US Dataworks Inc (UDW, Financial) filed Quarterly Report for the period ended 2008-12-31.
US Dataworks Inc. 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. US Dataworks Inc has a market cap of $4.86 million; its shares were traded at around $0.201 with and P/S ratio of 0.83.
Revenues increased in the three and nine months ended December 31, 2008 by 31% and 48%, respectively, as compared to the same periods ended December 31, 2007. For the three months ended December 31, 2008, transactional and professional services revenue increased by 21% and 80%, respectively, offset by a decrease in licensing and maintenance revenue by 80% and 6%, respectively, as compared to the same periods ended December 31, 2007. For the nine months ended December 31, 2008 transactional, maintenance and professional services revenue increased by 31%, 1% and 93%, respectively, offset by a 77% decrease in licensing revenue as compared to the same periods ended December 31, 2008.
Cost of sales decreased by $9,973, or 1.7%, from $574,230 for the three months ended December 31, 2007 to $564,257 for the three months ended December 31, 2008. This slight decrease was due primarily to a reduction in third-party software resale costs as a result of some of our customers chosing not to renew their annual Epicware licenses. This decrease was partially offset by a reduction of labor costs associated with our professional and maintenance services due to a decreased number of personnel required to perform the maintenance services. Cost of sales increased by $138,205, or 9.4%, from $1,469,312 for the nine months ended December 31, 2007 to $1,607,517 for the nine months ended December 31, 2008. This increase was principally the result of an increase in labor costs associated with the additional resources required for the professional service activities in the first six months of fiscal year 2009 related to the contract with a major credit card provider, offset by decreases in the costs of software purchased for resale and decreases in labor cost associated with maintenance activities, as compared to the same period last year.
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US Dataworks Inc. 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. US Dataworks Inc has a market cap of $4.86 million; its shares were traded at around $0.201 with and P/S ratio of 0.83.
Highlight of Business Operations:
Two of our customers accounted for 50% and 21%, respectively, of our net revenues for the three months ended December 31, 2008. Two customers accounted for 50% and 21%, respectively, of net revenues for the nine months ended December 31, 2008. Four of our customers accounted for 30%, 23%, 15% and 10%, respectively, of our net revenues for the three months ended December 31, 2007. Four customers accounted for 27%, 25%, 12% and 11%, respectively, of net revenues for the nine months ended December 31, 2007.Revenues increased in the three and nine months ended December 31, 2008 by 31% and 48%, respectively, as compared to the same periods ended December 31, 2007. For the three months ended December 31, 2008, transactional and professional services revenue increased by 21% and 80%, respectively, offset by a decrease in licensing and maintenance revenue by 80% and 6%, respectively, as compared to the same periods ended December 31, 2007. For the nine months ended December 31, 2008 transactional, maintenance and professional services revenue increased by 31%, 1% and 93%, respectively, offset by a 77% decrease in licensing revenue as compared to the same periods ended December 31, 2008.
Cost of sales decreased by $9,973, or 1.7%, from $574,230 for the three months ended December 31, 2007 to $564,257 for the three months ended December 31, 2008. This slight decrease was due primarily to a reduction in third-party software resale costs as a result of some of our customers chosing not to renew their annual Epicware licenses. This decrease was partially offset by a reduction of labor costs associated with our professional and maintenance services due to a decreased number of personnel required to perform the maintenance services. Cost of sales increased by $138,205, or 9.4%, from $1,469,312 for the nine months ended December 31, 2007 to $1,607,517 for the nine months ended December 31, 2008. This increase was principally the result of an increase in labor costs associated with the additional resources required for the professional service activities in the first six months of fiscal year 2009 related to the contract with a major credit card provider, offset by decreases in the costs of software purchased for resale and decreases in labor cost associated with maintenance activities, as compared to the same period last year.
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