CAM Announces Fourth-Quarter Results; Profitability Achieved On 25% Revenue Increase.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers FOUNTAIN VALLEY Fountain Valley, city (1990 pop. 53,691), Orange co., S Calif.; inc. 1957. Chiefly residential, Fountain Valley also has diverse manufactures, including apparel, computer equipment, semiconductors, and medical equipment. A U.S. navy helicopter facility is there. , Calif.--(BUSINESS WIRE)--Nov. 15, 2001 CAM cam, mechanical device cam, mechanical device for converting a rotating motion into a reciprocating, or back-and-forth, motion, or for changing a simple motion into a complex one. Commerce Solutions (Nasdaq:CADA CADA Canadian Automobile Dealers Association CADA Capitol Area Development Authority CADA Canadian Alliance of Dance Artists CADA Central Area Development Association CADA California Association of Directors of Activities (Santa Cruz, CA) ) announced that revenues for the three months ended Sept. 30, 2001, increased 25% to $5.5 million, compared with $4.4 million for the same quarter in 2000. Net income for the three-month period ended Sept. 30, 2001, was $219,000, or $0.07 per share, compared with a $590,000 loss or ($0.20) per share in the same period of 2000. Revenue for the 12 months ended Sept. 30, 2001, was $20.8 million, compared with $21.3 million for fiscal year 2000. Net loss for the 12 months ended Sept. 30, 2001 was $3.7 million or ($1.22) per share vs. a $746,000 loss or ($0.28) per share for the same period last year. The loss before income taxes, depreciation and amortization, and a charge of $1.9 million for the write down of certain intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) for the 12 months ended Sept. 30, 2001, was $484,000, compared with $206,000 for the same period for 2000. The company's cash position as of Sept. 30, 2001, was $9.5 million or $3.13 per share, which was slightly higher than the previous quarter ended June June: see month. 30, 2001. The company is debt free. "During the quarter we met our previously stated expectation of achieving profitability by the end of September September: see month. ," stated Geoff Knapp Knapp (pronounced like English "nap") can refer to:
"We now have over 400 retailers processing credit cards through us with X-Charge and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. another 100 signed up but not yet processing as they go through the implementation cycle. Monthly sign-ups remain steady." Knapp further commented: "While there is good news in the trend established in the fourth quarter, the events of Sept. 11 (9/11) and the resulting effect on the economy have caused a great deal of uncertainty in our outlook. While we were seeing an upward trend prior to 9/11 in new sales activity, things definitely def·i·nite adj. 1. Having distinct limits: definite restrictions on the sale of alcohol. 2. Indisputable; certain: a definite victory. 3. slowed down in the weeks that followed. "Lead flow is still solid, our products are stronger than ever as compared to the competition and we continue to be by far the strongest company in our market. However, the small to mid-size retailer is under pressure, with many seeing declines in sales which we all hope is temporary. "Regardless of the curves the economy may throw at us, we are highly confident in our strategic plan and direction. We plan to continue to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution on the plan in the coming year and adapt as the conditions warrant." About CAM Commerce Solutions CAM Commerce Solutions Inc. (formerly CAM Data Systems Inc.), provides total commerce solutions for traditional and Web retailers that are based on the company's open architecture software products for managing inventory, point of sale, sales transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. and accounting. These solutions often include hardware, installation, training, service and consulting provided by the company. CAM has more than 10,000 retail customers with many more store locations utilizing its systems to manage their business. You can visit CAM Commerce Solutions at www.camcommerce.com. Important Information The statements made in this news release, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the expectations of profitability, economic climates, are forward- looking and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Words such as "will," "should," "believe," "expect," "anticipate," "outlook," "forecast" and other similar expressions that predict or indicate future events or trends, or that are not statements of historical matters, identify forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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 the company's 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. 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 Operations
(All figures in thousands, except per-share data)
(Unaudited)
Three Months Ended 12 Months Ended
Sept. 30, Sept. 30,
REVENUE 2001 2000 2001 2000
Net hardware, software and
installation revenues $4,210 $3,211 $15,293 $16,706
Net service revenues 1,318 1,210 5,464 4,605
Total net revenues 5,528 4,421 20,757 21,311
COSTS AND EXPENSES
Cost of hardware, software and
installation revenues 2,037 1,977 7,754 9,425
Cost of service revenues 638 677 2,845 2,528
Total costs of revenues 2,675 2,654 10,599 11,953
Selling, general and admin. expenses 2,331 2,409 10,663 9,149
Research and development expenses 576 479 1,948 1,744
Asset impairment charge -- -- 1,899 --
Interest income (112) (175) (493) (400)
Total costs and expenses 5,470 5,367 24,616 22,446
Income (loss) before provision
(benefit) for income taxes 58 (946) (3,859) (1,135)
Benefit for income taxes (161) (356) (161) (389)
Net income (loss) income $ 219 $ (590) $(3,698) $ (746)
Basic net income (loss) per share $0.07 $(0.20) $ (1.22) $(0.28)
Diluted net income (loss) per share $0.07 $(0.20) $ (1.22) $(0.28)
Shares used in computing basic
net income (loss) per share 3,022 2,987 3,020 2,644
Shares used in computing
diluted net income (loss)
per share 3,160 2,987 3,020 2,644
CAM Commerce Solutions Inc.
Condensed Balance Sheet
(In thousands, except per-share data)
Sept. 30, Sept. 30,
2001 2000
ASSETS
Current assets:
Cash and cash equivalents $9,451 $10,444
Accounts receivable, net 2,262 1,782
Inventories 465 696
Other current assets 500 893
Total current assets 12,678 13,815
Property and equipment, net 763 922
Intangible assets, net 1,323 3,262
Other assets 408 297
Total assets $15,172 $18,296
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $733 $644
Accrued compensation and related expenses 522 477
Income tax payable 15 --
Customer deposits and deferred service revenue 1,084 854
Other accrued liabilities 240 373
Total current liabilities 2,594 2,348
Deferred income taxes 376 91
Stockholders' equity:
Common stock, $.001 par value; 12,000
shares authorized, 3,023 shares issued and
outstanding at 2001 and 3,012 at 2000 3 3
Paid-in capital 13,628 13,585
Retained earnings (deficit) (1,429) 2,269
Total stockholders' equity 12,202 15,857
Total liabilities and stockholders' equity $15,172 $18,296
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