Welcome!

SAP Authors: Carmen Gonzalez, Pat Romanski, Roger Strukhoff, Yeshim Deniz, Elizabeth White

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
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.