CAM Reports 2nd Quarter Results FOUNTAIN VALLEY, Calif., May 2
/PRNewswire-FirstCall/ -- CAM Commerce Solutions, Inc.
(NASDAQ:CADA) reported a slight increase in revenues to $5.9
million for the three months ended March 31, 2005 compared to $5.8
million for the same quarter of fiscal 2004. Income before income
tax provisions for the three months ended March 31, 2005 decreased
to $252,000, compared to $512,000 for the same period ended March
31, 2004. Net income for the three months ended March 31, 2005
decreased to $150,000 or $0.04 per fully diluted share, compared to
$475,000 or $0.12 per share for the quarter ended March 31, 2004.
For the six months ended March 31, 2005, revenue increased 9% to
$12.1 million compared to $11.1 million for the same period in
fiscal 2004. Earnings before provisions for income taxes for the
six month period ended March 31, 2005 improved slightly to
$925,000, compared to $916,000 for the same period of last year.
Net income for the six months ended March 31, 2005 decreased to
$552,000 or $0.14 per fully diluted share, compared to $850,000 or
$0.23 per share for the six months ended March 31, 2004. Results
for the three and six months ended March 31, 2005 include federal
tax provision, whereas for the same periods in fiscal 2004, no
federal tax provision was recorded due to the utilization of net
operating loss carryforwards. The company's CEO, Geoff Knapp
commented, "The quarter ended March 31, 2005 was negatively
impacted by lower than expected new system sales and an increase in
expense primarily related to the timing of marketing expenditures
and the increase in the operational costs of our X-Charge
operations as related to the growth we are experiencing in this
area of our business. It is too early to say whether or not we are
experiencing any type of longer term slow down on the system sales
side but we are taking steps to adapt this part of our business to
be more flexible. Right now we are treating the shortfall as a
sales execution issue and are working to improve in this area. Our
X-Charge payment processing revenues continued to show strong
growth and provided solid results. For comparison purposes between
the quarters ended March 31, 2005 and 2004, the amounts will not be
directly comparable due to the change in accounting estimate for
X-Charge revenues that occurred in June of last year. The
comparison of the six month periods ended March 31, 2005 and 2004
better reflects the growth rate in X-Charge revenues, which
increased 81%. Our cash flow remained strong during the quarter.
Cash and marketable securities increased $800,000 over last
quarter, from $18.0 million to $18.8 million. In summary, we are
not happy about the softness we experienced during the quarter in
system sales and we are addressing this. At the same time we are
very happy with the continued growth of our X-Charge revenues. "
About CAM Commerce Solutions CAM 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 http://www.camcommerce.com/. Important Information
Certain statements made in this 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," "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 STATEMENT OF
OPERATIONS (In thousands, except per share data) (Unaudited) THREE
MONTHS ENDED SIX MONTHS ENDED MARCH 31 MARCH 31 MARCH 31 MARCH 31
2005 2004 2005 2004 REVENUES Net hardware, software and
installation revenues $3,227 $3,583 $6,575 $6,820 Net service
revenues 1,322 1,384 2,727 2,762 Net payment processing revenues
1,353 833 2,750 1,518 Total net revenues 5,902 5,800 12,052 11,100
COSTS AND EXPENSES Cost of hardware, software and installation
revenues 1,730 1,687 3,414 3,328 Cost of service revenues 539 511
1,051 1,019 Cost of payment processing revenues 107 45 249 83 Total
cost of revenues 2,376 2,243 4,714 4,430 Selling, general and
administrative expenses 2,991 2,747 5,872 5,168 Research and
development expenses 410 380 777 749 Interest income (127) (82)
(236) (163) Total costs and expenses 5,650 5,288 11,127 10,184
Income before provisions for income taxes 252 512 925 916
Provisions for income taxes 102 37 373 66 Net income $150 $475 $552
$850 Basic net income per share $0.04 $0.14 $0.15 $0.25 Diluted net
income per share $0.04 $0.12 $0.14 $0.23 Shares used in computing
basic net income per share 3,813 3,484 3,800 3,384 Shares used in
computing diluted net income per share 4,073 3,920 4,063 3,744 CAM
COMMERCE SOLUTIONS, INC. CONDENSED BALANCE SHEETS (In thousands,
except per share data) MARCH 31 SEPTEMBER 30 2005 2004 (Unaudited)
ASSETS Current assets: Cash and cash equivalents $16,994 $16,591
Marketable available-for- sale securities 1,792 1,109 Accounts
receivable, net 1,892 1,919 Inventories 384 361 Deferred income
taxes 1,288 1,629 Other current assets 113 137 Total current assets
22,463 21,746 Deferred income taxes 1,175 780 Property and
equipment, net 634 639 Intangible assets, net 563 679 Other assets
57 80 Total assets $24,892 $23,924 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $581 $550 Accrued
compensation and related expenses 835 1,093 Deferred service
revenue and customer deposits 1,692 1,628 Other accrued liabilities
307 357 Total current liabilities 3,415 3,628 Stockholders' equity:
Common stock, $.001 par value; 12,000 shares authorized, 3,825
shares issued and outstanding at March 31, 2005 and 3,754 at
September 30, 2004 4 4 Capital in excess of par value 19,981 19,328
Accumulated other comprehensive income (loss) (22) 2 Retained
earnings 1,514 962 Total stockholders' equity 21,477 20,296 Total
liabilities and stockholders' equity $24,892 $23,924 DATASOURCE:
CAM Commerce Solutions, Inc. CONTACT: Mathew Hayden, President of
Hayden Communications, Inc., +1-858-704-5065, for CAM Commerce
Solutions, Inc. Web site: http://www.camcommerce.com/
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