Net Income Rises 36% on Record X-Charge Revenues FOUNTAIN VALLEY,
Calif., Aug. 8 /PRNewswire-FirstCall/ -- CAM Commerce Solutions,
Inc. (NASDAQ:CADA) reported net income increased 36% for the three
months ended June 30, 2006 to $686,000, or $0.16 per fully diluted
share, compared to $503,000, or $0.13 per fully diluted share, for
the same quarter of fiscal 2005. Revenues increased 8% to $6.8
million for the three months ended June 30, 2006, compared to $6.3
million for the third quarter of fiscal 2005, on the strength of a
$968,000, or 53%, increase in the Company's X-Charge payment
processing revenues from $1.8 million in the 3rd quarter of fiscal
2005 to $2.8 million in the third quarter of fiscal 2006. Pre-tax
profit margins were 17% for the quarter versus 13% for the same
quarter in 2005. Net income increased 75% for the nine months ended
June 30, 2006 to $1.8 million, or $0.44 per fully diluted share,
compared to $1.1 million, or $0.26 per fully diluted share, for the
same period of fiscal 2005. Revenues for the nine months ended June
30, 2006 increased 10% to $20.2 million, compared to $18.3 million
for the nine months ended June 30, 2005. The increase was the
result of a $3.1 million, or 68%, increase in X-Charge payment
processing revenues for the first nine months of fiscal 2006 to
$7.7 million, as compared to $4.6 million for the same period in
fiscal 2005. Pre-tax profit margin increased to 15% for the nine
months ended June 30, 2006, compared to 10% for the same period of
fiscal 2005, which was also a result of the increase in high
margin, recurring X-Charge payment processing revenues. The results
for the three and nine months ended June 30, 2006 included
compensation expense of $46,000 and $126,000, respectively, related
to the adoption of Statement of Financial Accounting Standards No.
123R (SFAS123R), for stock options that were previously granted to
employees. Prior to SFAS123R adoption, compensation expense related
to employee stock options was not recorded in the financial
statements but disclosed in the footnotes as required under
previous accounting rules. X-Charge Performance During the third
quarter, the Company installed a record 1,036 new X-Charge payment
processing accounts, an increase of 24% compared to the same period
in 2005 when the company installed 838 new accounts. As of June 30,
2006, the company had more than 7,500 payment processing accounts
representing approximately $2.2 billion in annual payment
processing volume. The Company's X-Charge reseller base grew during
the quarter to 256 resellers who had earned residual income from
their active X-Charge processing accounts during the quarter, as
compared to 239 at the end of the second quarter. X-Charge payment
processing revenues increased 53% and 68% for the three and nine
months ended June 30, 2006, respectively, compared to the same
periods of fiscal 2005. Dividend Declared The Board of Directors
has declared a quarterly cash dividend of $0.15 per outstanding
share for this quarter, to be paid on October 16, 2006 to
shareholders of record on October 5, 2006. This is a 50% increase
over the $0.10 per share dividend declared for the third quarter of
last fiscal year. Cash, cash equivalents and marketable securities
increased by $529,000 during the quarter from $22.3 million on
March 31, 2006 to $22.8 million on June 30, 2006. The company
remains debt free. "We installed a record number of new X-Charge
payment processing accounts during the quarter, and in the month of
May we broke all of our monthly records for new applications and
installations in a single month," said Geoff Knapp, CEO. "Our
X-Charge business continues to be our profit and revenue driver,
now representing our largest revenue source this quarter. The
recurring portion of our revenues, which is both service and
X-Charge payment processing, was 61% of total revenues during the
quarter as compared to 50% for the same quarter of fiscal 2005. The
result of the increase in high margin, recurring X-Charge payment
processing revenues was a 400 basis-point increase in gross profit
margin this year over last year for the same quarter. With our
X-Charge payment processing revenues continuing to produce record
results, the June quarter could have been better had we been able
to deliver system sales at the level we expected. The system sales
side of our business remains challenging and difficult to predict."
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 Tuesday,
August 8, 2006. Anyone interested in participating in the
conference call should call 800-289-0533, if calling within the
United States, or 913-981-5525, if calling internationally. There
will be a playback available until August 15, 2006. To listen to
the playback, please call 888-203-1112, if calling within the
United States, or 719-457-0820, if calling internationally. Please
use pin number 4210411 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 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 inventory management, point of sale, accounting, credit and
debit card processing, 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) (Unaudited) THREE
MONTHS ENDED NINE MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2006
2005 2006 2005 REVENUES Net hardware, software and installation
revenues $2,651 $3,140 $8,563 $9,715 Net service revenues 1,327
1,307 3,982 4,034 Net payment processing revenues 2,792 1,824 7,694
4,574 Total net revenues 6,770 6,271 20,239 18,323 COSTS AND
EXPENSES Cost of hardware, software and installation revenues 1,395
1,581 4,568 4,995 Cost of service revenues 633 583 1,834 1,694 Cost
of payment processing revenues 129 81 373 330 Total cost of
revenues 2,157 2,245 6,775 7,019 Selling, general and
administrative expenses 3,351 2,978 10,010 8,850 Research and
development expenses 385 347 1,148 1,064 Interest income (250)
(143) (679) (379) Total costs and expenses 5,643 5,427 17,254
16,554 Income before provisions for income taxes 1,127 844 2,985
1,769 Provisions for income taxes 441 341 1,140 714 Net income $686
$503 $1,845 $1,055 Basic net income per share $0.17 $0.13 $0.47
$0.28 Diluted net income per share $0.16 $0.13 $0.44 $0.26 Shares
used in computing basic net income per share 3,932 3,830 3,890
3,810 Shares used in computing diluted net income per share 4,180
3,982 4,148 4,020 CAM COMMERCE SOLUTIONS, INC. CONDENSED BALANCE
SHEETS (In thousands, except per share data) JUNE 30 SEPTEMBER 30
2006 2005 (Unaudited) ASSETS Current assets: Cash and cash
equivalents $16,318 $15,763 Marketable available-for-sale
securities 6,476 5,300 Accounts receivable, net 1,941 1,930
Inventories 256 306 Deferred income taxes 1,185 1,188 Other current
assets 180 132 Total current assets 26,356 24,619 Deferred income
taxes 317 714 Property and equipment, net 505 610 Intangible
assets, net 459 467 Other assets 51 51 Total assets $27,688 $26,461
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $242 $445 Accrued compensation and related expenses 1,191
1,154 Deferred service revenue and customer deposits 1,598 1,728
Cash dividends payable 553 385 Other accrued liabilities 125 260
Total current liabilities 3,709 3,972 Stockholders' equity: Common
stock, $.001 par value; 12,000 shares authorized, 3,946 shares
issued and outstanding at June 30, 2006 and 3,846 at September 30,
2005 4 4 Capital in excess of par value 21,434 20,152 Accumulated
other comprehensive loss (12) (18) Retained earnings 2,553 2,351
Total stockholders' equity 23,979 22,489 Total liabilities and
stockholders' equity $27,688 $26,461 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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