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"We Make Better Retailers..." |
CAM Commerce Solutions, Inc.
17075 Newhope Street
CAM Reports Improved Fiscal 2003
1st Quarter Results Over Prior Year January 28, 2003
Contact: Mathew Hayden, President (FOUNTAIN VALLEY, CA) CAM Commerce Solutions (NASDAQ: CADA) reported revenues of $4.9 million for the three months ended December 31, 2002, unchanged from the same period in fiscal 2002. Excluding the $172,000 consulting revenue generated from Access Retail Management consulting business from the quarter ended December 31, 2001, revenue for the three months ended December 31, 2002 increased 4% in comparison. The net loss for the three months ended December 31, 2002 decreased 64% to $184,000 or $(0.06) per share, compared to a net loss of $506,000 or $(0.17) per share for the quarter ended December 31, 2001. As of December 31, 2002, the Company had $10.9 million in cash and marketable securities, or $3.52 per share based on shares outstanding at December 31, 2002, compared to $10.6 million as of September 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, CEO of CAM Commerce Solutions. "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. 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 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 revenues." About CAM Commerce SolutionsCAM 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, accounting, and payment processing. These solutions often include hardware, installation, training, service, and payment processing services provided by the Company. You can visit CAM Commerce Solutions at www.camcommerce.com. Important InformationThe statements made in this news release, including those relating to the expectations of profitability and economic climates, are forward-looking and are made pursuant to the safe harbor provisions of the Securities 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,” “future,” “bright,” and other similar expressions that predict or indicate future events or trends, or that are not statements of historical matters, identify forward-looking statements. 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 our 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 STATEMENT OF INCOME (Unaudited) (In thousands, except per share data)
CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS (In thousands, except per share data)
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