- Total Revenues Increase 68.3% Over Prior Year Period - HOUSTON,
Aug. 14 /PRNewswire-FirstCall/ -- US Dataworks, Inc. (AMEX:UDW), a
leading developer of payment processing solutions, today announced
financial results for its fiscal first quarter ended June 30, 2008.
Revenues for the first quarter ended June 30, 2008 were $2,069,049
compared with revenues of $1,229,071 for the same period a year
ago, an increase of 68.3%. The Company reported an operating profit
for the first quarter of $107,148 compared to an operating loss of
$837,072 for the first quarter ended June 30, 2007, an improvement
of $944,220. Income from operations for the first quarter was
$107,148 or $0.00 per share, compared to an operating loss of
($837,072) or $(0.03) per share, for the corresponding period in
the prior year. Charles E. Ramey, Chairman and CEO of US Dataworks
said, "I am pleased to report a strong quarter which yielded an
operating income in spite of incurring restructuring charges during
the quarter. While software license revenues were down, our other
revenue sources improved in the quarter, the significant increase
was due to a 120% increase in professional service revenues. Other
revenue sources also showed growth as transactional revenues
increased by 38% due to the increase in utilization of our software
solutions by current and new customers. Maintenance revenue was up
20% in the quarter." "The Company's return to profitability on an
operating basis was assisted by the increase in revenues, which
created improved margins. Specifically, our gross margin was 74% in
the first quarter, versus 69% one year ago. In addition, as we've
streamlined our business and eliminated expenses as announced a few
months ago, our general and administrative expenses fell by 16%.
While we still have additional work to do in order to continue our
growth, this quarter marks an excellent start to recording future
profits," added Mr. Ramey. A conference call is scheduled for
today, at 11:00 AM EDT. Interested parties may participate in the
call by dialing (877) 869-3847; international callers dial (201)
689-8261 about 5-10 minutes prior to 11:00 AM EDT. The conference
call will also be available on replay starting at 1:00 p.m. EDT on
August 14, 2008, and ending on August 21, 2008. For the replay,
please dial (877) 660-6853 (replay account # 269, replay conference
# 294195). The access number for the replay for international
callers is (201) 612-7415 (replay account # 269, replay conference
# 294195). 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. Except for
the historical information contained herein, the matters set forth
in this press release, including, but not limited to, statements
regarding the anticipated benefits of the Company's restructuring,
the Company's profitability and its ability to continue to record
profits in the future, and the anticipated demand the Company's
products, 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 risk that customers may
cease using our products, the impact of alternative technological
advances and competitive products, market fluctuations and other
risks detailed from time to time in the SEC reports of US
Dataworks, including its annual report on Form 10-K for the period
ended March 31, 2007 and its quarterly report on Form 10-Q for the
period ended December 31, 2007. These forward-looking statements
speak only as of the date hereof. US Dataworks disclaims any
obligation to update these forward-looking statements. - Financial
Tables to Follow - US DATAWORKS, INC. QUARTERLY INCOME STATEMENT
DATA For the quarters ended June 30, 2008 and 2007 (UNAUDITED) June
30, June 30, Net % 2008 2007 Change Change Revenues Software
licensing revenues 30,000 70,000 (40,000) -57.1% Software
transactional revenues 537,749 389,508 148,241 38.1% Software
maintenance revenues 228,874 191,213 37,661 19.7% Software service
revenues 1,272,426 578,350 694,076 120.0% 2,069,049 1,229,071
839,978 68.3% Discounts on Sales - - - - Net Revenue 2,069,049
1,229,071 839,978 68.3% Cost of sales 537,494 385,959 151,535 39.3%
Gross profit 1,531,555 843,112 688,443 81.7% Operating Expenses
General and administrative 1,376,356 1,641,134 (264,778) -16.1%
Depreciation and amortization 48,051 39,050 9,001 23.0% Goodwill
Impairment - - - - 1,424,407 1,680,184 (255,777) -15.2%
Income/(loss) from operations 107,148 (837,072) 944,220 -112.8%
Other income (expense) Interest expense (303,716) (6,401) (297,315)
4644.8% Interest expense - related parties (10,907) (10,938) 31
-0.3% Gain/loss on change in value of derivatives liabilities
41,080 (14,853) 55,933 -376.6% Other income (expense), net 56,914 -
56,914 - (216,629) (32,192) (184,437) 572.9% Loss before provision
for income taxes (109,481) (869,264) 759,783 -87.4% Basic and
diluted loss per share (0.00) (0.03) 0 -87.7% Basic and diluted
weighted-average shares outstanding 31,137,687 31,300,462 (162,775)
-0.5% US DATAWORKS, INC. Quarterly Balance Sheet Analysis For the
quarter ended June 30, 2008 (UNAUDITED) ASSETS June 30, 2008
Current assets Cash and cash equivalents 1,067,318 Accounts
receivable, trade 1,088,678 Prepaid expenses and other current
assets 212,904 Total current assets 2,368,900 Property and
equipment, net 430,635 Goodwill, net 4,020,698 Other assets 327,387
Total assets 7,147,620 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities Current portion of long term debt 35,279 Derivative -
Compound embedded 359,527 Derivative - Warrants 220,674 Deferred
revenue 470,848 Accounts payable 383,630 Accrued Interest - related
party 29,095 Accrued expenses 235,812 Note payable - related Party
500,000 Convertible promissory note, net of unamortized discount of
$1,830,101 2,169,899 Total current liabilities 4,404,764 Long term
debt 44,098 Total liabilities 4,448,862 Shareholders' equity
Convertible series B preferred stock, $0.0001 par 55 Common Stock
$0.0001 par 3,226 Additional paid in capital 64,864,830 Unissued
Common Stock 31,367 Accumulated deficit (62,200,720) Total
shareholders' equity 2,698,758 Total liabilities and shareholders'
equity 7,147,620 CONTACTS: Charles Ramey, CEO Donald C.
Weinberger/Alisa Steinberg (media) US Dataworks, Inc. Wolfe Axelrod
Weinberger Assoc. LLC (281) 504-8100 Tel. (212) 370-4500 Fax (212)
370-4505 DATASOURCE: US Dataworks, Inc. CONTACT: Charles Ramey, CEO
of US Dataworks, Inc., +1-281-504-8100; or Donald C.
Weinberger|Alisa Steinberg (media), both of Wolfe Axelrod
Weinberger Assoc. LLC, +1-212-370-4500, +1-212-370-4505 fax, for US
Dataworks, Inc. Web site: http://www.usdataworks.com/
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