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DataWaves Fourth Quarter Revenue up 69

Company records fourth consecutive year of profitability.Wayne’s DataWave Systems (OTCBB: DWVS) reported a 69% increase in fourth quarter revenue to $7.7 million, as against $4.6 million for the same period in fiscal 2004. The financial results for the quarter and the year ended March 31, 2005 report profitability for the fourth consecutive year.
The developer of prepaid and stored-value programs and merchandising solutions said net income for the fourth quarter of fiscal 2005 was $41,000 or $0.00 per diluted share, versus net income of $94,000 or $0.00 per diluted share for the same period last year. Net income for the fourth quarter of fiscal 2005 included non-recurring costs of $459,000 related to the termination of the company’s proposed merger with Integrated Data.
Total revenue for fiscal 2005 increased 35% to $24.3 million, compared with $18.0 million for fiscal 2004. Net income for fiscal 2005 was $663,000 or $0.01 per diluted share, versus net income of $494,000 or $0.01 per diluted share for fiscal 2004. Net income for the full year also included $659,000 of non-recurring costs related to the termination of the company’s proposed merger.
Said chairman and CEO Josh Emanuel: “The ability to add value and authorize or reload prepaid products at retail check-out registers, or through intelligent free-standing vending machines, reduces inventory risk and provides significant savings for retailers.”
At 12:45 p.m. DataWave shares were up $0.02 to $0.18.

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