News & Events
Document Sciences Announces Second Quarter 1999 Results
7/22/1999, 7:00AM ET
CARLSBAD, CA (July 22, 1999) - Document Sciences Corporation (NASDAQ: DOCX - news) today reported revenues for the quarter ended June 30, 1999, of $6.0 million, representing a 22.4% increase from the $4.9 million reported for the quarter ended June 30, 1998.
Net income for the quarter ended June 30, 1999, was $259,100 compared with a net loss of $754,900 for the quarter ended June 30, 1998. Net income per share was $.02, based on 10,787,734 diluted shares outstanding compared with net loss per share of $.07, based on 10,755,727 shares outstanding, for the same quarter in 1998.
Revenues for the six-month period ended June 30, 1999 were $11.5 million, representing an increase of 27.8% over the $9.0 million reported for the comparable period in 1998. Net income for the six months ended June 30, 1999, was $484,900 compared with a net loss of $2,223,200 for the six months ended June 30, 1998. Net income per share for the period was $.04, based on 10,794,595 diluted shares outstanding compared with net loss per share of $.21, based on 10,754,784 shares outstanding for the same period in 1998.
Commenting on second quarter results, Barton L. Faber, Document Sciences President and CEO said, "Our second quarter results are consistent with our six quarter financial and operational objectives. We continue to provide a total solution package including software products, professional services and domain expertise in the use of our applications. We recorded significant transactions with current customers Merck-Medco, Output Technologies, Inc., and Newkirk Products. In addition we were successful in securing an additional 1999 revenue commitment from our value added reseller in Brazil."
"Recent releases of several new product enhancements are being well received by our customer base. Although our solution-selling model has extended the sales cycle, the longer-term effect of the solution sale is to provide a more predictable revenue stream. Additionally, by focusing on the development of our international value added resellers, we intend to broaden our revenue base through the expansion of our distribution channels." 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.