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Share Name | Share Symbol | Market | Type |
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(MM) | NASDAQ:CKSW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 12.595 | 0 | 01:00:00 |
BURLINGTON, Massachusetts, July 28, 2011 /PRNewswire/ --
ClickSoftware Technologies Ltd. (NasdaqGS: CKSW), the leading provider of automated workforce management and optimization solutions for the service industry, today announced results for the second quarter ended June 30, 2011.
For the second quarter ended June 30, 2011, total revenues were $20.7 million, up 18% from $17.6 million in the second quarter of 2010. Net income for the second quarter of 2011 was $2.6 million, or $0.08 per fully diluted share, compared to net income of $2.4 million, or $0.07 per fully diluted share, for the same period last year.
Non-GAAP net income for the quarter was $3.5 million, or $0.11 per fully diluted share, compared to $3.3 million, or $0.10 per fully diluted share, for the same period last year.
Software license revenues for the second quarter of 2011 were $6.1 million, down 3% compared with software license revenues of $6.2 million for the same period last year. Service and maintenance revenues were $14.6 million, up 29% compared with service and maintenance revenues of $11.3 million in the same period last year.
Gross profit in the second quarter of 2011 was $13.5 million, or 65% of revenues, compared to $10.8 million, or 62% of revenues, in the same period last year.
Cash, cash equivalents and short and long-term investments at the end of the second quarter of 2011 increased to $56.4 million from $51.9 million at the end of the first quarter of 2011. Net cash provided by operating activities was $6.6 million during the second quarter of 2011. During this quarter the Company paid its first quarterly dividend payment in the amount of $2.5 million.
Management Commentary
"We are pleased with the strong financial performance of the second quarter. Revenues reached a record level of $20.7 million, and we continued to generate positive cash flow from operations. We also remain committed to investing in our business, and the launch of the ClickAppStore furthered our aim to become a market leader for mobile business apps," commented Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO. "We are winning new business in competitive situations and are confident about our future prospects. The market's increasing demand for workforce and service optimization as well as for mobility solutions keeps us optimistic that we can continue to grow our business and take it to the next level."
Outlook
The Company reiterates the previously provided full year 2011 guidance of revenues in the approximate range of $81.5 to $85.0 million, representing about 15% to 20% growth over 2010.
Cash Dividend
The Board of Directors, at its meeting on July 25, 2011, set the dates for the second quarterly dividend payment of $0.08 per ordinary share. The record date will be August 11, 2011 and the payment date will be August 25, 2011. The dividend will be paid net of any required tax.
On April 28, 2011, the Company announced that its Board of Directors approved the distribution of a $0.32 per share dividend to be distributed quarterly in four equal payments.
Annual Shareholders Meeting
The Company also today announced that at its Annual Shareholders Meeting held on July 21, 2011, all items on the agenda as set forth in the proxy statement furnished on Form 6-K with the U.S. Securities and Exchange Commission on June 8, 2011, were approved.
Investors Conference Call
ClickSoftware will host a conference call today at 9:00 a.m. ET to discuss its financial results and other matters discussed in this press release, as well as answer questions from the investment community. To participate, please call (888) 668-9141 and ask for the ClickSoftware conference call. International participants, please call +972-3-918-0609. The call will be broadcasted by live webcast on the internet (in listen mode only) at http://ir.clicksoftware.com. A replay of this webcast will be available on the ClickSoftware website. Alternatively, a telephone replay of the call will be available for a week or by calling (888) 326-9310 (international callers can dial +972-3-925-5901).
About ClickSoftware
ClickSoftware is the leading provider of automated workforce management and optimization solutions for every size of service business. Our portfolio of solutions, available on demand and on premise, creates business value through higher levels of productivity, customer satisfaction and operational efficiency. Our patented concept of 'continuous planning and scheduling' incorporates customer demand forecasting, long and short term capacity planning, shift planning, real-time scheduling, mobility and location-based services, as well as on-going communication with the consumer on the expected arrival time of the service resource.
