DocuCorp Reports 42% Increase in Net Income, Continued Growth in Revenues For Fiscal Year 1999
PR Newswire - September 09, 1999 06:40
DALLAS, Sept. 9 /PRNewswire/ -- DocuCorp International (Nasdaq: DOCC), a leading provider of document automation software, services and outsourcing, today announced a 42 percent increase in net income during Fiscal Year 1999 which ended July 31. Net income totaled $4.5 million, or $0.26 per diluted share, compared to $3.2 million, or $0.21 per diluted share, for Fiscal Year 1998. Revenues rose to $51.9 million, compared to revenues of $45.2 million in Fiscal Year 1998.
"I am delighted with the record operating results and continued substantial profitability of the company. DocuCorp is one of few companies in the document automation sector that has continued to grow revenues and increase profitability in an environment where the marketplace is increasingly focused on the rapidly approaching year 2000," said Michael D. Andereck, president and chief executive officer.
For the fourth quarter of Fiscal Year 1999, DocuCorp recorded its eighth consecutive record quarter in revenues and net income. Revenues for the fourth quarter totaled $13.5 million, compared to $11.9 million for the same period in 1998. Net income was $1.2 million, or $0.07 per diluted share, as compared to $886,000 in the fourth quarter of Fiscal Year 1998, or $0.05 per diluted share.
"We continue to see significant gains in our revenue sources -- software licensing, maintenance fees and professional services," said Andereck. "At the same time, we have virtually no debt and a strong cash position, which allows us to continue investing in our business."
In March, Safeguard Scientifics, Inc. purchased Xerox Corporation's 9% ownership interest in DocuCorp, giving Safeguard an 18% ownership share in the company. Safeguard is the largest stockholder in DocuCorp.
"I am proud of our accomplishments in just over two years of operations as DocuCorp," Andereck said. "We have established an impressive track record, and I believe we are well-positioned for continued future growth."
About DocuCorp
DocuCorp markets a portfolio of open-architecture, enterprise-wide, document automation software products that enable its customers to create, publish, manage and archive complex, high-volume, individualized documents. The company also provides document automation consulting, application integration, and document processing, printing, and mailing services. DocuCorp has an installed base of more than 800 customers, including many of the largest insurance, utility, financial services, higher education, and telecommunications organizations.
Headquartered in Dallas, DocuCorp has major facilities in Atlanta and Silver Spring, MD. The company also maintains offices in London, Portland, ME, and Bedford, NH. DocuCorp is a Safeguard Scientifics, Inc. (NYSE: SFE) partnership company. For more information, visit DocuCorp's Web site at www.docucorp.com.
Certain information contained in this news release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this news release are forward-looking statements. Such statements are subject to certain risks and uncertainties, which include but are not limited to the risk of competitive pressures, failure to adequately respond to technological developments, loss of significant customers or distributors, and the other risk factors and cautionary statements listed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements included in this news release and all subsequent oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Consolidated Statements of Operations and Balance Sheet data follow.
DOCUCORP INTERNATIONAL Fiscal Quarters, Years Ended July 31, 1999 and 1998
Statements of Operations Data:
Three Months Years
Ended July 31, Ended July 31,
1999 1998 1999 1998
(in thousands, except per share data)
Revenues
Professional services $ 7,134 $ 6,537 $ 27,340 $ 25,533
License 2,949 2,550 11,403 8,885
Maintenance and other
recurring 3,396 2,805 13,183 10,829
Total revenues 13,479 11,892 51,926 45,247
Expenses
Professional services 5,668 4,745 20,958 19,032
Product development
and support 2,343 1,955 9,492 8,318
Selling, general and
administrative 3,585 3,766 14,245 12,296
Total expenses 11,596 10,466 44,695 39,646
Operating income 1,883 1,426 7,231 5,601
Other income (expense) 151 163 622 (177)
Income before income taxes 2,034 1,589 7,853 5,424
Provision for income taxes 832 703 3,340 2,240
Net income $ 1,202 $ 886 $ 4,513 $ 3,184
Net income per share:
Basic $ 0.08 $ 0.05 $ 0.28 $ 0.25
Diluted $ 0.07 $ 0.05 $ 0.26 $ 0.21
Weighted average shares
outstanding used in the
net income per share
calculations:
Basic 15,582 16,423 16,001 12,587
Diluted 17,062 18,571 17,570 14,865
Balance Sheet Data:
As of July 31,
1999 1998
(in thousands)
Current assets $ 30,813 $ 28,786
Current liabilities 15,300 12,798
Working capital 15,513 15,988
Total debt 25 87
Stockholders' equity 36,994 38,433
Total assets 52,918 51,921
Company, organization, and product names mentioned herein are trademarks or registered trademarks of their respective owners. DocuCorp and its symbol are trademarks of DocuCorp International.
SOURCE DocuCorp International
/CONTACT: Andrea Ungemach, Corporate Controller of DocuCorp
International, 214-891-6500, or email, aungemach@docucorp.com/
/Web site: docucorp.com
(DOCC SFE)
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