Net Income Up 30% and New X-Charge Installs Increased by 65%
FOUNTAIN VALLEY, Calif., Feb. 7 /PRNewswire-FirstCall/ -- CAM
Commerce Solutions, Inc. (NASDAQ:CADA) reported net income for the
three months ended December 31, 2006 increased 30% to $968,000, or
$0.23 per fully diluted share, as compared to $742,000, or $0.18
per fully diluted share, for the same period of the prior fiscal
year. Revenues for the three months ended December 31, 2006
increased to $7.2 million, compared to $7.0 million for the three
months ended December 31, 2005. Record 1st Quarter Pre-Tax Income
and Pre-Tax Profit Margin Achieved Pre-tax income for the first
quarter ended December 31, 2006 was $1.5 million, which was a
company record and up 25% from the three months ended December 31,
2005. Pre-tax profit margins for the quarter ended December 31,
2006 were also a record 21%, compared to 17% for the same period of
the prior fiscal year. The higher pre-tax profit margins are
primarily the result of a continuing change in revenue mix to
higher margin, recurring X-Charge payment processing revenues,
which represented 48% of total company revenues in the first
quarter ended December 31, 2006, as compared to 37% in the same
period of the prior fiscal year. Total recurring revenues, which
includes payment processing and service revenues, were 68% of total
revenues in the quarter ended December 31, 2006, as compared to 56%
for the same period of the prior fiscal year. X-Charge Performance
- Record New Installations During the quarter ended December 31,
2006, the company installed a record 1,521 new X-Charge payment
processing accounts, which is a 65% increase over the 922 X-Charge
installations during the same period of the prior fiscal year. As
of December 31, 2006, the company had more than 9,000 merchant
accounts generating X-Charge revenues. The company's payment
processing portfolio currently represents between $2.5 and $3
billion in annual payment processing volume. As of December 31,
2006, the company's X-Charge reseller base increased to 285
resellers who had earned residual income from their X-Charge
payment processing accounts during the quarter. Cash Dividend In
keeping with the company's previously stated policy to pay out
approximately 75% or more of net income as a dividend to
shareholders each quarter, the Board of Directors has declared a
dividend of $0.18 per outstanding share for fiscal 2007 first
quarter results, to be paid on April 16, 2007 to shareholders of
record on April 4, 2007. This is a 29% increase in the dividend, or
$0.04 per share, over the same quarter of the prior fiscal year.
Even with quarterly pay out of dividends, the company's cash and
cash equivalents plus marketable securities increased $817,000 to
$24.5 million, or $6.10 per outstanding share, at December 31,
2006, compared to $23.7 million, or $5.97 per outstanding share, at
September 30, 2006. Calculation of Cash and Marketable Securities
Per Share DECEMBER 31, 2006 SEPTEMBER 30, 2006 Cash and cash
equivalents $16,369,000 $15,196,000 Marketable available-for-sale
securities 8,101,000 8,457,000 Total cash and marketable securities
(numerator) $24,470,000 $23,653,000 Shares outstanding
(denominator) 4,013,000 3,961,000 Cash and marketable securities
per share $6.10 $5.97 "While we are very happy with our continued
progress with X-Charge payment processing revenues, our systems
business continued to show disappointing results with system
revenues coming in lower than expected," said Geoff Knapp, CEO.
"However, the decrease in point-of-sale software sales over the
same quarter of last fiscal year was only 2% and actually up
slightly over the past three quarters, while hardware sales
declined 29% in the comparable quarter, accounting for the largest
part of the shortfall. Hardware sales carry our lowest margins.
While the systems business remains a challenge, the X-Charge
business looks very strong and shows no signs of slowing down. We
are closely monitoring our revenue and cost structure on the system
side of the business and working hard to improve system revenues."
