LAS VEGAS, April 16, 2009 (GLOBE NEWSWIRE) -- Financial results published by Document Capture Technologies, Inc. (OTCBB:DCMT), a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions, revealed to investors its financial results for the full year 2008 and recent progress by the company that had been perhaps overlooked in the cacophony of information about the turbulent stock market and the economy.
Among the notable areas of the report were increased European sales to $758,000, or 7% of net sales in 2008, compared with $611,000, or 4% of net sales during 2007, and a decrease in selling general and administrative costs by 14% to $3.5 million in 2008 from $4.0 million in 2007. It's evident that throughout 2008, DCT took decisive action by strengthening its balance sheet through tight inventory control, cash management, and retirement of all debt. Perhaps most notably, generated cash flow from operations grew to $1.4 million in 2008, a 40-fold increase from $36,000 in 2007. Although the adverse tone of last year's markets have affected us all, DCT has created a strong foundation for future growth by focusing on its core competencies, cutting costs, and hammering out major deals with global names in the IT and transportation space.
The 2008 financial results come on the heels of positive news from DCT announcing a partnership with global leader Unisys as well as a milestone deal with Europe's Punch Telematix which deploys DCT technology bundled with their car cube onboard computer system in the massive international transportation industry. Lastly, the company is moving into the remote deposit capture market for banks and other financial institutions. DCT is intent on becoming the hardware solutions provider for this need via the company's USB-powered small footprint mobile scanning devices, opening a portal to not only the 100 million plus small businesses that do low-volume checking depositing but potentially even to the individual for at-home banking which is growing significantly.
Investors can view a Document Capture Technologies, Inc. company snapshot at:
http://www.trilogy-capital.com/autoir/dcmt_autoir.html
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