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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cam Commerce Solutions (MM) | NASDAQ:CADA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.47 | 0 | 01:00:00 |
FOUNTAIN VALLEY, CA reported net income increased 60% for the three months ended March 31, 2008 to $1,366,000, or $0.32 per fully diluted share, compared to $854,000, or $0.20 per fully diluted share, for the same quarter of fiscal 2007. Revenues for the quarter increased 23% to $9.0 million, compared to $7.3 million for the same quarter of last year.
Net income increased 68% for the six months ended March 31, 2008 to $3.1 million, or $0.71 per fully diluted share, compared to $1.8 million, or $0.43 per fully diluted share, for the same period of fiscal 2007. Revenues for the six months ended March 31, 2008 increased 30% to $18.9 million, compared to $14.5 million for the six months ended March 31, 2007.
Net income for the three and six months ended March 31, 2008 included a tax benefit of $244,000 due to the reversal of an uncertain tax position liability. The reversal was the result of a favorable audit settlement with the Internal Revenue Service concerning R&D credits.
Pre-tax profit margins for the March quarter rose to a 2nd quarter record 20%, making it the 12th consecutive quarter of year over year profit margin increase.
X-Charge Performance
During the quarter, the Company installed a record 1,802 new X-Charge payment processing accounts. As of March 31, 2008, the company had approximately 15,000 merchant accounts generating X-Charge revenues. The company's payment processing portfolio currently represents over $4 billion in annual credit card payment processing volume. X-Charge payment processing revenues increased 62% for the three months ended March 31, 2008 to $5.4 million from $3.3 million for the same quarter last year.
Dividend Declared
The Company continues its "earnings based" dividend plan to pay out 75% or more of net profit each quarter in the form of a shareholder dividend. The Board of Directors has declared a quarterly cash dividend of $0.31 per outstanding share based on this quarter's results, to be paid on July 14, 2008 to shareholders of record on July 3, 2008. This represents a 55% increase in the dividend over the $0.20 per share previously paid based on the quarter ended March 31, 2007 results. This quarter represents the 12th consecutive dividend issued for the quarterly results, with each quarterly dividend representing a significant increase over the same quarter of the prior year.
"The March quarter is typically our seasonally slowest quarter of the year with the highest expense, so the meaningful comparison for our revenue and earnings performance should be on a year over year basis rather than a sequential basis," said Geoff Knapp, CEO. "We continued our trend of substantially improving earnings based on our success with our X-Charge payment processing business. We installed a record number of new payment processing accounts during the quarter, with the increase really starting in March where over 700 new accounts were installed. This is a result of the new sales people we hired at the end of last year coming up to speed, combined with the continued addition of new resellers. Our net profit margins also continued to show improvement on a year over year comparison basis as a result of the continuing change in our revenue mix to higher margin, recurring revenues provided by our X-Charge business.
"While our X-Charge business performance was stellar, the POS system business showed some signs of weakness in the quarter with revenues down 17% from the same quarter last year. In general, the March quarter can be a seasonally challenging quarter for systems business, but we saw delayed decisions in March that may or may not be related to overall economic weakness. Sales activity was at normal or above levels going into the current quarter, so we will have to wait and see if the March quarter system sales results were the type of normal deviation we can see in the systems business or whether there is some longer term underlying weakness in our market. We have taken steps to cut back on above normal sales and marketing expenditures incurred during the quarter to improve profitability going forward. It is important to note that while we are of course seeking improved performance in the systems revenues, it is our X-Charge revenues that will be the primary driver of our success going forward. Our recurring revenue in the quarter, which is the combination of our X-Charge and service revenue, rose to a quarterly record 76% of total revenue in the quarter."
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, April 30, 2008. Anyone interested in participating in the conference call should call 800-762-8932, if calling within the United States, or 480-629-9039, if calling internationally. There will be a playback available until May 7, 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 3872251 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. 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. UNAUDITED CONDENSED STATEMENTS OF INCOME (In thousands, except per share data) THREE MONTHS ENDED SIX MONTHS ENDED ------------------ ------------------ MARCH 31 MARCH 31 MARCH 31 MARCH 31 2008 2007 2008 2007 -------- -------- -------- -------- REVENUES Net payment processing revenues $ 5,423 $ 3,342 $ 11,208 $ 6,807 Net hardware, software and installation revenues 2,144 2,576 4,725 4,861 Net service revenues 1,478 1,429 2,957 2,851 -------- -------- -------- -------- Total net revenues 9,045 7,347 18,890 14,519 COSTS AND EXPENSES Cost of payment processing revenues 232 181 471 311 Cost of hardware, software and installation revenues 1,221 1,234 2,552 2,418 Cost of service revenues 665 639 1,336 1,276 -------- -------- -------- -------- Total cost of revenues 2,118 2,054 4,359 4,005 Selling, general and administrative expenses 4,928 3,840 9,695 7,503 Research and development expenses 481 397 945 780 Interest income (294) (310) (655) (615) -------- -------- -------- -------- Total costs and expenses 7,233 5,981 14,344 11,673 -------- -------- -------- -------- Income before provisions for income taxes 1,812 1,366 4,546 2,846 Provisions for income taxes 446 512 1,486 1,024 -------- -------- -------- -------- Net income $ 1,366 $ 854 $ 3,060 $ 1,822 ======== ======== ======== ======== Basic net income per share $ 0.33 $ 0.21 $ 0.74 $ 0.46 ======== ======== ======== ======== Diluted net income per share $ 0.32 $ 0.20 $ 0.71 $ 0.43 ======== ======== ======== ======== Shares used in computing basic net income per share 4,124 4,022 4,117 4,001 Shares used in computing diluted net income per share 4,297 4,220 4,293 4,206 CAM COMMERCE SOLUTIONS, INC. CONDENSED BALANCE SHEETS (In thousands, except per share data) MARCH 31, SEPTEMBER 30, 2008 2007 ------------ ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 21,460 $ 22,047 Marketable available-for-sale securities 5,794 6,388 Accounts receivable, net 2,793 2,688 Inventories 347 295 Prepaid income taxes 1,885 -- Deferred income taxes 76 625 Other current assets 139 182 ------------ ------------ Total current assets 32,494 32,225 Property and equipment, net 770 748 Intangible assets, net 485 544 Other assets 66 72 ------------ ------------ Total assets $ 33,815 $ 33,589 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 525 $ 713 Accrued compensation and related expenses 1,588 1,877 Deferred service revenue and customer deposits 1,537 1,622 Cash dividends payable 1,283 986 Other accrued liabilities 110 372 ------------ ------------ Total current liabilities 5,043 5,570 Liability for uncertain tax positions 58 -- ------------ ------------ Total liabilities 5,101 5,570 ------------ ------------ Stockholders' equity: Common stock, $.001 par value; 12,000 shares authorized, 4,134 shares issued and outstanding at March 31, 2008 and 4,105 at September 30, 2007 4 4 Capital in excess of par value 24,284 23,702 Accumulated other comprehensive loss (17) (2) Retained earnings 4,443 4,315 ------------ ------------ Total stockholders' equity 28,714 28,019 ------------ ------------ Total liabilities and stockholders' equity $ 33,815 $ 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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