LOGO

FOR IMMEDIATE RELEASE

CONTACTS:

Charles Ramey, CEO
Donald C. Weinberger
US Dataworks, Inc.
Wolfe Axelrod Weinberger Assoc. LLC
Tel. (281) 504-8100
Tel. (212) 370-4500 Fax (212) 370-4505


US DATAWORKS, INC. ANNOUNCES PROFITABLE FISCAL 2009 FINANCIAL RESULTS

- Revenues increase by 40% over prior year-
- Management to Host Conference Call Today at 10am EDT -

Houston, TX – June 29, 2009 -- US Dataworks, Inc. (AMEX: UDW),
a leading developer of payment processing solutions, today announced its financial results for its fiscal year 2009.

Revenues increased by 39.9% in fiscal 2009 to $7,996,987, as compared to $5,717,593 in fiscal 2008.  Transactional revenues increased 16.8% to $2,158,409 in fiscal 2009, as compared to $1,848,130 in fiscal 2008.  The increase in transactional revenue was primarily attributable to new customers added during the fiscal year and a steady growth of transactions processed by our existing customers.  Professional service revenues increased 66.7% to $4,700,476 in fiscal 2009, as compared to $2,820,332 in fiscal 2008. The increase in professional service revenue was primarily attributable to the consulting agreements with major customers and related purchase orders.

Cost of sales, which principally includes the costs of the personnel who perform the services associated with our software maintenance, support, training and installation activities, increased by $195,024, or 9.9%, from $1,964,555 in fiscal 2008 to $2,159,579 in fiscal 2009.  However, gross profit as a percentage of total revenues increased from 65.6% in fiscal 2008 to 73.0% in fiscal 2009. This gross margin increase is primarily due to the significant increase in transactional revenue in fiscal 2009 as compared to fiscal 2008.
 
Total operating expenses decreased by $11,318,381, or 68.9%, from $16,438,670 in fiscal 2008 to $5,120,289 in fiscal 2009.  The decrease in operating expenses was principally attributable to the goodwill impairment expense of $10,112,931 recorded in fiscal 2008, as compared to no goodwill impairment charges in fiscal 2009, and to a $1,236,967 decrease in general and administrative expense in fiscal 2009, as compared to fiscal 2008.  The decrease in general and administrative expense is primarily attributable to a $940,000 decrease in compensation expense, a $160,000 decrease in the use of outside services and $127,000 decrease in insurance, office, and marketing expenses.  Management anticipates that operating expenses will increase slightly over the coming year as the Company continues to maintain and expand its customer base.

Total other income (expense), including interest expense and financing costs, decreased $3,712,173, from income of $1,010,741 in fiscal 2008 to an expense of $(2,701,432) in fiscal 2009. The decrease is principally due to the $2,253,946 in interest expense charge incurred when $4,000,000 in convertible notes were refinanced in August 2008 (due to the acceleration of the unamortized balance of the original issue discount on such notes and the acceleration of the unamortized portion of the financing costs for such notes) and a reduction in the gain on derivatives associated with the debt feature of such convertible notes of $1,072,956 recorded in fiscal 2009 as compared to fiscal 2008.

 
 

The following information was filed by Us Dataworks Inc (UDWK) on Monday, June 29, 2009 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.

View differences made from one year to another to evaluate Us Dataworks Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Us Dataworks Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account