HOUSTON, Nov. 14 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing solutions,
announced today financial results for its fiscal 2007 second
quarter and six months results ended September 30, 2007. Revenues
for the second quarter ended September 30, 2007 were $1,366,084
compared with revenues of $1,821,673 for the same period a year
ago. Loss from operations for the second quarter was $875,677
compared to a loss from operations of $479,186 for the second
quarter ended September 30, 2006. Net loss for the second quarter
was $845,758 or $0.03 per share, compared to a net loss of $75,793
or $0.00 per share, for the corresponding period in the prior year.
Revenues for the six months ended September 30, 2007 were
$2,595,156 compared with the revenues of $3,036,762 for the same
period a year ago. Loss from operations for the six months ended
was $1,712,747 compared to an operating loss of $1,582,405 for the
six months ended September 30, 2006. Net loss for the six months
ended was $1,715,019 or $(0.05) per share, compared to a net loss
of $1,676,163 or $0.06 per share, for the corresponding period in
the prior year. Charles E. Ramey, Chairman and CEO of US Dataworks
said, "We are very encouraged about our continued growth in
transactional revenues of 34% in the quarter. This increase is an
organic one, as we witnessed an improvement in the number of
customers subject to transactional pricing over last year. In
addition, as we added new customers, our maintenance revenues grew
127% in the quarter versus the same period last year. Although we
don't anticipate long- term growth in our maintenance revenues, we
still have an agreement with a significant customer that will
generate an additional $400,000 in maintenance revenue in the
remainder of fiscal 2008. Despite the losses reported in the
quarter, we are taking the necessary steps designed to reach
consistent profitability and enhance shareholder value." A
conference call is scheduled for today, at 10:30 AM EST. Interested
parties may participate in the call by dialing (877) 407-8037;
international callers dial (201) 689-8037 about 5-10 minutes prior
to 10:30 AM EST. The conference call will also be available on
replay starting at 1:00 pm EST on November 14, 2007, and ending on
December 14, 2007. For the replay, please dial (877) 660-6853
(replay account # 305, replay conference # 261523). The access
number for the replay for international callers is (201) 612-7415
(replay account # 305, replay conference # 261523). About US
Dataworks, Inc. US Dataworks is a developer of payment processing
solutions, focused on the Financial Services market, Federal, State
and local governments, billers and retailers. Software developed by
US Dataworks is designed to enable organizations to transition from
traditional paper-based payment and billing processes to electronic
solutions that automate end-to-end processes for accepting and
clearing checks. Additional information about US Dataworks is
available at http://www.usdataworks.com/. Except for the historical
information contained herein, the matters set forth in this press
release, including, but not limited to the Company's sources of
revenue, anticipated decrease in maintenance revenue and statements
regarding our profitability and shareholder value are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including, but not limited to, the Company's position in the
marketplace, our ability to develop and timely introduce products
that address market demand, the impact of alternative technological
advances and competitive products, market fluctuations, our ability
to execute our business plan and other risks detailed from time to
time in the SEC reports of US Dataworks, including its annual
report on Form 10-KSB for the period ended March 31, 2007 and its
quarterly report on Form 10-QSB for the period ended June 30, 2007.
These forward-looking statements speak only as of the date hereof.
US Dataworks disclaims any obligation to update these
forward-looking statements. QUARTERLY INCOME STATEMENT DATA
(UNAUDITED) Three months ended Six months ended September 30,
September 30, 2007 2006 2007 2006 Revenues Software licensing
revenues 36,922 135,728 106,922 514,983 Software transactional
revenues 389,880 291,724 779,389 605,720 Software maintenance
revenues 233,796 102,783 425,009 206,549 Software service revenues
705,486 1,291,438 1,283,836 1,709,510 1,366,084 1,821,673 2,595,156
3,036,762 Cost of sales 509,123 497,428 895,082 1,019,728 Gross
profit 856,961 1,324,245 1,700,074 2,017,034 Operating Expenses
General and administrative 1,686,875 1,768,850 3,328,008 3,531,798
Depreciation and amortization 45,763 34,581 84,813 67,641 1,732,638
1,803,431 3,412,821 3,599,439 Loss from operations (875,677)
(479,186) (1,712,747) (1,582,405) Other income (expense) Financing
costs (25,976) - (25,976) - Interest expense (6,402) (78,606)
(12,803) (170,778) Interest expense - related parties (10,938) -
(21,875) - Gain/Loss on Derivatives 73,235 257,383 58,382 (156,071)
Contingent liabilities loss - 222,600 - 222,600 Other income
(expense) - 2,016 - 10,491 29,919 403,393 (2,272) (93,758) Loss
before provision for income taxes (845,758) (75,793) (1,715,019)
(1,676,163) Provision for income taxes Net loss (845,758) (75,793)
(1,715,019) (1,676,163) Basic and diluted loss per share $(0.03)
$(0.00) $(0.05) $(0.06) Basic and diluted weighted -average
(adjusted for reverse stock split 1:5) shares outstanding
31,549,103 30,560,591 31,425,462 30,415,806 US DATAWORKS, INC.
Quarterly Balance Sheet Analysis For the quarter ended September
30, 2007 (UNAUDITED) ASSETS September 30, 2007 Current assets Cash
and cash equivalents 118,047 Accounts receivable, net allowance for
doubtful accounts of $250,000 1,031,544 Accounts receivable, net of
factored receivables of $169,239 135,390 Prepaid expenses and other
current assets 175,116 Total current assets 1,460,097 Property and
equipment, net 566,849 Goodwill, net 14,133,629 Other assets 32,111
Total assets 16,192,686 LIABILITIES AND SHAREHOLDERS EQUITY Current
liabilities Notes payable - Current 35,279 Notes payable - related
parties 500,000 Current portion of convertible promissory notes
256,066 Derivative Liability - Warrants 16,873 Deferred revenue
358,384 Accounts payable 1,484,015 Accrued expenses 980,081
Interest payable - related parties 683 Total current liabilities
3,631,382 Long term Note Payable 70,557 Total liabilities 3,701,939
Shareholders' equity Convertible series A preferred stock, 0001 par
Convertible series B preferred stock, 0001 par 55 Common Stock.
0001 par 3,816 Additional paid in capital 64,618,244 Accumulated
deficit (52,131,368) Total shareholders' equity 12,490,747 Total
liabilities and shareholders' equity 16,192,686 CONTACTS: John
Figone, SVP of Business Development US Dataworks, Inc. (713)
934-3855 Donald C. Weinberger/Alisa Steinberg (media) Wolfe Axelrod
Weinberger Assoc. LLC Tel. (212) 370-4500 Fax (212) 370-4505
DATASOURCE: US Dataworks, Inc. CONTACT: John Figone, SVP of
Business Development, US Dataworks, Inc., +1-713-934-3855; or
media, Donald C. Weinberger or Alisa Steinberg of Wolfe Axelrod
Weinberger Assoc. LLC, +1-212-370-4500, fax, +1-212-370-4505, for
US Dataworks, Inc. Web site: http://www.usdataworks.com/
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