Source: US Dataworks
US Dataworks (Amex: UDW), a leading developer of payment processing solutions, today announced financial results for its fiscal first quarter ended June 30, 2007.
Revenues for the first quarter ended June 30, 2007 were $1,229,071 compared with revenues of $1,215,088 for the same period a year ago. Operating loss for the first quarter was $837,072 compared to an operating loss of $1,103,219 for the first quarter ended June 30, 2006. Net loss for the first quarter was $869,264 or $(0.03) per share, compared to a net loss of $1,600,370 or $(0.05) per share, for the corresponding period in the prior year.
Charles E. Ramey, Chairman and CEO of US Dataworks said, "Our core business was positive in the quarter, whereby transactional revenues increased by 24% due to the increase in utilization of our software solutions by current customers along with some new customers. Maintenance revenue jumped 84% in the quarter, primarily due to the start of an annual maintenance agreement with a major financial services company in May of 2007. Also showing major improvement in the quarter was our gross margin, which was 68.6%, up from 57% one year ago, due specifically to lower costs of third party software that is resold and packaged in conjunction with our software Clearingworks."
"We implemented certain operational efficiencies during the quarter that assisted us in reducing our operating expense and improving our earnings per share. Although we did not recognize any ATM revenue this quarter, we expect those revenues to be recognized in future quarters. We believe that the production of smart kiosks will be widely accepted in the marketplace and a revenue driver in the coming quarters," stated Mr. Ramey.