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Docucorp Announces Fourth Quarter and Year-end Financial Results

Friday, September 03, 2004

Press release from the issuing company

DALLAS--Sept. 2, 2004--Docucorp International, a leading provider of enterprise information solutions, today announced record revenues of $75.7 million for fiscal year 2004, compared to revenues of $74.9 million for fiscal year 2003. The company reported net income of $5.4 million, or $0.47 per diluted share, for fiscal year 2004, compared to net income of $3.9 million, or $0.28 per diluted share, for the same period a year ago. For the quarter ended July 31, 2004, the company reported revenues of $18.6 million, compared to $19.4 million for the same period a year ago. Net income for the fourth quarter was $1.6 million, or $0.14 per diluted share, compared to net income of $1.1 million, or $0.09 per diluted share, for the fourth quarter of fiscal year 2003. For the year, Docucorp's software license revenue rose 25 percent from $8.4 million in fiscal year 2003 to $10.5 million in fiscal year 2004. Maintenance revenue increased four percent from $20.4 million in fiscal year 2003 to $21.2 million in fiscal year 2004, and ASP hosting revenue increased two percent from $22.9 million in fiscal year 2003 to $23.3 million in fiscal year 2004. Professional services revenue was $20.6 million, down 11 percent compared to $23.3 million for fiscal year 2003. "We are pleased with the double-digit software revenue growth and record earnings per share for the fiscal year, especially in light of the current business environment," said Michael D. Andereck, president and chief executive officer, Docucorp International. "The significant increase in highly profitable software license revenue and the repurchase of approximately 3.1 million shares of stock from Safeguard Scientifics, Inc. in June of last year enabled us to deliver a 68 percent increase in earnings per share over the prior year." "We will continue to rigorously manage our expenses and work hard to grow all components of revenue," said Andereck. "We are optimistic about the company's future and look forward to a successful fiscal 2005."

 

 

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