DOCUCON ANNOUNCES SECOND CONSECUTIVE PROFITABLE QUARTER.SAN ANTONIO, Texas--(BUSINESS WIRE)--May 1, 1996--Docucon, Inc. (The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. :DOCU DOCU Documentary (film) ) today reported financial results for the first quarter ended March 31, 1996. Revenues totaled $2,333,653 and for the second consecutive quarter earnings were positive with net income of $4,824, or less than $.01 per share, after giving effect to dividends to preferred shareholders. These results compare to revenues of $2,618,941 and a net loss of $449,879, or $(.04) per share, for the comparable 1995 quarter. For further detail, see attached table. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. , or earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
"Being profitable in the first quarter is especially gratifying in light of the significant start-up costs associated with the major conversion contract which Docucon received from the Department of Defense in February 1996. It also serves to emphasize the positive results that were gained from termination in the fourth quarter of last year of the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. support services division, which had been unprofitable for several quarters. We expect to show continued profit improvement for the balance of 1996 as our software product business continues to grow and as the Company increases revenues from the Department of Defense," said Ed Gistaro, Docucon's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Docucon is a leader in high-volume conversions of paper and microform In micrographics, a medium that contains microminiaturized images such as microfiche and microfilm. See micrographics. documents to optical and other types of storage devices for the Federal, Commercial and Legal Markets. Docucon also markets software products for use by attorneys in the litigation process, these products include the widely used Litigator's Notebookd.
DOCUCON, INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
Three Months Ended
March 31,
1996 1995
Revenues $2,333,653 $2,618,941 Earnings (loss) before interest, tax, depreciation and amortization (EBITDA) $ 257,088 $ (121,316) Net income (loss) $ 19,262 $ (434,066) Preferred dividends 14,438 15,731 Net income (loss) after preferred dividends $ 4,824 $ (449,879) Net income (loss) per common and common equivalent share after preferred dividends -- $ (.04) Number of shares used in computing earnings per common and common equivalent share 12,318,937 11,613,686 CONTACT: Docucon, Inc. Edward P. Gistaro, 210/525-9221 or The Equity Group Inc. Tamara Ehlin, 212/836-9607 Eileen Shell, 212/836-9606 |
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