Welcome!

Containers Expo Blog Authors: Elizabeth White, Liz McMillan, Pat Romanski, Anders Wallgren, Flint Brenton

News Feed Item

US Dataworks Announces Fiscal 2013 Second Quarter Results

SUGAR LAND, Texas, Nov. 14, 2012 /PRNewswire/ -- US Dataworks, Inc. (OTC Bulletin Board: UDWK), a leader in payment processing solutions, today announced its financial results for its fiscal 2013 second quarter ended September 30, 2012.

Revenue for the second quarter of fiscal 2013 was $1.7 million compared to revenue of $1.7 million for the second quarter of fiscal 2012.  Net loss for the second quarter of fiscal 2013 was $44,000, or $0.00 loss per share, compared to a net loss of $257,000, or $0.01 loss per share, for the second quarter of fiscal 2012.

Conference Call Information

US Dataworks' management has scheduled a conference call to review its fiscal 2013 second quarter results on Thursday, November 15, 2012 at 11:00 a.m. Eastern time, 10:00 a.m. Central time.  To listen to the call, dial (480) 629-9771 at least 10 minutes before the call begins and ask for US Dataworks' conference call.  A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until November 22, 2012.  To access the replay, dial (303) 590-3030 using a pass code of 4575648#.

Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting www.usdataworks.com.  To listen to the live call on the web, please visit the Company's web site at least fifteen minutes before the call begins to register, download and install any necessary audio software.  For those who cannot listen to the live webcast, an archive will be available shortly after the call.

Additional information about Clearingworks as well as US Dataworks can be found on the company's website at www.clearingworks.com.

About US Dataworks

US Dataworks offers cloud computing on-demand payment processing services with proven enterprise-class payment, deposit, returns processing and powerful payment analytic tools.  US Dataworks is a trusted payments provider to financial institutions, telecommunications providers, content providers, corporate billers and government agencies.

 

 

US DATAWORKS, INC.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS








For the Three Months Ended        September 30,


For the Six Months Ended        September 30,



2012


2011


2012


2011










 Revenues:









Software transactional and subscription


$

633,794


$

684,908


$

1,283,693


$

1,368,226

Software licensing



7,143



7,268



9,575



98,470

Software maintenance



175,043



163,637



341,962



305,634

Professional services



884,747



826,497



1,277,172



1,410,515

Software resale



8,932



4,301



8,932



76,689














 Total revenues



1,709,659



1,686,611



2,921,334



3,259,534














 Cost of revenues



534,692



542,733



1,022,171



1,103,638














 Gross profit



1,174,967



1,143,878



1,899,163



2,155,896














 Operating expenses:













Research and development



208,849



206,366



440,463



459,607

Sales and marketing



224,598



385,405



503,523



688,856

General and administrative



595,055



638,129



1,153,987



1,196,338

Depreciation and amortization



15,106



22,849



33,735



47,478

Total operating expenses



1,043,608



1,252,749



2,131,708



2,392,279














 Net income (loss) from operations



131,359



(108,871)



(232,545)



(236,383)














 Other expense:













Interest expense



(22,119)



(23,011)



(43,540)



(43,535)

Interest expense – related parties



(141,115)



(124,970)



(290,488)



(249,127)

Unrealized loss on fair value of derivative instruments



(11,760)



--



(11,760)



--

Total other expense



(174,994)



(147,981)



(345,788)



(292,662)














 Net income (loss)


$

(43,635)


$

(256,852)


$

(578,333)


$

(529,045)














Basic earnings (loss) per share


$

(0.00)


$

(0.01)


$

(0.02)


$

(0.02)














Diluted earnings (loss) per share


$

(0.00)


$

(0.01)


$

(0.02)


$

(0.02)














Basic weighted-average shares outstanding



33,551,398



33,401,485



33,534,183



33,382,931














Diluted weighted-average shares outstanding



33,551,398



33,401,485



33,534,183



33,382,931

 

 

US DATAWORKS, INC.

UNAUDITED CONDENSED BALANCE SHEETS







ASSETS


September 30, 2012



March 31, 2012



(Unaudited)




Current assets:






Cash and cash equivalents


$

71,966


$

81,985

Accounts receivable, trade, net of allowance for doubtful accounts at September 30, 2012 and March 31, 2012 of $10,500 and $0, respectively



914,637



437,662

Prepaid expenses and other current assets



223,451



200,636

Total current assets



1,210,054



720,283








Property and equipment, net



161,765



184,387

Goodwill



4,020,698



4,020,698

Other assets



32,111



42,354

Total assets


$

5,424,628


$

4,967,722








LIABILITIES AND STOCKHOLDERS' EQUITY














Current liabilities:







Current portion of long term debt, net of unamortized discount at September 30, 2012 and March 31, 2012 of $4,610 and $0, respectively


$

718,207


$

244,667

Current portion of long term debt – related party, net of unamortized discount at September 30, 2012 and March 31, 2012 of $1,152 and $0, respectively



23,848



--

Accounts payable



538,867



426,895

Accrued expenses



303,067



138,033

Accrued interest – related parties



490,508



383,592

Deferred revenue



436,824



424,191

Derivative instruments



25,160



--

Total current liabilities



2,536,481



1,617,378








Long term liabilities:







