Docucorp (NASDAQ:DOCC)
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Docucorp®
International (Nasdaq:DOCC), a leading provider of Customer
Communication Management (CCM) solutions, today announced record first
quarter revenues of $21.7 million for the quarter ended October 31,
2006, a four percent increase as compared to $20.8 million for the first
quarter of the prior year. Net income increased 40 percent for the
quarter to $765,000, or $0.07 per diluted share, compared to net income
of $546,000, or $0.05 per diluted share, for the same period a year ago.
Compared to the first quarter of fiscal 2006, professional services
revenue increased 11 percent to $6.0 million, maintenance revenue
increased five percent to $5.6 million, and ASP hosting revenue
increased two percent to $8.2 million. Software license revenue
decreased eight percent to $1.9 million.
“Record first quarter revenues and a 40
percent improvement in profitability are a solid start for the fiscal
year,” said Michael D. Andereck, president and
chief executive officer, Docucorp International. “Our
challenge and focus for fiscal 2007 is to increase software license
sales.”
About Docucorp
Docucorp markets Customer Communication Management (CCM) solutions via a
portfolio of information software, business process outsourcing and
professional services, which enables companies to create, publish,
manage and archive complex, high-volume, personalized information
in-house or fully outsource to Docucorp. The company has an installed
base of more than 1,300 customers, including some of the world’s
largest insurance, utility, financial services and health care
organizations. Headquartered in Dallas, Docucorp has facilities in
Atlanta, Silver Spring, Md., Bedford, N.H., and London, as well as an
international presence in the Benelux, Switzerland, Central and Eastern
Europe, Middle East, Africa and Asia Pacific regions.
Certain information contained in this news release may include “forward-looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than historical facts,
included herein are forward-looking statements. These statements
involve risks and uncertainties, such as competition,
technological developments, loss of significant customers and the
other factors discussed in the Company’s
periodic reports filed with the Securities and Exchange Commission, that
could cause the Company’s actual results to
differ materially from those expressed or implied by these
forward-looking statements. Docucorp is a registered trademark of
Docucorp International.
Consolidated Statements of Operations and Balance Sheet follow.
© 2006 Docucorp International. All Rights
Reserved.
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.
DOCUCORP INTERNATIONAL, INC.
Consolidated Statements of Operations
(in thousands except per share amounts)
(unaudited)
Three Months
Ended October 31,
2006
2005
Revenues
ASP hosting
$ 8,218
$ 8,048
Professional services
5,987
5,372
License
1,876
2,035
Maintenance
5,621
5,363
Total revenues
21,702
20,818
Cost of revenues
ASP hosting
7,367
7,360
Professional services
4,531
4,134
License
1,440
1,174
Maintenance
279
359
Total cost of revenues
13,617
13,027
Gross profit
8,085
7,791
Operating expenses
Product development
2,283
2,193
Sales and marketing
2,618
2,569
General and administrative
2,032
2,155
Total operating expenses
6,933
6,917
Income from operations
1,152
874
Interest expense
(70)
(113)
Other income, net
142
106
Income before income taxes
1,224
867
Provision for income taxes
459
321
Net income
$ 765
$ 546
Basic net income per share
$ 0.07
$ 0.05
Weighted average basic shares outstanding
11,071
10,900
Diluted net income per share
$ 0.07
$ 0.05
Weighted average diluted shares outstanding
11,634
11,505
DOCUCORP INTERNATIONAL, INC.
Consolidated Balance Sheets
(in thousands except share and per share amounts)
(unaudited)
October 31,
July 31,
Assets
2006
2006
Current assets:
Cash and cash equivalents
$ 8,920
$ 9,829
Accounts receivable, net of allowance of $398 and $479, respectively
16,486
16,918
Current portion of deferred taxes
363
363
Income tax receivable
248
248
Other current assets
2,732
2,905
Total current assets
28,749
30,263
Property and equipment, net of accumulated depreciation of $25,121
and $24,156, respectively
9,527
9,674
Software development costs, net of accumulated amortization of
$31,480 and $30,274, respectively
14,487
14,301
Goodwill
9,842
9,842
Identifiable intangibles, net of accumulated amortization of $331
and $290, respectively
689
730
Other assets
487
499
Total assets
$ 63,781
$ 65,309
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$ 2,630
$ 3,322
Accrued liabilities:
Accrued compensation
3,495
3,453
Other
1,403
1,625
Income taxes payable
443
531
Current portion of lease obligations
1,730
1,845
Current portion of long-term debt
2,438
3,324
Deferred revenue
10,725
11,709
Total current liabilities
22,864
25,809
Deferred taxes
4,772
4,772
Long-term lease obligations
1,242
1,588
Long-term debt
120
137
Other long-term liabilities
1,513
1,501
Commitment and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized; none
issued
-
-
Common stock, $0.01 par value, 50,000,000 shares authorized;
16,593,849 shares issued
166
166
Additional paid-in-capital
45,499
45,915
Treasury stock at cost, 4,921,584 and 5,185,109 shares, respectively
(27,517)
(28,991)
Retained earnings
15,684
14,948
Foreign currency translation adjustment
(562)
(536)
Total stockholders' equity
33,270
31,502
Total liabilities and stockholders' equity
$ 63,781
$ 65,309
Docucorp(R) International (Nasdaq:DOCC), a leading provider of
Customer Communication Management (CCM) solutions, today announced
record first quarter revenues of $21.7 million for the quarter ended
October 31, 2006, a four percent increase as compared to $20.8 million
for the first quarter of the prior year. Net income increased 40
percent for the quarter to $765,000, or $0.07 per diluted share,
compared to net income of $546,000, or $0.05 per diluted share, for
the same period a year ago.
