Docucorp releases Q4, YE '98 financial results

Docucorp (Nasdaq: DOCC) reports Q4 '98 revenue of $11.9 million and a net income of $866,000. These figures are incomparable to Q4 '97 figures since the merger which created the company -- Image Sciences and FormMaker -- took place in the middle of last year, resulting in $21.4 million in one-time charges. For the year Docucorp reports revenue of $45.2 million and a net income of $3.2 million, up 18% and 86% respectively over YE '97 figures. During the year Docucorp was one of the busier vendors in the industry; it acquired EZPower and Maitland Software in February, launched an IPO in March, opened a London office, and signed license and service contracts with three utilities in the U.S. and Canada. The company also managed to eliminate its debt and raise stockholder equity to $38.4 million from a $7.5 million deficit in 1997. "Fiscal 1998 was a banner year for Docucorp no matter how you look at it," said Docucorp president and CEO Michael Andereck, who predicts "continued growth in 1999."