Docucorp Announces Q1 Results: Revenue Up 4%
Thursday, November 20, 2003
DALLAS--Nov. 19, 2003-- Docucorp International, a leading provider of enterprise information solutions, today announced revenues of $18.9 million for the first quarter of fiscal year 2004. Revenues for the first quarter increased four percent as compared to revenues of $18.1 million for the first quarter of the prior year. The company reported net income of $1.4 million, or $0.13 per diluted share, for the quarter compared to net income of $1.2 million, or $0.08 per diluted share, for the same period a year ago. In the first quarter, as compared to the first quarter of the prior fiscal year, the company experienced growth in all revenue areas with the exception of professional services. Software licensing revenue increased 27 percent to $2.7 million, ASP revenue increased 11 percent to $5.8 million and maintenance revenue increased six percent to $5.3 million compared to the same period a year ago. "We continue to experience some degree of reluctance related to technology spending as companies are still operating under 2003 budgets that were formulated in what was a very uncertain geopolitical and economic environment," said Michael D. Andereck, president and chief executive officer, Docucorp International. "Docucorp generated record earnings per share this quarter primarily as a result of modest quarterly revenue growth, improved operating margin and substantial prior year stock repurchases."