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CAM Commerce Solutions, Inc.
17075 Newhope Street
April X-Charge New Business Sets New High
April 26, 2004
Contact: Mathew Hayden, President (FOUNTAIN VALLEY, CA) CAM Commerce Solutions, Inc. (NASDAQ: CADA) reported an 18% increase in revenues to $5.8 million for the three months ended March 31, 2004 compared to $4.9 million for the same quarter of fiscal 2003. Net income for the three months ended March 31, 2004 rose substantially to $475,000 or $0.12 per fully diluted share, compared to a net loss of $(312,000) or $(0.10) per share for the quarter ended March 31, 2003. The March 2004 quarter was the company’s fourth consecutive profitable quarter and sixth consecutive quarter of increased revenues. It was also the fourth consecutive quarterly profit increase. For the six months ended March 31, 2004, revenue increased 13% to $11.1 million compared to $9.8 million for the same period in fiscal 2003. Net income for the six months ended March 31, 2004 increased to $850,000 or $0.23 per fully diluted share, compared to a net loss of $(496,000) or $(0.16) per share for the six months ended March 31, 2003. As of March 31, 2004, the company had $15.4 million in cash and marketable securities, or $4.32 per share based on shares outstanding at March 31, 2004, compared to $12.4 million at September 30, 2003, or $3.82 per share based on shares outstanding at September 30, 2003. The results included income tax expense for the State of California, based on California’s suspension of the use of net operating loss carryforwards. The company does not currently pay Federal income taxes due to the utilization of net operating loss carryforwards. The company's CEO, Geoff Knapp commented, “The current quarter continues our upward trend of revenues and profits. This trend is the result of our significantly improved business model, which emphasizes high margin, recurring revenues. Even with seasonally higher marketing expense in the March quarter, we were able to show a sequential increase in earnings for the fourth consecutive quarter. The increase in revenues and profits was driven primarily by our X-charge payment processing business where revenues doubled again on a quarter over quarter basis as compared to the prior year. System revenues were also higher and contributed to the increase in profits.” 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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