Wednesday, March 31, 2010

WYY Penny Stock Reports Positive Earnings

WidePoint Corporation Reports Continued Positive Net Income and Consistent Growth for Fourth Quarter of 2009 -- First Full Year of Bottom Line Profitability




Full-Year Revenues Increase 22.2% and Q4 2009 Revenues Increase 12.5%;

Full-Year Income Totals $1.4 Million; a $2.5 Million Positive Swing versus 2008 Loss;

and Net Income for Q4 2009 Up Over 75% vs. Prior Year

WASHINGTON, March 31, 2010 /PRNewswire-FirstCall/ -- WidePoint Corporation (NYSE Amex: WYY), a specialist in wireless mobility management and cybersecurity solutions, today announced financial results for the three months and full year ending December 31, 2009.

Full Year 2009 Highlights

 Net revenue for the year ended December 31, 2009 increased 22.2% to $43.3 million from $35.5 million in last year's comparable period.

 Gross profit increased 44.3% to $9.5 million (21.9% gross margin), compared to $6.6 million (18.6% gross margin) last year.

 Operating income was approximately $1.7 million, a $2.4 million improvement from an operating loss of approximately $0.7 million during 2008.

 WidePoint reported its first profitable year, with net income of approximately $1.4 million, or $0.02 per diluted share, compared to a net loss of approximately $1.1 million, or ($0.02) per diluted share, in last year's comparable period.

 The Company generated approximately $5.1 million in operating cash flow for the year and finished the year with $6.2 million in cash and cash equivalents as of December 31, 2009.

Fourth Quarter 2009 Highlights

 Net revenue for the quarter ended December 31, 2009 increased 12.5% to $11.4 million from $10.2 million in last year's comparable period.

 Growth was driven by a 30% year-over-year increase in Wireless Mobility Management segment revenue and a 50% increase in Cybersecurity Solutions revenues.

 Gross profit increased 9.1% to $2.6 million (22.5% gross margin), compared to $2.4 million (23.2% gross margin).

 Operating income was approximately $580,000, an 18.4% increase, compared to operating income of approximately $490,000 in last year's comparable period.

 Net income increased 80.9% to approximately $515,000, compared to net income of approximately $285,000, in last year's comparable period.
 
 
I am impressed with Widepoints results particularaly the fact they now have free cash flow to use for investments. I am still optimisitc about their future as a penny stock.

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