CAM Reports Improved Fiscal 2003 First Quarter Results Over Prior Year.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)--Jan. 28, 2003 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 revenues of $4.9 million for the three months ended Dec. 31, 2002, unchanged from the same period in fiscal 2002. Excluding the $172,000 consulting revenue generated from Access Retail Management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects business from the quarter ended Dec. 31, 2001, revenue for the three months ended Dec. 31, 2002 increased 4% in comparison. The net loss for the three months ended Dec. 31, 2002 decreased 64% to $184,000 or $(0.06) per share, compared with a net loss of $506,000 or $(0.17) per share for the quarter ended Dec. 31, 2001. As of Dec. 31, 2002, the company had $10.9 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 $3.52 per share based on shares outstanding at Dec. 31, 2002, compared with $10.6 million as of Sept. 30, 2002. The company is virtually debt free. "Although we did not report a profit for our first quarter we made significant improvement in our product mix and margins, resulting in a $322,000 positive swing in operating results as compared to the same period last year," stated Geoff Knapp Knapp (pronounced like English "nap") can refer to:
"Our X-Charge payment processing revenue more than doubled over the same period a year ago and our service business was also up. This was offset by a decline in hardware sales, but the net result was a much more profitable revenue mix. "While the market has been difficult, we have continued to make measurable progress toward our strategic plan and I feel we are nine months away, without help from an improving economy, from being in a position where we can earn a profit even in our lowest expected quarter for system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. . This is usually the period that revolves around the holiday season when retailers are extremely busy." "While it is never acceptable for quarterly earnings to result in a loss, there is much to be positive about in examining this quarter's results and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we are close to the beginning of a trend of consistent and growing profitability based on our trend of improved operating results of the past two years which is directly related to our strategic plan of building high margin recurring re·cur 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." 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, 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," "optimistic," "feel," "potential," "continue," "intends," "plans," "estimates," "may," "seeks," "would," 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 indicative: see mood. 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 STATEMENT OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED
DEC. 31 DEC. 31
REVENUE 2002 2001
Net hardware, software and installation
revenues $3,220 $3,344
Net service revenues 1,660 1,524
Total net revenues 4,880 4,868
COSTS AND EXPENSES
Cost of hardware, software, and
installation revenues 1,589 1,849
Cost of service revenues 521 716
Total costs of revenues 2,110 2,565
Selling, general and admin. expenses 2,558 2,387
Research and development expenses 470 492
Interest income (74) (70)
Total costs and expenses 5,064 5,374
Loss before income taxes (184) (506)
Income taxes -- --
Net loss $(184) $(506)
Basic net loss per share $(0.06) $(0.17)
Diluted net loss per share $(0.06) $(0.17)
Shares used in computing basic
net loss per share 3,109 3,025
Shares used in computing
diluted net loss per share 3,109 3,025
CAM COMMERCE SOLUTIONS INC.
CONDENSED BALANCE SHEET
(in thousands, except per share data)
(Unaudited)
DEC. 31 SEPT. 30
2002 2002
ASSETS
Current assets:
Cash and cash equivalents $9,414 $9,093
Marketable available-for-sale securities 1,529 1,519
Accounts receivable, net 1,609 1,842
Inventories 298 324
Other current assets 193 146
Total current assets 13,043 12,924
Property and equipment, net 922 972
Intangible assets, net 1,103 1,177
Other assets 348 338
Total assets $15,416 $15,411
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $568 $563
Accrued compensation and related expenses 606 547
Customer deposits and deferred service revenue 1,476 1,295
Other accrued liabilities 173 235
Total current liabilities 2,823 2,640
Long-term liabilities:
Notes payable 12 13
Total liabilities 2,835 2,653
Stockholders' equity:
Common stock, $0.001 par value; 12,000
shares authorized, 3,109 shares issued and
outstanding at December 31, 2002 and
September 30, 2002 3 3
Paid-in capital 13,886 13,886
Accumulated other comprehensive income 21 14
Retained deficit (1,329) (1,145)
Total stockholders' equity 12,581 12,758
Total liabilities and stockholders' equity $15,416 $15,411
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