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Warp 9 Reports 353% Increase in Net Income
May 14, 2008 (12:05 PM EDT)
SANTA BARBARA, Calif., May 14 /PRNewswire-FirstCall/ -- Warp 9, Inc. , the premier provider of robust e-commerce platforms and services, announces financial results for its third fiscal quarter ended March 31, 2008.
Net income for the quarter grew 353% year over year to $119,615 from $26,405. Although revenue for the quarter fell to $580,477 from $771,989, the decline is largely attributable to the elimination of pass-through marketing expenses. Gross margins grew to a record 95%.
Harinder Dhillon, Warp 9's CEO, commented, "We continue to work hard to complete the company's turnaround. Management's efforts have been focused on improving the company's balance sheet and we are pleased with the progress that has resulted from our fiscal discipline."
The quarter ending March 31, 2008 marked the sixth consecutive quarter of positive net income. The company's cash balance grew 21% from the previous quarter to $779,583 and working capital almost doubled from the previous quarter, from $210,193 to $400,205. The company's total debt was reduced almost 14% from the previous quarter. Mr. Dhillon added, "Obviously, we can make no assurances, but management will continue to find ways to reduce our debt burden. We believe these are steps we must take to ensure that we will be positioned for future growth and profitability."
Warp 9 powers some of the most successful e-commerce websites for retailers such as http://www.magellans.com http://www.carabella.com http://www.ablambdin.com , and Spiegel Brands' , and .
About Warp 9
Warp 9, Inc. ( http://www.warp9inc.com ) is the premier provider of enterprise-class e-commerce platforms and services to mid-sized businesses in the catalog and retail industry. With a proven track record and years of experience in the industry, Warp 9's comprehensive and scalable suite of software platforms and technologies for online catalogs, e-mail marketing, and interactive visual merchandising help businesses leverage the Internet to increase sales. Offered on a fully managed Software-as-a-Service model, Warp 9 products deliver unique benefits to its customers by reducing total cost of ownership, lowering upfront cost, providing faster time to market and being a one-stop-shop for all things e-commerce. Known for its outstanding customer service, Warp 9 powers some of the most successful e-commerce sites for companies like Magellan's and Spiegel.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
CONTACT: media relations, T. Harris of Warp 9, Inc., +1-805-964-3313, ext.103
Web site: http://www.warp9inc.com/