|8/14/09 - US Dataworks, Inc. Announces First Fiscal Quarter Financial Results|
HOUSTON, Aug. 14 /PRNewswire-FirstCall/ -- US Dataworks, Inc. (Amex: UDW - News), a leading developer of payment processing solutions, today announced financial results for its fiscal first quarter ended June 30, 2009.
Revenues for the first quarter ended June 30, 2009 were $2,008,461 compared with revenues of $2,069,049 for the same period a year ago, a 2% decrease. The Company reported operating income for the first quarter of $241,566 compared to operating income of $107,148 for the first quarter ended June 30, 2008. Net loss for the first quarter was $23,911 or $(0.00) per share, compared to a net loss of $109,481 or $(0.00) per share, for the corresponding period in the prior year.
Charles E. Ramey, Chairman and CEO of US Dataworks commented, "Revenues decreased slightly in the first quarter as compared to the prior year due to no licensing revenue and a slight decline in maintenance revenue because of the expiration and non-renewal of certain maintenance agreements. We believe we will continue to see maintenance and licensing revenues decline slowly as we continue our transition to a more recurring based revenue model. We expect our transactional revenue to continue to grow as our current customers, along with new customers, increase their processing volumes in the coming quarters."
"Operationally, the company remains strong and is on target to meeting its goal of $8-10 million in revenue this fiscal year. The Company is generating positive cash flow and reported another quarter of profits on an operating basis, enabling us to begin improving our liquidity. While the recession has put a damper on spending and upgrades across many industries, including our own, we have weathered the storm quite well as we've managed expenses after having properly-sized the Company in last fiscal year. That being said, restoring revenue growth is a priority and we believe the initiatives we have in place will assist us in accomplishing that goal,"