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Looks like we might get some short covering today since it's becoming appearent there's no immediate threght of massive dilution, like the PR implied.
.... and hasn't subsided.
A limit of 30k has now been placed on short sale orders although shares for shorting can be obtained from 5 different exchanges.
After reading the filings, I see this is the second time they may have screwed up the deal with the creditors by PR'ing the deal b4 it was signed and filed. The last time they shares had an exercise price of .25 . When they made the PR the pps collapsed and the creditors backed out. This time the exercise price is .10. They did the PR b4 the filing again and the pps has collapsed again.
BOO BOO or on purpose. Same mistake twice ????
This is a multi million dollar company that was listed on the Nasdaq a little over a year ago. They say they have enough cash on hand to pay the interest and continue operations through the year.
So was this boo boo done on purpose to stall the creditors ?
Everything I posted was accurate. This software works quite well with OTCQB. There was only a couple of company sales yesterday prior to 11:30 am. The were well marked with annotation and took place at the ave price. they were both for 100k shares. Lot's of shorts yesterday.
How positive are you of this?
That's just for the "senior secured debt ". The private placement will add more.
What a mess. There doesn't appear to be filing to change the AS which means all that will be restricted. They're suppose to do those filings b4 the PR. I was wondering why I was getting 2 different reported OS's. There was a company sale of 100k around 11:35. So my annotation must be correct and this is all shorts and panic sale with a number of wash sales in there too. LOL
From todays PR
Workstream also announced that it had completed a capital restructuring pursuant to which the holders of its senior secured debt exchanged such debt (totaling approximately $22.4 million) for a total of 682,852,374 common shares in Workstream
MK
Where are you guys getting these numbers from ? TA is reporting 62.439 mil total OS.
Only ? I'm showing 63mil, not 630mil.
Yup, but after todays news, I'm out. Adding almost 700 million shares to the lot. Good luck to anyone who is left.
Do you feel lonely here on WSTM ?
Only added 630 mill shares to o/s
like, overnight
MK
Workstream Inc. Announces Major Expansion Plans
New CEO and Board of Directors Aim to Build a Stonger Human Capital Management Company Through Growth of Existing Products and New Offerings. John Long, Former CEO of First Advantage Corporation, Takes Over as CEO.
MAITLAND, Fla., Aug. 16, 2010 (GLOBE NEWSWIRE) -- Workstream Inc. (OTCBB:WSTM) today announced expansion of its management, appointment of a new Board of Directors, new capital structure and additional capital for the human capital technology, software and services company. The changes are expected to result in growth of the business and the introduction of additional products as well as to set a course for possible future acquisitions. In making the announcement, the company outlined plans that are intended to allow the company to become a stronger human capital management business, expanding on the current Workstream Software as a Service (SaaS) offerings.
John Long, former CEO of First Advantage Corporation, will take over as CEO of Workstream, replacing Michael Mullarkey, the founder and current CEO, who will remain with the company. Under Long's watch, First Advantage Corporation grew from a small division of First American Corporation (NYSE: FAF) to a stand-alone publicly traded company with over a billion dollar market cap. Workstream will maintain its current headquarters in Maitland, Florida, outside of Orlando.
Workstream offers a set of technology solutions and services to help employers meet challenging human capital issues. The offering includes software and data for recruiting, managing performance reviews, developing competencies for employees, succession planning, communicating with employees about benefits and managing compensation and non-cash rewards programs. A pioneer in the human capital management sector, Workstream has multi-language capabilities that serve a growing international customer base.
Commenting on the move, John Long said: "Workstream is a vibrant company with a suite of innovative human capital technology solutions. The company's compensation management, performance management and recruiting products are best in class. In addition, the Rewards and Recognition services and 6FigureJobs career site owned by Workstream are exceptional businesses. I have been impressed with the services and look forward to putting the company on a path to growth. Recently, Workstream has expanded the services supplied to current clients and succeeded in landing contracts with new clients."