As the pioneers of the 'W6' concept more than 20 years ago, we have perfected solutions for solving a wide variety of problems on Who does What, for Whom, with What, Where and When. The combination of proven technology with educational services helps businesses find the right balance between reducing costs, increasing customer satisfaction, employee preferences and industry regulations/legislation. ClickSoftware's solutions manage over 250,000 resources in service businesses across a variety of industries and geographies. Our flexible deployment approach, breadth and depth of solutions and strong partnerships with leading CRM/ERP vendors and system integrators makes us the number one choice to deliver superb business performance to any organization. The Company is headquartered in the United States and Israel, with offices across Europe, and Asia Pacific.
For more information, please visit http://www.clicksoftware.com or follow us on Twitter, the content of which is not part of this press release.
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures of net income and net income per share that exclude the effects of share-based compensation, tax benefit related to the update of deferred tax asset and the amortization of acquired intangible assets. The Company's management believes the Non-GAAP financial information provided in this release is useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future. Management also uses both GAAP and Non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The Non-GAAP financial measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Reconciliations between GAAP measures and Non-GAAP measures are provided later in this press release.
SafeHarborfor Forward Looking Statements
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S Federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding future results of operations, visibility into future periods, growth and future rates of growth and expectations of future cash flows and dividends. For example, when we discuss our "Outlook" for 2011 revenues, continued growth in 2011, future prospects and potential market demand and the Company's market leadership, we are using forward-looking statements. Such "forward-looking statements" involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. Achievement of these results by ClickSoftware may be affected by many factors, including, but not limited to, risks and uncertainties regarding the general economic outlook, more attractive investments than dividends that may become available, the length of or changes in ClickSoftware's sales cycle, ClickSoftware's ability to close sales to potential customers in a timely manner and maintain or strengthen relationships with strategic partners, the timing of revenue recognition, foreign currency exchange rate fluctuations, and ClickSoftware's ability to maintain or increase its sales pipeline. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in ClickSoftware's annual report on Form 20-F for the year ended December 31, 2010 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, ClickSoftware is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Note: Financial Schedules Attached
ClickSoftware Technologies Ltd. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited. In thousands, except share and per share amounts) Three Months Ended June 30, 2011 June 30, 2010 ------------------- ------------------ % of % of $ Revenues $ Revenues ------------------- ------------------ Revenues: Software license $ 6,066 29% $ 6,249 36% Services 14,601 71% 11,333 64% ------------------- ------------------ Total revenues 20,667 100% 17,582 100% ------------------- ------------------ Cost of revenues: Software license 374 2% 338 2% Services 6,823 33% 6,398 36% ------------------- ------------------ Total cost of revenues 7,197 35% 6,736 38% ------------------- ------------------ Gross profit 13,470 65% 10,846 62% ------------------- ------------------ Operating expenses: Research and development costs, net 2,291 11% 1,892 11% Selling and marketing expenses 6,083 29% 4,812 27% General and administrative expenses 1,761 9% 1,424 8% ------------------- ------------------ Total operating expenses 10,135 49% 8,128 46% ------------------- ------------------ Operating income 3,335 16% 2,718 15% Interest income (expense), net (46) 0% 55 0% ------------------- ------------------ Net income before taxes $ 3,289 16% $ 2,773 16% Tax expense, net 690 3% 422 2% ------------------- ------------------ Net income $ 2,599 13% $ 2,351 13% ------------------- ------------------ Net earnings per ordinary share: Basic $ 0.08 $ 0.08 ------------------- ------------------ Diluted $ 0.08 $ 0.07 ------------------- ------------------ Shares used in computing basic net income per share 30,873,416 30,366,473 ------------------- ------------------ Shares used in computing diluted net income per share 32,652,099 31,946,699 ------------------- ------------------