Conference Call The company will be holding a conference call to
discuss the quarterly results. The conference call will take place
at 4:30 p.m. Eastern Time, on Wednesday, February 7, 2007. Anyone
interested in participating should call 888-243-1152, if calling
within the United States, or 973-582-2868, if calling
internationally. There will be a playback available until February
14, 2007. To listen to the playback, please call 877-519-4471, if
calling within the United States, or 973-341-3080, if calling
internationally. Please use pin number 8375029 for the replay. The
company will also have an updated investor presentation posted on
its website at http://www.camcommerece.com/. About CAM Commerce
Solutions CAM Commerce Solutions designs, develops, markets,
installs and services highly integrated retailing and payment
processing solutions for small to medium size traditional and
eCommerce businesses based on the company's open architecture
software. These integrated solutions include credit and debit card
processing, inventory management, point of sale, accounting,
Internet sales, gift card and customer loyalty programs, and
extensive management reporting. Payment processing services are
provided on a transaction based business model. You can visit CAM
Commerce Solutions at http://www.camcommerce.com/. Important
Information Certain statements made in this 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," "goal," "plans," "estimates," "may,"
"seeks," "would," "future," "bright," "projected," 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 management's
expectations, and the company does not undertake any duty to update
forward-looking statements which speak only as of the date of this
release. The performance of any one month or 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
release. CAM COMMERCE SOLUTIONS, INC. CONDENSED STATEMENTS OF
INCOME (In thousands, except per share data) THREE MONTHS ENDED
DECEMBER 31 DECEMBER 31 2006 2005 (Unaudited) (Unaudited) REVENUES
Net payment processing revenues $3,465 $2,578 Net hardware,
software and installation revenues 2,285 3,064 Net service revenues
1,422 1,344 Total net revenues 7,172 6,986 COSTS AND EXPENSES Cost
of payment processing revenues 130 118 Cost of hardware, software
and installation revenues 1,184 1,665 Cost of service revenues 637
594 Total cost of revenues 1,951 2,377 Selling, general and
administrative expenses 3,663 3,272 Research and development
expenses 383 363 Interest income (305) (206) Total costs and
expenses 5,692 5,806 Income before provisions for income taxes
1,480 1,180 Provisions for income taxes 512 438 Net income $968
$742 Basic net income per share $0.24 $0.19 Diluted net income per
share $0.23 $0.18 Shares used in computing basic net income per
share 3,980 3,849 Shares used in computing diluted net income per
share 4,191 4,096 CAM COMMERCE SOLUTIONS, INC. CONDENSED BALANCE
SHEETS (In thousands, except per share data) DECEMBER 31 SEPTEMBER
30 2006 2006 (Unaudited) ASSETS Current assets: Cash and cash
equivalents $16,369 $15,196 Marketable available-for-sale
securities 8,101 8,457 Accounts receivable, net 2,183 1,936
Inventories 351 391 Deferred income taxes 1,000 991 Other current
assets 187 138 Total current assets 28,191 27,109 Deferred income
taxes 49 56 Property and equipment, net 424 484 Intangible assets,
net 453 445 Other assets 70 51 Total assets $29,187 $28,145
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $207 $301 Accrued compensation and related expenses 1,008
1,255 Deferred service revenue and customer deposits 1,866 1,499
Cash dividends payable 643 594 Other accrued liabilities 83 103
Total current liabilities 3,807 3,752 Stockholders' equity: Common
stock, $.001 par value; 12,000 shares authorized, 4,013 shares
issued and outstanding at December 31, 2006 and 3,961 at September
30, 2006 4 4 Capital in excess of par value 22,290 21,634
Accumulated other comprehensive loss -- (6) Retained earnings 3,086
2,761 Total stockholders' equity 25,380 24,393 Total liabilities
and stockholders' equity $29,187 $28,145 DATASOURCE: CAM Commerce
Solutions, Inc. CONTACT: Mathew Hayden, President of Hayden
Communications, Inc., +1-858-704-5065, for CAM Commerce Solutions,
Inc. Web site: http://www.camcommerce.com/
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