Monday May 12 10:02 AM EDT
Company Press Release
Docucon announces first quarter results
SAN ANTONIO, TX--(BUSINESS WIRE)--May 12, 1997--Docucon, Inc. (Nasdaq:DOCU)
today reported financial results for the first quarter ended March 31, 1997.
The Company reported revenues of $3,197,034 for the three months ended March 31, 1997, an
increase of 37% compared to $2,333,653 for the same quarter of 1996. The Company's first quarter
loss of $57,163, or less than $.01 per share after giving effect to dividends to preferred shareholders,
compared to net income of $4,824, or less than $.01 per share after giving effect to dividends to
preferred shareholders, for the same 1996 quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $205,891 compared to
$257,088 for the 1996 period.
Ed Gistaro, Docucon's CEO, stated, ``We experienced solid revenue growth in both our conversion
services and software products businesses as compared to last year. Profitability continues to be
impacted by our continuing investment in the development and marketing of our software products.
We continue to believe that these investments will result in strong growth in revenues and profits in
this segment of our business.''
This release contains forward looking statements that are subject to risks and uncertainties, including
but not limited to volatility of stock market prices due to market conditions, competition and other
risks detailed from time to time in the Company's filings with the Securities and Exchange
Commission. All parties receiving this release are encouraged to review all filings made by the
Company with the Securities and Exchange Commission.
Docucon is a leader in high-volume conversions of paper and microfilm documents to optical and
other types of storage devices for the for the federal and commercial markets. Through its J.
Feuerstein Systems division, Docucon also markets software products for use by attorneys in the
litigation process, including the widely used JFS Litigator's Notebook(TM).
DOCUCON, INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
Three Months Ended
March 31,
1997 1996
Revenues $3,197,034 $2,333,653
Earnings before interest, tax,
depreciation and amortization
(EBITDA) $ 205,891 $ 257,088
Net income (loss) $ (44,103) $ 19,262
Preferred dividends 13,063 14,438
Net income (loss) after preferred
dividends $ (57,163) $ 4,824
Net income (loss) per common and
common equivalent share after
preferred dividends $ -- $ --
Number of shares used in computing
net income (loss) per common and
common equivalent share 12,924,579 12,318,937 |
