PC DOCS GROUP INTERNATIONAL INC. ANNOUNCES HIGHER
Than Expected Results for the First Quarter
TORONTO, Oct. 22 /PRNewswire/ -- PC DOCS Group International Inc.
(Nasdaq: DOCSF) (Toronto: DXX), a leader in enterprise document
management systems as well as information management systems for
professionals, today reported its first quarter results.
Financial highlights (U.S. GAAP)
Revenues for the first quarter ended September 30, 1997 were $25.8
million, a 28% increase over the $20.1 million for the same quarter
last year. In particular, software license revenues rose by 24% from
$10.8 million last year to $13.5 million. At $0.6 million, net
earnings were double the $0.3 million for the first quarter last year.
Fully diluted earnings per share were $0.03 compared to $0.01 in the
prior year period, and over analysts' published expectations of $0.00
to $0.02.
Expenses declined from $19.7 million in the fourth quarter of fiscal
1997 to $19.3 million.
The Company maintained its strong financial position, with $102 million
of net working capital at quarter end, including cash of $84 million or
$4.23 per common share.
Rubin I. Osten, Chairman, chairman, president and chief executive
officer of PC DOCS Group, commented: "We are pleased with the progress
we have made this quarter. The growth in expenses has been slowed and
revenues were strong in this traditionally slow period."
"In addition, we were proud to have been informed last week that PC
DOCS had won the 1997 Microsoft Industry Solution Award in the document
management category, once again confirming our leadership position in
document management. We also are excited about the upcoming release of
our next- generation, Internet/intranet product, CyberDOCS(R)
2.0/DOCSFusion, scheduled for December," Mr. Osten continued.
Operating highlights
Compared to last year, revenues for the enterprise document
management business were up by 44%, and those for the time-based
billing business rose by 9%.
A teaming agreement with Unisys Information Services was announced
during the quarter, under which the two industry leaders will deliver
best-of-breed document management services to business users around the
globe. The agreement brings together Unisys imaging solutions portfolio
with PC DOCS' popular enterprise document management solutions,
providing customers across a series of industries with complete,
customized systems for the full range of business document needs. This
followed a similar agreement with EDS, announced last quarter.
A survey conducted by AmLaw Tech magazine confirmed PC DOCS's
overwhelming presence in the legal market for document management
software and services. The survey found that DOCS Open(R) -- PC DOCS'
flagship product and the most widely used document management engine in
the world -- is used by more than half of the top law firms in the
United States.
PC DOCS announced the integration of DOCS Open with the SAP R/3
solution. The integration, co-developed by PC DOCS and Deno Morris
Group, Inc., allows R/3 users to easily locate and use corporate
information stored in DOCS Open document management repositories or
send documents created in the R/3 environment to DOCS Open for
archiving.
The quarter was very active for product releases. The 32-bit versions
of DOCS Open and of DOCS Routing(R) were released to support popular
32-bit business applications, including the Office suite from
Microsoft, Corel and Lotus and e-mail platforms from Microsoft, Lotus
and Novell. CMS/Data released CMS OPEN(R) 2.0, the latest version of
its time-based billings software. Similarly, CompInfo released
LawPack(R) 5.0, its substantially upgraded case-management product.
PC DOCS Group's new clients included Jones, Day; Alston, Bird; Kaye,
Sholer; Hinshaw & Culbertson in the U.S., Tory Tory in Canada and
Norton, Rose in the U.K. as new legal accounts, and Texaco, Department
of Justice - Civil Rights Division, Department of Transportation,
Rhone-Poulenc and Nissan in the U.S., Sun Life Assurance and the City
of Vancouver in Canada, and Den Norske Bank in Norway as new commercial
clients.
About PC DOCS Group
PC DOCS Group International Inc. and its subsidiaries, PC DOCS, Inc., PC
DOCS Canada Inc., PC DOCS Group Europe Ltd., CMS/Data Corporation
and CompInfo, Inc., develop, market and support object-oriented
client/server and Corporate intranet enterprise document management
systems and information management systems for professionals. The
Company's customers include Fortune 1000 companies, financial
institutions, healthcare providers, manufacturing, consumer products,
communications and pharmaceutical companies, utilities, government
agencies, the legal industry, and accounting and other professions
in North America, Europe, Australia and the Far East.
Forward-looking statements
Certain of the above statements are forward-looking statements
which involve risks and uncertainties. Actual results could differ
materially as a consequence of a number of factors, including:
fluctuations in the Company's operating results due to product demand,
length of the sales cycle, size and timing of individual customer
transactions and similar matters; changes in the client/server
application software market, including technology change, changes in
customer requirements, frequent new product introductions by
competitors and emerging standards; dependence of the Company on the
legal services market; reliance by the Company on its third-party
resellers; dependence of the Company on its key management;
uncertainties relating to acquisitions, including operational
disruptions, unexpected operating expenses and losses, and expenses
associated with the integration of such acquisitions; and other factors
set forth in the Company's Securities and Exchange Commission and
Ontario Securities Commission reports and filings. |
