CAM Reports Third Quarter Profit.Business Editors 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 29, 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 $5.2 million for the three months ended June June: see month. 30, 2003, compared with $5.4 million for the third quarter of fiscal 2002. Net income for the three months ended June 30, 2003 was $86,000 or $.03 per share, compared with $752,000 or $.23 per share for the quarter ended June 30, 2002. Net income in 2002 included a $715,000 gain from the sale of the company's Access Retail Management (Access) consulting business. Revenues for the nine months ended June 30, 2003 remained flat at $15 million compared with the same period of fiscal 2002. Net loss for the nine month period ended June 30, 2003 was $(410,000) or $(0.13) per share, compared with a profit of $233,000 or $0.07 per share for the nine months ended June 30, 2002. The net income for fiscal 2002 included an income tax benefit of $375,000 and a $715,000 gain from the sale of Access. Fiscal 2002 included consulting revenues generated from the Access consulting business that was sold in May 2002. The Access consulting revenues included in fiscal 2002 were $120,000 and $465,000 for the three and nine months ended June 30, 2002. As of June 30, 2003, the company had $11.1 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 $3.48 per share based on shares outstanding at June 30, 2003, compared with $10.6 million at Sept. 30, 2002, or $3.41 per share based on shares outstanding at Sept. 30, 2002. "During the June quarter our revenue mix continued to trend towards higher margin revenues allowing us to achieve better operating results than the same quarter of last year on slightly lower revenues as we continue to see a difficult market 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. ," 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, I feel very good about our direction and our future."
Calculation of Cash and Marketable Securities per share
JUNE 30 SEPT. 30
2003 2002
Cash and cash equivalents $9,553,000 $9,093,000
Marketable available-for-sale securities 1,543,000 1,519,000
Total cash and marketable securities
(numerator) $11,096,000 $10,612,000
Shares outstanding (denominator) 3,186,000 3,109,000
Cash and marketable securities per share $3.48 $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. 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 op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op ," "feel," "potential," "continue," "intends," "plans," "estimates," "may," "seeks," "would," "future," 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 NINE MONTHS
ENDED ENDED
JUNE 30 JUNE 30 JUNE 30 JUNE 30
2003 2002 2003 2002
REVENUES
Net hardware, software and
installation revenues $3,413 $3,724 $9,803 $10,137
Net service revenues 1,751 1,659 5,160 4,860
Total net revenues 5,164 5,383 14,963 14,997
COSTS AND EXPENSES
Cost of hardware, software and
installation revenues 1,610 1,792 4,838 5,178
Cost of service revenues 556 663 1,629 2,109
Total cost of revenues 2,166 2,455 6,467 7,287
Selling, general and
administrative expenses 2,494 2,586 7,760 7,525
Research and development expenses 485 365 1,350 1,227
Total costs and operating
expenses 5,145 5,406 15,577 16,039
Operating income (loss) 19 (23) (614) (1,042)
Gain on disposal of assets -- 715 -- 715
Interest income 72 60 209 185
Income (loss) before provision
(benefit) for income taxes 91 752 (405) (142)
Provision (benefit) for income taxes 5 -- 5 (375)
Net income (loss) $86 $752 $(410) $233
Basic net income (loss) per share $0.03 $0.25 $(0.13) $0.08
Diluted net income (loss) per share $0.03 $0.23 $(0.13) $0.07
Shares used in computing basic net
income (loss)
per share 3,134 3,062 3,117 3,049
Shares used in computing diluted net
income (loss)
per share 3,257 3,221 3,117 3,204
CAM COMMERCE SOLUTIONS INC.
CONDENSED BALANCE SHEET
(In thousands, except per share data)
JUNE 30 SEPT. 30
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $9,553 $9,093
Marketable available-for-sale securities 1,543 1,519
Accounts receivable, net 1,657 1,842
Inventories 315 324
Other current assets 116 146
Total current assets 13,184 12,924
Property and equipment, net 774 972
Intangible assets, net 939 1,177
Other assets 321 338
Total assets $15,218 $15,411
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $431 $563
Accrued compensation and related expenses 669 547
Deferred service revenue and customer deposits 1,403 1,295
Other accrued liabilities 185 235
Total current liabilities 2,688 2,640
Long-term liabilities:
Notes payable 9 13
Total liabilities 2,697 2,653
Stockholders' equity:
Common stock, $.001 par value; 12,000
shares authorized, 3,186 shares issued and
outstanding at June 30, 2003 and 3,109 at
Sept. 30, 2002 3 3
Paid-in capital 14,041 13,886
Accumulated other comprehensive income 32 14
Retained deficit (1,555) (1,145)
Total stockholders' equity 12,521 12,758
Total liabilities and stockholders' equity $15,218 $15,411
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