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Docucorp International Announces First Quarter Results
Company Reports 50% Increase in Earnings and 16% Revenue Growth
DALLAS, Nov 20, 2001 (BUSINESS WIRE) -- Docucorp(R) International (Nasdaq: DOCC chart, msgs), a leading provider of enterprise information solutions, today announced strong earnings of $1.24 million, or $0.09 per diluted share, for its first quarter of fiscal year 2002. This represents a substantial increase over prior year net loss of $0.01 per diluted share and prior year income before cumulative effect of accounting change of $0.05 per diluted share. Revenues of $17.2 million for the quarter represent an increase of 16 percent from revenues of $14.8 million in the first quarter of the prior year.
The Company adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Intangible Assets," in the first quarter of fiscal 2002, which discontinues amortization of goodwill and indefinite lived assets. Reflecting this change on a pro forma basis for the first quarter of the prior year, net income and diluted net income per share before cumulative effect of accounting change, for the quarter ended Oct. 31, 2000, would have been $1.05 million and $0.07 per share, respectively.
"We are extremely pleased to follow the record revenues and strong earnings of fiscal 2001 with exceptional earnings for our first quarter of 2002," said Michael D. Andereck, Docucorp president and chief executive officer. "Despite an overall soft economy and the impact of the September 11 tragedy on our business, we generated revenues at near record levels and continued to improve our overall profitability. I am extremely pleased with this very strong start to our new fiscal year."
During the quarter, Docucorp's UK office, serving Europe, the Middle East and Africa (EMEA), signed two significant software license agreements, including one in the financial services sector, and continues to expand its client base. In the U.S., the company entered into a number of new software licenses and application service provider (ASP) hosting relationships in both the insurance and utility markets.
"This past quarter presented challenges no one could have anticipated, yet we prevailed," Andereck said. "Our ability to meet or exceed expectations is a testament to our strategy, our management team and our employees. We remain focused and poised to aggressively pursue new market opportunities with our superior solution offerings and exceptional personnel."
About Docucorp
Docucorp is the authority in providing dynamic solutions for acquiring, managing, personalizing and presenting enterprise information. Servicing the entire enterprise information lifecycle, Docucorp's information software, ASP hosting and professional consulting services enable companies to implement solutions in-house or fully outsource to Docucorp. The company has an installed base of more than 1,200 customers, including many of the largest insurance, utility and financial services 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.
Certain information contained in this news release may include "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, included herein are forward-looking statements. These statements involve risks and uncertainties, such as competition, technological developments, loss of significant customers and the other factors discussed in the Company's periodic reports filed with the Securities and Exchange Commission, that could cause the Company's actual results to differ materially from those expressed or implied by these forward-looking statements. Docucorp is a registered trademark of Docucorp International.
Consolidated Statements of Operations and Balance Sheet data follow.
(c) 2001 Docucorp International. All Rights Reserved. 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.
DOCUCORP INTERNATIONAL
Fiscal Quarters Ended October 31, 2001, and 2000
Statements of Operations Data:
Three Months
Ended October 31,
------------------------
2001 2000
----------- -----------
(in thousands except
per share amounts)
(unaudited)
Revenues
ASP hosting $ 4,550 $ 3,064
Professional services 5,306 4,696
License 2,652 3,044
Maintenance and other recurring 4,642 3,996
----------- -----------
Total revenues 17,150 14,800
----------- -----------
Expenses
ASP hosting 3,953 3,024
Professional services 4,284 3,819
Product development and support 2,712 2,660
Selling, general and administrative 4,304 3,870
----------- -----------
Total expenses 15,253 13,373
----------- -----------
Operating income 1,897 1,427
Other income, net 128 42
----------- -----------
Income before income taxes and
cumulative effect of accounting change 2,025 1,469
Provision for income taxes 784 643
----------- -----------
Income before cumulative effect of
accounting change 1,241 826
Cumulative effect of accounting change,
net of tax -- (990)
----------- -----------
Net income (loss) $ 1,241 $ (164)
=========== ===========
Weighted average basic shares outstanding 13,624 14,960
=========== ===========
Basic net income per share:
Income before cumulative effect of
accounting change $ 0.09 $ 0.06
Cumulative effect of accounting change -- (0.07)
----------- -----------
Basic net income (loss) per share $ 0.09 $ (0.01)
=========== ===========
Weighted average diluted shares outstanding 14,377 15,807
=========== ===========
Diluted net income per share:
Income before cumulative effect of
accounting change $ 0.09 $ 0.05
Cumulative effect of accounting change -- (0.06)
----------- -----------
Diluted net income (loss) per share $ 0.09 $ (0.01)
=========== ===========
Balance Sheet Data:
October 31, July 31,
----------- -----------
2001 2001
----------- -----------
(in thousands)
(unaudited)
Current assets $ 31,467 $ 30,556
Current liabilities 20,467 19,265
Working capital 11,000 11,291
Stockholders' equity 31,184 31,067
Total assets $ 53,028 $ 51,784
Contact:
Docucorp International
John H. Gray, 214/891-6450
jgray@docucorp.com |
