Document Capture reported Q2 2009 revenue of $3.0 million, compared to $3.0 million in the Q2 2008. Gross profit for the same period rose to $1.2 million compared to $983,000 for Q2 2008. GAAP net income available to common stockholders for the second quarter 2009 was $53,000 compared to a GAAP net income available to common stockholders of $746,000 in the second quarter of 2008, which included $456,000 of non-recurring non-operating income.
Fully diluted earnings before interest, taxes, depreciation and amortization (EBITDA) was $0.01 per share in the second quarter*.
“Despite poor economic conditions, Document Capture maintained revenue levels consistent with last year and saw positive net income and EBITDA,” said David P. Clark, Chief Executive Officer. “By focusing on a mix of more feature-rich products and strengthening our engineering group in addition to deploying effective cost reduction strategies we feel we are well positioned going forward. We have identified several significant market opportunities and believe that these deals will positively impact both top and bottom line performance.”
Second Quarter 2009 Highlights
- Customer receivables continue to be strong, with a weighted average collection period of 24 days
- Exhibited strong gross profit in 2Q 2009, with gross profit margin rising to 39%, up from 33% in Q2 2008.
- Cash provided by operations in the three months ended June 30, 2009 was $436,000
- DCT signed significant agreements in 2Q 2009 with Unisys Corporation and European-based Punch Telematix, to supply them with its DocketPORT series of scanners.
Conference Call
DCT will hold a conference call to discuss its financial results and growth for 2009 and beyond at 11:00 am, Eastern Daylight Time, on Wednesday, August 19, 2009.
Interested participants should dial 877-407-8035 when calling within the United States or 201-689-8035 when calling internationally. Please register for the conference call 10 minutes before the scheduled start time.
There will be a playback available until September 2, 2009. To listen to the playback dial 877-660-6853 when calling within the United States, or 201-612-7415 when calling internationally and use Account number: 286, in conjunction with replay ID number: 330855.
This conference call is also available via webcast and can be accessed by visiting: www.trilogy-capital.com/autoir/dcmt_autoir.html
About DCMT Stock Profile Document Capture Technologies
Document Capture Technologies (DCT) is a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers.
DCT has more than 45 key accounts, worldwide and a growing intellectual property (IP) portfolio that currently numbers more than 25 granted domestic and international patents as well as 3 pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position.
DCT provides more than 30 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VARs and other system integrators, including Unisys, Qualcomm, Brother and Punch Telematix.
DCT has steadily grown its business in the health care, security, financial and transportation vertical markets. The company estimates that it and its licensees currently enjoy a majority share of the rapidly expanding USB-powered mobile scanner market.
For a comprehensive investor relations portal complete with fact sheets, presentations, interviews and video, please navigate to: www.trilogy-capital.com/autoir/dcmt_autoir.html.
For additional information, please see Document Capture’s corporate website: www.docucap.com.
Forward-Looking Statements
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond the Company’s control that could cause actual events and results to differ materially from these statements. These risks include, without limitation, that there can be no assurance that any strategic opportunities will be available to the Company and that any strategic opportunities may only be available on terms not acceptable to the Company. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Document Capture undertakes no obligation to update publicly any forward-looking statements.
* In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, DCT reports certain financial measures that may be considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States. DCT's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of DCT's ongoing core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors.