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Docucorp Announces Q1 Results, Six Percent Revenue Growth

Press release from the issuing company

DALLAS--Nov. 20, 2002--Docucorp International, a leading provider of enterprise information solutions, today announced revenues of $18.1 million for the first quarter of fiscal year 2003, which represents a 6 percent increase from $17.2 million in revenues for the first quarter of the prior year. The company reported earnings of $1.2 million, or $0.08 per diluted share, for the quarter compared to earnings of $1.2 million, or $0.09 per diluted share, for the same period a year ago. Although software licensing sales decreased, total revenues increased as a result of all other areas of Docucorp's business continuing to perform well. In the first quarter, ASP revenue increased 14 percent to $5.2 million, maintenance revenue increased 8 percent to $5.0 million and professional services revenue increased 9 percent to $5.8 million. "Our business has been incredibly resilient in the midst of an uncertain economy, in which it has been extremely difficult to sell software and services. Docucorp continues to be one of the few profitable and growing small-cap software companies," said Michael D. Andereck, president and chief executive officer of Docucorp. "While software license revenue decreased this quarter, the strength of our diversified revenue streams allowed us to still have a respectable and profitable quarter. We will work very hard to return software license revenue to record levels. Docucorp has a good business model, significant financial resources, and an enviable track record." During the quarter, Docucorp repurchased 293,000 shares of common stock at an aggregate price of $2.7 million and continues to maintain strong liquidity with cash and short-term investments of $11.8 million. Docucorp is the authority in providing dynamic solutions for acquiring, managing, personalizing and presenting enterprise information. Servicing the entire enterprise information lifecycle, Docucorp's information software, application service provider (ASP) hosting and professional consulting services enable companies to implement solutions in-house or fully outsource to Docucorp. The company has an installed base of more than 1,200 customers, including many of the largest insurance, utility and financial services organizations.