May 21, 1998--DocuCorp International
(NASDAQ:DOCC), a leading provider of document automation software and
services, today reported significant gains in net income and revenues
for the fiscal third quarter and nine months ended April 30, 1998.
Created by the merger of two former competitors in May 1997, the
company noted it completed an initial public offering in the most
recent quarter, boosting weighted average shares of common stock
outstanding to 15 million from 9.2 million for the comparable period
of 1997.
The company said net income rose 33 percent to $811,000, or $0.05
per diluted share, in the third quarter of fiscal 1998, from $608,000,
or $0.07 per diluted share, in the corresponding period last year.
Giving effect to the May 1997 merger as though it had occurred on
August 1, 1996, pro forma net income for last year's third quarter was
$325,000, or $0.03 per diluted share.
In the first nine months of fiscal 1998, net income rose 39
percent to $2.3 million, or $0.17 per diluted share, from $1.7
million, or $0.19 per diluted share, in the first nine months of
fiscal 1997. On a pro forma basis, net income for the first nine
months of fiscal 1997 totaled $1 million and equaled $0.08 per diluted
share.
Revenues totaled $11.3 million for the most recent quarter and
$33.4 million for the nine months, compared with $2.8 million and $8.5
million, respectively, in the corresponding 1997 periods. Prior year
pro forma revenues were $9.3 million for the quarter and $28 million
for the nine months.
"I am pleased with the record financial results for the third
quarter and nine-month period," said Michael D. Andereck, DocuCorp's
president and chief executive officer. "The quarter also brought
progress for our company on a number of other fronts."
"Our highly successful public offering raised $18.5 million,
allowing us to pay off all $6.4 million of our corporate debt and
apply the rest to ongoing expansion efforts," he said. "Of course, the
offering also made it possible for DocuCorp's common stock to be
listed on the Nasdaq National Market."
Andereck noted that the company significantly enhanced and
expanded its document automation software offerings during the quarter
by acquiring EZPower Systems, an award-winning developer of document
management and workflow software headquartered in Philadelphia, and
Maitland Software, located in Portland, Maine.
"In March, we were pleased to have the leaders of both of our new
acquisitions on hand in Dallas for the first user conference under the
DocuCorp name," he said. "Attendance at the conference far exceeded
anything either of our predecessor companies had experienced."
DocuCorp markets a portfolio of open-architecture,
enterprise-wide document automation software products that enable its
customers to create, publish, manage and archive complex, high-volume,
individualized documents.
The company also provides document automation consulting,
application integration, and document processing, printing, and
mailing services. DocuCorp has an installed base of more than 700
customers, including many of the largest insurance, utility, financial
services, higher education, and telecommunications organizations.
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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.
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For more information, visit DocuCorp on the World-Wide-Web at
www.docucorp.com.
Three months Nine months
ended April 30, ended April 30,
1998 1997 1998 1997
(In thousands, except per share data)
----------------------------------------
Revenues $11,305 $ 2,834 $33,355 $ 8,459
Operating income $ 1,432 $ 831 $ 4,175 $ 2,271
Net income $ 811 $ 608 $ 2,298 $ 1,653
Net income per share:
Basic $ 0.07 $ 0.09 $ 0.20 $ 0.26
Diluted $ 0.05 $ 0.07 $ 0.17 $ 0.19
Weighted average shares
outstanding used in the net
income per share calculations:
Basic 12,382 6,480 11,309 6,475
Diluted 15,023 9,195 13,629 8,635 |
