CAM Reports 2nd Quarter Results
Market Wire, April, 2008
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
============ ============
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