FOUNTAIN VALLEY, CA reported net income for the three months
ended December 31, 2007 increased 75% to $1,694,000, or $0.39 per
diluted share, from $968,000, or $0.23 per diluted share, for the
same quarter in the prior fiscal year. Revenue for the quarter
increased 37% to $9.8 million, from $7.2 million for the
corresponding quarter of the prior fiscal year.
Pre-tax profit margins in the quarter were a first quarter
record 28%, compared to 21% for the first quarter of fiscal 2007.
Pre-tax profit was $2.7 million, which was also a company record
and up 85% from the same quarter of last fiscal year. The higher
margins are primarily the result of a continuing change in revenue
mix to higher margin, recurring X-Charge payment processing
revenues. X-Charge revenues grew 67% during the quarter to $5.8
million, from $3.5 million for the same quarter of last fiscal
year, and brought total recurring revenue, which includes support
revenue, to a record 74% of total revenues, as compared to 68% for
the comparable period of last fiscal year.
X-Charge Performance
During the quarter, the company installed 1,581 new X-Charge
payment processing accounts. As of December 31, 2007, the company
had more than 13,500 merchant accounts generating X-Charge
revenues. The company's payment processing portfolio currently
represents approximately $4 billion in annual credit card
transaction volume on a go forward basis.
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 $0.31 per share based on fiscal 2008 first quarter
results. The dividend will be paid on April 14, 2008 to
shareholders of record on April 4, 2008. This is a 72% increase,
compared to the $0.18 per share dividend previously paid based on
the results of the same quarter in prior fiscal year. The company's
cash and cash equivalents plus marketable securities during the
quarter increased to $28.6 million, or $6.96 per outstanding
share.
"We enjoyed another very strong quarter with all areas of our
business performing well, and with our X-Charge payment processing
business continuing to be the primary driver," said Geoff Knapp,
CEO. "Our non-commission related SG&A expense increased in the
quarter in large part due to higher X-Charge sales personnel costs
due to new hires and additional accounting related costs, which
included Sarbanes-Oxley compliance costs. We expect the investment
in our sales force to pay dividends in the future. While the
softening economy may provide some increased challenges, it is my
view that our growth rate and momentum will minimize the impact and
allow us to continue to prosper."
Calculation of Cash and Marketable Securities Per Share
DECEMBER 31, 2007
-----------------
Cash and cash equivalents $23,110,000
Marketable available-for-sale securities 5,515,000
-----------
Total cash and marketable securities (numerator) $28,625,000
===========
Shares outstanding (denominator) 4,114,000
Cash and marketable securities per share $6.96
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 Wednesday, February 13,
2008. 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 February 20, 2008. 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
3840732 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
--------------------------
DECEMBER 31, DECEMBER 31,
2007 2006
------------ ------------
(Unaudited) (Unaudited)
REVENUES
Net payment processing revenues $ 5,785 $ 3,465
Net hardware, software and installation
revenues 2,581 2,285
Net service revenues 1,479 1,422
------------ ------------
Total net revenues 9,845 7,172
COSTS AND EXPENSES
Cost of payment processing revenues 239 130
Cost of hardware, software and installation
revenues 1,331 1,184
Cost of service revenues 671 637
------------ ------------
Total cost of revenues 2,241 1,951
Selling, general and administrative expenses 4,767 3,663
Research and development expenses 464 383
Interest income (361) (305)
------------ ------------
Total costs and expenses 7,111 5,692
------------ ------------
Income before provisions for income taxes 2,734 1,480
Provisions for income taxes 1,040 512
------------ ------------
Net income $ 1,694 $ 968
============ ============
Basic net income per share $ 0.41 $ 0.24
============ ============
Diluted net income per share $ 0.39 $ 0.23
============ ============
Shares used in computing basic net income per
share 4,111 3,980
Shares used in computing diluted net income per
share 4,290 4,191
CAM COMMERCE SOLUTIONS, INC.
CONDENSED BALANCE SHEETS
(In thousands, except per share data)
DECEMBER 31 SEPTEMBER 30,
2007 2007
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 23,110 $ 22,047
Marketable available-for-sale securities 5,515 6,388
Accounts receivable, net 2,884 2,688
Inventories 419 295
Deferred income taxes 404 625
Other current assets 265 182
------------ ------------
Total current assets 32,597 32,225
Property and equipment, net 791 748
Intangible assets, net 517 544
Other assets 60 72
------------ ------------
Total assets $ 33,965 $ 33,589
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 669 $ 713
Accrued compensation and related expenses 1,668 1,877
Deferred service revenue and customer
deposits 1,631 1,622
Cash dividends payable 1,235 986
Other accrued liabilities 77 372
------------ ------------
Total current liabilities 5,280 5,570
Long term liabilities:
Liability for uncertain tax positions 414 --
------------ ------------
Total liabilities 5,694 5,570
------------ ------------
Stockholders' equity:
Common stock, $.001 par value; 12,000
shares authorized, 4,114 shares issued and
outstanding at December 31, 2007 and 4,105
at September 30, 2007 4 4
Capital in excess of par value 23,910 23,702
Accumulated other comprehensive loss (3) (2)
Retained earnings 4,360 4,315
------------ ------------
Total stockholders' equity 28,271 28,019
------------ ------------
Total liabilities and stockholders' equity $ 33,965 $ 33,589
============ ============
Contact: Mathew Hayden President Hayden Communications, Inc.
858-704-5065 CAM Commerce Solutions, Inc. 17075 Newhope Street
Fountain Valley, CA 92708
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