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Us Dataworks Inc (UDWK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, March 31, 2009

Us Dataworks Inc

CIK: 1049505 Ticker: UDWK

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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.

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SEC Filing Tools
Ticker: UDWK
CIK: 1049505
Form Type: 10-K Annual Report
Accession Number: 0001144204-09-034845
Submitted to the SEC: Mon Jun 29 2009 2:33:47 PM EST
Accepted by the SEC: Mon Jun 29 2009
Period: Tuesday, March 31, 2009
Industry: Prepackaged Software

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