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"We Make Better Retailers..." |
CAM Commerce Solutions, Inc.
17075 Newhope Street
CAM Reports Strong 1st Quarter Profits on Higher
Revenues EPS of 10 cents versus loss of 6 cents in Q1 2003 January 26, 2004
Contact: Mathew Hayden, President (FOUNTAIN VALLEY, CA) CAM Commerce Solutions, Inc. (NASDAQ: CADA) reported revenues of $5.3 million for the three months ended December 31, 2003, compared to $4.9 million for the first quarter of fiscal 2003. Net income for the three months ended December 31, 2003 was $375,000 or $0.10 per share, compared to a net loss of $(184,000) or $(0.06) per share for the quarter ended December 31, 2002. As of December 31, 2003, the Company had $13.3 million in cash and marketable securities, or $4.01 per share based on shares outstanding at December 31, 2003, compared to $12.4 million at September 30, 2003, or $3.82 per share based on shares outstanding at September 30, 2003. “The $0.10 per share net profit we earned in our December quarter made it one of the best quarters since our Y2K driven December quarter in 1999,” said Geoff Knapp, CEO. “This significant improvement in our results continues the trend of the last couple quarters and is a further indication that we have created a positive fundamental shift in our business model. We have a net profit for the trailing 12 months as well as a great start to our new fiscal year. During the quarter, we saw a slight improvement in system sales and continued strong growth in our X-Charge payment processing business, which again more than doubled over the prior year. We now have more than 2,000 customers, whose gross combined credit card sales volume exceeds $500 million per year, processing with us on X-Charge. Reseller sign-ups of new X-Charge payment-processing customers have risen to approximately one-third of our total new business, and we expect this to continue to increase. We also brought live our initial group of Gift Card customers in December, and we have built-up demand for this new X-Charge product offering going into the New Year. Our backlog going into January for new systems was significantly higher than at the same time last year as December orders were the best we have seen in quite awhile. We continue to be optimistic that we have turned the corner and that our improved revenue mix and expense structure, when combined with growing revenues, will yield positive results going forward.” Calculation of Cash and Marketable Securities Per Share
About CAM Commerce SolutionsCAM 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 InformationThe 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 STATEMENT OF INCOME (Unaudited) (In thousands, except per share data)
CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS (In thousands, except per share data)
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