing the foregoing preliminary unaudited financial results for the above-referenced periods in advance of the filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2010 (the “Annual Report”) which will contain the Company’s audited financial statements and notes thereto. The Company is releasing this information pursuant to representations made to the NYSE Amex Listing Qualifications staff in connection with the Company’s efforts to regain compliance with the continued listing requirements of the Exchange. There can be no assurance that the Company will be successful in regaining its compliance with such listing requirements or in keeping its securities listed on the Exchange. Although the Company does not expect any material changes to the cited preliminary unaudited results for the above-referenced periods when the audit is completed and the Annual Report is filed with the Securities and Exchange Commission, the Company cautions investors and readers of this report not to unduly rely on this preliminary information. The Company intends to file its Annual Report within the prescribed period.
Revenue. The Company’s revenue for the 4th fiscal quarter was $3.0 million. For the year ended March 31, 2010, the Company had $9.4 million in revenues, which represents a $1.4 million or 17.5% increase as compared with the same period ended March 31, 2009. This $1.4 million increase in revenue is attributable to an increase in software licensing revenues of $1.2 million, an increase in professional services revenues of $0.4 million offset by a decrease in transactional and maintenance revenues by ($0.2) million.
Operating Income. The Company had operating income of $1.1 million for the 4th fiscal quarter. For the year ended March 31, 2010, the Company’s operating income was $1.8 million which represents a $1.0 million or 146% increase as compared with the same period ended March 31, 2009. This $1.0 million increase in operating income is primarily attributable to the increase in year over year software licensing revenues of $1.2 million.
Net Income. The Company had net income of $0.9 million for the 4th fiscal quarter. For the year ended March 31, 2010, the Company’s net income was $0.8 million which represents a $2.8 million increase as compared with the same period ended March 31, 2009. The Company was able to reverse its loss cycle due primarily due to its increase in year over year software licensing revenues of $1.2 million and a decrease in expenses in other income/expense of $1.8 million.
Stockholders’ Equity. The Company’s stockholders’ equity at March 31, 2010 was $2.9 million, an increase of $1.9 million as compared with stockholders’ equity at March 31, 2009. This $1.9 million or 190% increase in stockholders’ equity as compared with the same figure for the year ended March 31, 2009 is attributable to $0.8 million in net income for the year ended March 31, 2010 and $1.1 million increase in additional paid in capital from the issuance of warrants, restricted stock, and options.
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