SOURCE: Document Capture Technologies

Document Capture Technologies

May 25, 2010 09:00 ET

Update: DCT Reports Sharply Higher Q1 Sales

First Quarter 2010 Revenues Rise 70%: EBITDA Up 195% Versus Q1 2009

SAN JOSE, CA--(Marketwire - May 25, 2010) -  Document Capture Technologies, Inc. (OTCBB: DCMT), an IP-driven leader in the design, development and sale of next-generation mobile scanning technologies, today announced Q1 2010 revenues of $3.4 million, a 70% increase from Q1 2009.

The Company also posted Q1 2010 EBITDA (earnings before interest, taxes, depreciation and amortization) of $323,000, a 195% improvement from Q1 2009. Net income available to common shareholders was $55,000 in Q1 2010, a 109% improvement from Q1 2009.

Working capital as of March 31, 2010 increased to $2.7 million; up 83% over the same period in 2009 and up 11% over the previous quarter.

"With general economic conditions in the US showing gradual signs of improvement the Company saw significant revenue benefit from its legacy customer base year over year," said David P. Clark, CEO of Document Capture. "Additionally, the Company's more recently introduced customer partnerships across various key vertical markets contributed to the quarter and show strong promise going forward."

DCMT continues to expand shareholder value through the ongoing development and deployment of new and more feature-rich document/image-capture products and technologies to the expanding markets for these products.

The Company has become a leader in the USB powered scanner market by capitalizing on the rapidly expanding demand for faster, easier-to-use products with increased security; targeting the critical public and corporate demand for state of the art information, identity and financial transaction digitization.

Investor Conference Call Details:

Company speakers will include David P. Clark, Chief Executive Officer; William Hawkins, President and COO; and Carolyn Ellis, Chief Financial Officer. 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 June 7, 2010. 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: 351094.

This conference call is also available via webcast and can be accessed by visiting:
http://www.docucap.com/domain_redirect/financial_results_webcast.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 Burroughs, NCR, 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 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.

Contact Information

  • Contact:
    Document Capture Technologies, Inc.
    David P. Clark
    CEO
    408-213-3701
    Email Contact