Advertisement
IceWEB Reports Fiscal Third Quarter Financial Results
16 Aug, 2010 @ 04:00 pm EDT
STERLING, Va., Aug. 16 /PRNewswire-FirstCall/ -- IceWEB(TM), Inc., (OTC Bulletin Board: IWEB), a leading provider of unified data storage and building blocks for cloud storage, announced today results for the fiscal 2010 third quarter period ended June 30, 2010.
Quarterly Highlights and Recent Developments
-- Revenue exceeds $1.2 million in the fiscal third quarter
-- Gross margins maintained at 49%
-- Company completes equity raise of $2.3 million
-- Positive shareholders' equity at June 30, 2010
-- Order flow accelerating as channel partners ramp up efforts
-- Company signs 29 VARs in 1st quarter of channel partner program launch
In the quarter ending June 30, 2010, the Company reported revenue of $1,203,878, as compared to quarterly revenue of $826,182 for the year-ago period. The year-over-year increase in revenue was due to the increase in data storage product sales versus the year-ago quarter. For the three month period ending June 30, 2010, the Company reported a loss of $1,423,743, versus a loss of $948,906 for the year-ago period.
Gross margin was 49% for the three months ending June 30, 2010, down slightly from 51% in the year earlier period. Storage revenue for the three months ended June 30, 2010, accounted for approximately 95% of the Company's revenue compared to the year earlier period, when sales of storage products accounted for 92% of revenue.
For the nine month year-to-date period ending June 30, 2010, the Company reported revenue of $2,815,900, a decrease from the year ago period revenue of approximately $3,936,500. The Company reported a loss for the nine months ended June 30, 2010 of $4,771,693 versus earnings of $1,114,000 in the year earlier period. In March 2009, IceWEB sold a subsidiary that accounted for prior year year-to-date sales of approximately $1,625,700. After adjusting for the sale of the subsidiary, prior year year-to-date revenue would have been approximately $2,310,800. Excluding the revenue from the disposed-of subsidiary, year-over-year revenue increased approximately $505,100, or 21.9%. The sale of the subsidiary was facilitated to ensure focus on the data storage business model.
Gross margins were 52% for the fiscal nine months ending June 30, 2010, up from 37% in the year earlier period, due primarily to increased sales of high margin data storage products. Storage revenue for the nine months ended June 30, 2010 accounted for approximately 94.6% of the Company's revenue compared to the year earlier period, when sales of storage products accounted for 53% of revenue.
The Company reports results on both a GAAP and a non-GAAP basis. Non-GAAP results excludes the impact of equity-based compensation and amortization of intangible assets, and includes the unrealized gain on marketable securities.
John R. Signorello, Chairman and CEO, stated, "The third quarter of fiscal 2010 attained our internal growth plans while maintaining a tight control on overhead expenses. At the same time, we prepared the Company for significant future growth by securing funds of $2.3 million through a private offering. We have diminished our cash burn level in the quarter and believe we are nearing revenue levels to be cash flow neutral. We also launched our distribution model with Promark Technologies."
"Our management team combined with the key alliances, such as Promark Technologies, ESRI and Google, give us confidence that our ambitious sales and earnings goals will be attained. We have also seen our pipeline of new business opportunities rise into the millions of dollars, which is a direct result of our strong distribution network, which we expect to expand upon in coming months. Noting the accelerating order inflow for our storage platform and the rousing acceptance of our recently announced IceWEB 5000 Storage System, leads us to anticipate that an upward revision of our goals may be appropriate in the near future," stated Mr. Signorello.
Mr. Signorello concluded, "The massive amounts of data that are being generated daily will require a vast number of storage systems to both store and manage the data. EMC, a leader in the storage industry, recently sponsored an IDC report "The Digital Universe Decade" that in the period from 2009-2020, the digital universe is expected to grow by a factor of 44. We are very confident that the steps we have taken will position IceWEB as a key supplier in this burgeoning market."
Non-GAAP Financial Measures
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 second quarter was $1,838,315 or ($0.02) per share based on 88.2 million weighted average shares outstanding. This compares to GAAP net income of $2,721,940 or $0.08 per share for the second quarter of fiscal 2009.
Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EPS
(Unaudited)
Three Months Ended
June 30
-------
2010 2009
---- ----
Net income (loss) ($1,423,743) ($948,906)
Amortization of 60,773 83,729
intangible assets
Stock-based
compensation 357,173 331,753
Unrealized gain on (1,120,000) -
marketable
securities
Adjustments to GAAP
loss (702,055) 415,482
Adjusted earnings
(loss) ($2,125,798) ($533,424)
=========== =========
Adjusted EPS ($0.02) ($0.01)
Nine Months Ended
June 30
-------
2010 2009
---- ----
Net income (loss) ($4,771,693) $1,114,000
Amortization of 182,318 167,458
intangible assets
Stock-based
compensation 2,229,445 963,132
Unrealized gain on 752,000 -
marketable
securities
Adjustments to GAAP
loss 3,163,763 1,130,590
Adjusted earnings
(loss) ($1,607,930) $2,244,590
=========== ==========
Adjusted EPS ($0.02) $0.06
About IceWEB, Inc.
Headquartered just outside of Washington, D.C., IceWEB manufactures and markets data storage products. For more information, please visit www.IceWEB.com.
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: http://www.sec.gov. 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.
- Tables to Follow -
ICEWEB, Inc.
Consolidated Balance Sheets
June 30,
2010 September 30,
--------- 2009
----
CURRENT ASSETS: (Unaudited) (1)
Cash $1,276,863 $63,310
Accounts receivable, net 1,691,605 424,919
Inventory 114,746 151,361
Other current assets 13,750 6,390
Prepaid expenses 42,544 25,180
3,139,508 671,160
--------- -------
OTHER ASSETS:
Property and equipment, net 524,119 752,162
Deposits 13,320 13,320
Marketable Securities 800,000 0
Intangible assets, net 607,725 790,042
Total Assets $5,084,672 $2,226,684
========== ==========
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $1,903,186 $1,971,376
Notes payable 1,753,194 1,847,755
Deferred revenue 47,584 10,261
3,703,964 3,829,392
--------- ---------
Long-Term Liabilities
Notes Payable 1,057,554 934,756
Total Liabilities 4,761,518 4,764,148
--------- ---------
Stockholders' Equity (Deficit)
Series B convertible preferred stock ($.001
par value; 1,253,334 626 626
shares issued and outstanding)
Common stock ($.001 par value;
1,000,000,000 shares authorized; 121,791 68,471
121,951,604 shares issued and 121,789,104
shares outstanding)
Additional paid in capital 26,974,988 20,064,997
Accumulated deficit (27,430,251) (22,658,558)
Accumulated other comprehensive income 752,000 0
Subscription receivable (83,000) 0
Treasury stock, at cost, (162,500 shares) (13,000) (13,000)
Total stockholders' equity (deficit) 323,154 (2,537,464)
======= ==========
Total Liabilities and Stockholders Equity
(Deficit) $5,084,672 $2,226,684
(1) Derived from audited financial statements
ICEWEB, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30
-------
2010 2009
---- ----
Sales $1,203,878 $826,182
Cost of sales 613,287 404,641
Gross profit 590,591 421,541
------- -------
Operating expenses:
Marketing and selling 404,443 357,596
Depreciation and
amortization expense 165,585 85,793
Research and development 167,061 94,020
General and administrative 1,130,005 688,154
Total Operating Expenses 1,867,094 1,225,563
--------- ---------
Loss From Operations (1,276,503) (804,022)
---------- --------
Other income (expenses):
Gain/(loss) from sale of
assets 0 0
Interest income 0 0
Interest expense (147,240) (144,884)
Total other income
(expenses): (147,240) (144,884)
-------- --------
Net income (loss) $(1,423,743) $(948,906)
=========== =========
Basic income (loss) per
common share $(0.01) $(0.02)
Diluted income (loss) per
common share $(0.01) $(0.02)
Weighted average common
shares outstanding 110,570,437 38,794,632
basic
Weighted average common
shares outstanding 110,570,437 38,794,632
diluted
Nine Months Ended
June 30
-------
2010 2009
---- ----
Sales $2,815,900 $3,936,472
Cost of sales 1,343,006 2,478,707
Gross profit 1,472,894 1,457,765
--------- ---------
Operating expenses:
Marketing and selling 1,189,661 864,184
Depreciation and
amortization expense 495,984 432,839
Research and development 353,092 250,450
General and administrative 3,783,654 1,739,492
