Document Sciences Announces Year End and 4th Quarter 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)--Feb. 1, 2001 Document Sciences Corporation (Nasdaq:DOCX) today reported net income for the year ending December December: see month. 31, 2000, of $0.5 million, or $0.05 per share based on 11,153,893 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. The Company's net income for the year ending December 31, 1999, was $2.1 million, or $0.20 per share based on 10,816,948 diluted shares outstanding. Revenues for the year ending December 31, 2000, were $22.6 million as compared with $24.3 million for the year ending December 31, 1999. The Company was also profitable during the quarter ended December 31, 2000. Net income for the quarter was $0.7 million, or $0.07 per share based on 10,873,750 diluted shares outstanding, as compared with net income of $1.2 million, or $0.11 per share based on 11,011,053 diluted shares outstanding, for the quarter ended December 31, 1999. Revenues for the quarter ended December 31, 2000, were $6.7 million as compared with $7.3 million for the quarter ended December 31, 1999. Reflecting on the company's financial results, Document Sciences' 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. Jack McGannon commented that "while we are disappointed with our annual results, we believe that our new product initiatives will translate into improved results for 2001. Early evidence of this is the number of large deals that we signed with significant enterprises during the fourth quarter." Document Sciences Corporation provides a family of document automation products and services that enable an enterprise to better communicate with their customers through 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. and customized documents which can be printed, viewed on demand, or distributed electronically in high volume. The Company licenses its products to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 600 customers worldwide in managed-care, 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. , telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , utilities, and commercial print service bureaus. 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 Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. . For more information, visit the Document Sciences web site at http://www.docscience.com. This press release contains 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. . In particular, words such as "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms or other expressions which identify such forward-looking statements are by their nature predictions based upon current plans, expectations, estimates, and assumptions. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed or implied by such forward-looking statements. Other risks and uncertainties associated with the business of the Company may be reviewed in the Company's public filings, including the Company's Annual 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 its fiscal year ended December 31, 1999 and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. on file with the Securities and Exchange Commission.
DOCUMENT SCIENCES CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 4,768,520 $ 3,746,357
Short-term investments 13,783,595 13,528,662
Accounts receivable, net 6,084,249 6,063,873
Due from affiliates 1,604,097 1,878,114
Unbilled revenue 269,428 308,063
Other current assets 779,018 913,453
Total current assets 27,288,907 26,438,522
Property and equipment, net 1,930,699 1,787,245
Capitalized computer software
development costs, net 1,364,636 1,332,048
Goodwill, net 794,739 864,863
Other assets 117,413 --
Total assets $31,496,394 $30,422,678
LIABILITIES
Current liabilities:
Accounts payable $ 332,893 $ 605,038
Accrued compensation 953,195 1,876,813
Other accrued liabilities 532,858 695,754
Deferred revenue 8,319,390 6,638,681
Current portion of obligations
under capital leases -- 11,376
Total current liabilities 10,138,336 9,827,662
Obligations under capital leases -- 1,244
Deferred revenue 224,049 313,669
STOCKHOLDERS' EQUITY
Common stock 10,923 10,919
Deferred compensation -- (10,794)
Treasury stock (503,273) (609,983)
Additional paid-in
capital 25,436,306 25,425,809
Accumulated comprehensive
income 8,462 (186,500)
Retained earnings
(deficit) (3,818,409) (4,349,348)
Total stockholders'
equity 21,134,009 20,280,103
Total liabilities and
stockholders' equity $31,496,394 $30,422,678
DOCUMENT SCIENCES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Years Ended
December 31, December 31,
2000 1999 2000 1999
Revenues:
Initial license
fees $3,498,073 $4,094,239 $10,257,633 $10,405,839
Annual renewal license
and support fees 2,184,117 1,975,328 8,620,958 7,607,077
Services and other 1,029,018 1,202,446 3,700,336 6,292,324
Total revenues 6,711,208 7,272,013 22,578,927 24,305,240
Cost of revenues:
Initial license
fees 815,560 445,825 1,643,617 1,375,892
Annual renewal license
and support fees 338,781 252,752 1,311,196 947,445
Services and other 507,461 851,091 2,501,372 3,628,909
Total cost of
revenues 1,661,802 1,549,668 5,456,185 5,952,246
Gross margin 5,049,406 5,722,345 17,122,742 18,352,994
Operating expenses:
Research and
development 820,167 1,173,343 4,154,364 4,679,067
Selling and
marketing 2,190,450 2,284,382 8,358,577 7,680,764
General and
administrative 1,586,495 1,323,646 5,025,417 4,626,854
Total operating
expenses 4,597,112 4,781,371 17,538,358 16,986,685
Income (loss) from
operations 452,294 940,974 (415,616) 1,366,309
Interest income, net 270,286 223,860 960,581 744,566
Income before
income taxes 722,580 1,164,834 544,965 2,110,875
Provision for income
taxes 14,026 -- 14,026 --
Net income $ 708,554 $1,164,834 $ 530,939 $2,110,875
Income per
share-basic $.07 $0.11 $.05 $0.20
Weighted average shares
used in basic
calculation 10,801,310 10,719,320 10,771,588 10,693,888
Net income per
share-diluted $.07 $0.11 $.05 $0.20
Weighted average shares
used in diluted
calculation 10,873,750 11,011,053 11,153,893 10,816,948
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