Docucorp Announces 1Q Results, 50% Increase in Earnings, Sales Up 16%
Press release from the issuing company
DALLAS - November 20, 2001 - Docucorp International (Nasdaq: DOCC), a leading provider of enterprise information solutions, today announced strong earnings of $1.24 million, or $0.09 per diluted share, for its first quarter of fiscal year 2002. This represents a substantial increase over prior year net loss of $0.01 per diluted share and prior year income before cumulative effect of accounting change of $0.05 per diluted share. Revenues of $17.2 million for the quarter represent an increase of 16 percent from revenues of $14.8 million in the first quarter of the prior year.
The Company adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Intangible Assets," in the first quarter of fiscal 2002, which discontinues amortization of goodwill and indefinite lived assets. Reflecting this change on a pro forma basis for the first quarter of the prior year, net income and diluted net income per share before cumulative effect of accounting change, for the quarter ended Oct. 31, 2000, would have been $1.05 million and $0.07 per share, respectively.
"We are extremely pleased to follow the record revenues and strong earnings of fiscal 2001 with exceptional earnings for our first quarter of 2002," said Michael D. Andereck, Docucorp president and chief executive officer. "Despite an overall soft economy and the impact of the September 11 tragedy on our business, we generated revenues at near record levels and continued to improve our overall profitability. I am extremely pleased with this very strong start to our new fiscal year."
During the quarter, Docucorp's UK office, serving Europe, the Middle East and Africa (EMEA), signed two significant software license agreements, including one in the financial services sector, and continues to expand its client base. In the U.S., the company entered into a number of new software licenses and application service provider (ASP) hosting relationships in both the insurance and utility markets.
"This past quarter presented challenges no one could have anticipated, yet we prevailed," Andereck said. "Our ability to meet or exceed expectations is a testament to our strategy, our management team and our employees. We remain focused and poised to aggressively pursue new market opportunities with our superior solution offerings and exceptional personnel."
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