Company Founder Michael Mullarkey added: "Workstream has a solid, loyal customer base that relies on its products to manage performance reviews and variable pay, establish individual goals and competencies and other strategic human capital functions, using technology. With John Long on board, an expanded management team and a solid capital structure, we can focus on building out the service offering by responding to our customers. Increasingly, companies are seeking to adopt more of the solutions Workstream offers to help attract and retain talent. The solutions are highly scalable and we believe bring great results to employers."
A new Board of Directors will guide Workstream: Jeffrey Moss, Chairman of the Board; Biju Kulathakal; Denis Sutton; and CEO John Long. Chairman Jeffrey Moss said: "I am delighted to be a part of this newly re-energized company and participate in its future initiatives. We are fortunate to be in a growing market with an established set of solutions that are in high demand. And we have a management team in place who have successfully executed on growing quality businesses in the human capital sector during their careers."
Members of the new Board of Directors will be:
* Jeffrey Moss – Chairman of the Board – Chief of Enterprise Growth, Educational Testing Service (ETS), Princeton, New Jersey and Chicago, Illinois;
* Biju Kulathakal – Chairman and CEO of Trading Block Holdings, Inc. – a financial services holding company, based in Chicago, Illinois;
* Denis E. Sutton – Senior Vice President, Human Resources, MTS Allstream – Enterprise Solutions Division, Winnipeg, Manitoba, Canada
* John Long – CEO, Workstream Inc.
Joining Long as part of the management team are David Kennedy, Chief Operating Officer, and Ezra Schneier, Corporate Development Officer. Both worked with Long in similar roles at First Advantage Corporation.
Workstream also announced that it had completed a capital restructuring pursuant to which the holders of its senior secured debt exchanged such debt (totaling approximately $22.4 million) for a total of 682,852,374 common shares in Workstream. In addition, certain of such note holders as well as members of the company's new management team agreed to invest in the company by purchasing an aggregate $1.25 Million of Workstream's common shares in a private placement. Following the exchange of the senior secured debt and the issuance of shares in the private placement, Workstream's former debt holders and new management team will own approximately 92% of the company's issued and outstanding common shares. As part of the capital restructuring, one of the note holders agreed to loan the company $750,000 pursuant to which the company issued such note holder a new senior secured note. The company expects to use the proceeds for working capital purposes and to expand the business.
"This new capital structure allows us to focus on growth and innovation without being burdened by a heavy debt load," Long said. With a new capital structure, the company intends to strengthen the business and seek strategic acquisitions to build out the suite of available services and solutions. Long said: "Our strategy is to be the preferred vendor for our clients and bring them the solutions they need to manage a variety of human capital requirements. In this regard, we will look to acquire companies that have top-shelf services and technology that are complementary to the Workstream solutions."
"The goal for Workstream is to become a larger, more diversified human capital technology and service provider," Long said. "This is a market that we believe is under-served today. At the same time, the needs of businesses to improve the way they manage HR functions continues to expand. Managing human capital continues to shift from an administrative function to a strategic area for employers, with huge potential returns. We expect Workstream to be right in the middle of helping to enable that shift."
Continued Long: "We will achieve success by listening to our customers and serving the needs of existing and new clients in the months ahead. Workstream has a combination of great products, state of the art technology, skilled management and staff with a culture that emphasizes customer service. We believe it is a great platform for future growth."
A Current Report on Form 8-K will be filed with the SEC containing the material terms of the transactions described above and the agreements delivered in connection with such transactions.
About Workstream
Workstream is a human capital management technology and services company dedicated to assisting employers manage recruiting, variable compensation, performance and other critical HR functions. Workstream provides enterprise and mid-market talent management solutions and services that help companies manage the entire employee lifecycle - from recruitment to retirement. Solutions are offered on a monthly subscription basis, under a Software as a Service (SaaS) model. www.workstreaminc.com
The Workstream, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6175
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Workstream's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inability to grow our client base and revenue because of the number of competitors and the variety of sources of competition we face; client attrition; inability to identify or complete the acquisition of quality target businesses; inability to integrate acquired businesses; inability to offer services that are superior and cost effective when compared to the services being offered by our competitors; inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to enter into successful strategic relationships and other risks detailed from time to time in filings with the Securities and Exchange Commission, including but not limited to those set forth under "Risk Factors" in Workstream's annual report on Form 10-K. The forward-looking statements herein reflect the company's expectations as at the date of this press release and are subject to change after this date.