ClickSoftware Technologies Ltd. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited. In thousands, except share and per share amounts) Six Months Ended June 30, 2011 June 30, 2010 ------------------- --------------------- % of % of $ Revenues $ Revenues ------------------- --------------------- Revenues: Software license $ 13,518 34% $ 13,087 37% Services 26,449 66% 21,978 63% ------------------- --------------------- Total revenues 39,967 100% 35,065 100% ------------------- --------------------- Cost of revenues: Software license 1,031 3% 1,031 3% Services 13,702 34% 12,224 35% ------------------- --------------------- Total cost of revenues 14,733 37% 13,255 38% ------------------- --------------------- Gross profit 25,234 63% 21,810 62% ------------------- --------------------- Operating expenses: Research and development costs, net 4,152 10% 3,739 11% Selling and marketing expenses 11,595 29% 9,173 26% General and administrative expenses 3,366 8% 2,980 8% ------------------- --------------------- Total operating expenses 19,113 48% 15,892 45% ------------------- --------------------- Operating income 6,121 15% 5,918 17% Interest income (expense), net (22) 0% 51 0% ------------------- --------------------- Net income before taxes $ 6,099 15% $ 5,969 17% Tax expense, net 1,252 3% 844 2% ------------------- --------------------- Net income $ 4,847 12% $ 5,125 15% ------------------- --------------------- Net earnings per ordinary share: Basic $ 0.16 $ 0.17 ------------------- --------------------- Diluted $ 0.15 $ 0.16 ------------------- --------------------- Shares used in computing basic net income per share 30,767,584 30,314,900 ------------------- --------------------- Shares used in computing diluted net income per share 32,376,192 31,994,563 ------------------- ---------------------
ClickSoftware Technologies Ltd. CONSOLIDATED BALANCE SHEETS (In thousands, except share data) June 30, 2011 December 31, 2010 (Unaudited) (Audited) ------------------------------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 21,438 $ 25,749 Short term deposits 24,830 16,747 Marketable securities 9,492 7,839 Trade receivables, net 16,461 14,255 Deferred taxes 1,470 2,220 Other receivables and prepaid expenses 2,656 2,431 ----------- ---------- Total current assets 76,347 69,241 ----------- ---------- LONG TERM ASSETS Property and equipment, net 3,661 3,384 Long term deposits 653 620 Other receivables and prepaid expenses 311 364 Intangible assets, net 1,600 2,004 Goodwill 2,511 2,511 Severance pay funds 1,886 1,703 ----------- ---------- Total long term assets 10,622 10,586 ----------- ---------- Total Assets $ 86,969 $ 79,827 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 12,328 $ 12,574 Dividend payable 7,541 - Deferred revenues 10,274 7,957 ----------- ---------- Total current liabilities 30,143 20,531 ----------- ---------- LONG TERM LIABILITIES Accrued severance pay 3,902 3,431 Deferred revenues 2,102 1,777 ----------- ---------- Total long term liabilities 6,004 5,208 ----------- ---------- Total liabilities 36,147 25,739 ----------- ---------- SHAREHOLDERS' EQUITY Ordinary shares of NIS 0.02 par value 129 126 Additional paid-in capital 83,098 81,170 Accumulated deficit (32,563) (27,393) Accumulated other comprehensive income 201 228 Treasury stock, at cost: 39,000 shares (43) (43) ----------- ---------- Total shareholders' equity 50,822 54,088 ----------- ---------- Total Liabilities and shareholders' equity $ 86,969 $ 79,827 =========== ==========
