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Firstwave Reports Third and Fourth Quarters and Year-End Results for 2007
Firstwave Reports Third and Fourth Quarters and Year-End Results for 2007.
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[{"type":"text","content":"\tDOWNLOAD THE PDF OF THIS RELEASE WITH ATTACHED SUMMARY SELECTED FINANCIAL INFORMATION FROM WWW.PINKSHEETS.COM UNDER THE FILINGS TAB FOR FSTW.PK\t\t\t\nFor more information, contact:\nRichard T. Brock\n\t\t\t\t\t\t\t\t\tChief Executive Officer\[email protected]\n678-672-3125\n\n\nFirstWave Reports Third and Fourth Quarters and Year-End Results for 2007\n\n\nATLANTA, January 16, 2008 - FirstWave Technologies, Inc. today announced financial results for the third and fourth quarters and the year 2007. \n\nSoftware license revenues increased 12.5% to $108,000 in the fourth quarter of 2007 from $96,000 in the fourth quarter of 2006. While maintenance revenues decreased 25.7% from $377,000 in the fourth quarter of 2006 to $280,000 in the fourth quarter of 2007, professional services revenues increased 32.1% from $78,000 to $103,000 in the same comparable quarters. For the fourth quarter of 2007, total revenues decreased 11.1% to $491,000 from $554,000 in the fourth quarter of 2006. Net loss applicable to common shareholders was $310,000 in the fourth quarter of 2007 compared to a net loss applicable to common shareholders of $20,000 in the fourth quarter of 2006. Net loss per basic and diluted share was $0.10 in the fourth quarter of 2007 compared to a net loss per basic and diluted share of $0.01 in the fourth quarter of 2006. \n\nSoftware license revenues decreased 44.7% to $411,000 in fiscal year 2007 from $743,000 in 2006. Included in these amounts was a one-time transaction in the amount of $500,000, recorded as software revenues in the second quarter of 2006, in payment for the assignment of its .Net Integrated Development Environment tool. Excluding this one-time license of FirstWave's development platform, software licenses in 2007 grew from $243,000 to $411,000. Professional Services revenues increased 45.0% to $422,000 in fiscal 2007 from $291,000 in 2006. Maintenance revenues decreased 26.7% in fiscal 2007 from $1,651,000 in 2006 to $1,211,000. For fiscal year 2007, total revenues decreased 23.8% to $2,053,000 from $2,694,000 in 2006. Net loss applicable to common shareholders was $1,490,000 in fiscal 2007 compared to a net loss applicable to common shareholders of $111,000 in fiscal 2006. Net loss per basic and diluted share was $0.51 in fiscal 2007 compared to a net loss per basic and diluted share of $0.04 in the fi...