Oh yea, earnings...
Tuesday February 22, 6:30 am Eastern Time
Company Press Release
SOURCE: DocuCorp International
DocuCorp International Reports Financial Results for Second Quarter of Fiscal 2000
DALLAS, Feb. 22 /PRNewswire/ -- DocuCorp International (Nasdaq: DOCC - news), a leading provider of document automation software, integration services and application service provider (ASP) hosting, today announced revenues of $11.9 million for its second quarter of fiscal 2000, compared with $13.0 million for the second quarter of the prior year. Net income was $122,000 for the second quarter, or $0.01 per diluted share, as compared to net income of $1.1 million, or $0.06 per diluted share, for the same period in the prior year.
``As anticipated, software revenues and services revenues were impacted by Y2K during the quarter ended January 31, 2000,' said Michael D. Andereck, president and chief executive officer. ``Net income for the second quarter was impacted not only by the reluctance of customers and prospects to undertake new projects just prior to the arrival of the year 2000, but also because we actively invested in the future of DocuCorp. Implementing our Internet strategy, adopting an ASP model, international expansion and expansion into the financial services industry position DocuCorp for future growth, but cost money.
``We are moving at Internet speed. In the last 90 days, DocuCorp has launched an Internet bill presentment and payment solution, finalized a strategic alliance with the leading Internet payment provider, opened a DocuCorp hosted Internet Web site to distribute industry-standard forms, entered the ASP market, announced the planned opening of a second ASP facility in Dallas, hired a European General Manager, and entered into strategic alliances with Bowne and e-PROFILE in the financial services industry,' Andereck added. ``We are confident that the increased expenditures associated with these activities position DocuCorp for growth and enhance our business model.
``We are glad to finally have Y2K behind us. Since mid-January, our sales activity and sales pipelines have begun to improve dramatically. The typical sales cycle is relatively long, but I am optimistic that revenues will substantially improve in our third fiscal quarter,' said Andereck. ``DocuCorp consistently generated record quarterly revenues and profits prior to the last two quarters. It is our goal to return to record levels of revenues and profits by our fourth fiscal quarter. We have built an excellent track record of growth and expansion, a trend we expect to continue.'
About DocuCorp
DocuCorp markets a portfolio of Internet and print document automation software products that create, publish, manage and archive complex, high- volume, individualized documents for customer-driven companies. It also offers application service provider (ASP) hosting of Internet-enabled document automation solutions, such as customer statements and billings, electronic bill presentment and payment (EBPP), insurance policy production, and electronic document archival. DocuCorp has an installed base of more than 900 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.
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.
DocuCorp is a registered trademark of DocuCorp International.
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.
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