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CAMELEON SOFTWARE | 2012 net income: 6% of revenue


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-02-18 18:13:51 -

FOR IMMEDIATE RELEASE
CONTACTS
Thibault de Bouville, CFO,
tdebouville(at)cameleon-software.com
Virginie Dupin, Marketing Director,
vdupin(at)cameleon-software.com
+33 (0)811 70 78 78
                         2012 net income: 6% of revenue

                          270% growth in SaaS revenue
                             Free cash flow: €4.9M
Toulouse, France and Chicago, Il, USA, February 18, 2013

Cameleon  Software  (PAR:CAM),  the  global 
leader in product design, sales configuration, quotes, and proposals software, today announced its net income for fiscal 2012, as approved by its Board of Directors meeting on February 14, 2013. (€ Millions) | 2012 | 2011 | | Software revenue | 7.55 | 6.20 --------------------------+--------+-------- Services revenue | 2.89 | 2.02 --------------------------+--------+-------- Revenue | 10.43 | 8.22 --------------------------+--------+-------- Gross margin | 10.21 | 8.11 --------------------------+--------+-------- Employee benefits | (6.89) | (6.09) --------------------------+--------+-------- Current operating profit | 0.57 | (0.91) --------------------------+--------+-------- Non-recurring costs | (0.03) | (0.55) --------------------------+--------+-------- Operating profit (loss) | 0.54 | (1.47) --------------------------+--------+-------- Financial and other | 0.06 | 0.09 --------------------------+--------+-------- Net income (loss) | 0.60 | (1.38) --------------------------+--------+-------- (IFRS, provisional data) Provisional consolidated revenue totaled €10.43M in fiscal 2012, vs. €8.22M in 2011, growing by +27% over the year. In the fourth quarter, the Group continued to develop its SaaS sales in the US, in particular by signing contracts with one of the global leaders in optics and ophthalmology and with the world's leading media group for education. Business in this region grew by +39% over the year. Cameleon Software also made large sales to key accounts in the insurance and mutual insurance sector in Europe. MMA, the 3rd largest broker network-based insurance company in France, will roll out the Cameleon solution to all of its sales channels and materials. Cameleon has in this way become the natural CPQ leader in these markets. In 2012, the company also strengthened its established customer base in the Manufacturing, High Tech and Life Science sectors. Recurring revenue (maintenance and SaaS fees) represented 40% of consolidated revenue in 2012. SaaS revenue rose by 270% over the period. Net Income and Cash Flow The Current Operating Income has benefited from the increase in business, with a breakeven point in line with forecasts at €9.83M. Net Income is positive in the amount of €0.6M, vs. a €1.38M loss in 2011. Note that the company did not capitalize any R&D costs. The R&D to revenue ratio is 18% for fiscal 2012, vs. 25% in 2011. Given the company's development, this ratio should stabilize, or even fall, in the coming years. Also note the sharp rise in the company's net cash position, which increased from €1.76M at December 31, 2011 to €4M at December 31, 2012, which is due to the income over the period and a positive change in the working capital requirement. Closing balance sheet at December 31, 2012 The closing balance sheet broke down as follows: Assets in €M | 2012 | 2011 | | Goodwill | 2.80 | 2.80 ----------------------------+-------+------- Other non-current assets | 0.73 | 0.77 ----------------------------+-------+------- Trade receivables | 5.05 | 5.42 ----------------------------+-------+------- Other current assets | 0.47 | 0.58 ----------------------------+-------+------- Cash and cash equivalents | 4.87 | 2.02 ----------------------------+-------+------- Goodwill | 13.92 | 11.58 | | Liabilities in €M | 2012 | 2011 | | Shareholders' equity | 5.09 | 4.31 ----------------------------+-------+------- Long-term financial debt | 0.87 | 0.06 ----------------------------+-------+------- Short-term financial debt | - | 0.20 ----------------------------+-------+------- Trade payables | 0.88 | 0.87 ----------------------------+-------+------- Other debt | 2.79 | 2.68 ----------------------------+-------+------- Deferred income | 4.29 | 3.45 ----------------------------+-------+------- Total liabilities | 13.92 | 11.58 ----------------------------+-------+------- (IFRS, provisional data) Outlook for 2013 Jacques Soumeillan, the Chairman of Cameleon Software's Board of Directors, explains that "2012, which marked Cameleon Software's return to profit, is a testament to the wisdom of the strategic decisions made in 2009, when the company reinvented itself by focusing on its key asset, its CPQ solution and on its preferred market, large corporate clients. It subsequently launched the transformation of its business model into a SaaS model. This model consists of clients buying multiple year licences, which are gradually rolled out and billed annually. This regularly increases recurring revenue, improves visibility and raises the profit margin, once the rampup phase is over. 2012 was a pivotal year that has now put us in the best possible position to continue our development among tier one organizations through our SaaS offering, both in the US and in Europe. Our healthy balance sheet, reinforced by a strong cash flow generation in 2012, will allow us to confidently roll out our development plan focused on innovation. These factors make us sure of our ability to maintain a strong sales momentum in 2013, which, because of the predominance of SaaS, will have a greater impact on new orders than on revenue in the short term". About Cameleon Software Cameleon Software is the global leader in multichannel, multi-device product configurator, quotes, proposals and eCommerce software. Cameleon solutions empower customers' sales teams to streamline their quote-to-order process and increase sales across all channels, and marketing teams to define and launch new products faster. Cameleon's solutions integrate to leading CRM and ERP systems including Salesforce, SAP, Oracle and Microsoft and are available both as SaaS or On Premises. Rated as Positive in the Gartner Group Marketscope, Cameleon Software is a public company with strong references in industries such as insurance and financial services, telecom, hi tech and manufacturing, including ADT/Tyco, Clear Channel, Gras Savoye, SFR, Technip and ThyssenKrupp. For more information, visit: www.cameleon-software.com and www.salesforce.com/appexchange. ALL RIGHTS RESERVED © 2013 CAMELEON SOFTWARE. Cameleon is a registered trademark of Cameleon Software. All other product and company names mentioned are the property of their respective owners. Forward-Looking Statements Certain statements contained in this press release may constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to the integration of acquisitions and the ability to market successfully acquired technologies and products; the ability of the Company to effectively compete; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company's growth and international operations; adverse results in litigation; and changes in and a dependence on key personnel, as well as other factors. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward- looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Cameleon Software 2012 Net Income: hugin.info/143401/R/1590133/548211.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: CAMELEON SOFTWARE via Thomson Reuters ONE [HUG#1590133]


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