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Captaris Reports Financial Results for Its Fourth Quarter and Year Ended
December 31, 2003
Thursday February 5, 4:00 pm ET
BELLEVUE, Wash.--(BUSINESS WIRE)--Feb. 5, 2004--Captaris, Inc.
(Nasdaq:CAPA - News):
Strong revenue growth exceeds expectations and earnings in-line with
company forecast
Net income from continuing operations of $0.22 per fully diluted share for
the quarter
Captaris, Inc. (Nasdaq:CAPA - News), a leading provider of business process
automation and information delivery, today reported financial results for its fourth
quarter and year ended Dec. 31, 2003. Highlights for the quarter included
stronger than anticipated revenue performance, continued growth of RightFax
revenue, strong initial performance from Teamplate and improved gross margin.
"I am very pleased that in the fourth quarter we continued solid improvement in our
core business and demonstrated early signs of growth in new business," said
David P. Anastasi, president and chief executive officer of Captaris. "We are
clearly benefiting from our intensive planning and execution during 2003, and
have positioned the company well for the coming year. We enter 2004 energized
and poised for continuous improvement and success."
Revenue for the fourth quarter of 2003 was up 45% to $31.4 million, from $21.6
million in the fourth quarter of 2002 and includes $11.9 million in revenue from the
acceleration of the company's OEM agreement with Cisco Systems, Inc. For the
year ended Dec. 31, 2003, revenue was $83.3 million, a 17% increase over
$71.3 million in 2002. RightFax revenue increased 17% sequentially and 11%
over the same quarter a year ago.
Reported gross margin for the quarter including the Cisco transaction was 80%.
Adjusting for Cisco, gross margin was 67%, up 6 percentage points from the third
quarter of 2003.
Income from continuing operations for the fourth quarter ended Dec. 31, 2003,
was $7.2 million or $0.22 per fully diluted share, compared with a loss from
continuing operations of $9,000 or break-even per fully diluted share for the fourth
quarter of 2002. Loss from discontinued operations for the fourth quarter ended
Dec. 31, 2003, was $354,000 or $0.01 per fully diluted share, compared to
income from discontinued operations of $793,000 or $0.02 per fully diluted share
for the same period of 2002. Net income for the full year of 2003 was $12.5
million, or $0.40 per fully diluted share. This compares with a net loss for 2002 of
$7.4 million, or $0.23 per fully diluted share, including charges totaling $2.7 million
for a cumulative effect of a change in accounting principle related to the adoption
of the new financial accounting standard on goodwill in 2002.
Cash, cash equivalents, and investment balances at Dec. 31, 2003, were $95.7
million, up $8.5 million from $87.2 at Sept. 30, 2003.
Stock Repurchase
During the fourth quarter of 2003, the company repurchased 487,997 shares of its
common stock at an average price of $5.98 per share, totaling $2,919,387 under
the company's previously announced stock repurchase program. Approximately
$12 million remains available to repurchase shares. The company may
repurchase shares in the future subject to open trading windows, overall market
conditions, stock prices and the company's cash position and requirements going
forward. Captaris intends to provide updates on the status of its repurchase
program each quarter in its Quarterly Reports on Form 10-Q and Annual Report
on Form 10-K filed with the Securities and Exchange Commission.
Guidance
The company will provide guidance relating to expected future results of
operations on its regularly scheduled conference call today.
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