Skip to: main content

FREE!   REQUEST OUR INFORMATION KIT  |  TRY OUR POS SOFTWARE

"We Make Better Retailers..."

CAM Commerce Solutions, Inc.

17075 Newhope Street
Fountain Valley, CA 92708

CAM Reports 4th Quarter Profit

November 13, 2002

Contact: Mathew Hayden, President
Hayden Communications, Inc.
858-704-5065

(FOUNTAIN VALLEY, CA) CAM Commerce Solutions (NASDAQ: CADA) reported revenue of $5.5 million for the fourth quarter ended September 30, 2002, unchanged from the same period in 2001. The Company noted that the fourth quarter of 2001 included revenue of $171,000 generated from a consulting line of business that was divested in the third quarter of fiscal 2002. Excluding this consulting revenue from the fourth quarter of 2001, revenue for the fourth quarter 2002 increased 2% in comparison.

Net income for the three months ended September 30, 2002 was $52,000 or $0.02 per share compared to $219,000 or $0.07 per share for the fourth quarter of 2001. Net income for the fourth quarter of 2001 included an income tax benefit of $161,000 related to income tax refunds, compared to a $10,000 income tax provision for expense in the fourth quarter of 2002. On a pre-tax basis, income for the fourth quarter of fiscal 2002 was $62,000, which included a $135,000 write-off for fully impaired goodwill. Excluding this write-off, pre-tax income increased 240% to $197,000 compared to $58,000 for the fourth quarter of 2001.

Revenue for the fiscal year ended September 30, 2002 was $20.5 million compared to $20.8 million for fiscal year 2001. Net income for the twelve months ended September 30, 2002 was $284,000 or $0.09 per share vs. a ($3.7) million net loss or ($1.22) per share for the same period last year. The prior year loss included a pre-tax asset impairment charge of $1.9 million for the write-down of certain intangible assets. Net income for the twelve months ended September 30, 2002 included a tax benefit of $375,000 primarily related to a recent tax law revision and a $715,000 gain on the sale of the Company’s Access Retail Management (Access) consulting business.

As of September 30, 2002, the Company had $10.6 million in cash and marketable securities, or $3.41 per share based on shares outstanding at September 30, 2002, compared to $9.5 million in cash at fiscal year end 2001.

“While the market remains difficult, with little visibility looking forward, we continue to make improvements in our business," stated Geoff Knapp, CEO of CAM Commerce. "We are focused on building high margin, recurring revenue opportunities. Our X-Charge payment processing software and service reached an annualized run rate of over $1 million during the quarter, and total gross margins showed strong improvement over the same period last year. We also controlled expenses and delivered new products. With the increase in our cash position and marketable securities during the quarter to $10.6 million, we are in a very strong financial position relative to our competitors in the marketplace, which gives us the flexibility to invest in our business at a greater rate during these difficult economic conditions."

Pro-Forma Pre-Tax Income Reconciliation

A reconciliation of reported pre-tax income to pro-forma pre-tax income amounts is as follows (all figures in thousands):

  THREE MONTHS ENDED
  SEPT. 30
2002
SEPT. 30
2001
Income before taxes as reported $62 $58
Excluding intangible asset impairment charge 135 -
Pro-forma pre-tax income $197 $58

About CAM Commerce Solutions

CAM Commerce Solutions, Inc. 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 Information

The statements made in this news release, including those relating to the expectations of profitability and economic climates, are forward-looking 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,” “plans,” “estimates,” “may,” “seeks,” “would,” “future,” “bright,” 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 our expectations, and the company expressly does not undertake any duty to update forward-looking statements which speak only as of the date of this news release. The performance of any one 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 news release.

CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS
(In thousands, except per share data)

  THREE MONTHS ENDED TWELVE MONTHS ENDED
  SEPT. 30
2002
SEPT. 30
2001
SEPT. 30
2002
SEPT. 30
2001
REVENUES        
Net hardware, software and installation revenues $3,874 $4,095 $14,052 $15,096
Net service revenues 1,604 1,433 6,423 5,661
Total net revenues 5,478 5,528 20,475 20,757
COSTS AND EXPENSES        
Cost of hardware, software and installation revenues 1,809 2,037 6,987 7,754
Cost of service revenues 541 638 2,650 2,845
Total cost of revenues 2,350 2,675 9,637 10,599
Selling, general and administrative expenses 2,570 2,331 9,951 10,663
Research and development expenses 438 576 1,804 1,948
Asset impairment charge 135 - 135 1,899
Gain on disposal of assets - - (710) -
Interest income (77) (112) (261) (493)
Total costs and expenses 5,416 5,470 20,556 24,616
Income (loss) before provision for income taxes 62 58 (81) (3,859)
Provision (benefit) for income taxes 10 (161) (365) (161)
Net income (loss) $52 $219 $284 $(3,698)
 
Basic net income (loss) per share $0.02 $0.07 $0.09 $(1.22)
Diluted net income (loss) per share $0.02 $0.07 $0.09 $(1.22)
 
Shares used in computing basic net income (loss) per share 3,093 3,022 3,060 3,020
 
Shares used in computing diluted net income (loss) per share 3,180 3,160 3,189 3,020

CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS
(In thousands, except per share data)

  SEPTEMBER 30
2002
SEPTEMBER 30
2001
ASSETS    
Current assets:    
Cash and cash equivalents $9,093 $9,451
Marketable available-for-sale securities 1,519 -
Accounts receivable, net 1,842 2,262
Inventories 324 465
Other current assets 146 124
Total current assets 12,924 12,302
 
Property and equipment, net 972 763
Intangible assets, net 1,177 1,323
Other assets 338 408
Total assets $15,411 $14,796
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $563 $733
Accrued compensation and related expenses 547 522/td>
Deferred service revenue and customer deposits 1,295 1,084
Other accrued liabilities 235 255
Total current liabilities 2,640 2,594
Long-term liabilities:    
Notes payable 13 -
Total liabilities 2,653 2,594
Stockholders' equity:    
Common stock, $.001 par value; 12,000    
shares authorized, 3,109 shares issued and    
outstanding at September 30, 2002 and 3,023 at    
September 30, 2001 3 3
Paid-in capital 13,886 13,628
Accumulated other comprehensive income 14 -
Retained earnings (accumulated deficit) (1,145) (1,429)
Total stockholders' equity 12,758 12,202
Total liabilities and stockholders' equity $15,411 $14,796

Back to Investor Relations

Copyright © 2007 All rights reserved by CAM Commerce Solutions | Home | Sitemap