Kofax Posts Gains in Revenue, Earnings
Kofax Image Products (Irvine, CA, Nasdaq: KOFX) announces Q2 '98 financial results. Revenue of $8.1 million represents an 8.7% increase from Q2 '97. A net income of $760,000 compares with a net income of $571,000 in Q2 '97. Both figures represent record numbers for Kofax. For the first two quarters, Kofax saw a 13.7% increase in revenue and a 48% increase in net income from Q2 '97. The figures fall shy of analysts' estimates of $8.9 million in revenue; the difference is attributed to a shortfall in the accelerator board business, due to distribution problems from a major scanner supplier. During the quarter Kofax released new versions of its Ascent Capture and Ascent Storage software, and an NT version of its Adrenaline scanner controller. Kofax also signed a deal with SunRise Imaging (Fremont, CA) to co-market film scanning as a part of Kofax's Ascent Capture input capture solution.