Warp 9, Inc. (OTCBB: WNYN) announced their financial earnings for the third fiscal quarter ended March 31, 2008. The company is pleased to report a 353% increase of net income from over a year ago, as it rose from $26,405 to $119, 615. Revenue fell to $580,477 from $771,989, but the decline was primarily caused by the elimination of pass-through marketing expenses. As for gross margins, they grew to a record 95%.
“We continue to work hard to complete the company’s turnaround. Management’s efforts have been focused on improving the company’s balance sheet and we are pleased with the progress that has resulted from our fiscal discipline,” stated Harinder Dhillon, CEO of Warp 9.
At the closing of Wednesday’s trading the company was up 93.33%. This was the sixth consecutive quarter of positive net income, as the cash balance grew 21% from the previous quarter to $779,583 and working capital almost doubled from the previous quarter up to $400,205. Mr. Dhillon was proud to report that the company’s debt was reduced by nearly 14%.
“Obviously, we can make no assurances, but management will continue to find ways to reduce our debt burden. We believe these are steps we must take to ensure that we will be positioned for future growth and profitability,” he added.
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