Kofax posts gains in revenue, income

Kofax (Nasdaq: KOFX) reports Q1 '99 revenue of $8.7 million, up 10% from Q1 '98. A net income of $866,000 is up 32% over Q1 '98 income. Software sales as a percentage of revenue rose four points over Q1 '98; this increase is "a key strategic goal to help us increase both our top line growth rate and our gross margins," according to Kofax president and CEO David Silver. During the quarter Kofax shipped Ascent Storage Version 4, a Windows NT optical disc library management product, and signed deals with Union Planners National Bank, the Cook County Recorder, BASF AG, British Telecom PLC, Goldman Sachs and Merck.