CORRECTING and REPLACING Document Capture Reports Third Quarter 2009 Financial Results

Mon Nov 16, 2009 8:16pm EST
 
[-] Text [+]
Third Quarter Revenue $3.0 million, Gross Profit Margins Improve with Positive
Net Income
SAN JOSE, Calif.--(Business Wire)--
Second graph, third sentence should read: GAAP net income available to common
stockholders for the third quarter 2009 was $66,000 ... (sted $116,000). Third
bullet should read: Ended September 30, 2009 with working capital of $2.1
million ... (sted $2.2 million). 

The corrected release reads: 

DOCUMENT CAPTURE REPORTS THIRD QUARTER 2009 FINANCIAL RESULTS

Third Quarter Revenue $3.0 million, Gross Profit Margins Improve with Positive
Net Income

Document Capture Technologies, Inc. (OTCBB: DCMT), an IP-driven leader in the
design, development and sale of next-generation mobile scanning technologies,
today announced the availability of third quarter 2009 financial results. 

Document Capture reported Q3 2009 revenue of $3.0 million, compared to $3.0
million in the Q3 2008. Gross profit for the same period rose to $1.1 million
compared to $1.0 for Q3 2008. GAAP net income available to common stockholders
for the third quarter 2009 was $66,000 compared to a GAAP net loss available to
common stockholders of $564,000 in the third quarter of 2008. 

Fully diluted earnings before interest, taxes, depreciation and amortization
(EBITDA) was $0.01 per share in the third quarter*. 

"We are extremely proud of the most recent quarter as we continue to maintain
sales despite the downturn, while simultaneously improving our attractive gross
margins and achieving positive net income and EBITDA," said David P. Clark,
Chief Executive Officer. "We have been diligently expanding our engineering and
customer service staff to meet the increasing demand for our mobile scanning
solutions. As exemplified by our milestone contract with NCR this past quarter,
by focusing on more feature-rich products and strengthening our research and
development through customized software and hardware development, we feel we are
extremely well positioned for growth going forward." 

Third Quarter 2009 Highlights

* Revenue of $3.0 million, along with positive EBITDA and net income in Q3 2009.

* Exhibited strong gross profit in Q3 2009, with gross profit margin rising to
38%, up from 34% in Q3 2008. 
* Ended September 30, 2009 with working capital of $2.1 million and a current
ratio of 2.3 to 1. 
* Hired key engineering talent with highly-experienced design backgrounds and a
combined 35 years of technical experience. 
* Remained committed to significant research and development efforts to extend
technology leadership in the imaging technology markets. 
* Increased facility space and added international sales and marketing person to
Amsterdam location. 
* DCT signed agreements in Q3 2009 with Bridgeport, Digital Check and Unisys, in
addition to a milestone agreement with NCR Corporation to develop remote deposit
capture services using DCT`s "best of breed" USB-powered mobile terminals.

Conference Call 

DCT will hold a conference call to discuss its financial results and growth for
2009 and beyond at 1:00 pm, Eastern Standard Time, on Tuesday, November 17,
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 December 1, 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: 337368. 

This conference call is also available via webcast and can be accessed by
visiting: www.trilogy-capital.com/autoir/dcmt_autoir.html

About 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.

Document Capture Technologies, Inc.
David P. Clark, CEO, 408-213-3701
clarkdavid@docucap.com
or
Trilogy Capital Partners
Financial Communications
Darren Minton, Vice President
Toll-free: 800-592-6067
info@trilogy-capital.com



Copyright Business Wire 2009

 

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