IceWEB Reports Fiscal Third Quarter Financial Results
(firmenpresse) - STERLING, VA -- (Marketwire) -- 08/15/11 -- IceWEB™, Inc. (OTCBB: IWEB), a leading provider of unified data storage and building blocks for cloud storage, announced today results for the fiscal 2011 third quarter period ended June 30, 2011.
Quarterly Highlights and Recent Developments
IceWEB's NAS (Network Attached Storage) systems received official VMware Ready certification - IceWEB NAS Solutions Certified as Fully Compatible with VMware Environments and Applications
IceWEB expanded its Model 3000 and 5000 storage platforms with New Hybrid (HB) models - Both Models are turnkey, ready-to-deploy and include IceWEB's all inclusive Storage Operating system which supports both SAN/block and NAS/file requirements in both data center and cloud environments starting under $30,000
IceWEB expanded its storage line with its new, top-of-the-line, highly-redundant 6000-HR series of Unified Storage Systems - New Feature-Rich 6000-HR (High Reliability) series gives IceWEB significant competitive advantages in the fastest growing, mid- to high-end enterprise storage market
IceWEB's entire line of storage products is available to Federal, State and Local Governments through Promark Technology's two-tier GSA Services Agreement
Financial Highlights
In the quarter ending June 30, 2011, the Company reported revenue of $719,727, as compared to quarterly revenue of $1,203,878 for the year-ago period. The year over year revenue was directly impacted by delayed and reduced Federal Government spending. While there continues to be growing interest and demand for IceWEB's data storage products many of our channel partners' customers in the public and private sectors have delayed purchasing during the fiscal third quarter that ended June 30, 2011. Historically, the fiscal fourth quarter for the government sector is the strongest for our channel partners and we are hopeful this trend continues.
Gross margin was 47% for the three months ending December 31, 2010, down slightly from 49% in the year earlier period.
The Company reports results on both a GAAP and a non-GAAP basis. Non-GAAP results exclude the impact of equity-based compensation, depreciation and amortization and the expense of common stock issued for services.
For the three month period ending June 30, 2011 the Company reported a non-GAAP loss of $404,935 and a GAAP loss of $698,269, versus a non-GAAP and GAAP loss of $695,512 and $1,423,743, respectively, for the year-ago period. The improved net loss was attributable to significant cost-cutting measures undertaken by the company, in anticipation of the merger with Promark. Operating expenses for the quarter was $932,559, as compared to $1,867,094 in the year ago period, a decrease of 50%. On a non-GAAP basis operating expenses for the quarter was $639,225 versus $1,034,051 for the same period in the prior year.
In this release, the Company's adjusted net income is not presented in accordance with generally accepted accounting principles (GAAP) and is not intended to be used in lieu of GAAP presentations of results of operations. This measure is presented because management believes it provides additional information to investors with respect to the performance of our fundamental business activities. Adjusted net income is a Non-GAAP financial measure and should not be viewed as an alternative to GAAP measures of performance. Management believes the most directly comparable GAAP financial measure for adjusted net income is net income and has provided a reconciliation of adjusted net income to net income at the end of this release. GAAP net loss for the fiscal third quarter was $698,269 or ($0.00) per share based on 143.55 million weighted average shares outstanding. This compares to a GAAP net loss of $1,423,743 or ($0.01) per share for the third quarter of fiscal 2010.
For the nine months fiscal year to date our total operating expenses decreased approximately 40% to $3,482,289 as compared to $5,822,391 for the nine months ended June 30, 2010.
As previously announced, IceWEB and Promark Technology continue to work in tandem with its team of consultants, bankers and legal teams to complete the merger initially announced in March 2011. The Company anticipates that the merger with Promark will be completed by the end of this fiscal year and will host a conference call to provide shareholders details of the merger and allow shareholders the opportunity to speak directly to the combined management team. The combined company's revenue would have exceeded $23m for the quarter ended June 30th. Typically, the September quarter tends to be the largest quarter for both companies due to year-end Government spending.
John R. Signorello, Chairman and CEO, stated, "IceWEB continued its significant product development and R&D efforts during the quarter as we prepare to close the transaction with Promark. We are especially encouraged by our progress in product development, as we expect to see revenue growth from the recent VMware certifications, as well as the launch of the 6000 series family of products. These developments demonstrate the effectiveness of our continued product line expansion, technology developments, and our calculated decision to invest in R&D and engineering support to spur present and future growth."
Headquartered just outside of Washington, D.C., IceWEB manufactures and markets data storage products. For more information, please visit .
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward-looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: . We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934, as amended, or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
(1) Derived from audited financial statements
See accompanying notes to unaudited consolidated financial statements
IceWEB, Inc.
Investor Relations
571.287.2400
or
Stephen D. Axelrod, CFA
212.370.4500
Wolfe Axelrod Weinberger Associates, LLC
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Datum: 15.08.2011 - 14:01 Uhr
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