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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 Record Earnings, Completes Turnaround
October 1, 2008 - Santa Barbara, CA - Warp 9, Inc. (OTCBB: WNYN), the premier provider of robust e-commerce platforms and services, announces financial results for its fiscal year ended June 30, 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 statements
Mr. Dhillon added, "We have a lot to look forward to, having put the financial challenges behind us. Management resources can now be devoted to growing our customer base, improving the quality of our service offerings, and maintaining our competitiveness in the marketplace."
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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