Investors Title Company Announces First Quarter 2010 Results MarketWatch (press release)
Consolidated revenue for the first quarter increased 30% on last year's same period to EUR2.22 million. This gain was driven by license sales that generated software revenue growth of approximately 60% for the period. In line with the budget, service revenue was down, reflecting the transformation of Cameleon Software's business model with the implementation of a network of integrators for Cameleon solutions.
Cameleon Software's projected breakeven point for 2010 is expected to be around EUR8.6 million.
Jacques Soumeillan, Chairman and Chief Executive Officer of Cameleon Software, explained, "2010 got off to a very encouraging start in the first quarter, building on the momentum that accompanied our adoption of a new name and confirming our ability to deliver growth. Despite this performance, in an economic environment that continues to be uncertain, we will remain cautious for 2010. One positive sign however is that license sales in the first quarter were driven by inroads in the service sector, a new market for Cameleon, while there have been renewed expressions of interest from the industrial market, particularly in the US. We have a solid backlog of orders and recurring revenue from maintenance and SaaS 2010 accounts for more than 36% of our breakeven point for the year. In line with the first quarter's performance, we will remain focused on achieving sales growth for the Cameleon suite in new markets in Europe and the US and improving our margins, while pursuing technology capital investments to service our customers. The new Cameleon Software is now on course!"
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