Docucorp Announces Q2 Results: Sales of $17.4 million
Press release from the issuing company
DALLAS--Feb. 19, 2003--Docucorp International, a leading provider of enterprise information solutions, today announced revenues of $17.4 million for the second quarter of fiscal year 2003, as compared to $18.2 million for the second quarter of the prior year. For the six months ended January 31, 2003, revenues increased slightly to $35.5 million compared to $35.3 million for the same period of fiscal year 2002.
The company reported earnings of $687,000, or $0.05 per diluted share, for the second quarter of fiscal year 2003 compared to $1.4 million, or $0.10 per diluted share, for the same period a year ago. Net income for the first six months of fiscal year 2003 was $1.9 million, or $0.13 per diluted share, compared to $2.7 million, or $0.18 per diluted share, for the first six months of fiscal year 2002.
The decrease in revenue for the quarter is attributed to a decrease in software license revenue. Software license revenue was $1 million for the second quarter of fiscal year 2003 compared to $3 million for the second quarter of fiscal year 2002.
"Companies have been hesitant to buy software given the increased uncertainty in the marketplace and the continued international unrest. As a result of the current environment, we've seen our sales cycle for software and services lengthen," said Michael D. Andereck, president and chief executive officer of Docucorp. "Despite the decrease in software license revenue during the quarter, this is the company's 22nd consecutive quarter of profitability."
All other revenue categories had a combined increase of 8 percent in the current quarter when compared to the same quarter of fiscal year 2002. ASP revenue increased 8 percent to $5.7 million, professional services revenue increased 6 percent to $5.4 million and maintenance revenue increased 11 percent to $5.2 million.
"Our sales pipeline is beginning to strengthen, and we will work diligently to increase software license revenue," said Andereck. "Docucorp has a good business model, bolstered by diversified and recurring revenue streams, and significant financial resources at its disposal."
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