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TOKYO, Nov. 13, 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 second quarter ended September 30, 2013 (second quarter for year ending March 2014). All figures are prepared in accordance with the generally accepted accounting principles of Japan ("Japanese GAAP").
Second quarter (for year ending March 2014) Financial Highlights
Net sales were JPY852 million in the fiscal second quarter ended September 30, 2013.
Gross profit was JPY281 million in the fiscal second quarter ended September 30, 2013.
"The past quarter marked the continuing evolution of our company into a global market leader in Asian-language e-discovery," UBIC's Chairman and Chief Executive Officer Masahiro Morimoto stated. "Although our top- and bottom-line results fell short of expectations, due to heavy investments in technology and customer acquisition as well as deferrals of sales into future periods, we were able to strengthen our financial and operation positioning in numerous ways. First, we have greatly strengthened our case pipeline by signing with several large conglomerates and expanding our cooperation with many of our key existing accounts. We emphasized not only quantity, but also quality of engagement in this effort to build a robust and stable pipeline by beginning to focus more heavily on targeting key lucrative accounts with large clients that can provide us with stable and substantial reoccurring revenue going forward.
"Second, in the recent quarter, we made great headway in validating our Technology Assisted Review (TAR) services as a cheaper, faster and more efficient solution than traditional review within several of our key clients. In one unprecedented case, our client's internal legal division was recognized for "significant cost reduction in review process" as a direct result of implementing our TAR software. Another client used our TAR solution side-by-side with a manual review solution and compared the results; the internal analysis found that our solution quickly captured a significant amount of data which the original vendor's process missed. These cases have further elevated our reputation as a provider of a cost-cutting, time-saving and accurate e-discovery solution, and have done wonders not only to increase our engagement with our existing customers, but also to pave the way for word-of-mouth introductions to major US law firms and new client leads. As awareness of improving e-discovery technologies broadens, we believe that Asia-based corporations are increasingly relying on solutions like our TAR with predictive coding capabilities, as a means of significantly reducing legal expenses while obtaining faster and more reliable results than traditional manual reviews can provide. We are well positioned to benefit from this growing reliance going forward.