For more information,
contact:
Judi Vitale, CFO
judiv@firstwave.net
770-431-1206



Firstwave Reports Fourth Quarter and Full Year Results for 2004
 
ATLANTA, GA (February 8, 2005) - Firstwave Technologies, Inc. (NASDAQ: FSTW), a leading provider of industry-focused CRM solutions, is announcing today its financial results for the fourth quarter and for the year ended December 31, 2004. The Company reported its first quarter-over-quarter increase in cash balance since the fourth quarter of 2002, not including the effects of cash received from the issuance of preferred stock in the second quarter of 2004. The Company reported a cash balance of $1,286,000, after repaying its bank line of credit, compared to a balance of $1,273,000 as of September 30, 2004, which included $500,000 in borrowings under the bank line.

The Company’s net loss for the fourth quarter of 2004 was $1,968,000 compared to a net loss of $640,000 for the fourth quarter of 2003. The basic net loss per share was $0.73 for the fourth quarter of 2004 compared with basic net loss of $0.24 per share for the fourth quarter of 2003.

One-time write-offs amounting to approximately $951,000, or $0.35 per share, were taken in the fourth quarter of 2004, including the expensing of the discontinuance of certain products and other surplus third party products. The Company also recorded a charge for unused office space of approximately $153,000, or $0.06 per share.

Software license revenues for the fourth quarter of 2004 decreased 19.4% to $646,000 compared with $801,000 for the fourth quarter of 2003. Services revenues for the fourth quarter of 2004 were $401,000 compared to $721,000 in the fourth quarter of 2003, representing a 44.4% decrease. The Company’s total maintenance revenues for the fourth quarter of 2004 decreased 10.0% to $649,000 from $721,000 for the fourth quarter of the prior year. Total revenues for the fourth quarter of 2004 were $1,708,000 compared with $2,264,000 for the fourth quarter of 2003, representing a 24.6% decrease.

For the full year 2004, software license revenues decreased 39.2% to $2,322,000 compared with $3,820,000 for the full year 2003. Services revenues in 2004 were $2,316,000 compared to $5,423,000 in 2003, representing a 57.3% decrease. The Company’s total maintenance revenues in 2004 increased 2.1% to $2,662,000 from $2,608,000 for the prior year. Total revenues for 2004 were $7,400,000 compared with $11,904,000 for 2003, representing a 37.8% decrease. For the full year 2004, net loss was $4,143,000, or $1.54 per basic share, as compared to a net loss of $996,000, or $0.39 loss per basic share, for the year ended December 31, 2003.


The following information was filed by Textmunication Holdings, Inc. (TXHD) on Tuesday, February 8, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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