CAM Reports Improved Fiscal 2003 Second-Quarter Revenue Over Prior Year.Business Editors/High-Tech 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)--April 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 Inc. (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 March 31, 2003, compared with $4.7 million in the second quarter of fiscal 2002. The loss before benefit for income taxes for the three months ended March 31, 2003, decreased 20% to $(312,000), compared with $(388,000) for the quarter ended March 31, 2002. The net loss for the three months ended March 31, 2003, was $(312,000) or $(0.10) per share, compared with a net loss of $(13,000) for the quarter ended March 31, 2002. The net loss for fiscal 2002 included an income tax benefit of $375,000. Revenues for the six months ended March 31, 2003, were $9.8 million, compared with $9.6 million for the first six months of fiscal 2002. The loss before benefit for income taxes for the six months ended March 31, 2003, decreased 45% to $(496,000), compared with $(894,000) for the six months ended March 31, 2002. For the six-month period ended March 31, 2003, the net loss decreased 4% to $(496,000) or $(0.16) per share, compared with $(519,000) or $(0.17) per share for the same period in the prior year. Revenue for fiscal 2002 included consulting revenues generated from the 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 that was sold in May 2002. The Access consulting revenues included in fiscal 2002 were $173,000 and $345,000 for the three and six months ended March 31, 2002. As of March 31, 2003, 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 $3.50 per share based on shares outstanding at March 31, 2003, compared with $10.6 million at Sept. 30, 2002, or $3.41 per share based on shares outstanding at Sept. 30, 2002. The company is virtually debt free. "While earnings and sales were below our expectations for the quarter due to continuing weak market conditions, our X-Charge payment processing revenues increased over 100% year over year," stated Geoff Knapp Knapp (pronounced like English "nap") can refer to:
"This part of our business has been a clear winner for us and is becoming increasingly more significant. As a result we have begun to reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of resources from other areas of the business to X-Charge, to help fuel this profitable and growing part of our business. "In response to weaker than expected results in our always challenging March quarter, we have cut our marketing budget in areas where we felt the dollars being spent were not providing an adequate return. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the business as we continue to place emphasis on higher profit 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. "This has the effect of gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. reducing our reliance on the sale of new systems, as the recurring revenues become a larger percentage of overall revenues. The systems business is still very important to us, but our strategy will better insulate in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. us from unpredictable and changing market conditions."
Calculation of Cash and Marketable Securities per share
March 31, Sept. 30,
2003 2002
Cash and cash equivalents $9,326,000 $9,093,000
Marketable available-for-sale securities 1,542,000 1,519,000
Total cash and marketable securities
(numerator) $10,868,000 $10,612,000
Shares outstanding (denominator) 3,109,000 3,109,000
Cash and marketable securities per share $3.50 $3.41
About CAM Commerce Solutions CAM Commerce Solutions 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 Commerce has more than 10,000 retail customers 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)
THREE MONTHS SIX MONTHS
ENDED ENDED
MARCH 31, MARCH 31,
REVENUES 2003 2002 2003 2002
Net hardware, software and
installation revenues $3,170 $3,095 $6,390 $6,439
Net service revenues 1,749 1,651 3,409 3,175
Total net revenues 4,919 4,746 9,799 9,614
COSTS AND EXPENSES
Cost of hardware, software and
installation revenues 1,639 1,545 3,228 3,394
Cost of service revenues 552 722 1,073 1,438
Total cost of revenues 2,191 2,267 4,301 4,832
Selling, general and admin. expenses 2,608 2,457 5,166 4,844
Research and development expenses 495 465 965 957
Interest income (63) (55) (137) (125)
Total costs and expenses 5,231 5,134 10,295 10,508
Loss before benefit for income taxes (312) (388) (496) (894)
Benefit for income taxes -- (375) -- (375)
Net loss $(312) $(13) $(496) $(519)
Basic net loss per share $(0.10) $-- $(0.16)$(0.17)
Diluted net loss per share $(0.10) $-- $(0.16)$(0.17)
Shares used in computing basic
net loss per share 3,109 3,060 3,109 3,042
Shares used in computing
diluted net loss per share 3,109 3,060 3,109 3,042
CAM COMMERCE SOLUTIONS INC.
CONDENSED BALANCE SHEET
(In thousands, except per-share data)
MARCH 31, SEPT. 30,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $9,326 $9,093
Marketable available-for-sale securities 1,542 1,519
Accounts receivable, net 1,435 1,842
Inventories 367 324
Other current assets 129 146
Total current assets 12,799 12,924
Property and equipment, net 852 972
Intangible assets, net 1,027 1,177
Other assets 328 338
Total assets $15,006 $15,411
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $521 $563
Accrued compensation and related expenses 599 547
Customer deposits and deferred service revenue 1,389 1,295
Other accrued liabilities 214 235
Total current liabilities 2,723 2,640
Long-term liabilities:
Notes payable 10 13
Total liabilities 2,733 2,653
Stockholders' equity:
Common stock, $0.001 par value; 12,000
shares authorized, 3,109 shares issued and
outstanding at March 31, 2003, and
Sept. 30, 2002 3 3
Paid-in capital 13,886 13,886
Accumulated other comprehensive income 25 14
Retained deficit (1,641) (1,145)
Total stockholders' equity 12,273 12,758
Total liabilities and stockholders' equity $15,006 $15,411
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