CONTACT: Workstream, Inc.
Ezra Schneier
866-953-8800 Ext. 709
Mobile: 267-980-6095
Ezra.Schneier@workstreaminc.com
www.workstreaminc.com
Someone is selling their shares at whatever price. Everyone involved directly with company still holding strong though. Always a good sign. GLTA.
iBox for WSTM has been created. Please send me feedback with your improvement suggestions.
MAITLAND, Fla., Jan. 14, 2010 (GLOBE NEWSWIRE) -- Workstream Inc. (OTCBB:WSTM), a leading provider of on-demand compensation, performance and talent management software that helps companies manage the entire employee lifecycle, today announced financial results for the second quarter ended November 30, 2009.
Highlights of the Second Quarter Include:
-- Increase of $818,000, or 19%, in revenues to $5,030,000 during the second quarter of fiscal 2010 in comparison to $4,212,000 during the first quarter of fiscal 2010;
-- Operating income of $139,000 for the three months ended November 30, 2009;
-- Second consecutive quarter of positive EBITDA, as adjusted, of $475,000 during the second quarter of fiscal 2010 compared to $50,000 for the first quarter of fiscal 2010;
-- Reduction in net loss to ($341,000) from ($1,350,000) and to
($701,000) from ($3,401,000) as well as a reduction in net loss per share (basic and diluted) to ($0.01) from ($0.02) and to ($0.01)
from ($0.06) for the three and six months ended November 30, 2009,
respectively, in comparison to the same periods of prior year;
-- Subsequent to quarter end, closing of note exchange and restructuring of senior secured notes; and,
-- Changes in Workstream's executive management team, as follows:
- Executive Chairman Mr. Michael Mullarkey assuming the duties of
President and Chief Executive Officer;
- Mr. Andrew Hinchliff joining as Senior Vice President of North
American Sales; and,
- Mr. Jerome P. Kelliher joining as Chief Financial Officer.
"The second quarter results and overall operational improvements reflect Workstream's determined march towards stability and profitability," said President and Chief Executive Officer, Michael Mullarkey. "With the restructuring of the notes and new members of management in place, the Company can implement a new, more targeted approach during the second half of fiscal 2010 to grow revenues organically and better align our financial position with our operational requirements."
Workstream delivered the following results for the three and six months ended November 30, 2009:
Total revenues were $5,030,000 and $9,242,000 for the three and six months ended November 30, 2009, respectively, compared to $5,144,000 and $10,697,000 for the three and six months ended November 30, 2008, respectively.
Total operating expenses decrease to $3,160,000 and $6,349,000 for the three and six months ended November 30, 2009, respectively, from $4,612,000 and $10,623,000 for the three and six months ended November 30, 2008, respectively.
Operating income / (loss) were $139,000 and ($129,000) for the three and six months ended November 30, 2009, respectively, compared to ($967,000) and ($3,028,000) for the three and six months ended November 30, 2008, respectively.
Net loss was ($341,000) and ($701,000) for the three and six months ended November 30, 2009, respectively, compared to ($1,350,000) and ($3,401,000) for the three and six months ended November 30, 2008, respectively.
Net loss per share (basic and diluted) were ($0.01) and ($0.01) for the three and six months ended November 30, 2009, respectively, compared to ($0.02) and ($0.06) for the three and six months ended November 30, 2008, respectively.
EBITDA, as adjusted, was $475,000 and $524,000 for the three and six months ended November 30, 2009, respectively, compared to ($482,000) and ($1,968,000) for the three and six months ended November 30, 2008, respectively.
Total assets increased to $23,305,000 at November 30, 2009 from $23,076,000 at May 31, 2009.
Working capital, which represents current assets less current liabilities, was ($3.5) million at November 30, 2009 compared to ($24.2) million at May 31, 2009.
