STERLING, VA — (Marketwire) — 02/14/12 — IceWEB, Inc. (OTCBB: IWEB), , a leading provider of Unified Data Storage appliances for cloud and virtual environments, announced today results for the fiscal 2012 first quarter period ended December 31, 2011.
— Revenue increased 12% year-over-year & 362% in successive quarters
— Operating expenses decreased 50% for the quarter compared to same quarter in FY 2011
— Loss from operations decreased 61% in Q1 2012 vs. Q1 2011 and 73% less in successive quarters
Financial Highlights
For the three months ended December 31, 2011, we reported revenues of $758,898 as compared to revenues of $677,853 for the three months ended December 31, 2010, an increase of $81,045 or approximately 12%.
On a quarter to quarter basis the company revenue grew 362%.
Operating expenses decreased approximately 50% to $741,254 for the three months ended December 31, 2011, which included a non-cash depreciation expense of $68,000 as compared to $1,485,131 for the three months ended December 31, 2010.
John R. Signorello, Chairman and CEO, stated, “In the first quarter, 2012, we dramatically streamlined operations by standardizing our offerings into four discrete, market-driven products, reducing operating expenses by more than 50 percent, while still increasing revenues and reducing the Company-s operating loss by 61%.”
The entire line of IceWEB unified data storage appliances is continuing to gain traction in the channel among mid-sized organizations for the following reasons:
1. IceWEB-s licensing model of the IceSTORM operating system for managing a robust feature set mid-sized organizations need to realize the benefits of cloud computing and virtualization
2. Unparalleled performance metrics with over 71,000 IOps
3. Channel Partners are rapidly adopting IceWEB-s storage solutions as an affordable alternative to EMC and NetApp
4. A price point that-s consistently 30% lower than the high cost vendors such as EMC and NetApp
All IceWEB Unified Storage Platforms are available through the Company-s exclusive value-added distributor Promark Technology (800-634-0255). Promark markets IceWEB products throughout the United States through its nationwide network of 1,200 channel partners. For more information, please visit .
Headquartered just outside of Washington, D.C., IceWEB manufactures award-winning, high performance unified data storage appliances with enterprise storage management capabilities at a fraction of the price of traditional providers. Through thin provisioning, target deduplication and inline compression, IceWEB-s unified storage arrays enable standardization, consolidation and optimized storage utilization for virtual and cloud environments, saving up to 90% of storage costs, while reducing space, power and cooling requirements and simplifying storage management. For more information please call 800-465-4637 or visit .
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called “forward looking statements” by words such as “may,” “will,” “should,” “expects,” “plans,” “targets,” “believes,” “anticipates,” “estimates,” “predicts,” “potential,” or “continue” or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company-s filings with the SEC, which are available on its website at: . We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934, as amended, or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
Contact:
IceWEB, Inc.
Investor Relations
571.287.2400
or
Stephen D. Axelrod, CFA
212.370.4500
Wolfe Axelrod Weinberger Associates, LLC
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