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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jacada Ltd. - Ordinary Shares (MM) | NASDAQ:JCDA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.57 | 0 | 01:00:00 |
Jacada Ltd. (Nasdaq: JCDA), a leading provider of customer experience management and process optimization solutions, today reported financial results for the fourth quarter and full-year period ended December 31, 2009.
Fourth Quarter 2009 Highlights
Subsequent to Year-End 2009
2009 Full-Year Recap
“The efforts we have made to improve our customer value proposition and services delivery are starting to pay off in the form of improved financial results,” said Tom Clear, chief executive officer for Jacada. “We have challenged our services management teams to deliver results, including assisting our customers with improving call center efficiencies and generating additional revenue opportunities within each account. One result has been a turnaround in our services business, both for the quarter and year, which can be seen at the top- and bottom-lines and with rebuilding of our backlog. These factors support our confidence that we are successfully executing our customer-centric strategy, and we are hopeful that we will continue to see improvements throughout the coming year.”
Mr. Clear continued, “Our pipeline continues to improve, and our close rate has also been encouraging. In the last quarter we signed material agreements with the U.S. operations of a large international public utilities company and the Swedish operations of German-based E.ON, which shows the quality and size of the customers that we’re attracting. We have industry leaders in each of our three primary verticals – telecom, utilities and insurance/financial services – which again validate the high quality of our pipeline. We’ve seen sequential revenue growth and margin improvement, we’ve kept expenses in check, and we have assembled a great team and the resources needed for 2010. These factors, coupled with several near-term new product and solution launches, gives us reason to be confident that many of these positive trends in our business will continue into 2010 and we’re looking forward to an exciting year of growth.”
Financial Results
For the fourth quarter of 2009, total revenues were $5.7 million compared to $5.9 million in the fourth quarter of 2008, a decrease of 3% but up 48% sequentially from $3.9 million in the third quarter of 2009. Total service revenues were $4.5 million for the fourth quarter of 2009 compared to $4.1 million in the fourth quarter of 2008, an increase of 10%, and up 36% sequentially from $3.3 million in the third quarter of 2009. The sequential increase was due to higher software and services revenues from ongoing implementations.
Total gross profit for the 2009 fourth quarter was $2.6 million or 46% of total revenues compared to $2.7 million or 45% in the 2008 fourth quarter and up sequentially from the third quarter of 2009 when gross profit was $1.4 million or 37%. The increase in gross margin was driven by the increase in software and services revenues.
The fourth quarter net loss from continuing operations was $(578,000) or $(0.03) per share compared to a $(1.0 million) or $(0.06) per share in the fourth quarter of 2008 and to a $(2.0 million) or $(0.12) per share loss in the third quarter of 2009.
For the 2009 fourth quarter, the Company reported net income of $5,000 or $0.00 per share as compared to a net loss of $(2.6 million), or $(0.16) per share in the 2008 quarter. The 2009 net income included income from discontinued operations of $583,000, or $0.03 per share, net of taxes, related to the discharge of a provision associated with the discontinued operations. The 2008 net loss included, $(1.6 million) net loss from discontinued operations.
For the full-year period ending December 31, 2009, total revenues were $16.7 million compared to $24.4 million in 2008. The reduction in revenues in the three month ending December 31, 2009 and full-year periods are directly related to global business conditions throughout 2009 and to a decline in new business booked during 2008. However, the company has experienced an increase in new bookings in recent quarters and reported backlog at the end of the fourth quarter grew to $9.1 million, up from $7.4 million at December 31, 2008.
Gross profit for the full-year ended December 31, 2009 was $5.7 million or 34% of total revenues compared to $11.9 million or 49.0% of total revenues for the 2008 period.
During the full-year ending December 31, 2009, the Company incurred a net loss from continuing operations of $(7.5 million) or $(0.45) per share compared to $(5.0 million), or $(0.26) per share during 2008.
In 2009, the Company posted a net loss of $(6.9 million) or $(0.42) per share compared to net income of $13.2 million, or $0.68 per share in 2008. The 2009 net loss included income from discontinued operations of $583,000, or $0.03 per share, net of taxes, related to the discharge of a provision associated with the discontinued operations. 2008 net income included $18.2 million or $0.94 per share in income, net of taxes, from discontinued operations, which was generated in the form of a capital gain from the sale of the Company's legacy business during the 2008 first quarter.
