News & Events
Document Sciences Announces Third Quarter 1999 Results
10/21/1999, 7:00AM ET
CARLSBAD, CA (October 21, 1999) - Document Sciences Corporation (NASDAQ: DOCX - news) today reported net income for the quarter ended September 30, 1999, was $461,200 compared with a net loss of $956,100 for the quarter ended September 30, 1998. Net income per share was $.04, based on 10,801,352 diluted shares outstanding compared with net loss per share of $.09, based on 10,637,041 shares outstanding, for the same quarter in 1998.
Revenues for the quarter ended September 30, 1999, were $5.5million, representing a 3.5% decrease from the $5.7million reported for the quarter ended September 30, 1998.
Net income for the nine months ended September 30, 1999, was $946,000 compared with a net loss of $3,179,200 for the nine months ended September 30, 1998. Net income per share for the period was $.09, based on 10,796,525 diluted shares outstanding compared with net loss per share of $.30, based on 10,715,536 shares outstanding for the same period in 1998.
Revenues for the nine-month period ended September 30, 1999 were $17.0 million, representing an increase of 15.8% over the $14.7 million reported for the comparable period in 1998.
Barton L. Faber, Document Sciences President and CEO said, "Our third quarter results are tracking with our six quarter financial and operational objectives. In addition to growing our profitability for the third consecutive quarter, we have increased the level of non-cancelable three-year license and maintenance agreements that are not reflected in our current financial statements. These provide strong, reliable cash and revenue for the next three years."
"Other highlights during the quarter included the release of Visual CompuSet Professional Edition to Beta in September, the signing of a three-year non-exclusive agreement with Xerox Limited and the recording of significant transactions with current customers Anthem Blue Cross/Blue Shield of Connecticut, Blue Cross/Blue Shield of North Carolina, Capital One Services, Chubb & Son, Inc., Equitable Life Insurance, and Moore Business Communication Services." Faber added.
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.