SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 14, 2000
DOCUCORP INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
00-1033864 75-2690838
Delaware (Commission (IRS Employer
(State of Incorporation) File Number) Identification No.)
5910 North Central Expressway, Suite 800
Dallas, Texas 75206-5140
(Address of principal executive offices)
Registrant's telephone number, including area code 214-891-6500
Item 5. Other Events
On November 14, the Company issued the following press release in
connection with the restatement of its audited financial statements for its
fiscal year ended July 31, 2000:
DocuCorp International (Nasdaq: DOCC), a leading provider of enterprise
information solutions, today announced that it will be restating its audited
financial statements for its fiscal year ended July 31, 2000. The Company
expects the restatement to result in a reduction of approximately $1,354,000 in
net revenues for the fiscal quarter and fiscal year ended July 31, 2000, and a
reduction in net income for the same periods of approximately $980,000, or $.06
per share, subject to the completion of audit procedures by the Company's
independent public accountants.
In July 2000, the Company recognized revenue from a purported amendment of
an existing software license agreement for one of the Company's European
customers. The amendment was improperly represented by the Company's European
subsidiary as having been in effect on July 31, 2000. The Company's audit
committee immediately commenced an internal investigation relating to the
software license, and the Company promptly notified its independent public
accountants of the investigation. The audit committee engaged the law firm of
Lovells, in London, to assist in the investigation. The Company's decision to
restate the audited financial statements for fiscal 2000 was based upon the
completion of this investigation. Accordingly, investors should not rely upon
the existing audited financial statements for the year ended July 31, 2000.
"We deeply regret that this incident occurred in our European operations,
but the swiftness and appropriateness with which DocuCorp addressed this problem
is reflective of the integrity and reputation of this Company," stated Michael
D. Andereck, president and CEO of DocuCorp. "We do not believe that this
restatement impacts the fundamental strengths of the Company," added Andereck.
"The restatement will make a Y2K-impacted year even less robust than previously
reported."
The Company filed its report on Form 10-K containing audited financial
statements for fiscal 2000 on October 27, 2000. It expects to re-file such
report, containing the restated financial statements for fiscal 2000 as promptly
as practicable.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DocuCorp International, Inc.
Date: November 17, 2000 By: /s/ Michael D. Andereck
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Michael D. Andereck
President and Chief Executive Officer
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