Cash flows used in operating activities decreased to ($26,000) for the six months ended November 30, 2009 compared to ($2,396,000) for the six months ended November 30, 2008. Further, the overall net decrease in cash and cash equivalents was reduced to ($450,000) for the six months ended November 30, 2009 compared to ($2,552,000) for the six months ended November 30, 2008.
Conference Call
Management will host a conference call at 9:00 a.m. EST on Friday, January 15, 2010 to discuss Workstream's second quarter fiscal 2010 operating results. Interested participants may listen to the call by dialing toll free 877-627-6582 (or 719-325-4834 for international callers) and referencing code 5408129. For those unable to participate in the live call, a replay will be available after 12 noon EST on the same day, until midnight EST January 29, 2010, by calling 888-203-1112 utilizing access code 5408129.
About Workstream Inc.
Workstream provides enterprise workforce management solutions and services that help companies manage the entire employee lifecycle -- from recruitment to retirement. Workstream's TalentCenter provides a unified view of all Workstream products and services including Recruitment, Benefits, Performance, Compensation, Rewards, Development and Transition. Access to TalentCenter is offered on a monthly subscription basis under an on-demand software delivery model to help companies build high performing workforces, while controlling costs. Workstream services customers with offices across North America. Workstream services such customers as Kaiser, Marshfield Clinic, Chevron, The Gap, and Nordstrom and several government agencies. For more information visit www.workstreaminc.com or call toll free 866-953-8800.
The Workstream, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6175
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Workstream's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: failure to negotiate the final terms of definitive agreements giving effect to the proposed note restructuring; in the event a restructuring of our indebtedness is not consummated, if an event of default should occur and be continuing with respect to such indebtedness; inability to grow our client base and revenue because of the number of competitors and the variety of sources of competition we face; client attrition; inability to offer services that are superior and cost effective when compared to the services being offered by our competitors; inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to enter into successful strategic relationships and other risks detailed from time to time in filings with the Securities and Exchange Commission.
Workstream Inc. Appoints New Chief Financial Officer
Thursday, 10 Dec 2009 03:58pm EST
Workstream Inc. announced the appointment of Jerome P. Kelliher as the Company's new Chief Financial Officer.
December 16, 2009 (FinancialWire) -- Workstream Inc. (OTCBB: WSTM), a provider of on-demand compensation, performance and talent management solutions, said it has entered into separate Exchange Agreements with each of the holders of its $19 million in senior secured promissory notes pursuant to which, among other things, each holder exchanged its senior secured note for:
(i) a new senior secured non-convertible note for $9.5 million, (50% of outstanding notes) interest accrues at an annual rate of 9.5%, compounds quarterly basis and is payable, together with principal, on the maturity date, which is July 31, 2012 for all of the notes; a senior secured convertible note that is convertible into the company's common shares at a conversion price of $.25, for $6,650,000 (35% of outstanding notes); and a senior secured convertible note that is convertible into the company's common shares at a conversion price of $.10, for $2,850,000 (15% of outstanding notes).
"In summary, we have extended the maturity of our notes out 32 months to July 2012, provided an equity feature to our note holders allowing the company more time to build our business with them, and as partners, share in our success while we continue to grow," said Michael Mullarkey, chief executive officer.
Mullarkey further stated that, "Our note holders have been working with us in an effort to improve our balance sheet and create long-term value. One of our note holders, increased their ownership, and now owns more then half of the notes, understanding the growing market in SaaS Software and the strong products and customers Workstream serves. We can now move the company forward with a new management team, balanced capital structure and a focus on our business."