At the end of the 2009 fourth quarter, cash and investments was $23.8 million, compared to $33.1 million at year end 2008, which amount included $2.6 million in restricted cash, which was being held in escrow as part of the sale of the company’s legacy business to Software AG and which was subsequently released during 2009.The reduction in cash during the 2009 fourth quarter of approximately $2.2 million resulted primarily from the net loss from continuing operations of $578,000, an increase in trade receivables of $423,000 in support of increased revenues during the quarter, an increase in other current assets of $334,000 associated with the deferral of certain services expenses and to a reduction of accrued expenses of $810,000 related to the discontinued operation.
Conference Call Details
To participate in the teleconference, which is scheduled for today February 11, 2010 at 10:30 a.m. ET, please call toll free 1-888-680-0869, or 617-213-4854 for international callers, and provide passcode 23951289 approximately 10 minutes prior to the start time. Interested parties may pre-register for the teleconference via this URL: https://www.theconferencingservice.com/prereg/key.process?key=PLNBELCDR. A (live audio) webcast will also be available over the Internet at www.jacada.com (under "About Us" then "Investors") or www.earnings.com.
A replay of the teleconference will be available for three days beginning at 1:30 p.m. ET on February 11, 2010. To access the replay, dial toll-free 1-888-286-8010, or for international callers 617-801-6888, and provide passcode 23427022.
About Jacada
Jacada provides solutions that optimize and improve the effectiveness of customer interactions. Jacada unified desktop and process optimization solutions help companies reduce the cost of their operations, drive customer satisfaction and provide a complete return on investment in as little as 12 months after deployment. Founded in 1990, Jacada operates globally with offices in Atlanta, USA; Herzliya, Israel; London, England; Munich, Germany; and Stockholm, Sweden. More information is available at www.jacada.com, www.jacada.com/blog, www.jacada.com/facebook and www.jacada.com/twitter.
This news release may contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the performance and continued acceptance of our products, general economic conditions and other Risk Factors specifically identified in our reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made. Jacada is a trademark of Jacada Inc. All other brands or product names are trademarks of their respective owners.
Jacada is a trademark of Jacada Ltd. All other brands or product names are trademarks of their respective owners.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Three months ended
December 31,
Year endedDecember 31,
2009 2008 2009 2008 Unaudited Revenues: Software licenses $ 678 $ 1,275 $ 1,370 $ 7,647 Services 4,536 4,116 12,967 14,540 Maintenance 532 534 2,324 2,178 Total revenues 5,746 5,925 16,661 24,365 Cost of revenues: Software licenses 64 77 238 544 Services 2,928 2,975 10,047 11,038 Maintenance 128 187 648 856 Total cost of revenues 3,120 3,239 10,933 12,438 Gross profit 2,626 2,686 5,728 11,927 Operating expenses: Research and development 797 1,111 3,490 4,819 Sales and marketing 1,775 1,650 6,205 8,829 General and administrative 891 1,571 4,433 5,583 Restructuring - 451 - 451 Total operating expenses 3,463 4,783 14,128 19,682 Operating loss (837 ) (2,097 ) (8,400 ) (7,755 ) Financial income (expenses), net 39 (308 ) 708 715 Pretax loss from continuing operations (798 ) (2,405 ) (7,692 ) (7,040 ) Tax benefit 220 1,404 201 2,043 Net loss from continuing operations (578 ) (1,001 ) (7,491 ) (4,997 ) Income from discontinued operations, net of taxes 583 (1,624 ) 583 18,234 Net income (loss) $ 5 $ (2,625 ) $ (6,908 ) $ 13,237 Basic and diluted net income (loss) per share: Continuing operations $ (0.03 ) $ (0.06 ) $ (0.45 ) $ (0.26 ) Discontinued operations $ 0.03 $ (0.10 ) $ 0.03 $ 0.94 Total $ - $ (0.16 ) $ (0.42 ) $ 0.68 Weighted average number of shares used in computing basic and diluted net earnings (loss) per share 16,572,996 16,460,779 16,565,323 19,354,810
