|By Business Wire||
|November 15, 2012 04:01 PM EST||
Anacomp (OTCBB: ANCPA/ANCPB) today announced preliminary results for the fiscal year ended September 30, 2012. Revenues are expected to be in the range of $16.2 million to $16.7 million, representing an increase of approximately 150% compared to fiscal 2011 revenues. Net income is expected to be in the range of $3.3 million to $3.6 million, or at least $0.75 per diluted share, a significant improvement over fiscal 2011.
“Fiscal 2012 year results represent a dramatic financial turnaround and clearly demonstrate that our hard work over the past several years to reposition the company through asset divestitures and other actions have been successful. Our strong performance is proof that our strategy to focus on our core capabilities is reinvigorating Anacomp’s growth opportunities,” asserted Thomas P. Cunningham, Chief Executive Officer of Anacomp.
“By divesting of peripheral operations, we have been able to focus our resources on building our proprietary enterprise information capture solutions operations to generate profitable growth and build value for our shareholders. Over the past twelve months, as our performance has gained increased recognition throughout the industry, we have been winning a number of larger and more prestigious contracts, particularly in the small business market. This provided the foundation for solid 2012 financial performance and the increase in backlog that will enable us to sustain momentum heading into our new fiscal year,” continued Mr. Cunningham.
Mr. Cunningham believes that the swing to net profitability is a reason for greater optimism for the firm: “As a result of what we expect to be a significant improvement in our bottom line achieved over the past year, we have greatly enhanced our financial position. Together with the completion of our divestitures and corporate restructuring program, our financial performance is providing us with resources we can now invest in the business to accelerate our growth. This has ideally positioned Anacomp to aggressively pursue growth opportunities in the many markets where there is a desperate need to improve efficiency by automating antiquated processes that heavily rely on paper documents and manual processes.”
Mr. Cunningham attributed the significant increase in fiscal 2012 revenues to the rapidly rising demand for Anacomp’s secure, proprietary, paper-to-electronic media conversion solutions, primarily by agencies of the federal government. The improvement in profitability was due to greater operating leverage through improved efficiency and focused overhead cost control initiatives. The Company expects to file September 30, 2012 Audited financial statements by the end of December, and is committed to producing Audited fiscal year financial statements from this point forward.
Mr. Cunningham concluded, “Whether as a result of new Federal Government mandates, or the competitive pressures to continually improve operations, there is clearly an emerging need to capitalize on the significant efficiencies of electronic media. Anacomp is prepared for the rising demand from both commercial and government markets to convert their legacy records into more economical, and usable digital format. Having converted hundreds of millions of records in a variety of formats for over 85 agencies of the Federal Government and others, Anacomp is uniquely qualified to provide the market with the quality conversions organizations need.”
About Anacomp, Inc.
Since 1968, Anacomp has been providing Business Process Solutions built upon our proven infrastructure, powered by our utilization of best-in-class technology, and perfected by the experience and dedication of our people. Our proprietary Enterprise Information Capture Solution is a secure, end-to-end production control system that efficiently manages the conversion of paper and other media to a digital format. Using proprietary, advanced software and techniques to automate forms recognition and unitization, Anacomp has the broadest and deepest experience in developing document recognition models in the federal market, having already captured over 360 million images for 85 different agencies. Anacomp is a Small Business partner for many federal government contracts.
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