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US Dataworks cuts Q4 and year-end profit losses

29 June 2006  |  1786 views  |  0 Source: US Dataworks

US Dataworks, Inc., a leading developer of payment processing solutions, today announced financial results for its fiscal 2006 fourth quarter and year-end results ended March 31, 2006.

Revenues for the fourth quarter ended March 31, 2006 were $2,075,992 compared with revenues of $655,848 for the same period a year ago. Income from operations for the fourth quarter was $232,130 compared to an operating loss of $1,444,251 for the fourth quarter ended March 31, 2005. Net loss for the fourth quarter was $47,694 or $(0.00) per share, compared to a net loss of $1,447,425 or $(0.05) per share, for the corresponding period in the prior year.

Revenues for the year ended March 31, 2006 were $6,975,177 compared with the revenues of $2,686,749 for the same period a year ago. Loss from operations for the year ended was $409,365 compared to an operating loss of $4,954,766 for the year ended March 31, 2005. Net loss for the year ended was $818,157 or $(0.03) per share, compared to a net loss of $6,459,279 or $(0.24) per share, for the corresponding period in the prior year.

"We are very pleased with our reported fourth quarter and year-end results," said Charles E. Ramey, Chief Executive Officer of US Dataworks. "Our revenues increased by 160% during fiscal 2006."

"Our leveraged business model has begun to yield results, as seen in the fourth quarter, which provided income from operations of $232,130, mostly due to the release of Clearingworks, our comprehensive solution for automated payment processing. The company is well positioned for fiscal 2007, as seen in recent announcements with various financial services companies including Online Resources Corp. (ORCC), Bank of Oklahoma, and a significant financial transaction processor. Combined, we believe these relationships will continue the company's growth into fiscal 2007."» Download the document now 38.3 kb (Adobe Acrobat Document)

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