CAM Announces Year-End Results.Business Editors and 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. 16, 2000 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) ) Thursday Thursday: see week. announced a net earnings (loss) for the fiscal year ended Sept. 30, 2000, of ($746,000) or ($0.28) per share vs. $1,480,000 or $0.59 per share in the prior year. Revenues for the 12 months ended Sept. 30, 2000, were $21.3 million vs. $27.7 million. The net (loss) for the three months ended Sept. 30, 2000, was ($0.20) per share vs. $0.28 per share for the same period last year on revenues of $4.4 million vs. $8 million. Earnings (loss) before income tax, depreciation and amortization ("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 year were ($206,000). CAM currently has approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $10.4 million in cash, or $3.50 per share and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . "Our financial performance this past year, and especially in our fourth quarter, did not meet our expectations," stated Geoff Knapp Knapp (pronounced like English "nap") can refer to:
"Nobody on the management team or the board of directors is happy about this year's numbers. We feel we understand the dynamics of what happened, and we have used the results as a catalyst catalyst, substance that can cause a change in the rate of a chemical reaction without itself being consumed in the reaction; the changing of the reaction rate by use of a catalyst is called catalysis. to examine all areas of our business, from expenses to our strategy. Having gone through this exercise, we have taken several positive steps to improve our marketing and sales efforts, while keeping expenses under control. "Furthermore, after speaking with many competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. and companies in related industries, we strongly believe that our shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in reaching the high revenue expectations set last year with the Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 upgrades was not unique to us. There is no question that the market conditions have been difficult this past year and may continue to be for the next couple of quarters. "Still, we did not perform at the level we should have and the market conditions are not the entire story." Knapp further stated: "Over the past year, we have invested in key programs that will require some time to culminate culminate, in astronomy, the maximum height in the sky reached by a celestial body on a given day. At the culminate the body is crossing the observer's celestial meridian and is said to be in upper transit. into their full potential. Most of these new software development projects have taken us a lot longer than first projected, so the direct benefit has yet to be realized. "The creation of key management positions in the areas of sales and marketing has contributed to some higher expenses, but these positions should demonstrate their value in the year to come. The good news is that we have made a lot of positive progress towards our goals. Our strategy is sound, and most of our new products have just started to be delivered. "For example, the X-Charge software is the new credit card processing and check authorization The right or permission to use a system resource; the process of granting access. See access control. software. This is the result of a joint development effort between CAM Commerce Solutions and NDC NDC National Drug Code NDC NATO Defense College NDC National Documentation Centre (National Hellenic Research Foundation, Athens, Greece) NDC National Dairy Council NDC National Democratic Congress (NYSE NYSE See: New York Stock Exchange :NDC), a leading payment processor. Also just released is Version 2 of our i.STAR Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Storefront software. "The new version gives us the power and flexibility we need to address the needs of our market -- this is where Version 1 fell short. Furthermore, our complete accounting solution for our Retail STAR and Retail ICE software should be released in early 2001. "The software looks fantastic and should give us many advantages in the marketplace, along with opening up some significant new market opportunities. Our Retail ICE seeding project has been steady and should prove to be a revenue source next year. We have delivered more than 3,000 copies of the software and we are now beginning to see the upgrade opportunities to our larger systems. "We have been steadily increasing the sales of hardware and other items to the Retail ICE customer base, and we will soon be offering the X-Charge Credit Card Processing option. One of our fundamental goals is to rapidly expand our customer base for our future product and service offerings. "Our acquisition of MicroBiz this year contributed to the growth of our customer base, which more than doubled this past year to over 10,000 customers with many more store locations." Knapp continued: "Looking forward we still feel very good about our strategy and we plan to continue with the programs we have put in place. We have cut expenses in certain areas to offset increases in key product marketing functions. With new products coming online, we will need to put more resources behind their successful launch. "Once we get through the always difficult holiday season and into the next year, we will have a better picture of what to expect. Right now we are not expecting to see a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in market conditions until the second or third quarters of next year, although we do expect our own operations and efficiencies to improve regardless of marketing conditions." About CAM Commerce Solutions CAM Commerce Solutions Inc. (formerly CAM Data Systems Inc.), provides total commerce solutions for traditional as well as 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. Visit CAM Commerce Solutions at www.camcommerce.com. Important Information The statements made in this news release could be 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. based on expectations that involve a number of risks and uncertainties. The factors that could cause actual results to differ materially include the following: economic conditions; competitive factors and pricing pressures; changes in product mix; technological developments affecting the company's operations, market, products; and other factors discussed in the company's filings with the Securities and Exchange Commission.
CAM COMMERCE SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(All figures in thousands except per share data)
(unaudited)
THREE MONTHS ENDED FISCAL YEAR ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
2000 1999 2000 1999
REVENUES
Net system revenues $ 3,211 $ 6,875 $16,706 $23,078
Net service revenues 1,210 1,170 4,605 4,669
Total net revenues 4,421 8,045 21,311 27,747
COSTS AND EXPENSES
Costs of system 1,977 3,516 9,425 12,967
revenues
Costs of service
revenues 677 681 2,528 2,455
Total costs of revenues 2,654 4,197 11,953 15,422
Selling, general and
admin. expenses 2,409 2,539 9,149 9,086
Research and development
expense 479 288 1,744 1,075
Interest income (175) (40) (400) (126)
Total costs and expenses 5,367 6,984 22,446 25,457
Income (loss) before
provision (benefit) (946) 1,061 (1,135) 2,290
for income taxes
Provision (benefit) for (356) 320 (389) 810
income taxes
Net income (loss) $ (590) $ 741 $ (746) $ 1,480
Basic net income (loss) $(0.20) $ 0.34 $(0.28) $ 0.69
per share
Diluted net income $(0.20) $ 0.28 $(0.28) $ 0.59
(loss) per share
Shares used in computing
basic net income
(loss) per share 2,987 2,189 2,644 2,157
Shares used in computing
diluted net income
(loss) per share 2,987 2,692 2,644 2,519
CAM COMMERCE SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(All figures in thousands except per share data)
SEPT. 30 SEPT. 30
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 10,444 $ 5,049
Accounts receivable, net 1,782 3,439
Inventories 696 763
Other current assets 893 73
Total current assets 13,815 9,324
Property and equipment, net 922 1,060
Intangible assets, net 3,262 1,297
Other assets 297 218
Total assets $ 18,296 $ 11,899
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 644 $ 1,644
Accrued compensation and related expenses 477 1,110
Customer deposits and deferred service revenue 853 899
Income taxes payable -- 219
Other accrued liabilities 374 439
Total current liabilities 2,348 4,311
Deferred income taxes 91 --
Total liabilities 2,439 4,311
Stockholders' equity:
Common stock, $.001 par value; 12,000 shares
authorized; shares issued and outstanding
3,013 in 2000 and 2,213 in 1999 3 2
Paid-in capital 13,585 4,571
Retained earnings 2,269 3,015
Total stockholders' equity 15,857 7,588
Total liabilities and stockholders' equity $ 18,296 $ 11,899
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