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IceWEB, Inc. (IWEB.OB) Reports Year End Results for Fiscal 2010

IceWEB, Inc., a leading storage technology company and provider of computing hardware, announced yesterday its financial results for the year ended September 30, 2010.

John R. Signorello, CEO of IceWEB, stated, “Fiscal year 2010 was a year of many achievements and some disappointments. Early in the year, the company elected to re-invent itself by manufacturing and marketing state-of–the-art, storage appliances for cloud computing and other rapidly growing markets. After consultation with a number of storage VARs (Value Added Resellers), we determined a channel partner distribution system was key to our future success.”

Signorello added, “We were fortunate that a very experienced storage professional, Karl Chen, after successfully guiding LeftHand Networks from start-up to its ultimate sale to HP, was seeking a new challenge. Karl saw an opportunity with IceWEB to use his experience to establish a distribution network for the company. Already the company’s has over 50 plus channel partners selling IceWEB storage systems throughout the nation and is on target to have 100 partners by May 2011.

“Although final 2010 quarter sales appear to be well below expectations, it is important to note that sales valued at over six figures were delivered to a key channel partner in the final quarter but the systems were not delivered to the end user in time to be included in the audited final quarter sales results.

“Storage companies have commanded attention from major computer manufacturers and storage suppliers. Deals in the past year have seen a number of large and small storage companies being acquired at many times trailing sales revenues. As our footprint grows and as sales ramp up, it is reasonable to expect that those who have not added storage appliances to their product offerings will continue to explore the opportunity to do so.

“In 2010 we continued to create the foundation for future profitability by investing in our high-margin storage business. Strategically, we believe we are well-positioned to see significant improvement in our fiscal 2011 operating results. Also, we entered into several key strategic alliances with Promark, a leading value added distributor of data storage products and solutions in the United States, which will provide us with significant growth opportunities.

“At this stage of our development our focus is on expanding our channel partnerships, developing enhancements to our already rich featured storage appliance line and increasing sales. In so doing, we will gain market share and, eventually, a valuation that is in keeping with our success,” concluded Signorello.

During the 12-month fiscal period, IceWEB generated sales from continuing operations of $3.3 million, significantly higher than the previous period totaling approximately $2.2 million. The company attributed the increase in revenue to the launch of its two-tier channel sales model.

The increase in gross profit was even more pronounce, rising from $900,000 in fiscal 2009 to $1.6 million in fiscal 2010, an increase of 76%. Gross margin percent improved from 41% to 48%. The improvement in margins is attributable to the sale of higher margin storage products and improving margins in the hardware and software solutions business. The company projected continued improvement in its margins during the next fiscal year.

On a Non-GAAP basis, adjusted net loss for fiscal 2010 was $3,239,575 or ($0.03) per share based on 101,379,729 weighted average shares outstanding. This compares to a GAAP net loss of $6,964,233 or ($0.07) per share for the fiscal year ended September 30, 2010.

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