DocuCorp Reports Net Income Rose 42 Percent in First Quarter of Fiscal
1999
DALLAS, Nov. 19 /PRNewswire/ -- DocuCorp International (NASDAQ:DOCC)
today announced a 42 percent increase in net income and a 13 percent gain in
revenues for the three months ended October 31, 1998, compared with the
corresponding period a year earlier.
The company said net income for the period, the first quarter of the 1999
fiscal year, totaled a record $1.0 million, equal to $0.06 per diluted share,
compared with net income of $0.7 million, or $0.06 per diluted share on fewer
shares outstanding, last year.
Revenues for the quarter totaled a record $12.2 million, compared with
$10.8 million for the three months ended October 31, 1997.
"The first quarter of our new fiscal year was the fifth consecutive
quarter of earnings and revenue growth since DocuCorp was created in May
1997," said Michael D. Andereck, president and chief executive officer. "It
was a very good quarter and a great start for our 1999 fiscal year.
"Continued strong demand in the insurance industry boosted licensing
revenues 72 percent from a year earlier," Andereck said. "Professional
services revenues decreased 4 percent, a direct reflection of the anticipated
termination of our print outsourcing business with Policy Management Systems
Corporation (PMSC), our largest distributor.
"However," he added, "we were pleased to announce during the quarter that
we had entered into a dramatically revised strategic alliance with PMSC. The
new non-exclusive marketing agreement represents a 'win-win' relationship, and
reopens a significant distribution channel for DocuCorp on more equitable
terms." |
