Document Sciences to Transfer Common Stock Listing to Nasdaq SmallCap Market.Business Editors/High-Tech Writers CARLSBAD, Calif.--(BUSINESS WIRE)--Feb. 14, 2003 Document Sciences Corporation (Nasdaq:DOCX) announced that it had received approval from the Nasdaq Listing Qualifications department to transfer listing of its common stock from the Nasdaq National Market to the Nasdaq SmallCap Market. The transfer will become effective at the opening of business on February 18, 2003, and the Company will maintain the letters DOCX as its ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors . The Company believes this action will have minimal direct impact on the Company's results of operations or its ability to serve its clients. The Company applied to transfer to the Nasdaq SmallCap Market due to a change in a maintenance listing standard of the Nasdaq National Market from one based on Net Tangible Assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". to one based on Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . In April 2001, the Company repurchased $14 million worth of its shares via a self-tender offer Self-tender offer A company that tenders for its own shares. . This repurchase, which reduced the Company's stockholders' equity on the balance sheet by $14 million, was undertaken when the maintenance listing standard for the Nasdaq National Market required $4 million of Net Tangible Assets, with which the Company was in compliance. In November 2002, the Nasdaq National Market replaced the Net Tangible Assets listing standard with a minimum requirement of $10 million of Stockholders' Equity. A consequence of the Company's share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. , undertaken over a year earlier when the Net Tangible Assets listing standard was in place, is that the Company's stockholders' equity fell short of the Nasdaq National Market's new Stockholder's Equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. listing standard. 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 Personal Portals on the web and high-quality personalized 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; 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 subsidiary in Paris, France, the company also markets its products in Australia, Canada, 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, Argentina and Chile. For more information about Document Sciences Corporation visit www.docscience.com. This press release contains certain forward-looking statements. 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 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. |
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