CAM Announces Third-Quarter Results.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)--Aug. 2, 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 June June: see month. 30, 2001, were flat at $5 million, compared with the same quarter in 2000. Loss excluding depreciation and amortization expense and a third- quarter asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge for the three-month period ending June 30, 2001, was $(34,000), compared with a $10,000 profit in the same period of 2000. The loss for the three-month period, before the third-quarter pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern asset impairment 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. , was $(435,000), compared with $(201,000) in the prior year. Revenue for the nine months ended June 30, 2001, was $15.2 million, compared with $16.9 million for the first nine months of 2000. Loss excluding depreciation and amortization expense and a third-quarter asset impairment charge for the nine-month periods ended June 30, 2001, was $(837,000), compared with a $452,000 profit for the first nine months of 2000. The loss for the nine-month period, before the third-quarter pretax asset impairment charge of $1.9 million for the write down of certain intangible assets, was $(2,018,000), compared with $(156,000) in the prior year. The company's cash position as of June 30, 2001, was $8.8 million, or $2.93 per share, which was slightly higher than the previous quarter ending March 31, 2001. The company is debt free. During the third quarter, the company booked a $1.9 million asset impairment charge for the write down of goodwill relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the MicroBiz acquisition and other intangible assets. The result of this non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. brought the loss for the third quarter ended June 30 to $2.3 million and the loss for the nine-month period to $3.9 million. The effect of the write down of these intangible assets will be to reduce the amount of amortization charged against earnings in the fiscal year 2002 by $540,000. "We were less than $35,000 from cash break-even based on a loss excluding depreciation expense, amortization expense and an asset impairment charge in the third quarter, with lower than expected sales," stated Geoff Knapp Knapp (pronounced like English "nap") can refer to:
"Had we hit our sales projections we would have made it with plenty of room to spare. Our marketing and sales efforts continue to produce high levels of opportunity and quite frankly, I am surprised that we are not seeing better sales results, but difficult market conditions continue to impede im·pede tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped our progress. "However, we are not going to use poor market conditions as an excuse for not attaining better results and I still feel very confident about our direction and future prospects. We have a path to profitability, which does not require that market conditions improve. "The non-cash write down we took this quarter will actually put us in a much better profit position going forward since we will no longer be starting out in the hole each quarter due to high levels of amortization of soft assets. "When you combine this with the operational changes already implemented, which have lowered our fixed overhead, we are in a position to be profitable now. It simply comes down to executing on a reasonable percentage of our sales opportunities." 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 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 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. 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) (Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
2001 2000 2001 2000
REVENUE
Net hardware, software and
installation revenues $ 3,701 $ 3,868 $ 11,083 $ 13,495
Net service revenues 1,277 1,093 4,146 3,395
Total net revenues 4,978 4,961 15,229 16,890
COSTS AND EXPENSES
Cost of hardware, software
and installation revenues 1,807 2,245 5,717 7,448
Cost of service revenues 707 619 2,207 1,851
Total costs of revenues 2,514 2,864 7,924 9,299
Selling, general and admin.
expenses 2,546 2,029 8,332 6,740
Research and development
expenses 456 449 1,372 1,265
Asset impairment charge 1,899 -- 1,899 --
Interest income (103) (124) (381) (225)
Total costs and expense 7,312 5,218 19,146 17,079
Loss before benefit for
income taxes (2,334) (257) (3,917) (189)
Benefit for income taxes -- (56) -- (33)
Net loss $(2,334) $ (201) $ (3,917) $ (156)
Basic net loss per share $ (0.77) $ (0.07) $ (1.30) $ (0.06)
Diluted net loss per share $ (0.77) $ (0.07) $ (1.30) $ (0.06)
Shares used in computing basic
net loss per share 3,020 2,733 3,019 2,508
Shares used in computing
diluted net loss per share 3,020 2,733 3,019 2,508
CAM COMMERCE SOLUTIONS INC.
CONDENSED BALANCE SHEET
(In thousands, except per-share data)
(Unaudited)
June 30, Sept. 30,
2001 2000
ASSETS
Current assets:
Cash and cash equivalents $ 8,843 $ 10,444
Accounts receivables, net 1,992 1,782
Inventories 505 696
Other current assets 665 893
Total current assets 12,005 13,815
Property and equipment, net 844 922
Intangible assets, net 1,404 3,262
Other assets 417 297
Total assets $ 14,670 $ 18,296
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts Payable $ 711 $ 644
Accrued compensation and related
expenses 530 477
Customer deposits and deferred
service revenue 1,170 854
Other accrued liabilities 194 373
Total current liabilities 2,605 2,348
Deferred income taxes 91 91
Stockholders' equity:
Common stock, $.001 par value; 12,000
shares authorized, 3,020 shares issued and
outstanding at June 30, 2001, and 3,012 at
Sept. 30, 2000 3 3
Paid-in capital 13,619 13,585
Retained earnings (deficit) (1,648) 2,269
Total stockholders' equity 11,974 15,857
Total liabilities and stockholders' equity $ 14,670 $ 18,296
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