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"We Make Better Retailers..." |
CAM Commerce Solutions, Inc.
17075 Newhope Street
CAM Announces 2nd Quarter Results
April 30, 2002
Contact: Mathew Hayden, President (FOUNTAIN VALLEY, CA) CAM Commerce Solutions (NASDAQ: CADA) announced that revenues for the three months ended March 31, 2002 were $4.7 million compared to $5.1 million for the same period in 2001. Revenues for the six months ended March 31, 2002 were $9.6 million compared to $10.3 million for the first six months of 2001. The loss for the three month period ended March 31, 2002 decreased to $(13,000) or nil per share as compared to $(969,000) or $(.32) per share for the same period in 2001. For the six month period ended March 31, 2002, the loss decreased 67% to $(519,000) or $(.17) per share as compared to $(1,583,000) or $(.52) per share for the same period in the prior year. The results include a tax benefit of $375,000 related to a recent tax law revision; this tax refund has been recorded as an income tax receivable as of March 31, 2002. The Company’s order backlog increased by approximately $500,000 over the December 31, 2001 quarter. The cash balance at March 31, 2002 was $9.2 million or $3 per share. “Our results did not meet our expectations going into the quarter due to continued weakness in the market that has been difficult to predict due to the inconsistent order flow for new systems we have experienced,” stated Geoff Knapp, CEO of CAM Commerce Solutions. “The market looked like it was picking up early in the quarter and then it flattened out again, followed by a show of strength at the end of the quarter, resulting in our higher backlog. Gauging the market has proven very difficult. One week it appears as if sales are picking up and the next week sales are slow again. Although our shipments for the quarter were down from the prior year, orders were actually up slightly, which is why our backlog was higher at the end of the quarter. Sales activity remains very high, although this has so far not turned into the meaningful increase in sales we would expect to see, which has been frustrating. We will be launching some new sales initiatives during the 3rd quarter designed to substantially increase our penetration in the market place. At the same time, we have been actively managing our fixed overhead costs to bring it in line with current market conditions. Our recurring revenue initiatives continue to progress and we look forward to a significant new product release in the June quarter.” About CAM Commerce SolutionsCAM Commerce Solutions provides total commerce solutions for traditional and web retailers that are based on the company’s open architecture software products for inventory management, point of sale, sales transaction processing, accounting, and payment processing. These solutions often include hardware, installation, training, service, and payment processing services provided by the company. You can visit CAM Commerce Solutions at www.camcommerce.com. Important InformationCertain statements made in this release, including those relating to the expectations of profitability and economic climates, are forwardlooking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Words such as “will,” “should,” “believe,” “expect,” “anticipate,” “outlook,” “forecast,” “optimistic,” “feel,” “potential,” “continue,” “intends,” “goal,” “plans,” “estimates,” “may,” “seeks,” “would,” “future,” “bright,” “projected,” and other similar expressions that predict or indicate future events or trends, or that are not statements of historical matters, identify forward-looking statements. Expectations concerning financial results for future quarters are not actual results and are based upon preliminary estimates, as well as certain assumptions management believes to be reasonable at this time. Investors should not rely upon forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from management's expectations, and the company does not undertake any duty to update forward-looking statements which speak only as of the date of this release. The performance of any one month or quarter may not be indicative of future performance, particularly given prevailing market and economic uncertainties. In addition to the factors set forth elsewhere in this release, the economic, competitive, technological, and other factors identified in CAM Commerce Solutions’ filings with the Securities and Exchange Commission could affect the forward looking statements contained in this release.
CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS (In thousands, except per share data)
CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS (In thousands, except per share data)
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