The aggregate principal amount of the notes issued pursuant to the Exchange Agreements with the company's note holders is $21,511,000. Each note is secured by a lien on all of the assets of the company and its subsidiaries. Interest on each Note accrues at an annual rate of 9.5%. Interest on the convertible notes compounds on a quarterly basis and is payable, together with principal, on the maturity date, which is July 31, 2012 for all of the notes. Interest on the non-convertible notes compounds on a quarterly basis and is payable on the maturity date, while principal is payable on a quarterly basis pursuant to an agreed upon schedule. Upon the occurrence of an event of default, as defined in the notes, a holder may require the company to redeem all or a portion of such holder's notes. Upon a disposition of assets or liquidity event (each as defined in the notes), the company is required to use 100% of the net proceeds to redeem the notes. Each note contains customary covenants with which the company must comply. Each subsidiary of the company has agreed to guarantee the obligations of the company under each note. More details will be in the company 8K.
Workstream provides on-demand compensation; performance and talent management solutions and services that help companies manage the entire employee lifecycle -- from recruitment to retirement.
FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.
Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
http://www.financialwire.net
For full details on (WSTM) WSTM. (WSTM) has Short Term PowerRatings at TradingMarkets. Details on (WSTM) Short Term PowerRatings is available at This Link.
Wow, this board has gone completely silent. Hopefully, we will see more active discussions and involvement.
Helllloooooo????
Anyone out there?? Let's shake the dust off here and get some chatter... I think WSTM will be coming to life soon. any comments?.... anyone???
WSTM news/8k filed on delisting hearing.
Workstream Receives Additional Notice of Delisting by Nasdaq
5:18p ET October 24, 2008 (Business Wire)
Workstream Inc. (NASDAQ:WSTM), a leading provider of on-demand compensation, performance and talent management solutions, today announced that on October 21, 2008 it received additional notification from the Nasdaq Stock Market that it is not in compliance with the requirements for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(14) because of its failure to file its quarterly report on Form 10-Q for the fiscal quarter ended August31, 2008. On September 17, 2008, Workstream received a notice from Nasdaq stating that Workstream was not in compliance with the requirements for continued listing because of its failure to file its annual report on Form 10-K for the fiscal year ended May31, 2008. Workstream filed an appeal of that decision with the Nasdaq Listing Qualifications Panel on September 23, 2008, requesting continued listing of its common shares until the Panel's review and determination. A hearing before the Nasdaq Listing Qualifications Panel to consider the appeal has been scheduled for October 30, 2008. In its October 21, 2008 letter, Nasdaq informed Workstream that the Listing Qualifications Panel would consider the latest Market Place Rules violation at the hearing on October 30, 2008. The suspension of trading and delisting remains stayed pending such appeal.
About Workstream
Workstream provides on-demand compensation, performance and talent management solutions and services that help companies manage the entire employee lifecycle - from recruitment to retirement. Workstream's TalentCenter provides a unified view of all Workstream products and services including Recruitment, Performance, Compensation, Development and Transition. Access to TalentCenter is offered on a monthly subscription basis under an on-demand software delivery model to help companies build high performing workforces, while controlling costs. With offices across North America, Workstream services customers including Chevron, The Gap, Home Depot, Kaiser Permanente, Motorola, Nordstrom, VISA and Wells Fargo. For more information visit www.workstreaminc.com or call toll free 1-866-470-WORK.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Workstream's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inability to grow our client base and revenue because of the number of competitors and the variety of sources of competition we face; client attrition; inability to offer services that are superior and cost effective when compared to the services being offered by our competitors; inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to enter into successful strategic relationships and other risks detailed from time to time in filings with the Securities and Exchange Commission.
SOURCE: Workstream Inc.
Workstream Inc. Jay Markell, 407-475-7500 jay.markell@workstreaminc.com
WSTM.OB Improving Organizational Performance
Worksteam Incorporated is a business consulting firm that provides products and services designed to maximize the output and production of employees. Their products allow companies to ensure better overall performance and monitor production levels on several levels. The software is excellent for tracking the performance of individuals in the past, present and even their potential future with the company. Workstream is ideal for midsized businesses, but has been proven successful on all magnitudes and sizes of businesses.
The software suite offered by Workstream is a highly configurable solution that can easily be matched to existing systems. This means very little downtime and much less cost incurred to make the software work. The configurability also allows users hundreds of options for every aspect of competency development, success planning and organizational charting. These plans can be designed, exported and implemented in a variety of existing software and can be easily incorporated into sensible business models.
