News & Events
Document Sciences Announces First Quarter Financial Results
4/24/2002, 8:00AM ET
CARLSBAD, CA (April 24, 2002) - Document Sciences Corporation (NASDAQ: DOCX - news) today reported a net loss for the quarter ended March 31, 2002, of $588,926 compared with a net loss of $351,582 for the quarter ended March 31, 2001. Net loss per share for the quarter ended March 31, 2002, was $0.15, based on 3,848,659 shares outstanding, compared with a net loss per share of $0.03, based on 10,859,191 shares outstanding for the same quarter in 2001. Revenues for the quarter ended March 31, 2002, were $4.8 million compared with revenues of $5.3 million for the quarter ended March 31, 2001.
Jack McGannon, Document Sciences' President and Chief Executive Officer, stated that, "We have been adversely impacted by prolonged sales cycles that are representative of the current technology environment. While disappointed with the level of revenues for the first quarter, we are encouraged by our progress in the development of our next generation architecture, xPression™, which we expect to provide to customers for initial evaluation during the second quarter."
McGannon also commented that "the company paid off $2.5 million of debt owing to Xerox during the quarter. Excluding this payment, we grew our cash position by over $500,000 and are in a solid position to pursue our goals."
Click here to view this release along with corresponding financial information in Microsoft Word format.
About Document Sciences
Document Sciences Corporation delivers real-time, interactive content processing services that content-driven organizations depend on to realize productivity benefits, cut costs, and increase competitiveness. Approximately 650 customers worldwide use Document Sciences products in insurance, banking and financial services, managed-care, telecommunications, utilities and commercial print service bureaus. Customers include more than 60 Fortune 500 companies. Based in Carlsbad, California, with regional locations across the U.S. and a European subsidiary in Paris, Document Sciences also markets its products in Australia, Canada, New Zealand, Brazil, Mexico and China. For more information about Document Sciences Corporation, visit www.docscience.com.
This press release contains certain forward-looking statements. Words such as "plan," "will," "anticipate," "intend," "increasing," "pursue," "provide," "begin," "should," "would," "focus," "believe," "expect," "continue," and "plan," or the negative thereof or variations thereon and similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on our current plans or assessments that are believed to be reasonable as of the date of this press release. Factors that may cause actual results, goals, targets or objectives to differ materially from those contemplated, projected, forecast, estimated, anticipated, planned or budgeted in such forward-looking statements include, among others, the following possibilities: (i) changes in our stock price; (ii) changes in our operating results; (iii) the market for document automation software; (iv) continued expansion of our professional services; (v) market acceptance of our existing products and introduction of new products and enhancements to existing products; (vi) maintaining our relationships with Xerox; and/or (vii) changes in general economic and business conditions. Actual events or results may differ materially from those discussed, contemplated, forecasted, estimated, anticipated, planned or implied in the forward-looking statements as a result of the various factors described above and those further set forth under the heading "Risk Factors" in our Form 10-K for its fiscal year ended December 31, 2001