Document Sciences Announces Third Quarter Earnings of $551 Thousand -- $0.13 Per Share; Revenue up by 19%.Business/High-Tech Editors Xplor 2002 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)--Oct. 23, 2002 Document Sciences Corporation (Nasdaq:DOCX) today reported net income for the quarter ended September September: see month. 30, 2002, of $551,031 compared with net income of $196,118 for the quarter ended September 30, 2001. Net income per share for the quarter ended September 30, 2002, was $0.13, based on 4,199,673 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 $0.05, based on 4,320,342 fully diluted shares outstanding for the same quarter in 2001. Revenues for the quarter ended September 30, 2002, were $6.0 million, up by 19% from the same period in 2001. For the nine months ended September 30, 2002, the company reported net income of $454,048, or $0.11 per share based on 4,279,343 shares outstanding, compared with net income of $568,024, or $0.09 per share based on 6,315,147 fully diluted shares outstanding, for the nine months ended September 30, 2001. Revenues for the nine months ending September 30, 2002, were $16.5 million, compared with revenues of $15.9 million for the nine months ending September 30,2001, an increase of 3%. 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 "we are pleased with our growth in earnings and revenue during the quarter, as well as the strengthening of our cash position." Cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments increased by over $700,000 during the quarter to $7.7 million. Mr. McGannon also noted that "our next generation architecture, xPression, is now approaching the end of its beta test A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the phase and we are eager to make it available to a wider audience." Document Sciences will be demonstrating xPression as well as its full suite of offerings at the Xplor 2002 Conference in Anaheim Anaheim (ăn`əhīm), city (1990 pop. 266,406), Orange co., S Calif., SE of Los Angeles; inc. 1870. Anaheim was founded by Germans in 1857 as an experiment in communal living. , CA, October October: see month. 28-30 in Booth #612. 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; 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 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
September December
30, 31,
2002 2001
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $1,848,758 $3,187,229
Short-term investments 5,880,088 5,736,200
Accounts receivable, net 4,804,575 5,028,059
Due from affiliates 1,188,467 1,739,739
Unbilled revenue 197,606 400,164
Other current assets 559,623 519,163
------------ ------------
Total current assets 14,479,117 16,610,554
Property and equipment, net 876,896 1,178,600
Computer software costs, net 1,536,795 1,143,618
Goodwill, net 724,615 724,615
Other assets 197,127 48,785
------------ ------------
Total assets $17,814,550 $19,706,172
============ ============
LIABILITIES
Current liabilities:
Accounts payable $174,985 $191,919
Accrued compensation 1,177,908 881,791
Other accrued liabilities 403,810 520,599
Deferred revenue 7,882,967 7,851,670
Short-term notes --- 2,128,219
------------ ------------
Total current liabilities 9,639,670 11,574,198
Long-term notes --- 297,099
Deferred revenue 67,215 134,430
STOCKHOLDERS' EQUITY
Common stock, $.001 par value 3,859 3,825
Treasury stock (41,617) ---
Additional paid-in capital 10,765,794 10,781,055
Accumulated comprehensive income 105,530 95,514
Retained deficit (2,725,901) (3,179,949)
------------ ------------
Total stockholders' equity 8,107,665 7,700,445
------------ ------------
Total liabilities and stockholders'
equity $17,814,550 $19,706,172
============ ============
DOCUMENT SCIENCES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
-----------------------------------------------
Revenues:
Initial license fees $2,730,381 $1,444,013 $6,323,534 $5,430,545
Annual renewal
license and support
fees 2,438,126 2,256,345 7,093,244 6,509,411
Services and other 826,523 1,332,051 3,074,608 4,004,033
----------- ----------- ----------- -----------
Total revenues 5,995,030 5,032,409 16,491,386 15,943,989
Cost of revenues:
Initial license fees 544,547 315,468 1,251,296 1,038,601
Annual renewal
license and support
fees 399,363 333,446 1,152,540 1,105,785
Services and other 619,533 688,940 1,962,661 2,271,599
----------- ----------- ----------- -----------
Total cost of
revenues 1,563,443 1,337,854 4,366,497 4,415,985
----------- ----------- ----------- -----------
Gross margin 4,431,587 3,694,555 12,124,889 11,528,004
Operating expenses:
Research and
development 1,190,777 1,345,906 3,982,718 3,421,384
Selling and marketing 2,028,392 1,505,640 5,479,969 5,283,238
General and
administrative 693,235 676,210 2,309,641 2,660,382
----------- ----------- ----------- -----------
Total operating
expenses 3,912,404 3,527,756 11,772,328 11,365,004
----------- ----------- ----------- -----------
Income from operations 519,183 166,799 352,561 163,000
Interest and other
income, net 31,848 29,319 101,487 405,024
----------- ----------- ----------- -----------
Income before income
taxes 551,031 196,118 454,048 568,024
Provision for income
taxes --- --- --- ---
----------- ----------- ----------- -----------
Net income $551,031 $196,118 $454,048 $568,024
=========== =========== =========== ===========
Net income per share-
basic $0.14 $0.05 $0.12 $0.09
=========== =========== =========== ===========
Weighted average shares
used in basic
calculation 3,838,704 3,791,668 3,845,297 6,130,554
=========== =========== =========== ===========
Net income per share-
diluted $0.13 $0.05 $0.11 $0.09
=========== =========== =========== ===========
Weighted average shares
used in diluted
calculation 4,199,673 4,320,342 4,279,343 6,315,147
=========== =========== =========== ===========
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