February 12, 2009 -- Santa Barbara, CA -- Warp 9, Inc. (OTCBB: WNYN), the premier provider of robust e-commerce platforms and services, today announces financial results for its quarter ended December 31, 2008.
Highlights of the financial results for the quarter:
- Nine consecutive quarters of positive net income
- Operating income of $182,351 is the second highest in Company`s history
- Gross margin holding at greater than 90%
- A 96% reduction in long term liabilities to $32,060 from $791,203 in the prior year and a 78% reduction in total liabilities to $334,526 from $1,545,682 in the prior year
- Increase in net working capital to $882,242, compared to $210,193 for the prior year
Warp 9`s President and CEO, Harinder Dhillon, stated, "The fiscal discipline applied during our turnaround phase continues to serve us well during this economic slowdown. Our growing cash position, further reduction of debt, maintaining of gross margin, a push by retailers and consumers to move to online commerce, and the benefits of our Software-as-a-Service (SaaS) model vs. our competition are a solid platform on which to grow -- even in this tougher economic climate."
Warp 9 powers some of the most successful e-commerce websites for retailers such as www.magellans.com, Craft Supplies USA flagship site www.woodturnerscatalog.com, and Spiegel Brands` www.carabella.com, www.ablambdin.com, and www.shapefx.com.
About Warp 9
Warp 9, Inc. (www.warp9inc.com) is the premier provider of enterprise-class e-commerce platforms and services to mid-sized businesses in the catalog and retail industry. With a proven track record and years of experience in the industry, Warp 9’s comprehensive and scalable suite of software platforms and technologies for online catalogs, e-mail marketing, and interactive visual merchandising help businesses leverage the Internet to increase sales. Offered on a fully managed Software-as-a-Service model, Warp 9 products deliver unique benefits to its customers by reducing total cost of ownership, lowering upfront cost, providing faster time to market and being a one-stop-shop for all things e-commerce. Known for its outstanding customer service, Warp 9 powers some of the most successful e-commerce sites for companies like Magellan`s and Spiegel.