WidePoint 3Q growth follows acquisition of eAuthentication ORC

Published 22 November 2005

Oakbrook Terrace, Illinois-based WidePoint Corporation (OTC BB: WDPT), a technology-based provider of identification products, yesterday announced financial results for the third quarter ending 30 September 2005. Revenue for the quarter was approximately $3,645,000 compared with approximately $907,000 for the comparable quarter ending 30 September 2004. The increase in revenue was primarily owed to the revenues derived from the acquisition of Fairfax, Virginia-based Operational Research Consultants (ORC) in October 2004. Quarterly net income was approximately $723,000, or $0.01 per diluted share, compared to a loss of $104,873, or $0.01 per diluted share in the comparable quarter a year ago. These results reflect positive contributions from all operations including the acquisition of ORC. Revenue for the nine months ending 30 September 2005 was approximately $9,236,000 compared with approximately $2,471,000 for same period ending 30 September 2004. Net income for the nine months was approximately $606,000, or $0.01 per diluted share, as compared to a net loss of approximately $812,000, or $0.04 per diluted share for the comparable nine-month period in 2004.

WidePoint specializes in providing PKI eAuthentication and credentialing services. WidePoint’s acquisition, ORC, is a leader in implementing public key infrastructure eAuthentication and credentialing services. The company’s clients include DHS, DoD, and many other government agencies and private sector companies. WidePoint chairman and CEO Steve Komar said: “Coupling this opportunity [opened with the acquisition of ORC] in PKI eAuthentication and credentialing services with our plan to acquire strategic technology-based assets enhances our opportunity to build a $100 plus million dollar company over the next three years.”

-read more at WidePoint Web site; see ORC Web site for more on the company’s eAuthentication solutions; an investment profile of WidePoint may be found at Hawk Associates Web site