Document Sciences Announces Second Quarter Financial Results.Business Editors CARLSBAD Carlsbad, cities, United States Carlsbad (kärlz`băd). 1 City (1990 pop. 63,126), San Diego co., S Calif., on the Pacific coast; settled in the 1880s, inc. 1952. , Calif.--(BUSINESS WIRE)--July 30, 2003 Document Sciences Corporation (Nasdaq:DOCX) today reported a net loss for the quarter ended June June: see month. 30, 2003, of $779,159 compared with net income of $491,943 for the quarter ended June 30, 2002. Net loss per share for the quarter ended June 30, 2003, was $0.20, based on 3,880,010 shares outstanding, compared with net income per share of $0.12, based on 4,231,783 diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. shares outstanding for the same quarter in 2002. Revenues for the quarter ended June 30, 2003, were $5.1 million, while revenues for the quarter ended June 30, 2002, were $5.6 million. For the six months ended June 30, 2003, the company reported a net loss of $1,7 million, or $0.45 per share based on 3,874,944 shares outstanding, compared with a net loss of $96,983, or $0.03 per share based on 3,848,594 shares outstanding, for the six months ended June 30, 2002. Revenues for the six months ending June 30, 2003, were $9.7 million, compared with revenues of $10.5 million for the six months ending June 30, 2002. Jack McGannon, Document Sciences' President and 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. , stated that "we have not been as successful as planned in transitioning our sales mix sales mix See product mix. from one based exclusively on our existing Autograph autograph Any manuscript handwritten by its author; in common usage, a handwritten signature. Aside from its value as a collector's item, an early or corrected draft of a work may show its stages of composition or “correct” final version. suite to one focused largely around our new xPression architecture. Additionally, our sales continue to be impacted by the weak state of the overall economy and the influence that is having on corporate buying decisions. As such, we have tactically tac·ti·cal adj. 1. Of, relating to, or using tactics. 2. a. Of, relating to, used in, or involving military or naval operations that are smaller, closer to base, and of less long-term significance than strategic reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. to better align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. costs with anticipated revenue levels. Our balance sheet remains very strong, with $8.6 million of cash and limited debt, which will enable us to dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. the appropriate resources to growth activities as the business climate improves." McGannon stated that "longer-term prospects for xPression remain solid, emphasizing that our xPression technology continues to garner favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. reviews and positive response from industry analysts. We were pleased to be selected as one of sixteen "Best of AIIM (Association for Information and Image Management International, Silver Spring, MD, www.aiim.org) A membership organization founded in 1943 devoted to creating industry standards and disseminating information about the document management industry. " technologies at the AIIM/OnDemand Conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of this past quarter. We continue to expand xPression's features and functionality, with the goals of expanding sales to our current customers, reaching new markets, and developing additional sales channels." This press release contains "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements about our financial results and estimates, business prospects, and products that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially include, among others, the following: (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 (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. ; (v) market acceptance of our existing products and introduction of new products and enhancements to existing products; (vi) maintaining our relationships with Xerox (Xerox Corporation, Stamford, CT, www.xerox.com) A major manufacturer of analog and digital copy machines, computer printers and document management systems. Corporate headquarters are in Stamford, CT, while manufacturing and marketing is in Rochester, NY. ; (vii) changes in general economic and business conditions and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. other risks detailed from time-to-time in our SEC reports, including the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December December: see month. 31, 2002. We do not undertake, and specifically disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. , any obligation to update forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. .
DOCUMENT SCIENCES CORPORATION
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2003 2002
----------- -----------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,508,554 $ 2,284,367
Short-term investments 7,056,261 6,294,838
Accounts receivable, net 3,769,863 7,223,750
Due from affiliates 1,019,003 1,242,196
Unbilled revenue --- 161,159
Other current assets 949,038 756,268
----------- -----------
Total current assets 14,302,719 17,962,578
Property and equipment, net 913,651 781,874
Software development costs, net 1,796,876 1,518,102
Goodwill, net 724,615 724,615
Other assets 196,655 197,497
----------- -----------
Total assets $17,934,516 $21,184,666
=========== ===========
LIABILITIES
Current liabilities:
Accounts payable $ 262,001 $ 192,945
Accrued compensation 832,618 1,580,521
Other accrued liabilities 369,661 495,679
Deferred revenue 8,918,670 9,689,774
----------- -----------
Total current liabilities 10,382,950 11,958,919
Obligations under capital leases 79,816 ---
Deferred revenue - long-term --- 44,810
STOCKHOLDERS' EQUITY
Common stock, $.001 par value 3,890 3,858
Treasury stock (11,390) ---
Additional paid-in capital 10,842,510 10,786,007
Accumulated comprehensive income (1,182) 10,981
Retained deficit (3,362,078) (1,619,909)
----------- -----------
Total stockholders' equity 7,471,750 9,180,937
----------- -----------
Total liabilities and stockholders'
equity $17,934,516 $21,184,666
=========== ===========
DOCUMENT SCIENCES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30,
-------- --------
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Initial license
fees $1,457,623 $2,238,122 $ 2,505,493 $ 3,593,153
Annual renewal
license and
support fees 2,593,637 2,359,159 5,193,476 4,655,118
Services and other 1,069,927 1,052,444 2,030,885 2,248,085
---------- ---------- ----------- -----------
Total revenues 5,121,187 5,649,725 9,729,854 10,496,356
Cost of revenues:
Initial license
fees 234,930 356,435 500,481 706,749
Annual renewal
license and
support fees 445,396 377,857 819,211 753,177
Services and other 720,203 665,449 1,400,985 1,343,128
---------- ---------- ----------- -----------
Total cost of
revenues 1,400,529 1,399,741 2,720,677 2,803,054
---------- ---------- ----------- -----------
Gross margin 3,720,658 4,249,984 7,009,177 7,693,302
Operating expenses:
Research and
development 1,272,434 1,165,428 2,675,986 2,791,941
Selling and
marketing 2,576,154 1,774,965 4,774,957 3,451,577
General and
administrative 692,892 871,844 1,382,726 1,616,406
---------- ---------- ----------- -----------
Total operating
expenses 4,541,480 3,812,237 8,833,669 7,859,924
---------- ---------- ----------- -----------
Income (loss) from
operations (820,822) 437,747 (1,824,492) (166,622)
Interest and other
income, net 44,697 54,196 108,767 69,639
---------- ---------- ----------- -----------
Income (loss) before
income taxes (776,125) 491,943 (1,715,725) (96,983)
Provision for income
taxes 3,034 --- 26,444 ---
---------- ---------- ----------- -----------
Net income (loss) $ (779,159) $ 491,943 $(1,742,169) $ (96,983)
========== ========== =========== ===========
Net income (loss)
per share-basic $ (0.20) $ 0.13 $ (0.45) $ (0.03)
========== ========== =========== ===========
Weighted average
shares used in
basic
calculation 3,880,010 3,848,496 3,874,944 3,848,594
========== ========== =========== ===========
Net income (loss)
per share-diluted $ (0.20) $ 0.12 $ (0.45) $ (0.03)
========== ========== =========== ===========
Weighted average
shares used in
diluted calculation 3,880,010 4,231,783 3,874,944 3,848,594
========== ========== =========== ===========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion