News & Events
Document Sciences Announces First Quarter Results
5/15/2007, 9:00AM ET
Company records record First Quarter Revenues
CARLSBAD, CA -- May 15, 2007 -- Document Sciences Corporation (NASDAQ: DOCX -- news) today reported revenues of $8.2 million for the quarter ended March 31, 2007, a record first quarter for the company and an increase of 5% from revenues of $7.8 million for the quarter ended March 31, 2006. Net loss for the quarter ended March 31, 2007 was $1,537,000 compared with a net loss of $459,000 for the quarter ended March 31, 2006. Net loss per share for the quarter ended March 31, 2007 was $0.35 based on 4,341,284 shares outstanding, compared with a net loss per share of $0.11, based on 4,219,544 shares outstanding for the quarter ended March 31, 2006.
Jack McGannon, Document Sciences' President and CEO, stated that "the first quarter represented our eleventh consecutive quarter of year-over-year quarterly revenue growth. However, increased spending in Sales & Marketing and additional Research and Development costs associated with additional staffing and our acquisition of CambridgeDocs drove our loss for the quarter. Starting late in the third quarter, the company has added substantial headcount in both our inside and outside sales groups, nearly doubling our North America sales force. Additionally, we have increased our marketing expenditures to drive awareness and lead generation."
McGannon further stated that, "our first quarter is typically our slowest quarter in terms of revenue and we expect to improve on our revenue performance as the year progresses, with our new sales capacity becoming more fully up to speed and six- to twelve-month sales cycles that they have initiated coming to closure."
McGannon added that "our cash position improved to $7.9 million at the end of the first quarter, up from the $7.1 million at December 31, 2006. Additionally, our first quarter cash balance compares favorably with the $6.9 million balance at March 31, 2006."
Included in expenses for the three months ended March 31, 2007 were $137,000 of stock-based compensation expenses, compared to $87,000 for the three months ended March 31, 2006.
Click here to view 1Q07 Financials.
About Document Sciences
Document Sciences is a market-leading global solutions provider for customer communications management. Our award-winning xPression software suite enables organizations to automate the creation and delivery of well- designed, highly personalized communications -- from customized marketing collaterals, contracts and policies to high-volume relationship statements and correspondence. More than 500 content-driven organizations worldwide, including over 60 FORTUNE Global 500 companies, use Document Sciences' solutions to reduce development costs by up to 90%, improve time-to-revenue by as much as 75%, and enhance the overall customer experience with highly effective 1:1 communications. Based in Carlsbad, California, with award- winning offshore services operations in Beijing, China and offices across the U.S., London, and in Sydney, Document Sciences also markets its products in Europe, Australia, Canada, New Zealand, Latin America and Asia. For more information about Document Sciences Corporation, call 888.4.DOC.SCI or visit www.docscience.com.
This press release may contain "forward-looking" statements about possible or assumed future results of our financial condition, operations, plans, objectives and performance. You can identify these statements by the fact that they use words such as "believe," "expect," "anticipate," "estimate," "project," "intend," "plan" or similar expressions. Many possible events or factors could affect our future financial results and performance. This could cause our results or performance to differ materially from those expressed in these forward-looking statements. Some of these events or factors include the following: (i) national, international, regional and local economic, competitive and regulatory conditions and developments; (ii) the market for dynamic content publishing software; (iii) market acceptance of enhancements to our existing products and introduction of new products; (iv) continued profitability of our professional services; (v) maintaining our relationships with Xerox Corporation and our other distribution partners and/or other risks detailed from time-to-time in our SEC reports, including the report on Form 10-K for the fiscal year ended December 31, 2006. We do not undertake, and specifically disclaim, any obligation to update forward-looking statements.