Total Operating Expenses 5,822,391 3,286,965
--------- ---------
Loss From Operations (4,349,497) (1,829,200)
---------- ----------
Other income (expenses):
Gain/(loss) from sale of
assets 0 3,452,236
Interest income 0 1,142
Interest expense (422,196) (510,178)
Total other income
(expenses): (422,196) 2,943,200
-------- ---------
Net income (loss) $(4,771,693) $1,114,000
=========== ==========
Basic income (loss) per
common share $(0.05) $0.03
Diluted income (loss) per
common share $(0.05) $0.03
Weighted average common
shares outstanding 92,635,584 35,431,837
basic
Weighted average common
shares outstanding 92,635,584 37,637,725
diluted
ICEWEB, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
June 30,
2010
----
NET CASH USED IN OPERATING ACTIVITIES $(2,900,065)
-----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (85,624)
Investment in marketable securities (48,000)
-------
NET CASH USED IN INVESTING ACTIVITIES (133,624)
--------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of equipment financing -
Proceeds from the sale of restricted common
stock 2,320,630
Proceeds from notes payable 985,900
Payments on notes payable (957,662)
Proceeds from exercise of common stock
options 1,898,374
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,247,242
---------
NET INCREASE IN CASH 1,213,554
CASH - beginning of period 63,310
CASH - end of period $1,276,863
==========
Supplemental disclosure of cash flow
information:
Cash paid for:
Interest $402,056
========
Income taxes -
===
Nine Months Ended
June 30,
2009
----
NET CASH USED IN OPERATING ACTIVITIES $(1,396,144)
-----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (28,318)
Investment in marketable securities -
---
NET CASH USED IN INVESTING ACTIVITIES (28,318)
-------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of equipment financing (45,114)
Proceeds from the sale of restricted common
stock 97,000
Proceeds from notes payable 7,060,871
Payments on notes payable (6,122,036)
Proceeds from exercise of common stock
options 454,300
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,445,021
---------
NET INCREASE IN CASH 20,559
CASH - beginning of period 4,780
CASH - end of period $25,339
=======
Supplemental disclosure of cash flow
information:
Cash paid for:
Interest $365,294
========
Income taxes -
===
Contact:
IceWEB, Inc.
Investor Relations, 571.287.2400
investor@iceweb.com
or
Stephen D. Axelrod, CFA, 212.370.4500
steve@wolfeaxelrod.com
Wolfe Axelrod Weinberger Associates, LLC.
SOURCE IceWEB, Inc.
For more iinformation, go to www.prnewswire.com
19.
Today,however,really huge red sole shoes heels experienced turn into cheap ouboutin mainstream.In just about every solitary sort of design show red bottom heels huge heel shoes possesstheirreplaceableposition.trendy red bottom shoes Christian Louboutin selling low cost in the direction of the tendency.Christian Louboutin Dafsling 160mm getting a pair of reduce louboutin sale marketing price christian red bottom sale louboutin shoes may possibly be the wish of all girls.Christian Louboutin Pigalle Spikes are you currently able to dare attraction of red-colored christian louboutin huge heels and soles? At a party, christian louboutin lady peep sling 150mm how is it feasible to lack in the pair of noble christian louboutin mens flats and graceful Christian Louboutin Mad Mary James Pumps Pink without the need of getting Louboutin Pumps how is it feasible getting the queen?christian louboutin women sneakers are you currently able to call up for for getting the exceptional lady like Serine or Blake Lively?christian louboutin coussin These exceptional Christian Louboutin Pumps could create a female existence completion, christian louboutin pigalle glitter which certainly speaks for by alone and has carved its individual place of attention inside the shoes market.Christian Louboutin Ankle Boots Dazzling desirable of people reduce marketing price louboutin shoes that you simply merely choose out a pair of for the do it yourself yet? Christian Louboutin Alfredo If not, Christian Louboutin Rollergirl
18.