The suite is designed to assist in all aspects of HR, but is actually so good in many cases it can become the HR department of a small to midsized company. Internally, their product line can help management and employees with the monitoring of services including recruitment, performance, compensation, employee development and transition. It can also help track employee competency and rank employees by productivity and goal accomplishments. The software is even capable of tracking the career development of employees and can nominate employees for new positions and eligible promotions for which they should be considered.
WSTM Provides Next Generation Knowledge Management Functionality
Workstream, Inc. (NASDAQ: WSTM) is a leading provider of on-demand compensation, performance and talent management solutions that help companies manage the entire employee lifecycle. The company’s WorkStream Communicator is a state-of-the-art knowledge management system. By utilizing straightforward functionality, the WorkStream Communicator is easy to use and provides an intuitive authoring environment that allows HR professionals to manage and distribute content without the need of expensive IT resources.
In addition to the WorkStream Communicator, the Workstream Competency Manager enables organizations to manage and customize the company’s proprietary human capital content. This solution saves companies time and money by allowing the customization of competencies, roles and job descriptions instead of creating content from scratch.
The WorkStream Competency Manager also offers the ability to edit the 10 interview questions included for each of the 60 behavioral competencies, ensuring that the hiring process focuses on the competencies and behaviors that best predict top performance. With offices across the United States and North America, Workstream’s customers include Chevron, Kaiser Permanente and Wells Fargo.
WSTM Provides State-of-the-Art Performance Management and Employee Lifecycle Solutions
Workstream, Inc. (NASDAQ: WSTM) is a leading provider of on-demand compensation, performance and talent management solutions that help companies manage the entire employee lifecycle. The company’s TalentCenter provides a unified view of all Workstream products and services offered on a monthly subscription basis under an on-demand software delivery model, allowing companies to build high-performing teams while controlling costs.
Workstream’s technology provides more than 5,000 pages of out-of-the-box HR and benefits related content to help customers get up and running quickly. In addition, this technology can manage multi-lingual content within the Workstream TalentCenter, including support for multi-byte character sets. Adding to the technology’s efficiency and compatibility, the TalentCenter applications leverage a common security and authentication framework and can integrate with multiple ERP systems.
The Workstream TalentCenter also provides a variety of performance-based content, including the Workstream Competency Dictionary that includes more than 9,000 functional competencies, 60 behavioral competencies and over 400 job descriptions and covering most organizations functional areas. With offices across North America, Workstream’s customers include Chevron, Kaiser Permanente and Wells Fargo.
WSTM has until November 17th , 2008 to regain Nasdaq compliance .
Except for WSTM not fulfilling the minimum share price requirement of $1.00 ( .152 cents ) , the May 22nd 8-K shows that WSTM is compliant to all other Nasdaq compliance rules and that is why the company was granted a 180 day extension .
http://biz.yahoo.com/e/080522/wstm8-k.html
As of June 16th / 08 the O/S is 52.4 million . Clients include Chevron , Kaiser Permanente , Wells Fargo .
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6005068-6018-14539&type=sect&dcn=0001144204-08-035984
Renee
WSTM Announces Preliminary Q4 and Fiscal 2008 Results
After the markets closed, Workstream announced its preliminary financial results for the fourth quarter and fiscal year ended May 31, 2008. The results are considered preliminary because of an ongoing analysis of the company’s goodwill balances, but do not impact current quarter revenue, EBITDA or cash flow amounts that the company disclosed.
Fourth quarter revenues totaled $7.0 million, up 13.3% from $6.2 million in the previous quarter. Adjusted EBITDA was $0.5 million, compared to ($4.5) million during the third quarter and ($1.3) million during the same period last year. EBITDA per share was $0.01 for the FY Q4 2008 compared to ($0.03) for the fourth quarter of 2007. Annual bookings also saw a considerable increase, amounting to 50% year-over-year.
