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Docucorp Announces Q3: Profit and Revenue Down

Thursday, May 20, 2004

Press release from the issuing company

DALLAS--May 19, 2004-- Docucorp International, a leading provider of enterprise information solutions, today announced revenues of $18.5 million for the third quarter of fiscal year 2004, as compared to $20.1 million for the third quarter of the prior year. The company reported net income of $707,000, or $0.06 per diluted share, for the third quarter of fiscal year 2004 compared to net income of $971,000, or $0.07 per diluted share, for the same period a year ago. For the nine months ended April 30, 2004, revenues increased to $57.1 million compared to $55.6 million for the same period of fiscal year 2003. Net income for the first nine months of fiscal year 2004 was $3.8 million, or $0.33 per diluted share, compared to $2.8 million, or $0.20 per diluted share, for the first nine months of fiscal year 2003. Compared to the third quarter of the prior fiscal year, software license revenue decreased 20 percent to $1.8 million and ASP revenue decreased three percent to $5.9 million. Professional services revenue of $5.5 million decreased 19 percent from the same period a year ago, due primarily to the prior year recognition of previously deferred revenue related to one large consulting contract. Sequentially, professional services revenue increased 10 percent, primarily as a result of improved software license sales over the last several quarters. Maintenance revenue of $5.3 million increased seven percent compared to the same period a year ago. "After two consecutive quarters of record earnings per share, we are disappointed in Docucorp's third quarter financial results, which were primarily impacted by weak software license sales," said Michael D. Andereck, president and chief executive officer, Docucorp International. "The sales pipeline for software licenses appears strong. Diluted earnings per share increased 65 percent for the nine months ended April 30, 2004, and our efforts are focused on finishing fiscal 2004 with a strong fourth quarter."

 

 

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