Business News
Document Capture Technologies, Inc. Provides Select Financial Guidance for Fiscal 2008
Thursday 14. February 2008 - Management Exercises One Million Founders Options
Document Capture Technologies, Inc., (BULLETIN BOARD: DCMT) today provided its financial outlook for selected financial and operating metrics for the full year 2008. The company plans to report its fourth quarter and full fiscal year 2007 operating results on Feb. 27.
“During the last 90 days, we announced the termination of all research and development efforts related to our high definition LCOS display initiatives and changed our name to more accurately reflect our renewed focus on our core document capture business,” said Carolyn Ellis, Chief Financial Officer, Document Capture Technologies, Inc. “By taking these actions it was our intent to significantly reduce our non-revenue generating expenses, dedicate all of our resources and focus to our core business, and improve our overall bottom line financial performance. We are now in the position where we have the appropriate level of visibility in our 2008 pipeline and financial model to provide investors with a clearer basis for our optimism as we continue to grow the company.”
The Company expects that for full year 2008, revenues from its document capture, or mobile scanning business, will be in the range of $18 million to $19 million and that gross margin will remain steady in the 38%-40% range. Further, the company expects that its 2008 full year reported non-GAAP adjusted EPS (excluding derivative and options expenses) will be in the range of $0.13 to $0.15 per diluted share.
David P. Clark, the company’s Chief Investment Officer went on to say, “We have been successful in developing and launching innovative products and solutions that serve a wide range of expanding vertical markets, and as a result have reduced our customer concentration risk in the past year. Our company’s robust and expanding product line of market-proven, proprietary document capture solutions for commercial, business and personal use, facilitates the way information is captured, stored, shared and managed in today’s digital information age. In fact, we expect the introduction of three additional products to the market in 2008 to continue to drive our growth, as we benefit from the transition from paper documents to ‘digital’ and ‘mobile’ formats. We are a re-invigorated company and are clearly focused on the opportunities we see in the expanding document capture marketplace.”
Separately, Darwin Hu, William S. Hawkins, and David P. Clark, the company’s Chief Executive Officer, Chief Operating Officer, and Chief Investment Officer, respectively, reported the exercise of founder stock options in the aggregate amount of 1.0 million shares, reflecting management’s confidence in the strength of the company’s business, outlook, and the value that it sees in its shares at current market prices.