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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 Q1 Results
Company sees slowing economy as an opportunity for growth
November 18, 2008 - 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 September 30, 2008.
Highlights of the financial results for the quarter: - Eight consecutive quarters of positive net income
- Gross Margin holding at greater than 90%
- A 93% reduction in long term debt since prior year
- Net income rose to $56,017 compared to $26,744 for the prior year, before accounting for a provision for income tax of ($46,187)
- Increase in working capital to $690,498, compared to $52,567 for the prior year
- Elimination of "going concern" qualification from our financial statements
Warp 9's President and CEO, Harinder Dhillon, stated, "During the last few years, we have made a concerted effort to substantially reduce our debt while bolstering our cash position. This effort has positioned us well as we face a time of tightened credit and investment markets. Since eliminating the Cornell convertible debenture in June, we have begun shifting effort into increased R&D, current product enhancements, and Sales & Marketing activities - all tempered by the idea that we may need to finance all growth activities ourselves."
"While we are seeing effects of the slowing economic markets on our customers, by contrast to retail and other traditional channels, the Internet channel has shown to be much more resilient to date. Because of this and that our Software-as-a-Service (SaaS) model offers benefits over competitors not using this model, we believe we have a significant advantage entering into a slowing economy. Our clients and prospects will examine more closely the value they get out of their e-commerce solutions; they will favor lower capital expenditure options; and look for ways to remain competitive - both by product choices and by tapping into professional resources that they cannot permanently staff."
Warp 9 powers some of the most successful e-commerce websites for retailers such as www.magellans.com, and Spiegel Brands' www.carabella.com, www.ablambdin.com, and 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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