Compared to the first quarter of fiscal 2006, professional
services revenue increased 11 percent to $6.0 million, maintenance
revenue increased five percent to $5.6 million, and ASP hosting
revenue increased two percent to $8.2 million. Software license
revenue decreased eight percent to $1.9 million.
"Record first quarter revenues and a 40 percent improvement in
profitability are a solid start for the fiscal year," said Michael D.
Andereck, president and chief executive officer, Docucorp
International. "Our challenge and focus for fiscal 2007 is to increase
software license sales."
About Docucorp
Docucorp markets Customer Communication Management (CCM) solutions
via a portfolio of information software, business process outsourcing
and professional services, which enables companies to create, publish,
manage and archive complex, high-volume, personalized information
in-house or fully outsource to Docucorp. The company has an installed
base of more than 1,300 customers, including some of the world's
largest insurance, utility, financial services and health care
organizations. Headquartered in Dallas, Docucorp has facilities in
Atlanta, Silver Spring, Md., Bedford, N.H., and London, as well as an
international presence in the Benelux, Switzerland, Central and
Eastern Europe, Middle East, Africa and Asia Pacific regions.
Certain information contained in this news release may include
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other than
historical facts, included herein are forward-looking statements.
These statements involve risks and uncertainties, such as competition,
technological developments, loss of significant customers and the
other factors discussed in the Company's periodic reports filed with
the Securities and Exchange Commission, that could cause the Company's
actual results to differ materially from those expressed or implied by
these forward-looking statements. Docucorp is a registered trademark
of Docucorp International.
-0-
*T
Consolidated Statements of Operations and Balance Sheet follow.
*T
(C) 2006 Docucorp International. All Rights Reserved.
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.
-0-
*T
DOCUCORP INTERNATIONAL, INC.
Consolidated Statements of Operations
(in thousands except per share amounts)
(unaudited)
Three Months
Ended October 31,
-----------------
2006 2005
--------- -------
Revenues
ASP hosting $8,218 $8,048
Professional services 5,987 5,372
License 1,876 2,035
Maintenance 5,621 5,363
--------- -------
Total revenues 21,702 20,818
--------- -------
Cost of revenues
ASP hosting 7,367 7,360
Professional services 4,531 4,134
License 1,440 1,174
Maintenance 279 359
--------- -------
Total cost of revenues 13,617 13,027
--------- -------
Gross profit 8,085 7,791
--------- -------
Operating expenses
Product development 2,283 2,193
Sales and marketing 2,618 2,569
General and administrative 2,032 2,155
--------- -------
Total operating expenses 6,933 6,917
--------- -------
Income from operations 1,152 874
Interest expense (70) (113)
Other income, net 142 106
--------- -------
Income before income taxes 1,224 867
Provision for income taxes 459 321
--------- -------
Net income $765 $546
========= =======
Basic net income per share $0.07 $0.05
========= =======
Weighted average basic shares outstanding 11,071 10,900
========= =======
Diluted net income per share $0.07 $0.05
========= =======
Weighted average diluted shares outstanding 11,634 11,505
========= =======
*T
-0-
*T
DOCUCORP INTERNATIONAL, INC.
Consolidated Balance Sheets
(in thousands except share and per share amounts)
(unaudited)
October 31, July 31,
Assets 2006 2006
----------- --------
Current assets:
Cash and cash equivalents $8,920 $9,829
Accounts receivable, net of allowance of $398
and $479, respectively 16,486 16,918
Current portion of deferred taxes 363 363
Income tax receivable 248 248
Other current assets 2,732 2,905
----------- --------
Total current assets 28,749 30,263
Property and equipment, net of accumulated
depreciation of $25,121 and $24,156,
respectively 9,527 9,674
Software development costs, net of accumulated
amortization of $31,480 and $30,274,
respectively 14,487 14,301
Goodwill 9,842 9,842
Identifiable intangibles, net of accumulated
amortization of $331 and $290, respectively 689 730
Other assets 487 499
----------- --------
Total assets $63,781 $65,309
=========== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $2,630 $3,322
Accrued liabilities:
Accrued compensation 3,495 3,453
Other 1,403 1,625
Income taxes payable 443 531
Current portion of lease obligations 1,730 1,845
Current portion of long-term debt 2,438 3,324
Deferred revenue 10,725 11,709
----------- --------
Total current liabilities 22,864 25,809
Deferred taxes 4,772 4,772
Long-term lease obligations 1,242 1,588
Long-term debt 120 137
Other long-term liabilities 1,513 1,501
Commitment and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 1,000,000
shares authorized; none issued - -
Common stock, $0.01 par value, 50,000,000
shares authorized; 16,593,849 shares issued 166 166
Additional paid-in-capital 45,499 45,915
Treasury stock at cost, 4,921,584 and 5,185,109
shares, respectively (27,517) (28,991)
Retained earnings 15,684 14,948
Foreign currency translation adjustment (562) (536)
----------- --------
Total stockholders' equity 33,270 31,502
----------- --------
Total liabilities and stockholders'
equity $63,781 $65,309
=========== ========
*T