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| "The application they provided for us and their service are fantastic." |
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| Ross Appenzeller - XL Aerospace |
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Warp 9 Announces Q3 Results
Reports third highest net income in Company's history
May 22, 2009 - Santa Barbara, CA - Warp 9, Inc. (OTCBB: WNYN), the premier provider of robust e-commerce platforms and services, announces financial results for its quarter ended March 31, 2009.
Highlights of the financial results for the quarter:
- Ten consecutive quarters of positive net income
- Net Income of $140,095 is the third highest in Company's history
- Gross Margin holding at greater than 90%
- A 93% reduction in long term debt since prior year
- The nine month income rose 46% to $360,132 compared to $247,462 for the prior year before a provision for income tax of ($168,126)
- Increase in working capital to $1,096,107, compared to $400,205 for the prior year
Warp 9's President and CEO stated, "We are pleased to report on another profitable quarter's results. Like most retail oriented businesses, the contracting economy continues to impact our customers, as reflected in their spending cutbacks on professional services and delays in making outright purchasing decisions. However, we continue to believe that our approach in marketing our e-commerce platform as a Software-as-a-Service (SaaS) model is the right strategy in an economic and retail environment that is clearly struggling and may continue to struggle for some time. We believe this provides us a significant advantage over our competitors as clients and prospects continue to seek lower capital expenditures and higher relative value in their e-commerce solutions. Moreover, our fiscal discipline over the last couple of years has left the company with a strong cash position and little debt, allowing us to continually make the necessary investment in sales and marketing required to win customers and grow our core business."
Warp 9 powers some of the most successful e-commerce websites for retailers such as www.magellans.com, Craft Supplies USA flagship site www.woodturnerscatalog.com, Lehman's www.lehmans.com, and Spiegel Brands' www.shapefx.com.
About WARP 9
Warp 9, Inc. is the premier provider of robust e-commerce platforms and services for the catalog and retail industry. Its comprehensive and scalable suite of software platforms are designed to help online retailers maximize the Internet channel by applying Warp 9's advanced technologies for online catalogs, e-mail marketing campaigns, and interactive visual merchandising. With a proven track record and years of experience in the industry, Warp 9 helps businesses leverage the Internet channel to lower costs and increase sales. Offered on a fully managed software-as-a-service model, Warp 9 products allow customers to focus on their core business, rather than technical implementations.
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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.
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