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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.
View differences made from one year to another to evaluate Us Dataworks Inc's financial trajectory
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.
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-
10-K Annual Report June 2009
Material Contracts, Statements, Certifications & more
Us Dataworks Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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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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