Document Sciences Announces Significant Annual Earnings Growth.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)--Jan. 28, 2003 Document Sciences Corporation (Nasdaq:DOCX) today reported net income for the year ended December December: see month. 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 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, 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 reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of $305,000 of the deferred tax asset valuation allowance. 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 "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 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 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. Information about Document Sciences Document Sciences Corporation develops and markets software solutions that enable an enterprise to better communicate with their customers through both Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Personal Portals A personal home page on the Web that is customized by the user. Typically associated with a search engine and displaying selected information such as news, weather and stock quotes, if the portal publisher offers e-mail, IM or other services, direct links to those systems are also on the web and high-quality personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. documents that can be printed, viewed on demand, or distributed electronically in high volume. Approximately 600 customers worldwide use Document Sciences products in insurance; banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ; managed-care; telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. ; utilities; and commercial print service bureaus. Customers include more than 60 Fortune 500 companies. Based in Carlsbad, California Carlsbad is a coastal resort-town in northern San Diego County, California. According to the state Department of Finance, the city had a total population of 90,271 in 2003. , with regional locations across the U.S. and a European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. subsidiary in Paris, France, the company also markets its products in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. and Chile. For more information about Document Sciences Corporation visit www.docscience.com. This press release contains certain 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. . 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 there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that 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 (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. ; 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. (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 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 its fiscal year ended December 31, 2001.
DOCUMENT SCIENCES CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2002 2001
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $2,284,367 $3,187,229
Short-term investments 6,294,838 5,736,200
Accounts receivable, net 7,223,750 5,028,059
Due from affiliates 1,242,196 1,739,739
Unbilled revenue 161,159 400,164
Other current assets 756,268 519,163
------------ ------------
Total current assets 17,962,578 16,610,554
Property and equipment, net 781,874 1,178,600
Computer software costs, net 1,518,102 1,143,618
Goodwill, net 724,615 724,615
Other assets 197,497 48,785
------------ ------------
Total assets $21,184,666 $19,706,172
============ ============
LIABILITIES
Current liabilities:
Accounts payable $192,945 $191,919
Accrued compensation 1,580,521 881,791
Other accrued liabilities 495,679 520,599
Deferred revenue 9,689,774 7,851,670
Short-term notes -- 2,128,219
------------ ------------
Total current liabilities 11,958,919 11,574,198
Long-term notes -- 297,099
Deferred revenue 44,810 134,430
STOCKHOLDERS' EQUITY
Common stock 3,858 3,825
Additional paid-in capital 10,786,007 10,781,055
Accumulated comprehensive income 10,981 95,514
Retained deficit (1,619,909) (3,179,949)
------------ ------------
Total stockholders' equity 9,180,937 7,700,445
------------ ------------
Total liabilities and stockholders'
equity $21,184,666 $19,706,172
============ ============
DOCUMENT SCIENCES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Years Ended
December 31, December 31,
----------------------- -----------------------
2002 2001 2002 2001
----------- ----------- ----------- -----------
Revenues:
Initial license fees $3,268,475 $2,769,614 $9,592,009 $8,200,159
Annual renewal
license and support
fees 2,483,427 2,197,836 9,576,671 8,707,247
Services and other 842,491 1,208,198 3,917,099 5,212,231
----------- ----------- ----------- -----------
Total revenues 6,594,393 6,175,648 23,085,779 22,119,637
Cost of revenues:
Initial license fees 348,662 456,472 1,599,958 1,495,073
Annual renewal
license and support
fees 361,272 392,879 1,513,812 1,498,664
Services and other 643,695 720,956 2,606,356 2,992,555
----------- ----------- ----------- -----------
Total cost of
revenues 1,353,629 1,570,307 5,720,126 5,986,292
----------- ----------- ----------- -----------
Gross margin 5,240,764 4,605,341 17,365,653 16,133,345
Operating expenses:
Research and
development 1,473,446 1,782,141 5,456,164 5,203,525
Selling and marketing 2,275,803 1,868,413 7,755,772 7,151,651
General and
administrative 671,528 758,441 2,981,169 3,418,823
----------- ----------- ----------- -----------
Total operating
expenses 4,420,777 4,408,995 16,193,105 15,773,999
----------- ----------- ----------- -----------
Income (loss) from
operations 819,987 196,346 1,172,548 359,346
Other income
(expenses) (7,584) (124,103) 93,903 280,921
----------- ----------- ----------- -----------
Income before income
taxes 812,403 72,243 1,266,451 640,267
Provision (benefit)
for income taxes (293,589) 1,807 (293,589) 1,807
----------- ----------- ----------- -----------
Net income $1,105,992 $70,436 $1,560,040 $638,460
=========== =========== =========== ===========
Net income per share-
basic $0.29 $0.02 $0.41 $0.12
=========== =========== =========== ===========
Weighted average shares
used in basic
calculation 3,839,608 3,803,333 3,843,850 5,547,872
=========== =========== =========== ===========
Net income per share-
diluted $0.26 $0.02 $0.36 $0.11
=========== =========== =========== ===========
Weighted average shares
used in diluted
calculation 4,307,287 4,396,411 4,286,485 5,830,728
=========== =========== =========== ===========
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