WidePoint Q1 Revenue Up 42% to $10.1M; Second Consecutive Quarter of Positive Net Income Company Cites Healthy Cash Flow and Growing Adoption of Services Conference Call Today at 4:30 p.m.

WASHINGTON--(Business Wire)--
WidePoint Corporation (NYSE Amex:WYY), a leading provider of advanced
information technology, identity assurance and protection and mobile telecom
expense management services, announced today its financial results for the first
quarter ended March 31, 2009.

First Quarter 2009 Financial Highlights:

* Revenue increased approximately 42% to $10.1 million vs. $7.2 million in Q1
`08
* Income from operations (excluding amortization, depreciation, and stock
compensation expense) of approximately $551,000 vs. Q1 `08 loss of $156,000
* Net income of approximately $129,000 on a fully diluted basis vs. a loss of
$863,000 in Q1 `08
* Debt reduction of $2.2 million
* Working capital improved approximately $332,000 to $3,047,000

Management Comment

WidePoint CEO Steve Komar said, "We were pleased with the financial performance
in the first quarter of 2009. Each of our segments realized internally generated
growth, with revenue gains in our Mobile Telecom Managed Services (MTMS), PKI
(Public Key Infrastructure) Credentialing and Managed Services and Consulting
segments.

"Our MTMS services revenue grew 42% to approximately $6.4 million as a result of
continued adoption by U.S. government agencies and departments. Our PKI
credentialing services segment was up 85% to $1.4 million as we continued to
witness the implementation of several federally sponsored programs. Our
Consulting services segment witnessed revenue growth of approximately 25% to
$2.4 million as we saw a bottoming and signs of a turnaround in demand from both
government and commercial clients," Komar said.

WidePoint CFO Jim McCubbin said, "We were pleased with the revenue growth and
margin improvements we witnessed during the first quarter of 2009. While we
anticipate these trends should continue, we could possibly experience some
unevenness in future quarters attributable to delivery timeframes controlled by
our external partners and clients. We were also pleased to see another quarter
of profitability along with working capital improvements that included the
payoff of approximately $2.2 million dollars in subordinated debt during the
quarter. Overall, we continue to maintain a positive outlook for further revenue
growth and positive financial improvements in 2009."

WidePoint will hold a conference call with CEO Steve Komar, CFO Jim McCubbin and
Dan Turissini, Vice President, CTO and CEO of Operational Research Consultants,
Inc., today, May 18, at 4:30 p.m. EDT. The call will cover the company`s
quarterly results. To participate, call 1-877-941-9205 any time after 4:20 p.m.
ET on May 18, 2009. International callers should dial 1-480-629-9835.

About WidePoint

WidePoint is a leading provider of advanced information technology products and
services including identity assurance and information management and protection
services, forensic informatics and wireless technology services. WidePoint has
several wholly owned subsidiaries holding major contracts, Operational Research
Consultants, Inc. (ORC), iSYS, LLC, Protexx, and WidePoint IL. WidePoint enables
organizations to deploy fully compliant IT services in accordance with
government-mandated regulations and advanced system requirements. For more
information, visit http://www.widepoint.com.

An investment profile about WidePoint may be found at
http://www.hawkassociates.com/profile/wyy.cfm.

For investor relations information regarding WidePoint, visit
http://www.hawkassociates.com and http://www.americanmicrocaps.com, or contact
Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail:
widepoint@hawkassociates.com. To receive notification of future releases via
e-mail, subscribe at http://www.hawkassociates.com/about/alert/.

Safe-Harbor Statement under the Private Securities Litigation Reform Act of
1995:This press release may contain forward-looking information within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the
Exchange Act), including all statements that are not statements of historical
fact regarding the intent, belief or current expectations of the company, its
directors or its officers with respect to, among other things: (i) the company`s
financing plans; (ii) trends affecting the company`s financial condition or
results of operations; (iii) the company`s growth strategy and operating
strategy; (iv) the declaration and payment of dividends; and (v) the risk
factors disclosed in the Company's periodic reports filed with the SEC. The
words "may," "would," "will," "expect," "estimate," "anticipate," "believe,"
"intend" and similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, many of which are beyond the company`s ability to
control, and that actual results may differ materially from those projected in
the forward-looking statements as a result of various factors including the risk
factors disclosed in the company`s Forms 10-K and 10-Q filed with the SEC.

