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Docucorp Announces Record Q4 and Year-end Financial Results

Press release from the issuing company

DALLAS--Sept. 5, 2002--Docucorp International, a leading provider of enterprise information solutions, today announced record revenues of $72.6 million and record net income of $6.0 million for fiscal year 2002. Revenues for fiscal year 2002 increased 15 percent as compared to revenues of $63.2 million in fiscal 2001. Net income increased 143 percent over fiscal year 2001 net income of $2.5 million. Earnings per share increased to $0.40 per diluted share in fiscal year 2002 from $0.17 per diluted share in fiscal year 2001. For the quarter ended July 31, 2002, net income increased 85 percent to a record $1.8 million, or $0.12 per diluted share, as compared to net income of $963,000, or $0.07 per diluted share, for the same period a year ago. Docucorp's revenues for the fourth quarter rose 9 percent to a record $18.9 million. "Despite the difficult economic environment and the impact of the September 11 tragedy, Docucorp generated record revenues and profits in fiscal 2002," said Michael D. Andereck, president and chief executive officer of Docucorp. "I am extremely pleased with our financial results." For the year, revenue growth was lead by the company's ASP hosting operations that continued its rapid growth with a 39 percent increase in revenues, from $14.6 million in fiscal 2001 to $20.2 million in fiscal 2002. Maintenance revenues rose 16 percent from $16.5 million in fiscal 2001 to $19.1 million in fiscal 2002. Software license revenues increased 8 percent to $12.1 million in fiscal 2002. Strong growth in the company's Europe, Middle East and Africa (EMEA) operations also contributed to the company's overall revenue growth in fiscal 2002. The company leveraged its revenue growth to improve operating margins in its ASP and EMEA operations. Operating margin for fiscal year 2002 was 12.7 percent compared to 10.8 percent for the same period a year ago, lead by strong growth in ASP margin that increased to 16.1 percent from 8.2 percent in fiscal 2001. Docucorp's fiscal 2002 revenues increased in each of the industry sectors it serves, with a significant increase of 25 percent in its newest sector, financial services. During the year, the company expanded its customer base, announcing software and services agreements with AEGON USA Companies, Halifax Cetelem Credit Ltd., National Australia Bank and BP, among others. Docucorp continued to increase its sales force in fiscal year 2002, creating a new sales team for its growing ASP practice and hiring industry experts to develop new packaged solutions for the financial services market. "We are proud of our performance in fiscal year 2002, and we are optimistic about fiscal year 2003," said Andereck. "Docucorp's powerful solutions, impressive customer base, well defined growth strategy, strong employee base, and financial resources put us in a good position to take advantage of opportunities in fiscal year 2003 and beyond." About Docucorp 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.