- Company Restructuring Near Completion - HOUSTON, June 30
/PRNewswire-FirstCall/ -- US Dataworks, Inc. (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." 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 2:00 pm EDT on June 30, 2008,
and ending on July 7, 2007. For the replay, please dial (877)
660-6853 (replay account #269, replay conference #289978). The
access number for the replay for international callers is (201)
612-7415 (replay account #269, replay conference #289978). 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 the
anticipated demand of the Company's products, the market demand for
our 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, our ability to complete the
restructuring, 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. - Tables to Follow - US DATAWORKS, INC.
INCOME STATEMENT DATA Three Months Ended Year-Ended 3/31/08 3/31/07
3/31/08 3/31/07 Revenues Software licensing revenues (7,778) 80,267
282,045 689,425 Software transactional revenues 623,087 357,029
1,848,130 1,495,617 Software maintenance revenues 238,340 123,127
896,358 438,803 Software service revenues 866,842 752,503 2,820,332
3,445,730 ATM Equipment Revenues -- 1,000,000 -- 1,000,000
1,720,481 2,312,926 5,846,865 7,069,575 Discount on Sales (129,272)
-- (129,272) -- Net Revenue 1,591,209 2,312,926 5,717,593 7,069,575
Cost of sales 495,243 1,299,209 1,964,555 2,859,063 Gross profit
1,095,966 1,013,717 3,753,038 4,210,512 Operating Expenses General
and administrative 1,484,949 2,134,547 6,144,484 7,031,224
Depreciation and amortization 48,252 38,868 181,255 144,114
Goodwill Impairment 4,180,747 -- 10,112,931 -- Total operating
expenses 5,713,948 2,713,415 16,438,670 7,175,338 (Loss) from
operations (4,617,982) (1,159,698)(12,685,632)(2,964,826) Other
income (expense) Financing costs (40,000) (46,200) (152,680)
(46,200) Interest expense (288,151) (6,402 (458,675) (226,820)
Interest expense - related parties (10,668) (10,938) (47,256)
(21,875) Loss on disposition of assets -- -- (44,231) -- Litigation
settlements -- -- -- 222,600 Other income (expense) 11,585 --
19,346 10,490 Gain on Derivative liabilities (536,571) (85,418)
1,694,237 (279,378) Total other income (expense) 209,317 (148,958)
1,010,741 (341,183) Loss before provision for income taxes
(4,408,665) (1,308,656)(11,674,891)(3,306,009) Provision for income
taxes -- -- Net (loss) (4,408,665)
(1,308,656)(11,674,891)(3,306,009) Basic and diluted loss per share
$(0.14) $(0.04) $(0.37) $(0.11) Basic and diluted weighted -
average shares outstanding 32,062,962 31,444,647 31,744,212
30,717,707 US DATAWORKS, INC. BALANCE SHEET March 31, 2008 ASSETS
Current assets: Cash and cash equivalents $903,393 Accounts
receivable, trade 856,261 Prepaid expenses and other current assets
145,915 Total current assets 1,905,569 Property and equipment, net
478,687 Goodwill, net 4,020,698 Other assets 357,124 Total assets
$6,762,078 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Notes payable $35,279 Deferred revenue 200,833
Accounts payable 271,677 Accrued expenses 366,538 Interest payable
- related parties 18,188 Derivative - Compounded Embedded 353,749
Derivative - Warrants 267,532 Total current liabilities 1,513,796
Long term Note Payable 52,918 Long term Note Payable - Related
Party 500,000 Long term convertible promissory note, net
unamortized discount of $1,995,636 2,004,364 Total long term
liabilities 2,557,282 Total liabilities $4,071,078 Stockholders'
Equity: Convertible Series B preferred stock, $0.0001 par value;
700,000 shares authorized; 109,933 shares issued and outstanding;
$3.75 liquidation preference, dividends of $293,596 in arrears 55
Common stock, $0.0001 par value; 90,000,000 shares authorized;
32,062,962 shares issued and outstanding 3,206 Additional paid-in
capital 64,778,977 Accumulated deficit (62,091,238) Total
stockholders' equity 2,691,000 Total liabilities and stockholders'
equity $6,762,078 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 media, Donald C.
Weinberger or Alisa Steinberg, both 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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