WIDEPOINT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, December 31,
2009 2008
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 4,344,744 $ 4,375,426
Accounts receivable 6,196,772 5,282,192
Unbilled accounts receivable 1,179,249 2,301,893
Prepaid expenses and other assets 214,633 267,666
Total current assets 11,935,398 12,227,177
Property and equipment, net 381,657 431,189
Goodwill 8,575,881 8,575,881
Intangibles, net 2,019,360 2,236,563
Other assets 106,959 110,808
Total assets 23,019,255 $ 23,581,618

Liabilities and stockholders` equity
Current liabilities:
Related party note payable $ - $ 2,140,000
Short term note payable 53,052 97,158
Accounts payable 5,431,310 2,465,394
Accrued expenses 1,310,005 2,548,106
Deferred revenue 1,500,239 1,667,969
Short-term portion of long-term debt 495,006 486,707
Short-term portion of capital lease obligation 98,652 107,141
Total current liabilities 8,888,264 9,512,475
Deferred income tax liability 196,113 156,891
Long-term debt, net of current portion 992,156 1,117,230
Deferred rent, net of current portion 5,964 -
Capital lease obligation, net of current portion 73,579 95,248
Total liabilities $ 10,156,076 $ 10,881,844

Stockholders` equity:
Common stock, $0.001 par value; 110,000,000 shares authorized; 58,305,514 and 58,275,514 shares issued and outstanding, respectively 58,306 58,276
Stock warrants 38,666 38,666
Additional paid-in capital 67,229,238 67,194,788
Accumulated deficit (54,463,031 ) (54,591,956 )
Total stockholders` equity 12,863,179 12,699,774
Total liabilities and stockholders` equity $ 23,019,255 $ 23,581,618

The accompanying notes are an integral part of these consolidated statements.

WIDEPOINT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended
March 31,
2009 2008
(unaudited)
Revenues, net $ 10,135,382 $ 7,150,565
Cost of revenues (including amortization and depreciation of $243,136 and $213,906, respectively) 8,092,280 6,046,302

Gross profit 2,043,102 1,104,263

Sales and marketing 229,466 165,703
General and administrative (including SFAS 123R stock compensation expense of $30,730 and $371,702, respectively) 1,536,271 1,680,274
Depreciation expense 43,007 37,315

Income (Loss) from operations 234,358 (779,029 )

Interest income 14,088 15,942
Interest expense (80,299 ) (99,573 )

Net income (loss) before income tax $ 168,147 $ (862,660 )
Deferred income tax expense 39,222 -

Net income (loss) $ 128,925 $ (862,660 )

Basic earnings (loss) per share $ 0.002 $ (0.016 )
Basic weighted average shares outstanding 58,294,514 54,033,687
Diluted earnings (loss) per share $ 0.002 $ (0.016 )
Diluted weighted average shares outstanding 59,302,205 54,033,687

The accompanying notes are an integral part of these consolidated statements.

WIDEPOINT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months

Ended
March 31,
2009 2008
(unaudited)
Cash flows from operating activities:
Net income (loss) $ 128,925 $ (862,660 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax expense 39,222 -
Depreciation expense 57,258 50,114
Amortization expense 228,885 201,107
Amortization of deferred financing costs 842 2,143
Stock options expense 30,730 371,702

Changes in assets and liabilities
Accounts receivable and unbilled accounts receivable 208,064 1,554,121
Prepaid expenses and other current assets 53,033 (109,545 )
Other assets 15,007 24,424
Accounts payable and accrued expenses 1,593,103 747,736
Deferred revenue (167,730 ) 274,390
Net cash provided by operating activities $ 2,187,339 $ 2,253,532

Cashflows from investing activities:
Purchase of subsidiary, net of cash acquired - (4,901,745 )
Purchase of property and equipment (7,726 ) (27,523 )
Software development costs (11,682 ) -
Net cash used in investing activities $ (19,408 ) $ (4,929,268 )

Cashflows from financing activities:
Borrowings on notes payable - 3,800,000
Principal payments on notes payable (2,160,205 ) (609,471 )
Principal payments under capital lease obligation (30,158 ) (28,711 )
Proceeds from exercise of stock options 3,750 14,400
Cost related to renewal fee for line of credit (12,000 ) -
Costs related to financing purchase of subsidiary - (13,713 )
Net cash (used in) provided by financing activities $ (2,198,613 ) $ 3,162,505

Net (decrease) increase in cash $ (30,682 ) $ 486,769

Cash and cash equivalents, beginning of period $ 4,375,426 $ 1,831,991

Cash and cash equivalents, end of period $ 4,344,744 $ 2,318,760

Supplementary Information:
Promissory Note issued for iSYS acquisition $ - $ 2,000,000
Value of 1.5 million common shares issued as consideration in the acquisition of iSYS $ - $ 1,800,000
Cash paid for interest $ 228,416 $ 43,400

The accompanying notes are an integral part of these consolidated statements.

For WidePoint Corporation
Hawk Associates
Frank Hawkins,305-451-1888
widepoint@hawkassociates.com

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