US Dataworks, Inc. (Amex: UDW), a leading developer of payment processing software, announced today that it has completed the execution of integrated license, maintenance and services agreements with an existing customer that is one of the nation's largest financial services companies.
Clearingworks, US Dataworks' integrated electronic transaction processing platform, will process all payments received by the financial services company, including mailed remittances, Internet payments, telephone payments and transactions captured at worldwide remote offices. Clearingworks promises to improve the financial services company's collection process by providing faster funds availability and lower per transaction costs, and because Clearingworks recognizes all NACHA transaction types and Check 21 clearing methodologies, the platform is able to provide "Best Fit Clearing" and "Least Cost Routing."
"By examining each step of the transaction process, we have developed a more technologically-advanced payment solution," said Terry Stepanik, president and COO of US Dataworks. "This new contract confirms that Clearingworks, with Real-Time Web Enablement and superior flexibility and scalability, offers remittance processors a better solution for today's complex transaction environment that cannot be matched by legacy remittance systems."
"The license and maintenance agreement has a 10 year term. The services agreement is a time-and-materials based contract that is estimated to be completed over an 18 month period. The combined agreements provide revenues to US Dataworks of approximately $7.0 million," stated John Reiland, CFO of US Dataworks.
"As a result of these agreements, we are raising our guidance for the fiscal second quarter ending September 30, 2005 and for the current fiscal year ending March 31, 2006. We expect revenues for the second quarter of fiscal 2006 to range from $2.2 million to $2.4 million and earnings per share to be approximately $0.01 to $0.02 per share. For the full fiscal year ending March 31, 2006, we expect revenues to range from $6.0 million to $6.5 million and loss per share to be between ($0.03) and ($0.04)," concluded Reiland.