Despite Economic Slowdown, Wasp Barcode Technologies Maintains Profitability, Revenue Growth for 2008

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Company sees opportunity as small business customers search for tools that save money, promote efficiency

Wasp Barcode Technologies logo

We are pleased with our financial results for 2008, as well as the industry recognition Wasp received

Small businesses continue to show their resilience, as well as a newfound urgency to streamline their operations and save much-needed cash, as evidenced by the year-end financial results for Wasp Barcode Technologies. The company, which sells technology to help small businesses improve efficiency and reduce costs, finished 2008 with a nearly 10 percent increase in revenue over the prior year. Profitability also rose a solid 4 percent on the year.

"Given the current economy, the pressure on small businesses to improve their efficiency is greater than ever," said Raymond Boggs, vice president of small and medium business research at IDC in Framingham, Mass. "Some small firms will be able to grow by sharpening business practices and serving customers better than in the past, and, in a similar way, technology providers that support greater management and control of key resources will find that challenging times can actually be rewarding ones."

While the coming months may offer challenges, Wasp intends to continue highlighting its ability to help small and mid-sized organizations preserve their bottom lines. The company also will further invest in relationships with value-added resellers (VARs) and channel partners, building on the success and recognition received in 2008.

In 2008, Wasp was recognized as Best Channel Vendor for Business Solutions magazine in two categories: data collection hardware and barcode labeling software. The company was also selected as a 2008 CDW Partner of the Year, honoring the company's exemplary products, programs and support to CDW and its customers. In addition, strong financial growth garnered Wasp its second consecutive ranking on the Inc. 5000 list of fastest-growing private companies in the country.

"We are pleased with our financial results for 2008, as well as the industry recognition Wasp received," said Tom O'Shea, general manager for Wasp. "For this year, we want to increase the awareness of our products among small businesses that need help controlling costs and improving productivity.

"While the overall market likely will be challenging, the sheer quantity and enthusiasm of the small businesses we serve provide Wasp with great opportunity to weather the economic downturn and emerge even stronger," O'Shea added.

About Wasp Barcode Technologies:
Wasp Barcode Technologies provides data capture and tracking solutions designed specifically for small business. Products include inventory control, asset tracking, time and attendance, barcode scanners, barcode printers, and point of sale (POS) solutions. Wasp products help small business owners manage their companies more efficiently with improved productivity and profitability. Learn more at http://www.waspbarcode.com or call 866-547-WASP (9277).

Contact:     
Lesley Hensell
pr (at) waspbarcode (dot) com
817-797-0910

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