FOUNTAIN VALLEY, CA reported pre-tax income for the 4th quarter
ended September 30, 2007 increased to $2.6 million, compared to
$1.3 million for the same period of last fiscal year. Revenues
increased 32% to $9.2 million for the three months ended September
30, 2007, compared to $7.0 million for the three months ended
September 30, 2006. Net income for the three-month period ended
September 30, 2007 increased 104% to $1.6 million, or $0.38 per
share, compared to $802,000, or $0.19 per share, for the same
quarter of last fiscal year. Pre-tax profit margin for the quarter
ended September 30, 2007 was a record 28%, as compared to 19% in
the same period of last fiscal year.
Revenues for the fiscal year ended September 30, 2007 increased
18% to $32.2 million, compared to $27.2 million for fiscal year
2006, based on the strength of a 51% increase in X-Charge payment
processing revenues. Pre-tax income grew 74% to $7.5 million,
compared to $4.3 million in fiscal 2006. Net income for the fiscal
year ended September 30, 2007 increased 78% to $4.7 million, or
$1.12 per share, compared to $2.6 million, or $0.64 per share, for
fiscal year 2006. Pre-tax profit margin for fiscal year ended
September 30, 2007 was also a record at 23% compared to 16% for
fiscal 2006.
Cash and Marketable Securities Increase
As of September 30, 2007, cash and cash equivalent plus
marketable securities increased $2 million in the 4th quarter and
$4.8 million during the year to $28.4 million, or $6.93 per
outstanding share, compared to $23.7 million, or $5.97 per
outstanding share, at September 30, 2006. The Company remains debt
free.
X-Charge Performance
During the 4th quarter, 1,601 new X-Charge payment processing
accounts were installed, which was a 45% increase over the same
period last year when 1,101 new accounts were installed. During the
year ended September 30, 2007, the Company installed a record 6,347
new X-Charge accounts, which was a 58% increase over the 4,020 new
accounts installed last fiscal year. As of September 30, 2007,
there were more than 12,000 merchant accounts generating X-Charge
revenues. This portfolio of merchant accounts represents
approximately $3.5 billion in annual payment processing volume.
Dividend Declared
The Board of Directors has declared a quarterly cash dividend of
$0.30 per outstanding share for the 4th quarter results, to be paid
on January 17, 2008 to shareholders of record on January 7, 2008.
This represents an 88% increase in the dividend from the same
quarter result of last fiscal year of $0.16. The Company declared
dividends payable to shareholders totaling $0.92 per share based on
the quarterly results of fiscal 2007, as compared to $0.59 per
share for the quarterly results of last fiscal year.
"The fourth quarter was very strong for us and finished off a
great year," stated Geoff Knapp, Chairman and CEO of CAM Commerce
Solutions. "Our X-Charge payment processing business continued to
deliver as expected for us and system sales continued to show
stability with a slight increase in 4th quarter revenue over the
same period of last fiscal year and another quarter of improving
margins. Our overall pre-tax profit margin of 28% in the 4th
quarter showed that we are maintaining good controls on our cost
structure even as we see significant growth in our payment
processing business. We delivered another good year of shareholder
value with excellent gains in our stock price and significantly
increasing dividends. And even while paying those high dividends,
we continued to see our cash and marketable securities balance
increase by almost $2 million in the 4th quarter alone. Recurring
revenues in the 4th quarter (payment processing and support
services) grew to 71% of our total revenues, giving us an
increasingly stable and more predictable revenue stream. I am
optimistic that our momentum will carry us into a successful fiscal
2008 and beyond."
Calculation of Cash and Marketable Securities Per Share
SEPTEMBER 30, SEPTEMBER 30,
2007 2006
--------------- ---------------
Cash and cash equivalents $ 22,047,000 $ 15,196,000
Marketable available-for-sale securities 6,388,000 8,457,000
--------------- ---------------
Total cash and marketable securities
(numerator) $ 28,435,000 $ 23,653,000
=============== ===============
Shares outstanding (denominator) 4,105,000 3,961,000
Cash and marketable securities per share $ 6.93 $ 5.97
Conference Call
The company will be holding a conference call to discuss the
quarterly results. The conference call will take place at 1:30 p.m.
