CAM Reports 4th Quarter Profit.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. 13, 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) ) reported revenue of $5.5 million for the fourth quarter ended Sept. 30, 2002, unchanged from the same period in 2001. The company noted that the fourth quarter of 2001 included revenue of $171,000 generated from a consulting line of business that was divested in the third quarter of fiscal 2002. Excluding this consulting revenue from the fourth quarter of 2001, revenue for the fourth quarter 2002 increased 2% in comparison. Net income for the three months ended Sept. 30, 2002 was $52,000 or $0.02 per share compared with $219,000 or $0.07 per share for the fourth quarter of 2001. Net income for the fourth quarter of 2001 included an income tax benefit of $161,000 related to income tax refunds Tax refund Money back from the government when too much tax has been paid or withheld from a salary. , compared with a $10,000 income tax provision for expense in the fourth quarter of 2002. On a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta basis, income for the fourth quarter of fiscal 2002 was $62,000, which included a $135,000 write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. for fully impaired See assistive technology. goodwill. Excluding this write-off, pre-tax income increased 240% to $197,000 compared with $58,000 for the fourth quarter of 2001. Revenue for the fiscal year ended Sept. 30, 2002 was $20.5 million compared to $20.8 million for fiscal year 2001. Net income for the 12 months ended Sept. 30, 2002 was $284,000 or $0.09 per share vs. a ($3.7) million net loss or ($1.22) per share for the same period last year. The prior year loss included a pre-tax 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. . Net income for the 12 months ended Sept. 30, 2002 included a tax benefit of $375,000 primarily related to a recent tax law revision and a $715,000 gain on the sale of the company's Access Retail Management (Access) consulting business. As of Sept. 30, 2002, the company had $10.6 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 $3.41 per share based on shares outstanding at Sept. 30, 2002, compared with $9.5 million in cash at fiscal year end 2001. "While the market remains difficult, with little visibility looking forward, we continue to make improvements in our business," 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. revenue opportunities. Our X-Charge payment processing software and service reached an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. run rate of over $1 million during the quarter, and total gross margins showed strong improvement over the same period last year. We also controlled expenses and delivered new products. "With the increase in our cash position and marketable securities during the quarter to $10.6 million, we are in a very strong financial position relative to our competitors in the marketplace, which gives us the flexibility to invest in our business at a greater rate during these difficult economic conditions." Pro-Forma Pre-Tax Income Reconciliation A reconciliation of reported pre-tax income to pro-forma pre-tax income amounts is as follows (all figures in thousands):
Three Months Ended
Sept. 30 Sept. 30
2002 2001
Income before taxes as reported $ 62 $ 58
Excluding intangible asset
impairment charge 135 --
Pro-forma pre-tax income $ 197 $ 58
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 inventory management, point-of-sale point of sale n. pl. points of sale A business or place where a product or service can be purchased. Also called point of purchase. point , 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 credit card processing services 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 and economic climates are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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. -0-
CAM Commerce Solutions Inc.
Condensed Consolidated Statement of Operations
(All figures in thousands except per share data)
(Unaudited)
Three Months Twelve Months
Ended Ended
Sept. 30 Sept. 30 Sept. 30 Sept. 30
2002 2001 2002 2001
REVENUES
Net hardware, software and
installation Revenues $3,874 $4,095 $14,052 $15,096
Net service revenues 1,604 1,433 6,423 5,661
Total net revenues 5,478 5,528 20,475 20,757
COSTS AND EXPENSES
Cost of hardware, software and
Installation revenues 1,809 2,037 6,987 7,754
Cost of service revenues 541 638 2,650 2,845
Total cost of revenues 2,350 2,675 9,637 10,599
Selling, general and admin. expenses 2,570 2,331 9,951 10,663
Research and development expenses 438 576 1,804 1,948
Asset impairment charge 135 -- 135 1,899
Gain on disposal of assets -- -- (710) --
Interest income (77) (112) (261) (493)
Total costs and expenses 5,416 5,470 20,556 24,616
Income (loss) before benefit for
income taxes 62 58 (81) (3,859)
Provision (benefit) for income taxes 10 (161) (365) (161)
Net income (loss) $52 $219 $284 $(3,698)
Basic net income (loss) per share $0.02 $0.07 $0.09 $(1.22)
Diluted net income (loss) per share $0.02 $0.07 $0.09 $(1.22)
Shares used in computing basic
net income (loss) per share 3,093 3,022 3,060 3,020
Shares used in computing diluted net
income (loss) per share 3,180 3,160 3,189 3,020
CAM Commerce Solutions Inc.
Condensed Consolidated Balance Sheet
(In thousands, except per share data)
Sept. 30 Sept. 30
2002 2001
ASSETS
Current assets:
Cash and cash equivalents $9,093 $9,451
Marketable available-for-sale securities 1,519 --
Accounts receivable, net 1,842 2,262
Inventories 324 465
Other current assets 146 124
Total current assets 12,924 12,302
Property and equipment, net 972 763
Intangible assets, net 1,177 1,323
Other assets 338 408
Total assets $15,411 $14,796
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $563 $733
Accrued compensation and related expenses 547 522
Customer deposits and deferred service
revenue 1,295 1,084
Other accrued liabilities 235 255
Total current liabilities 2,640 2,594
Long-term liabilities:
Notes payable 13 --
Total liabilities 2,653 2,594
Stockholders' equity:
Common stock, $0.001 par value; 12,000
shares authorized, 3,109 shares issued and
outstanding at Sept. 30, 2002 and 3,023 at
Sept. 30, 2001 3 3
Paid-in capital 13,886 13,628
Accumulated other comprehensive income 14 --
Retained deficit (1,145) (1,429)
Total stockholders' equity 12,758 12,202
Total liabilities and stockholders' equity $15,411 $14,796
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