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TOKYO, Aug. 12, 2013 (GLOBE NEWSWIRE) -- UBIC, Inc. (Nasdaq:UBIC) (TSE:2158) ("UBIC" or "the Company"), a leading provider of Asian-language eDiscovery solutions and services, today announced its unaudited financial results for the fiscal first quarter ended June 30, 2013 ("first quarter 2014"). All figures are prepared in accordance with the generally accepted accounting principles of Japan ("Japanese GAAP").
First quarter 2014 Financial Highlights
Net sales were JPY1.24 billion in the fiscal first quarter ended June 30, 2013.
Gross profit was JPY642.3 million in the fiscal first quarter ended June 30, 2013.
"The past quarter was an exciting period for UBIC and marked the achievement of several major milestones," UBIC's Chairman and Chief Executive Officer Masahiro Morimoto stated. "First, we are proud to have listed on the NASDAQ Global Market, being the first Japanese company to do so in 14 years. Our NASDAQ listing is part of a major marketing strategy targeting U.S. law firms that has helped us gain credibility and has significantly increased awareness of UBIC in the U.S. market, our largest and fastest-growing market.
"Second, we have undertaken a strategic restructuring of our business model in the first half of 2013 and have committed resources to establishing a leading predictive coding software and solutions capability for English- and Asian-language eDiscovery, a fast-growing segment in the U.S. and global markets. Over the past quarter, several large Asian clients with global businesses validated UBIC's predictive coding technology in several cases involving the handling of Japanese- and Korean-language documents in major U.S. legal cases. The growing use of predictive coding and technology-assisted review solutions significantly reduces the costs in time and money typically associated human-led review, allowing for substantially cheaper, faster and more accurate machine-based reviews. Being a leading innovator among providers of this technology and as the only provider able to handle Asian languages, we believe that our successful deployment and usage of our cutting-edge software will strengthen our case pipeline going forward."