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31, December 31, 2009 2008 Unaudited Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents *) $ 12,624 $ 11,059 Marketable securities *) 6,210 8,915 Trade receivables 4,949 4,713 Restricted cash held by trustee *) - 2,640 Restricted cash *) 557 559 Other current assets 1,885 2,022 Assets held for sale - 64 Total current assets 26,225 29,972 LONG-TERM INVESTMENTS: Marketable securities *) 4,456 9,896 Severance pay fund 286 586 Total long-term investments 4,742 10,482 PROPERTY AND EQUIPMENT, NET 994 1,266 GOODWILL 3,096 3,096 Total assets $ 35,057 $ 44,816 *) Total Cash and Investments including restricted cash $ 23,847 $ 33,069 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES: Trade payables $ 1,194 $ 1,245 Deferred revenues 685 1,006 Accrued expenses and other liabilities 2,290 3,096 Liabilities held for sale - 1,363 Total current liabilities 4,169 6,710 LONG-TERM LIABILITIES: Accrued severance pay 505 1,120 Other liabilities 123 185 Total long-term liabilities 628 1,305 SHAREHOLDERS' EQUITY: Share capital 60 60 Additional paid-in capital 75,422 75,173 Treasury shares (17,863 ) (17,863 ) Accumulated other comprehensive profit 278 160 Accumulated deficit (27,637 ) (20,729 ) Total shareholders' equity 30,260 36,801 Total liabilities $ 35,057 $ 44,816
CONSOLIDATED CASH FLOWS
U.S. dollars in thousands
Three months endedDecember 31,
Year endedDecember 31,
2009 2008 2009 2008 UnauditedCash flows from operating activities:
Net income (loss) $ 5 $ (2,625 ) $ (6,908 ) $ 13,237 Less: net loss (income) from discontinued operations, net of taxes (583 ) 1,624 (583 ) (18,234 ) Net loss from continuing operations (578 ) (1,001 ) (7,491 ) (4,997 ) Adjustments required to reconcile net loss from continuing operations to net cash used in operating activities from continuing operations: Depreciation and amortization 132 358 574 811 Stock-based compensation related to options granted to employees and directors (138 ) 89 420 860 Stock-based compensation related to options granted to non-employees 1 - 11 7 Accrued interest and amortization of premium on marketable securities 34 310 139 389 Loss (gain) on sales of marketable securities - 281 (353 ) 372 Decrease in accrued severance pay, net (73 ) (32 ) (315 ) (18 ) Increase in trade receivables, net (423 ) (911 ) (236 ) (1,100 ) Decrease (increase) in other current assets (334 ) (203 ) 176 (478 ) Increase (decrease) in trade payables (31 ) 28 (51 ) 78 Decrease in deferred revenues (134 ) (442 ) (307 ) (948 ) Decrease in accrued expenses and other liabilities (266 ) (93 ) (1,266 ) (212 ) Increase (decrease) in other long-term liabilities (20 ) (18 ) (62 ) 185 Other - 1 - 10 Net cash used in operating activities from continuing operations (1,830 ) (1,633 ) (8,761 ) (5,041 ) Net cash used in operating activities from discontinued operations (227 ) (1,454 ) (475 ) (1,695 ) Net cash used in operating activities (2,057 ) (3,087 ) (9,236 ) (6,736 )Cash flows from investing activities:
Investment in available-for-sale marketable securities (6,888 ) (3,900 ) (12,801 ) (29,297 ) Proceeds from sale and redemption of available-for-sale marketable securities 1,498 7,483 21,039 37,523 Short term deposits, net 1,889 - - - Purchase of property and equipment (59 ) (116 ) (303 ) (982 ) Proceeds from sale of property and equipment - - - 5 Increase in restricted cash - (559 ) - (559 ) Net cash provided by (used in) investing activities from continuing operations (3,560 ) 2,908 7,935 6,690 Proceeds from sale of discontinued operations, net - - 2,642 22,094 Net cash provided by (used in) investing activities (3,560 ) 2,908 10,577 28,784Cash from financing activities:
Purchase of treasury shares - (1 ) - (17,863 ) Proceeds from exercise of stock options 3 192 68 914 Net cash provided by (used in) financing activities from continuing operations 3 191 68 (16,949 ) Effect of exchange rate changes on cash (27 ) - 156 - Increase in cash and cash equivalents (5,641 ) 12 1,565 5,099 Cash and cash equivalents at the beginning of the quarter/year 18,265 11,047 11,059 5,960 Cash and cash equivalents at the end of the period 12,624 11,059 12,624 11,059 Marketable securities 10,666 18,811 10,666 18,811 Restricted cash 557 3,199 557 3,199 Total cash and investments at the end of the period including restricted cash $ 23,847 $ 33,069 $ 23,847 $ 33,069
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