Earnings:
SAN ANTONIO, TEXAS (Feb. 20) BUSINESS WIRE -Feb. 20, 1997--Docucon, Inc.
(The Nasdaq Stock Market:DOCU) today reported financial results for the
year and fourth quarter ended December 31, 1996. With a profitable
1996 fourth quarter, the Company has now posted five consecutive
quarters of profitable operations.
Net income for 1996, after giving effect to preferred dividends, rose
to $708,983, or $.06 per common share, from the 1995 net loss of $665,
897, or $.(06) per common share. Earnings before interest, taxes,
depreciation and amortization (EBITDA) was $1,718,302, an increase of
219% compared to $539,001 in the prior year. Revenues for 1996 totaled
$13,523,500, a 23% increase from 1995 revenues of $11,037,846.
Net income for the fourth quarter of 1996, after giving effect to
preferred dividends, was $26,578, or $.00 per common share, compared to
net income of $269,214, or $.02 per common share, in the fourth quarter
of 1995. EBITDA was $319,272 for the three months ended December 31,
1996 compared to $543,974 in the same period of 1995. Revenues for the
1996 quarter totaled $3,745,402, a 32% increase over revenues of $2,846,
566 in the comparable 1995 period.
The Company attributes the increase in annual revenues and earnings to
both increased sales of its JFS Litigator's Notebook(TM) software
products and higher volume conversion services under its contract with
the Department of Defense. Higher 1996 fourth quarter revenues also
reflect a one-time, now completed conversion services project. The
lower margins on this special project, coupled with a $200,000 increase
in JFS development, marketing, and personnel costs over the comparable
1995 quarter, reduced the Company's earnings in the 1996 quarter.
Ed Gistaro, Docucon's Chief Executive Officer, said, "The improved
revenues, earnings and cash flow in 1996 are strong indicators that we
have successfully implemented our strategy for 1996 to build our
software business while eliminating our litigation support services
business. Particularly significant is the increasing acceptance of our
Litigator's Notebook(TM) suite of software products by the legal
market. To further this market penetration, we increased our
investment in 1996 in the development, marketing and support of our
software product line by $1,000,000 over the prior year. We intend to
continue this investment in the current year and anticipate the
benefits which new products and greater market coverage will bring."
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 federal
and commercial markets. Through its J. Feuerstein Systems division,
Docucon makes software products for use by attorneys in the litigation
process, including the widely used JFS Litigator's Notebook(TM).
Docucon, Incorporated
Selected Operating Data
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
1996 1995 1996 1995
Revenues $3,745,402 $2,846,566 $13,523,500 $11,037,846
Earnings before interest,
taxes, depreciation and
amortization (EBITDA) $ 319,272 $ 543,974 $ 1,718,302 $ 539,001
Net income (loss) $ 39,793 $ 283,652 $ 764,671 $ (605,563)
Preferred dividends 13,215 14,438 55,688 60,334
Net income (loss) after
preferred dividends $ 26,578 $ 269,214 $ 708,983 $ (665,897)
Net income (loss) per common
and common equivalent share
after preferred dividends $.00 $.02 $.06 $(.06)
Number of shares used in
computing earnings per
common and common
equivalent share 12,599,994 11,771,228 12,485,322 11,690,161
--30--ajg/ny*
CONTACT: Docucon, Inc.
Edward P. Gistaro, Chairman, CEO
(210) 525-9221
docucon@docucon.com
or
DOCU'S INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Tamara Ehlin, 212/836-9607
tehlin@equityny.com
KEYWORD: TEXAS INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED EARNINGS
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com |
