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CAMELEON SOFTWARE | 2012 net income: 6% of revenue



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



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