US Dataworks (Amex: UDW), a leading developer of payment processing solutions, today announced financial results for its fiscal 2008 fourth quarter and year-end results ended March 31, 2008.
Revenues for the fourth quarter ended March 31, 2008 were $1,591,209 compared with revenues of $2,312,926 for the same period a year ago. Loss from operations for the fourth quarter was $4,617,982 compared to a loss of $1,159,698 for the fourth quarter ended March 31, 2007. Net loss for the fourth quarter was $4,408,665 or $(0.14) per share, compared to a net loss of $1,308,655 or $(0.04) per share, for the corresponding period in the prior year.
Revenues for the year ended March 31, 2008 were $5,717,593 compared with the revenues of $7,069,575 for the same period a year ago. Loss from operations for the year ended was $12,685,632 which included a non-cash charge for goodwill impairment of $10,112,931, compared to an operating loss of $2,964,826 for the year ended March 31, 2007. Net loss for the year ended was $11,674,891 or $(0.37) per share, compared to a net loss of $3,306,009 or $(0.11) per share, for the corresponding period in the prior year.
"Fiscal 2008 was a challenging year for our Company," said Charles E. Ramey, Chief Executive Officer of US Dataworks. "That being said, we are close to completing a major restructuring, which included a streamlining of the staff. We enter fiscal 2009 a leaner operation with new opportunities, including a new version of our proprietary software: Clearingworks 3.0. We believe the new structure will put us on the pathway toward profitability."
Mr. Ramey concluded, "I continue to believe that the demand for our software will continue to grow steadily with anticipated ramp up in production of our existing and new customers."