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Docucorp Announces Record Revenues

Friday, September 22, 2006

Press release from the issuing company

DALLAS--Sept. 21, 2006-- Docucorp International, 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."

 

 

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