News

Chicago, Illinois and Toulouse, France, February 25, 2010

Access Commerce (FR0000074247), a leading provider of multichannel selling and configurator software, today announced its net income for 2009:

Revenue

2009 year-end was marked by a decline in revenue from license sales, reflecting a significant time lag in the conclusion of several important new contracts. This pipeline of new business still in the negotiation or finalization phases will further boost our portfolio for 2010. Revenue remained on track with budget despite a downturn attributable to increased use of integrators in the period combined with an unfavorable comparison base.

Cameleon, a key component of the marketing and sales strategies of our customers in insurance, telecom and high-tech sectors

In a challenging economic environment, our new customers in the insurance, telecommunications and high-tech segments have prioritized the ability to reduce time-to-market performance for the launch of offerings. In this context, 2009 provided an opportunity for Agrica, Apicil, Gras Savoye or Réunica to evaluate the greater agility offered by Cameleon in accelerating the development of their products and services and their immediate delivery to sales channels. This constitutes a significant strategic advantage in response to the inevitable multiplication of products and offerings seeking to satisfy an increasingly demanding and sophisticated customer base.

Net income and cash flow

For 2009, the company had a net loss of €0.31 million compared with net income of €0.32 million the prior year.

Access Commerce divested non-core businesses in 2009. In accordance with IFRS 5, these disposals were presented separately under a single line item, “Net income from discontinued operations" in Access Commerce's consolidated income statement. Consolidated revenue for 2009 and 2008 has consequently been restated to exclude revenue and expenses from discontinued operations and is accordingly presented above on a like-for-like basis. Net income in the period included a gain from the disposal of these discontinued operations and reorganization expenses of €0.20 million incurred in the 2009 second quarter to adapt to the economic downturn.

Cash flow remained largely positive over the period (+€1.09 million) with a cash position of €4.37 at December 31, 2009. This improvement reflected notably reduced WCR following the sale of non-core businesses that required significant financial resources and proceeds from their disposal.

Closing balance sheet at December 31, 2009

The closing balance sheet broke down as follows:

Outlook for 2010 

Jacques Soumeillan, Chairman of Access Commerce’s Board of Directors commented: "Access Commerce was successful in 2009 in implementing transformative changes in response to the difficult economic climate and has laid solid foundations foundations to meet ambitious targets in 2010. The plan for the divestiture of non-core businesses has been executed under good conditions while maintaining R&D investments focusing on the Cameleon Suite. Reaping the benefits of commercial efforts launched in 2009, Group orders for licenses, SaaS and maintenance ("Software revenue") for 2010 currently total approximately €4,800,000, €200,000 higher than total revenue for the 2009 full year. On this basis, we anticipate robust growth in the current year. Other major transformations are also underway. The commercial rollout of our Saas offering supported by reinforced sales and marketing teams in France and the US combined with a solid pipeline of orders and a healthy cash position provide reasons for confidence at the start of 2010 to meet our ambitious growth targets."

Press Release February 25, 2010