News & Events
Document Sciences Announces Significant Annual Earnings Growth
1/28/2003, 10:00AM ET
CARLSBAD, CA (January 28, 2003) - Document Sciences Corporation (NASDAQ: DOCX - news) today reported net income for the year ended December 31, 2002, of $1,560,040 compared with net income of $638,460 for the year ended December 31, 2001. Net income per share for the year ended December 31, 2002, was $0.36, based on 4,286,485 fully diluted shares outstanding, compared with net income per share of $0.11, based on 5,830,728 fully diluted shares outstanding for 2001. Revenues for the year ended December 31, 2002 were $23.1 million, up by 4% from the same period in 2001.
For the three months ended December 31, 2002, the company reported net income of $1,105,992, or $0.26 per share based on 4,307,287 shares outstanding, compared with net income of $70,436, or $0.02 per share based on 4,396,411 fully diluted shares outstanding, for the three months ended December 31, 2001. Revenues for the three months ended December 31, 2002 were $6.6 million, compared with revenues of $6.2 million for the three months ended December 31, 2001, an increase of 7%.
Included in net income and benefit for income taxes for the 3 months and year ended December 31, 2002, is a reversal of $305,000 of the deferred tax asset valuation allowance.
Jack McGannon, Document Sciences' President and CEO, stated that, "The fourth quarter and full-year results represented continued successful operation against our plan. We were particularly pleased with our ability to license xPression, our next generation architecture, which became available during the fourth quarter." The company licensed xPression™ to six customers in the fourth quarter. Mr. McGannon added that, "We were pleased that we were also able to maintain strong revenue from our Autograph suite during the quarter". McGannon further commented that "the company performed very well in the area of cash generation and is solidly positioned to fund our operating activities." After repayment of a $2.5 million debt obligation during the first quarter, the company grew its cash position by slightly more than $2.1 million during the year.
Click here to view this press release and its accompanying financial information in PDF.
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, Calif., 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 Corp., 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