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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 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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