CAM Releases 3rd Quarter Results -- Returns to Profitability.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)--July 24, 2002 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, 2002 increased 8% to $5.4 million compared with $5 million for the same quarter in 2001. Also, during the 3rd quarter, the company realized a $715,000 gain, recorded in other income, on the previously announced sale of the company's Access Retail Management division (Access) for $800,000 in cash. Revenues for the nine months ended June 30, 2002 were $15 million compared with $15.2 million for the same period in 2001. Earnings for the three months ended June 30, 2002 were $752,000 or $0.23 per share compared with a loss of $(2.3) million or $(0.77) per share for the same period in 2001. The prior year loss includes a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta 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 of $1.9 million for the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. 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. . Excluding the gain on the sale of Access of $715,000, the company earned a profit for the three-month period ended June 30, 2002 of $37,000 or $0.01 per share. For the nine-month period ended June 30, 2002, the company earned a profit of $233,000 or $0.07 per share, which includes a tax benefit of $375,000 related to a recent tax law revision. Excluding the gain on the Access sale, the company showed a loss for the nine months ended June 30, 2002 of $(482,000) or $(0.16) per share. As of June 30, 2002, the company had $10.2 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , or $3.32 per share based on shares outstanding at June 30, 2002. The company's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. remained consistent with the prior quarter. "We are very pleased with the progress we made this quarter," stated Geoff Knapp Knapp (pronounced like English "nap") can refer to:
intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues have increased, our product mix has improved, overall margins are up and our expense structure has improved. This has resulted in a profit, albeit a small one. "While market conditions have not improved in any meaningful way we have still been able to improve the performance of our company. We have weathered the economic conditions of the past two years very well and are now in a position to move forward. We are a strong company, both financially and as an organization. We have the best group of product and service offerings in the company's history. This includes our new eBay Integrated Auction Management software called A-Trade that we launched very successfully at the eBay Live show in late June. "We are in the process of launching our new reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. channel and, as previously announced, we are beginning a powerful new strategic relationship with RMSA RMSA Rocky Mountain Society of Aviculture RMSA Rocky Mountain Scottish Athletes RMSA Rocky Mountain Soaring Association RMSA Retail Merchandising Service Automation RMSA Rectangular Microstrip Antenna RMSA Rural Music Schools Association as a result of the deal we made with PBI PBI protein-bound iodine. PBI abbr. protein-bound iodine PBI, n See iodine, protein-bound. PBI protein-bound iodine. (Private Business Inc.). This included the sale of our Access division, which also served to strengthen our already strong balance sheet. Market conditions are still difficult, but I am encouraged by the progress we are making and I firmly believe we can succeed in the long run regardless of whether the market improves." About CAM Commerce Solutions CAM Commerce Solutions 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. 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 CONSOLIDATED STATEMENT OF OPERATIONS
(All figures in thousands except per share data)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
REVENUES 2002 2001 2002 2001
Net hardware, software and installation
revenues $3,739 $3,633 $10,178 $11,001
Net service
revenues 1,644 1,345 4,819 4,228
Total net
revenues 5,383 4,978 14,997 15,229
COSTS AND EXPENSES
Cost of hardware, software
and installation
revenues 1,792 1,807 5,178 5,717
Cost of service
revenues 663 707 2,109 2,207
Total cost of
revenues 2,455 2,514 7,287 7,924
Selling, general and admin.
expenses 2,542 2,546 7,386 8,332
Research and development
expenses 409 456 1,366 1,372
Asset impairment
charge -- 1,899 -- 1,899
Gain on disposal of
assets (715) -- (715) --
Interest income (60) (103) (185) (381)
Total costs and
expenses 4,631 7,312 15,139 19,146
Income (loss) before benefit
for income taxes 752 (2,334) (142) (3,917)
Benefit for income
taxes -- -- (375) --
Net income (loss) $752 $(2,334) $233 $(3,917)
Basic net income (loss)
per share $0.25 $(0.77) $0.08 $(1.30)
Diluted net income (loss)
per share $0.23 $(0.77) $0.07 $(1.30)
Shares used in computing basic
net income (loss)
per share 3,062 3,020 3,049 3,019
Shares used in computing
diluted net income (loss)
per share 3,221 3,020 3,204 3,019
CAM COMMERCE SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands except per share data)
(Unaudited)
JUNE 30, SEPT. 30,
2002 2001
ASSETS
Current assets:
Cash and cash equivalents $8,695 $9,451
Marketable available-for-sale
securities 1,496 --
Accounts receivable, net 1,476 2,262
Inventories 413 465
Other current assets 104 124
Total current assets 12,184 12,302
Property and equipment, net 1,003 763
Intangible assets, net 1,340 1,323
Other assets 356 408
Total assets $14,883 $14,796
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $423 $733
Accrued compensation and
related expenses 450 522
Customer deposits and deferred
service revenue 1,224 1,084
Other accrued liabilities 191 255
Total current liabilities 2,288 2,594
Long-term liabilities:
Notes payable 15 --
Total liabilities 2,303 2,594
Stockholders' equity:
Common stock, $0.001 par value; 12,000
shares authorized, 3,069 shares issued and
outstanding at June 30, 2002 and 3,023 at
Sept. 30, 2001 3 3
Paid-in capital 13,784 13,628
Accumulated other comprehensive
loss (11) --
Retained deficit (1,196) (1,429)
Total stockholders' equity 12,580 12,202
Total liabilities and stockholders'
equity $14,883 $14,796
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