Docucorp Announces Q4: Revenues of $19.4 million increases 2%
Friday, September 05, 2003
DALLAS--Sept. 4, 2003-- Docucorp International, a leading provider of enterprise information solutions, today announced record revenues of $74.9 million for fiscal year 2003. Revenues for fiscal year 2003 increased three percent as compared to revenues of $72.6 million in fiscal 2002. The company reported net income of $4.0 million, or $0.29 per diluted share, for fiscal year 2003 compared to $5.9 million, or $0.40 per diluted share, in fiscal year 2002. For the quarter ended July 31, 2003, revenues of $19.4 million increased two percent, as compared to the corresponding period a year ago, with software license revenue reaching a quarterly high for the year of $3.0 million. Docucorp's net income for the fourth quarter was $1.1 million, or $0.09 per diluted share, compared to net income of $1.7 million, or $0.11 per diluted share, for the same period a year ago. "We are extremely pleased to conclude this difficult fiscal year with sequentially improved quarterly software sales and record annual revenues," said Michael D. Andereck, president and chief executive officer, Docucorp International. "The strength of our diversified revenue streams enabled us to achieve top line growth and remain profitable in this tough economic environment." For the year, Docucorp's ASP hosting operations continued solid growth with a 13 percent increase in revenue from $20.2 million in fiscal year 2002 to $22.9 million in fiscal year 2003. Professional services revenue rose 10 percent from $21.2 million in fiscal year 2002 to $23.3 million in fiscal year 2003, and maintenance revenue increased seven percent from $19.1 million in fiscal year 2002 to $20.4 million in fiscal year 2003. Software license revenue for fiscal year 2003 was $8.4 million, compared to $12.1 million for the same period a year ago. Throughout fiscal year 2003, the company continued to expand its customer base, executing a substantial number of U.S. and European software licensing agreements in the third and fourth quarters, including a multi-national licensing agreement with a major financial services institution. "We worked very hard during the past two quarters to return software license revenue to acceptable levels," said Andereck. "Our growth and profitability underscore the strength of our business model and our ability to succeed even in this uncertain environment. With our impressive customer base, well defined growth strategy, hard working employees and powerful software solutions, we are well positioned for continued success in fiscal 2004."