US Dataworks reports year-on-year dip in Q3 revenues

Source: US Dataworks

US Dataworks, Inc. (OTC Bulletin Board: UDWK), a leader in payment processing solutions, today announced its financial results for its fiscal 2012 third quarter ended December 31, 2011.

Revenue for the third quarter of fiscal 2012 was $1.8 million compared to revenue of $2.1 million for the third quarter of fiscal 2011.

Net income for the third quarter of fiscal 2012 was $84,000, or $0.00 per diluted share, compared to net income of $224,000, or $0.01 per diluted share, for the third quarter of fiscal 2011.

Charles E. Ramey, Chairman and CEO of US Dataworks, commented, "Third quarter results showed continued sequential improvement during fiscal 2012 in both revenue and earnings. The sum of our software transactional and subscription revenues and our software maintenance revenues grew by 30% over the prior year period, again demonstrating our sequential upward trends for the third straight quarter."

Mr. Ramey continued, "While we ended our outsourcing arrangement with OptimizedNow for inside sales during the third quarter, we believe that this relationship was key in the development of our strategic vision for fiscal 2012 and beyond. As such, we significantly strengthened our management team with the addition of Marc Palombo as Senior Vice President of Sales and Channels. Marc brings a wealth of experience in enterprise-class cloud sales, channel partnership strategies and sales team development. He is currently reorganizing all sales responsibilities in-house and is creating a world class team.

"Our focus remains on customer acquisition, transactions under management, and average price per transaction; and we believe that our future results should continue to improve in the coming quarters as our unique value proposition is being introduced to prospective customers of all sizes in this vast emerging market," concluded Mr. Ramey.

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