IceWEB, Inc. Reports 296% Increase in Revenue for Fiscal 2004; Record 4th Quarter Revenue of $1,814,652 & Gross profit increases to $1,647,158 in 2004 1/14/2005 8:35:00 AM HERNDON, Va., Jan 14, 2005 (BUSINESS WIRE) -- IceWEB(TM), Inc. ( ICEW ), announced today that for the fiscal year ending September 30, 2004 its revenues increased by 296% to a record $6,662,652 from $1,681,505 for the year earlier period. The Company reported a loss per share for the fiscal year ending September 30, 2004 of ($.002) as compared to the reported loss per share of ($.001) for the year earlier period.
In commenting on the results for fiscal 2004, John R. Signorello, IceWEB's Chairman and Chief Executive Officer stated, "We are very pleased with the progress we have made over the last fiscal year, as we not only were able to significantly increase our revenues while increasing gross profit margin, but more importantly we continued to build sales momentum for our products in the marketplace. We won substantial new business from high profiles customers such as Northrop Grumman, Department of Education and DBM. These important new customers demonstrate the value proposition of IceWEB's product and service offerings, and provide us with a strong platform from which to execute on our strategic plan during fiscal 2005."
Fiscal 2004 Company Highlights:
-- Revenues increased over the prior year by 296% to a record $6,662,652
-- Gross Profit quadrupled to $1,647,158 from $417,167 over prior year
-- Invested $600,000 in research and development for product upgrades and plan on increasing research and development spending in 2005 to $1,200,000
-- Completed acquisition and integrated the technological assets of DevElements, Inc.
-- Entered into strategic banking relationship with Comerica ( CMA )
-- Record Revenue achieved in fourth quarter of $1,814,652
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EPS went down from .001 to .002 in spite of increased revenues. This is a quickie. Up 21.21% for the day so far BUT only up 5.26% after news on 95 trades. Be careful guys.
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Seems the MM's are not really following this,just Nite it appears,& them alone doesn't appear to have an effect on this.Almost 4 cent a share & 6 mill in volume!!I'm gonna ride this for awhile.GLE.
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