Pacific Time (4:30 p.m. Eastern Time), on Monday, November 19,
2007. Anyone interested in participating in the conference call
should call 888-339-9446, if calling within the United States, or
480-293-1744, if calling internationally. There will be a playback
available until November 26, 2007. To listen to the playback,
please call 800-406-7325, if calling within the United States, or
303-590-3030, if calling internationally. Please use pin number
3806156 for the replay. The company will also have an updated
investor presentation posted on its website at
www.camcommerce.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 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. The performance
of any one month or quarter may not be indicative of future
performance, particularly given prevailing market and economic
uncertainties. Investors should not rely upon forward-looking
statements because they are subject to a variety of risks,
uncertainties, and other factors identified in CAM Commerce
Solutions' filings with the Securities and Exchange Commission that
could cause actual results to differ materially from management's
expectations. The company does not undertake any duty to update the
forward-looking statements, which speak only as of the date of this
release.
CAM COMMERCE SOLUTIONS, INC.
CONDENSED STATEMENTS OF INCOME
(In thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED
---------------------- ----------------------
SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER
30, 30, 30, 30,
2007 2006 2007 2006
---------- ---------- ---------- ----------
(Unaudited) (Unaudited) (Unaudited)
REVENUES
Net payment processing
revenues $ 5,056 $ 2,995 $ 16,185 $ 10,689
Net hardware, software
and installation
revenues 2,709 2,636 10,325 11,199
Net service revenues 1,447 1,342 5,719 5,324
---------- ---------- ---------- ----------
Total net revenues 9,212 6,973 32,229 27,212
COSTS AND EXPENSES
Cost of payment
processing revenues 201 160 703 533
Cost of hardware,
software and
installation revenues 1,255 1,399 4,960 5,967
Cost of service revenues 653 631 2,572 2,465
---------- ---------- ---------- ----------
Total cost of revenues 2,109 2,190 8,235 8,965
Selling, general and
administrative expenses 4,473 3,383 16,264 13,393
Research and development
expenses 401 389 1,579 1,537
Interest income (373) (290) (1,317) (969)
---------- ---------- ---------- ----------
Total costs and expenses 6,610 5,672 24,761 22,926
---------- ---------- ---------- ----------
Income before provisions
for income taxes 2,602 1,301 7,468 4,286
Provisions for income taxes 968 499 2,745 1,639
---------- ---------- ---------- ----------
Net income $ 1,634 $ 802 $ 4,723 $ 2,647
========== ========== ========== ==========
Basic net income per share $ 0.40 $ 0.20 $ 1.17 $ 0.68
========== ========== ========== ==========
Diluted net income per
share $ 0.38 $ 0.19 $ 1.12 $ 0.64
========== ========== ========== ==========
Shares used in computing
basic net income per share 4,087 3,954 4,035 3,906
Shares used in computing
diluted net income per
share 4,271 4,169 4,231 4,154
CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS
(In thousands, except per share data)
SEPTEMBER 30, SEPTEMBER 30,
2007 2006
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 22,047 $ 15,196
Marketable available-for-sale securities 6,388 8,457
Accounts receivable, net 2,688 1,936
Inventories 295 391
Deferred income taxes 625 991
Other current assets 182 138
------------- -------------
Total current assets 32,225 27,109
Deferred income taxes -- 56
Property and equipment, net 748 484
Intangible assets, net 544 445
Other assets 72 51
------------- -------------
Total assets $ 33,589 $ 28,145
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 713 $ 301
Accrued compensation and related expenses 1,877 1,255
Deferred service revenue and customer
deposits 1,622 1,499
Cash dividends payable 986 594
Other accrued liabilities 372 103
------------- -------------
Total current liabilities 5,570 3,752
Stockholders' equity:
Common stock, $.001 par value; 12,000
shares authorized, 4,105 shares issued and
outstanding at September 30, 2007 and 3,961
at September 30, 2006 4 4
Capital in excess of par value 23,702 21,634
Accumulated other comprehensive loss (2) (6)
Retained earnings 4,315 2,761
------------- -------------
Total stockholders' equity 28,019 24,393
------------- -------------
Total liabilities and stockholders' equity $ 33,589 $ 28,145
============= =============
Contact: Mathew Hayden President Hayden Communications, Inc.
858-704-5065
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