WidePoint Inc fka WDPT

[xxrayeyes]

Arch-This PR was released in November. Although revenues have been decreasing, management has been improving earnings per share. That is a sign of good management to me.

http://biz.yahoo.com/bw/011115/152250_1.html


WidePoint Records $1.3 Million in Revenues and Operational Profitability for Third Quarter 2001. Company Maintains $1.8 Million in Working Capital, with $1.6 Million in Cash and Securities


CHICAGO--(BUSINESS WIRE)--Nov. 15, 2001--
WidePoint Corporation (OTCBB:WDPT) today reported financial results for the third quarter and nine months ended September 30, 2001.

Revenues for the third quarter ended September 30, 2001 were approximately $1.3 million, a decrease of $1.8 million, as compared to revenues of $3.1 million for the same period ended September 30, 2000. The net loss for the third quarter ended September 30, 2001, was approximately $0.1 million, or a net loss per share of $0.01, as compared to the net loss of $2.6 million, or a net loss per share of $0.20, for the three months ended September 30, 2000. Operational profitability (net income prior to amortization and depreciation) was approximately $20,000 for the quarter ended September 30, 2001, as compared to an operational loss of $2.3 million for the quarter ended September 30, 2000.

Revenues for the nine months ended September 30, 2001, were approximately $5.1 million, a decrease of $5.5 million, as compared to revenues of $10.6 million for the nine month period ended September 30, 2000. The net loss for the nine months ended September 30, 2001 was approximately $0.5 million, or a net loss of $0.04 per share, as compared to a net loss of $6.0 million, or a net loss per share of $0.46, for the nine months ended September 30, 2000. The operational loss was approximately $0.1 million for the nine months ended September 30, 2001, as compared to an operational loss of $5.3 million for the nine months ended September 30, 2000.

Michael Higgins, WidePoint's Chief Executive Officer, commented, ``Although the Company may realize some further declines in revenues during the 4th quarter of 2001 brought about by the loss of billable hours during the holiday season, we have recently witnessed an upswing in interest for our services which may result in an increase in revenues after that time.'

James McCubbin, WidePoint's Chief Financial Officer, stated, ``With $1.8 million in working capital, of which $1.6 million is held in cash and securities, no long-term debt, and material tax loss carry-forwards, we still believe the Company is positioned to benefit from any correction in the current negative economic environment.'

For complete third quarter and nine month 2001 financial data, please refer to WidePoint's Form 10Q, available by accessing http://www.sec.gov, located within the SEC's Edgar archives.

WidePoint Corporation is a consulting services firm that specializes in planning, managing and implementing Information Technology (IT) solutions for middle market companies. WidePoint's IT service offerings include Architecture and Planning, Software Implementation services, IT Outsourcing, Creative services and Rapid Start services.

Statements made in this press release that are historical or current facts are ``forward-looking' statements made pursuant to the ``safe harbor' provisions of federal securities laws. Forward-looking statements represent management's best judgment as to what may occur in the future, but are subject to certain risks and uncertainties that could cause actual results to differ materially from those presently anticipated or projected. These factors and others are discussed in the ``Management's Discussion and Analysis' section of the WidePoint Annual Report on Form 10-K for the fiscal year ended December 31, 2000, to which reference should be made.

URL: http://www.widepoint.com

Contact:

WidePoint Corporation
by
Investor Communications Co.
Michael Savage, 800/416-0811 or 800/547-0443


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