ClickSoftware Technologies Ltd. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited. In thousands) Six Months Ended June 30, 2011 June 30, 2010 ----------------------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 4,847 $ 5,125 Adjustments to reconcile net income to net cash provided by operating activities: Income and expense items not involving cash flows: Depreciation 690 618 Amortization of deferred compensation 712 662 Amortization of acquired intangible assets 404 398 Severance pay, net 288 85 (Gain) Loss on marketable securities (43) 15 Other 10 (1) Changes in operating assets and liabilities: Increase in trade receivables (2,206) (198) Decrease in deferred taxes 750 720 Increase in other receivables (199) (314) Increase in accounts payable and accrued expenses (246) (614) Increase in deferred revenues 2,642 1,503 ----------- ----------- Net cash provided by operating activities $ 7,649 $ 7,999 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment (976) (1,018) (Increase) Decrease in deposits (8,116) 2,020 Investments in marketable securities (4,743) (5,266) Proceeds from sale of marketable securities 3,133 1,057 ----------- ----------- Net cash used in investment activities $ (10,702) $ (3,207) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid (2,476) - Employee options exercised 1,218 581 ----------- ----------- Net cash provided by (used in) financing activities $ (1,258) $ 581 ----------- ----------- (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4,311) 5,373 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 25,749 15,594 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 21,438 $ 20,967 ----------- -----------
ClickSoftware Technologies Ltd. SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS (Unaudited. In thousands, except per share amounts) Three Months Ended June 30, 2011 June 30, 2010 --------------------- --------------------- % of % of $ Revenues $ Revenues --------------------- --------------------- GAAP Net income $ 2,599 13% $ 2,351 13% Share-based compensation (1) 401 323 Amortization of intangible assets (2) 202 199 Deferred taxes 310 380 --------------------- --------------------- Non-GAAP Net income $ 3,512 17% $ 3,253 19% --------------------- --------------------- GAAP Earnings per share (diluted) $ 0.08 $ 0.07 Share-based compensation 0.01 0.01 Amortization of intangible assets 0.01 0.01 Deferred taxes 0.01 0.01 --------------------- --------------------- Non-GAAP Earnings per share (diluted) $ 0.11 $ 0.10 --------------------- --------------------- (1)Share-based compensation: Cost of services 58 43 Research and development costs, net 49 37 Selling and marketing expenses 110 85 General and administrative expenses 184 158 --------------------- --------------------- $ 401 $ 323 --------------------- --------------------- (2)Amortization of intangible assets: Cost of revenues 173 169 Research and development costs, net 29 30 --------------------- --------------------- $ 202 $ 199 --------------------- ---------------------
ClickSoftware Technologies Ltd. SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS (Unaudited. In thousands, except per share amounts) Six Months Ended June 30, 2011 June 30, 2010 --------------------- --------------------- % of % of $ Revenues $ Revenues --------------------- --------------------- GAAP Net income $ 4,847 12% $ 5,125 15% Share-based compensation (1) 712 662 Amortization of intangible assets (2) 404 398 Deferred taxes 750 720 --------------------- --------------------- Non-GAAP Net income $ 6,713 17% $ 6,905 20% --------------------- --------------------- GAAP Earnings per share (diluted) $ 0.15 $ 0.16 Share-based compensation 0.02 0.02 Amortization of intangible assets 0.01 0.01 Deferred taxes 0.03 0.03 --------------------- --------------------- Non-GAAP Earnings per share (diluted) $ 0.21 $ 0.22 --------------------- --------------------- (1)Share-based compensation: Cost of services 97 87 Research and development costs, net 83 73 Selling and marketing expenses 187 173 General and administrative expenses 345 329 --------------------- --------------------- $ 712 $ 662 --------------------- --------------------- (2)Amortization of intangible assets: Cost of revenues 345 338 Research and development costs, net 59 60 --------------------- --------------------- $ 404 $ 398 --------------------- ---------------------
ClickSoftware Contact:
Noa Schuman
Investor Relations
+972-3-7659-467
Noa.Schuman@clicksoftware.com
Investor Relations Contact:
Rob Fink /Chi-Chi Millaway
KCSA Strategic Communications
+1-212-896-1206 / +1-212-896-1269
rfink@kcsa.com / cmillaway@kcsa.com
SOURCE ClickSoftware Technologies Ltd
Copyright 2011 PR Newswire
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