CEO Steve Purello stated, “Workstream had a solid finish to its fiscal year. As we head into fiscal 2009 we are 100% focused on execution and capitalizing on the momentum we are seeing in our business. I am also committed to attaining profitable growth for Workstream and my goal is to steer the Company towards achieving sustained profitability as quickly as possible while still investing to support our future growth initiatives.”
WSTM.OB - The Ideal Solution for Mid-Size Businesses
Worksteam provides products and services for businesses designed to maximize the output and production of their employees. They automate and streamline all HR processes both internally and externally, while helping to meet compliance with many federal regulations. Internally their product line can help management and employees with the monitoring of services including recruitment, performance, compensation, employee development and transition.
Workstream’s full suite of HR solution software was developed with mid-market businesses in mind. The solutions are affordable, yet effective, and can provide the fastest return on investment of any comparable product on the market. This is especially important in a mid-sized business where reduced margins are highly noticeable. The impacts of significant savings to departments, divisions, or across the board are easily and favorably recognized in a mid-sized business.
One of the reasons for such an evident impact is the ease of which the Worksteam software suite can be configured to existing systems. This means very little down time and much fewer costs are incurred to make the software work. Competitors like Halogen and SuccessFactors offer a few useful services to a business, but cannot compete with the comprehensive package offered by Workstream. Some of the World’s leading companies are already using the Workstream product suite, such as: Dell, General Dynamics, Robert Half and GlaxoSmithKline.
WSTM Helps Businesses More Efficiently Manage Employee Information
In today’s workplace environment, professionals are no longer working decades at one company until they retire. Instead, people are looking at new opportunities to develop their careers to get to the next level. As qualified employees are getting harder to find, companies are looking towards better methods to manage and retain their current workforce. Workstream Inc (WSTM) has developed solutions that allow companies to manage employee lifecycles from recruitment to retirement.
Workstream TalentCenter 7.0 is the company’s latest on-demand compensation, performance, and talent management system. The system utilizes Web 2.0 technology to eliminate the need for extensive training sessions, which improves user acceptance and streamlines transition time. The standard solution is flexible enough to use with any company’s best practices processes, thus eliminating the need for customization.
TalentCenter 7.0 is designed with line-of-sight goals and drill-down dashboards, which ensures the system is strategically aligned with an organization. With the ability to access HR records and analytics information, managers are empowered to make more informed decisions regarding employee deployment, advancement, and career planning.
TalentCenter 7.0 also assists human resources personnel to more effectively manage employee records. The system has built-in tools for managing HR information with point-and-click configuration capabilities that improve the efficiency of the system. Elements such as pay-for-performance, succession planning, and employee development can easily be updated in a single unified view.
Workstream’s solutions allow companies to manage and understand their employees in a more streamlined manner. Human resources will no longer be required to have face-to-face meetings with managers to review candidate paperwork. Discussions between hiring managers and HR can be done via conference call while each accesses the dashboard in the comfort of their own office. This is ideal for large companies and companies with multiple office locations.
WSTM To Announce Fourth Quarter Earnings on July 24th
Billed as a leading compensation, performance, and talent management solutions provider, Workstream Inc. will be reporting financial results from fiscal 2008’s fourth quarter later this month. The company expects to report between $6.9 and $7.0 million in fourth quarter 2008 revenues. an eleven to thirteen percent increase over the previous quarter. In addition, positive EBITDA (earnings before interest, taxes, depreciation and amortization) are expected to have increased by 109 percent or more.
“Our management team and employees were tasked this quarter with aligning our company’s costs and revenues while still growing bookings”, said Workstream CEO, Steve Purello. “As a result, we expect to announce positive EBITDA before merger costs, and expect to announce adding $2.3 million to our bookings this quarter. This continues to lay the foundation for a strong recurring revenue base.”
The conference call will take place at 5:00pm ET on Thursday, July 24, The call will be accessible to the public by dialing 888-789-9572 (US) or 800-6578-9818 (international) and entering the pass-code 3266283. Replay of the call will be available through August 22 at 800-408-3053, using pass-code 3266283.