As the largest creation concerning the 14th century,the christian louboutin christian louboutin for selling heels are usually probably the most in a placement to show away the red bottom Shoes femininity of the one product,Christian Louboutin Daffodile the ugly duckling turned swan,Christian Louboutin Glitter bright which could red sole shoes possibly be the range concerning the foot pad.Christian Louboutin Peep Toes Barbara, Bui, Christian Louboutin Daffodile 160mm Strass Pumps2012 spring and summer time sequence of shoes red sole heels when once more for countless girls to include charm to modern metallic colours from traditional dark and white,sweet candy colours using the red bottom pumps texture of leather, Christian Louboutin Ron Ron Zeppa 85mm animal prints, Christian Louboutin Toe Booties stylish patent leather-based effect toward hand-beaded design, christian louboutin rolando 120mm every one red bottom heels possessing a corresponding toward shoes could possibly be considered a distinctive design bloom brightness Cinderella. Christian Louboutin Bianca traditional christian louboutin selling shoes, Christian Louboutin Highness pointed shoes, shoes,christian louboutin daffy pumps fish mind design possessing a at ease thick high-heeled female intellectual cheap red sole shoes competence, christian louboutin brandaplato the aura operating by employing them.christian louboutin bianca 140mm As 2012 spring shoes lines flagship style, Christian Louboutin olandor glowing metallic luster concerning the idea mind shoes is bound to can be found to be the up coming pair cheap red bottom shoes of movie star stars competing interpretation of the one product concerning the blast wave. http://www.cheapredsoledshoess.com/
17.
The harness Department,slim high-heeled,red bottom heels so slim and stylish leather-based sandals could possibly be the spring christian louboutin louis spikes sneakers and summer cheap red bottom heels time sequence christian louboutin balota 150mm christian louboutin for profit 2012 shoes belonging for that main styles.christian louboutin louis strass The style impression of drift, the artist decide on probably the most traditional and most engaging factors cheap red bottom shoes in to the whole sequence to acquire inspiration away from yoursea,christian louboutin rollerboy spikes uncomplicated red bottom shoes and smooth winding upper lines show the rhythm christian louboutin mens high tops belonging for that water, the sea tolerance.christian louboutin rollergirl flat Champagne, Christian Louboutin Metalipp 120mm brightness blue,christian louboutin womens flats sky blue coloring owning a distinctive touch of satin or fur turned even more to restore the sea that red sole shoes without the need red sole heels of rendering, Christian Louboutin Women Sneakers organic and natural facial beauty. christian louboutin rantus orlato Gorgeous retro christian louboutin profit has continually been red bottom shoes sought most appropriate after with a range of Hollywood actresses.christian louboutin 8 mignons sandals The start belonging for that 2012 spring and summer time sequence of footwear,Christian Louboutin Rollerboy the artist when once more for that bold utilization ofcolor,Christian Louboutin Bye Bye 160mm alluringcut,problem christian louboutins and luxurious resources for that elegance belonging for that ladies who breathtaking appear forward to. http://www.cheapredbottomheels.org/
16.
15.
beach wedding clothes davids bridal petticoat beach bridal dresses casual beach wedding dress bridal handbags and purses ivory lace wedding dress wedding dresses for a beach wedding wedding outfits mother of the bride vintage bridal handbags maternity wedding dresses cheap evening dresses dress and jackets for mother of the bride buy Wedding Dresses 2012 quinceanera ball gowns beach wedding accessories
14.
We are a professional wholesale dress factory in china. we sold our product to the world. Now, we have a lot of wholesaler in everywhere in the world. we always help some famous designer/company and wholesaler to make high quality dress in a suit price. I hope more wholesaler can join us, let's do better together.For the best prices and the best selection of styles when it comes to dress wholesale, goodluckshopping.net has got you covered! We're the clothing wholesalers with the fantastic selection and great prices you've been looking for! Browse all of the remarkable prices and great styles available to you in everything from Junior and Missy to plus sizes. When you shop for wholesale clothing at goodluckshopping.net, your bank account will thank you! We invite you to visit our website for the latest fashions in the market. As part of parent company goodluckshopping.net , we are proud to provide our customers with the best quality wholesale bags Our merchandise is selected with quality and value in mind so that you can sell your customers a quality product at an affordable price. We hand select the latest fashions and the best styles in the industry for you to deliver to your customers. At goodluckshopping.net we guarantee our dresses to be first-quality and will replace any item that does not meet your expectations. We have everybody covered also good to mention that we have china wholesale in every season. A wide variety of selection starts from small to large and also plus size clothing.
13.
