Docucorp (NASDAQ:DOCC)
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Docucorp(R) International (Nasdaq:DOCC), a leading
provider of Customer Communication Management (CCM) solutions, today
announced record revenues of $88.3 million for the fiscal year ended
July 31, 2006, a 12 percent increase compared to $79.2 million for
fiscal year 2005. Net income for fiscal year 2006 increased 28 percent
to $3.2 million, or $0.28 per diluted share, compared to net income of
$2.5 million, or $0.22 per diluted share, for the same period a year
ago. During the fourth quarter of fiscal year 2006, the Company
recorded a $1.0 million lease abandonment charge for excess space
related to its office facilities in Atlanta. Excluding this non-cash
charge, earnings per diluted share for fiscal year 2006 would have
been $0.34, an increase of 55 percent.
For the fiscal year ended July 31, 2006, ASP hosting revenue
increased 25 percent to $33.9 million, professional services revenue
increased eight percent to $22.6 million and maintenance revenue
increased four percent to $21.9 million. Software license revenue
remained virtually unchanged at $10.0 million.
For the quarter ended July 31, 2006, the company reported record
revenues of $22.7 million, a 17 percent increase compared to $19.4
million for the same period a year ago. Net income for the fourth
quarter of fiscal year 2006 was $412,000, or $0.04 per diluted share,
compared to $135,000, or $0.01 per diluted share, for the fourth
quarter of fiscal year 2005. Without the non-cash lease abandonment
charge discussed above, earnings per diluted share for the fourth
quarter of fiscal year 2006 would have been $0.09.
Increases in fourth quarter and full year net income versus the
comparable periods of the prior year were primarily a result of
increased profitability related to the growth in ASP, professional
services and maintenance revenues, as well as reduced sales and
marketing costs and favorable foreign currency fluctuations. These
improvements in profitability were partially offset by increased
software amortization and third-party software license royalties, and
the lease abandonment charge previously discussed.
"We are pleased with the record revenues, robust profitability and
return to double-digit growth for fiscal 2006," said Michael D.
Andereck, president and chief executive officer, Docucorp
International. "We will continue to build on the growth of our ASP,
professional services and maintenance revenues, while working hard to
accelerate software sales in fiscal 2007."
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 and Africa 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.
(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.
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DOCUCORP INTERNATIONAL, INC.
Consolidated Statements of Operations
(in thousands except per share amounts)
(unaudited)
Three Months
Ended July 31, Year Ended July 31,
---------------------- --------------------
2006 2005 2006 2005
----------- ---------- ---------- ---------
Revenues
ASP hosting $8,541 $6,851 $33,884 $27,002
Professional services 5,827 4,739 22,562 20,966
License 2,674 2,636 9,961 10,063
Maintenance 5,617 5,211 21,930 21,146
----------- ---------- ---------- ---------
Total revenues 22,659 19,437 88,337 79,177
----------- ---------- ---------- ---------
Cost of revenues
ASP hosting 7,763 6,337 30,354 24,195
Professional services 4,320 4,061 17,434 16,563
License 1,519 1,197 5,030 4,199
Maintenance 292 404 1,322 1,524
----------- ---------- ---------- ---------
Total cost of
revenues 13,894 11,999 54,140 46,481
----------- ---------- ---------- ---------
Gross profit 8,765 7,438 34,197 32,696
----------- ---------- ---------- ---------
Operating expenses
Product development 2,181 2,151 8,964 8,555
Sales and marketing 2,790 2,964 10,776 11,781
General and
administrative 2,145 1,895 8,345 7,961
Loss on lease
abandonment 1,026 -- 1,100 --
----------- ---------- ---------- ---------
Total operating
expenses 8,142 7,010 29,185 28,297
----------- ---------- ---------- ---------
Income from operations 623 428 5,012 4,399
Interest expense (80) (128) (375) (570)
Other income (expense),
net 172 (153) 536 173
----------- ---------- ---------- ---------
Income before income
taxes 715 147 5,173 4,002
Provision for income
taxes 303 12 1,953 1,496
----------- ---------- ---------- ---------
Net income $412 $135 $3,220 $2,506
=========== ========== ========== =========
Basic net income per
share $0.04 $0.01 $0.29 $0.24
=========== ========== ========== =========
Weighted average basic
shares outstanding 10,961 10,794 10,923 10,651
=========== ========== ========== =========
Diluted net income per
share $0.04 $0.01 $0.28 $0.22
=========== ========== ========== =========
Weighted average diluted
shares outstanding 11,578 11,440 11,522 11,526
=========== ========== ========== =========
DOCUCORP INTERNATIONAL, INC.
Consolidated Balance Sheets
(in thousands except share and per share amounts)
(unaudited)
July 31, July 31,
Assets 2006 2005
-------- --------
Current assets:
Cash and cash equivalents $9,829 $8,381
Accounts receivable, net of allowance of $479
and $293, respectively 16,918 17,132
Current portion of deferred taxes 363 170
Income tax receivable 248 248
Other current assets 2,905 2,559
-------- --------
Total current assets 30,263 28,490
Property and equipment, net of accumulated
depreciation of $24,156 and $20,122,
respectively 9,674 10,261
Software development costs, net of accumulated
amortization of $30,274 and $25,909,
respectively 14,301 13,687
Goodwill 9,842 9,842
Identifiable intangibles, net of accumulated
amortization of $290 and $113, respectively 730 907
Other assets 499 448
-------- --------
Total assets $65,309 $63,635
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $3,322 $2,423
Accrued liabilities:
Accrued compensation 3,453 3,067
Other 1,625 1,491
Income taxes payable 531 403
Current portion of lease obligations 1,845 1,459
Current portion of long-term debt 3,324 3,617
Deferred revenue 11,709 11,479
-------- --------
Total current liabilities 25,809 23,939
Deferred taxes 4,772 5,178
Long-term lease obligations 1,588 2,303
Long-term debt 137 3,462
Other long-term liabilities 1,501 1,224
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 45,915 48,035
Treasury stock at cost, 5,185,109 and 5,458,912
shares, respectively (28,991) (30,347)
Retained earnings 14,948 12,268
Unearned compensation -- (2,100)
Foreign currency translation adjustment (536) (493)
-------- --------
Total stockholders' equity 31,502 27,529
-------- --------
Total liabilities and stockholders' equity $65,309 $63,635
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