Howard, I here what your saying, but thats "NOT" all the other peoples problem. He has to loose just like all the rest of us. HE is NO exception. WE ALL have something to guard
Interesting thing we have here. Good evening all. This should be fun to watch.
yeppers!!! take a look.... we are being compared to chnd otcbb...
Details on China Direct's soaring revenue, which has climbed from $1.5 million to $150 million over the last 24 months, while their earnings have increased to roughly $8.5 million, up from $400,000... workstream is the same type of company and could pull off the same thing imo.. :)
Plus.. you can't bash it. You don't like it. Don't buy it. With big board stocks, a message board has no influence on PPS. With as much money as we put in...$1 or $100,000. You can buy or sell in an instant, and if someone "dumps", PPS does not change.
I like this stock a bunch. The float is 1/2 the outstanding so the insiders are committed. Thats great. Check it out and lets make a go of it.
yep this one is going to be good channel trader, great for a nice 10% 15% every 2 weeks or so... :)
No worries. Stay green.
Guess ill be the first to say, NEW METHOD OF TRADING WEEEEEEEE!!!!!! hope it works for us!!
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Workstream provides enterprise and mid-market talent management solutions and services that help companies manage the entire employee lifecycle - from recruitment to retirement. Our solutions are offered on a monthly subscription basis, under a Software as a Service (SaaS) model that help companies cost-effectively maximize workforce productivity, engagement, and satisfaction by applying business discipline to key people processes.
All of Workstream's products are accessed through the Workstream TalentCenter, a web-based portal that aggregates and integrates all of the resources relevant to workforce management. Addressing all key phases of the employee lifecycle - recruiting, benefits, performance, compensation, rewards and transition - the Workstream TalentCenter meets the needs of a broad range of constituencies:
From a single, secure sign-on, the Workstream TalentCenter provides a role-based user experience, delivering appropriate access to content and applications within a set of process-focused "channels."
Workstream Professional, designed specifically for mid-size businesses with under 2,500 employees, provides a quick, affordable setup and many of the key proven capabilities of our Enterprise solutions. Our solutions will automate and streamline all your key HR processes saving you 30% to 40% over manual processes as well as improve your compliance with key federal regulations. The Workstream Professional Series also leverages best-practices configurations that have been learned from our over 400 enterprise implementations. Other benefits of the Workstream Professional Series include:
A public company with proven stability, Workstream is the premier provider of enterprise and mid-market talent management solutions and the only company to address the complete employee lifecycle. Our ASP solution delivery model makes it easy for companies to deploy new functionality to their TalentCenter, providing demonstrable value and rapid return on investment (ROI). Easy to use and readily accessible, Workstream TalentCenter, and now Workstream Professional, is a cost-effective, open alternative to the multiple, non-integrated, cumbersome systems required to deliver similar functionality.
John Long - Chief Executive Officer
David Kennedy - Chief Operating Officer
Tushar Ghoshal - Chief Technology Officer
Website: www.hrsoft.com
Investor relations: 407-475-5500
Click here to access all US Securities and Exchange Commission Releases:
HRsoft is Talent Management Simplified.
We supply employers with web-based, talent management and talent acquisition solutions, including:
HRsoft's solutions are offered on a Software as a Service subscription basis, where we host and manage the solution for clients.
Our approach is to fully understand the needs of each client and deliver a solution to meet those requirements. The goal is to always deliver solutions and services to help our clients achieve their business objectives. In doing this, we build long-term relationships based on trust and success.
The following are our key values:
Ease of Use: Deliver solutions that are easy-to-use, require minimal training and have an intuitive workflow for your employees.
Technology: State of the art, reliable, secure and scalable. HRsoft's applications are easily configured and integrate with complementary systems.
Experienced Team: The HRsoft team is dedicated to the spirit of partnership and collaboration. All implementations follow a mutually predefined plan and calendar of events.
Time to Value: Following a best practice approach to implementation, we deliver an accelerated time to value for clients.
Customer Experience: HRsoft prides itself on offering an excellent experience to our customers. Ongoing support and service are a top priority and delivered with personal attention to our clients.
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