www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/w -
[Cached Version]
Published on: 10/1/2008
Last Visited: 10/2/2008
Warp 9's President and CEO, Harinder Dhillon, stated, "We are pleased to announce the completion of the most important year in the company's history.Not only did we achieve record earnings, we also successfully completed the turnaround program that we began implementing almost two years ago.By steadfastly reducing the company's debt burden and working diligently to achieve profitability, we have greatly enhanced shareholder value and positioned the company for future growth and profitability."
Highlights of the financial results for the year ended June 30, 2008:-- Net income rose to a record $2,922,069 (which includes recognition of a deferred tax benefit in the amount of $2,068,708), compared to a net loss of ($13,533) for the prior year -- Seven consecutive quarters of positive net income. -- Gross Margin expanded to 93.9% from 81% a year ago -- Increase in working capital to $649,976 from a working capital deficit of ($80,342) a year ago -- Early termination of convertible debenture, eliminating harmful shareholder dilution -- 92.7% reduction in long term debt to $82,128 from $1,129,818 -- Elimination of "going concern" qualification from our financial statementsMr. Dhillon added, "We have a lot to look forward to, having put the financial challenges behind us.