We are a professional wholesale dress factory in china. we sold our product to the world. Now, we have a lot of wholesaler in everywhere in the world. we always help some famous designer/company and wholesaler to make high quality dress in a suit price. I hope more wholesaler can join us, let's do better together.For the best prices and the best selection of styles when it comes to dress wholesale, goodluckshopping.net has got you covered! We're the clothing wholesalers with the fantastic selection and great prices you've been looking for! Browse all of the remarkable prices and great styles available to you in everything from Junior and Missy to plus sizes. When you shop for wholesale clothing at goodluckshopping.net, your bank account will thank you! We invite you to visit our website for the latest fashions in the market. As part of parent company goodluckshopping.net , we are proud to provide our customers with the best quality wholesale bags Our merchandise is selected with quality and value in mind so that you can sell your customers a quality product at an affordable price. We hand select the latest fashions and the best styles in the industry for you to deliver to your customers. At goodluckshopping.net we guarantee our dresses to be first-quality and will replace any item that does not meet your expectations. We have everybody covered also good to mention that we have china wholesale in every season. A wide variety of selection starts from small to large and also plus size clothing.
12.
www.saleuggsky.com a tremendous volume of designers seeking to develop Classic Tall Metallic Boots using wise charges It is the warmth and luxury which render it famous through around the globeIf you havent attempted over the internet auction and desire to purchase a pair of UGGs(Sundance II Boots), its selected for individuals that do merely a little Sundance II Boots is a new addition to the UGG collection for women this year Sacha Baron Cohen dating Isla FisherBy any means people think about the UGG Boots Cheap or maybe seasonal–Bearpaw shoes usually are the best acquire.Cheap Ugg Boots nervous about general public thoughts and opinions ended up being in ways that that they would not challenge publicly for you to disclose his or her purposes for you to invasion Belgium. Throughout singled out circumstances, the place that the enjoyment in the general public matured disquieting, your specialists quickly intervened to shield Ugg Boots Cheap folks menaced. There are literally a total lot of a outrageous preference of web sites around which will yield you a marked down cost UGG Night Fall Boots. Be cautious, nonetheless. when the cost seems fantastic, it presumably is. really a good understanding such as the cheap knock-offs of purses and timepieces marketed for the streets of ny City, Classic Mini Boots are all over. And, to you, that might not matter. If it’s not the brand, however the look inside of the streamer that is consequential to you, ensue and by an imitation. probabilities are no 1 will know anyway.Once you find a span of Ultra Tall Boots which you are organised to purchase, be sold to investigate the little print. when the emporium does not yield a return/exchange program, then be cautious. You need to constantly retain the preference of returning an affordable UGG foot that does not fit or is defective, no make a disproportion just where you purchased it or how a good understanding you procured it.
11.
Welcome to our UGG Boots Cheap store for the authentic UGGs you like, we offer hot but Cheap UGG Boots such as Cheap UGG Boots and so on.You can find all UGG boots for 100% quality with Australia sheepskin.With the best sale UGG Boots Sale for cheap,they bring comfort unmatched by ordinary materials.We provide satisfied service,Free Shipping and No Sale Tax.Hope you like our shop and the UGG Classic Tall Boots Cheap.Enjoy your shopping!5% Discount For 2 Items Or More!You can buy cheap uggs sale online shop! For a lot of people, cheap price always what they seek, after financial crisis, it becomes necessity for people to find discount products prepare for winter. For low income people, owning an UGG Classic Short Boots need them to save a lot of money, but rare of them can afford, so luxury always called”Ugg”. From elders to kids, from women to boy, almost everyone can find their UGG Bailey Button Boots. Like a huge earnings brand, UGG Bailey Triplet Sale are dependable, durable and exceedingly snug any outfit you select furthermore could conceive a method statement. Now, we the uggs on sale income producing use of the reduced price, style, chocolate, brown, dim etc, inexpensive ugg boots if you are willing, you can contact up us. if you must purchase please go quickly.
Post Your Comment
About IBT PR Center
The IBTAnnouncement Service helps investors discover the latest information reported by companies in which they are invested, including changes in voting rights, net asset values, and more.
advertisement
Popular Tags
- Wells Fargo & Company (14)
- Contest (69)
- Product/Service (4952)
- Retail (1703)
- Construction & Property (924)
- Illinois (1059)
- Automotive (390)
- Food/Beverage (708)
- Internet (2659)
- Homeland Security (277)
- Other Technology (1207)
- United States (10505)
- Ready Solar Inc. (0)
- Aéroports de Paris (6)
- Finance (3921)
- Energy (1171)
advertisement
Partners 
|
© Copyright 2012 International Business Times. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives
19th, 2012
10:07pm