IceWEB: Fiscal 1Q12 Financial Results

IceWEB, Inc. announced financial results for the fiscal 2012 first quarter period ended December 31, 2011.

Quarterly Highlights and Recent Developments

• Revenue increased 12% year-over-year and 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 line of IceWEB unified data storage appliances is continuing to gain traction in the channel among mid-sized organizations for the following reasons:

• IceWEB’s licensing model of the IceSTORM operating system for managing a feature set mid-sized organizations need to realize the benefits of cloud computing and virtualization
• Performance metrics with over 71,000 IOps
• Channel Partners are adopting IceWEB’s storage solutions as an affordable alternative to EMC and NetApp
• A price point that’s 30% lower than the high cost vendors such as EMC and NetApp