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"We Make Better Retailers..." |
CAM Commerce Solutions, Inc.
17075 Newhope Street
CAM Reports Improved Fiscal 2003
2nd Quarter Revenue Over Prior Year April 28, 2003
Contact: Mathew Hayden, President (FOUNTAIN VALLEY, CA) CAM Commerce Solutions, Inc. (NASDAQ: CADA) reported revenues of $4.9 million for the three months ended March 31, 2003, compared to $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 to $(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 to 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 to $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 to $(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 $(.16) per share as compared to $(519,000) or $(.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 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, or $3.50 per share based on shares outstanding at March 31, 2003, compared to $10.6 million at September 30, 2002, or $3.41 per share based on shares outstanding at September 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, CEO of CAM Commerce Solutions. "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 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 about the business as we continue to place emphasis on higher profit margin recurring revenues. This has the effect of gradually 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 us from unpredictable and changing market conditions". Calculation of Cash and Marketable Securities Per Share
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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