Notes payable, net of unamortized discount at September 30, 2012 and March 31, 2012 of $3,810 and $2,557, respectively



103,617



109,078

Notes payable – related parties, net of unamortized discount  at September 30, 2012 and March 31, 2012 of  $194,819 and $267,689, respectively



2,922,426



2,849,556

Total long term liabilities



3,026,043



2,958,634

Total liabilities



5,562,524



4,576,012








Commitments and contingencies














Stockholders' equity (deficit):







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 $479,481 and $458,802 in arrears as of September 30, 2012 and March 31, 2012, respectively



11



11








Common stock, $0.0001 par value, 90,000,000 shares authorized,  33,551,773 and 33,485,835 shares issued and outstanding as of September 30, 2012 and March 31, 2012, respectively



3,355



3,348

Additional paid-in-capital



66,641,880



66,593,160

Accumulated deficit



(66,783,142)



(66,204,809)

Total stockholders' equity (deficit)



(137,896)



391,710








Total liabilities and stockholders' equity


$

5,424,628


$

4,967,722








 

 

US DATAWORKS, INC.

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

 

For the Six Months Ended September 30,









2012



2011

Cash flows from operating activities:






Net loss from operating activities

$

(578,333)


$

(529,045)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:






Depreciation and amortization of property and equipment


33,735



47,478

Bad debt expense


15,581



--

Amortization of discount on notes payable


3,618



--

Amortization of discount on notes payable – related parties


73,823



70,075

Amortization of deferred financing costs – related parties


10,243



7,269

Stock based compensation


50,539



19,886

Unrealized loss on fair value of derivative instruments


11,760



--

Changes in operating assets and liabilities:






Accounts receivable


(492,556)



183,010

Prepaid expenses and other current assets


(22,815)



161,940

Accounts payable


111,972



50,231

Accrued expenses


165,034



194,460

Accrued interest – related parties


106,916



149,153

Deferred revenue


12,633



(223,875)







Net cash (used in) provided by operating activities


(497,850)



130,582







Cash flows from investing activities:






Purchase of property and equipment


(11,113)



(20,758)







Net cash used in investing activities


(11,113)



(20,758)







Cash flows from financing activities:






Payments on note payable to bank


--



(174,294)

Payments on secured line of credit


(1,751,383)



(312,690)

Proceeds from secured line of credit


1,507,331



209,714

Payments on factoring facility


(475,214)



--

Proceeds from factoring facility


1,094,860



--

Proceeds from issuance of notes payables and detachable stock warrants


125,000



125,000

Payments on equipment loan payable


(1,650)



(1,650)







Net cash provided by (used in) financing activities


498,944



(153,920)







Net decrease in cash and cash equivalents


(10,019)



(44,096)

Cash and cash equivalents, beginning of period


81,985



44,096

Cash and cash equivalents, end of period

$

71,966


$

--







Supplemental disclosures of cash flow information:






Interest paid

$

151,138


$

28,110

Income taxes paid


--



--







Supplemental disclosures of non-cash financing activities:






In conjunction with the extension of certain existing notes payable and the issuance of new notes payable, the Company issued additional common stock warrants and modified the existing notes to add a common stock conversion feature. As a result, the following balance sheet accounts were affected as follows:






Increased derivative warrant instruments

$

13,400


$

--

Increased note discount on notes payable


11,588



--

Decreased additional paid-in-capital


(1,812)



--


 

 

 

US DATAWORKS, INC.

INCOME STATEMENT DATA

UNAUDITED Non GAAP Reconciliations












For the Three Months ended
September 30,


For the Six Months ended
September 30,



2012


2011


2012


2011

Reconciliation of adjusted EBITDA (See Note 1)









Net income (loss)

$           (43,635)


$           (256,852)


$      (578,333)


$      (529,045)


Depreciation and amortization

15,106


22,849


33,735


47,478


Stock based compensation expense

49,012


8,349


50,539


19,886


Interest

163,234


147,981


334,028


292,662


Adjusted EBITDA (See Note 1)

$          183,717


$            (77,673)


$      (160,031)


$      (169,019)










Reconciliation of EBITDA margin









Revenue

$        1,709,659


$        1,686,611


$     2,921,334


$     3,259,534


Adjusted EBITDA

$           183,717


$            (77,673)


$       (160,031)


$      (169,019)


Margin %

11%


-5%


-5%


-5%




















Note 1:









Adjusted EBITDA is a non-GAAP measure we define as earnings before interest, taxes, depreciation and amortization, and equity compensation expense. We use Adjusted EBITDA as a supplemental financial measure to assess (i) our operating and financial performance without regard to the structure of our financing or the historical cost basis in our assets and (ii) our ability to generate cash flow to cover our interest payments.  Adjusted EBITDA has limitations as an analytical tool and should not be used as a substitute for financial measures presented in accordance with GAAP, including net income, operating income and cash flow from operating activities.  Such limitations include the fact that Adjusted EBITDA does not reflect (i) cash requirements to service interest and principal payments on our debt, (ii) capital expenditure requirements or (iii) income tax payment requirements and income tax accruals.  In addition, companies in our industry may define Adjusted EBITDA differently than we do, thereby limiting its usefulness as a comparative measure.











 

SOURCE US Dataworks, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...