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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 |
From Jul 2019 to Jul 2024
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, 2010.
Fourth Quarter and Year-end 2010 Results
“Our total revenues are up 7% for the twelve months ending December 31, 2010 as compared to year end 2009,” commented Tom Clear, chief executive officer of Jacada. “The 2010 revenue growth was driven by a strong backlog exiting 2009, significant business from a new customer early in the year, and continued additional services from existing customers. Fourth quarter bookings, however, were disappointing, impacting fourth quarter revenues and causing a $1.6 million decline in revenues from the third quarter of 2010. Despite the decline in revenues, our loss did not appreciably increase, a result of our cost containment programs instituted in the third quarter of 2010.”
“Throughout 2010, Jacada continued to make progress towards our objectives of improving the fundamentals of our business and better aligning our products and services with the solution needs of our customers,” said Giddeon Hollander, founder and current chairman of the board of directors for Jacada. “While business in the near future will be challenging, I see opportunity for an improved second half of 2011.”
Financial Results
For the fourth quarter of 2010, total revenues were $3.4 million compared to $5.7 million in the fourth quarter of 2009. Software revenues for the 2010 fourth quarter were $169K compared to $678K during the 2009 fourth quarter. Services revenues were $2.6 million in the 2010 fourth quarter and $4.5 million in the 2009 fourth quarter. Maintenance revenues were $621K and $532K in the 2010 and 2009 fourth quarters, respectively.
Gross margins were 33% and 46% of total revenues during the 2010 and 2009 fourth quarters, respectively. Fourth quarter 2010 operating expenses of $2.8 million marked a decline as compared to $3.5 million in operating expenses in the fourth quarter of 2009, a reflection of the cost containment measures implemented during the third quarter of 2010.
The 2010 fourth quarter net loss was $1.6 million or ($0.39) per share compared to a net loss of $103K or ($0.02) per share in the fourth quarter of 2009. The fourth quarter 2009 results included income from discontinued operations of $583K.
For the twelve month periods ending on December 31, 2010 and 2009, respectively, total revenues were $17.9 million and $16.7 million and gross profits were $6.7 million or 37% of total revenues and $5.7 million or 34% of total revenues. During the twelve month period ending December 31, 2010, we incurred a net loss of $6.7 million or ($1.60) per share and, in the comparable 2009 period, we posted a net loss of $7.0 million or ($1.69) per share.
At the end of the 2010 fourth quarter, cash and investments were $18.5 million, compared to $19.5 million at the end of the 2010 third quarter and $23.8 million at December 31, 2009.
Conference Call Details
Management will hold a conference call to discuss the fourth quarter 2010 financial results at 10:30am ET on February 10, 2011. To participate in the teleconference, please call toll-free 888-713-4199 or 617-213-4861 for international callers, and provide pass code 66288677 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=PU4UFYY69. 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 10, 2011. To access the replay, dial toll-free 888-286-8010, or for international callers 617-801-6888, and provide pass code 29986867.
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.
CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share dataThree months endedDecember 31,
Year endedDecember 31,
2010 2009 2010 2009 Unaudited Revenues: Software licenses $ 169 $ 678 $ 1,754 $ 1,370 Services 2,614 4,536 13,624 12,967 Maintenance 621 532 2,477 2,324 Total revenues 3,404 5,746 17,855 16,661 Cost of revenues: Software licenses 152 64 349 238 Services 1,930 2,928 10,064 10,047 Maintenance 196 128 778 648 Total cost of revenues 2,278 3,120 11,191 10,933 Gross profit 1,126 2,626 6,664 5,728 Operating expenses: Research and development 732 797 3,478 3,490 Sales and marketing 852 1,775 4,993 6,205 General and administrative 1,210 891 4,789 4,433 Restructuring - - 196 - Total operating expenses 2,794 3,463 13,456 14,128 Operating loss (1,668 ) (837 ) (6,792 ) (8,400 ) Financial income, net 67 39 174 708 Pretax loss from continuing operations (1,601 ) (798 ) (6,618 ) (7,692 ) Tax benefit (expense) (38 ) 112 (49 ) 93 Net loss from continuing operations (1,639 ) (686 ) (6,667 ) (7,599 )Income from discontinued operations, net of taxes
- 583 - 583 Net loss $ (1,639 ) $ (103 ) $ (6,667 ) $ (7,016 ) Basic and diluted net income (loss) per share: Continuing operations $ (0.39 ) $ (0.17 ) $ (1.60 ) $ (1.83 ) Discontinued operations $ - $ 0.14 - $ 0.14 Total $ (0.39 ) $ (0.02 ) $ (1.60 ) $ (1.69 )Weighted average number of shares used in computing basic and diluted net earnings (loss) per share
4,159,133 4,143,249 4,158,227 4,141,331CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands December 31, 2010 2009 Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 6,022 $ 12,624 Marketable securities 1,240 6,210 Trade receivables 4,781 4,949 Restricted cash 416 557 Other current assets 1,079 1,885 Total current assets 13,538 26,225 LONG-TERM INVESTMENTS: Marketable securities 10,809 4,456 Severance pay fund 186 286 Total long-term investments 10,995 4,742 PROPERTY AND EQUIPMENT, NET 856 994 GOODWILL 3,096 3,096 Total assets $ 28,485 $ 35,057 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES: Trade payables $ 1,566 $ 1,675 Deferred revenues 1,076 685 Accrued expenses and other liabilities 1,427 1,917 Total current liabilities 4,069 4,277 LONG-TERM LIABILITIES: Accrued severance pay 366 505 Other liabilities 44 123 Total long-term liabilities 410 628 SHAREHOLDERS' EQUITY: Share capital 60 60 Additional paid-in capital 75,829 75,422 Treasury shares (17,863 ) (17,863 ) Accumulated other comprehensive profit 392 278 Accumulated deficit (34,412 ) (27,745 ) Total shareholders' equity 24,006 30,152 Total liabilities $ 28,485 $ 35,057
CONSOLIDATED CASH FLOWS U.S. dollars in thousands
Three months endedDecember 31,
Year endedDecember 31,
2010 2009 2010 2009 UnauditedCash flows from operating activities:
Net loss $ (1,639 ) $ (103 ) $ (6,667 ) $ (7,016 )Less: net income from discontinued operations, net of taxes
- (583 ) - (583 ) Net loss from continuing operations (1,639 ) (686 ) (6,667 ) (7,599 )Adjustments required to reconcile net loss from continuing operations to net cash used in operating activities from continuing operations:
Depreciation and amortization 123 104 497 546Stock-based compensation related to options granted to employees, non-employees and directors
(57 ) (137 ) 332 431Accrued interest and amortization of premium on marketable securities
21 34 149 139 Gain on sales of marketable securities (16 ) - (25 ) (353 ) Decrease in accrued severance pay, net (22 ) (73 ) (39 ) (315 ) Decrease (increase) in trade receivables, net 84 (423 ) 168 (236 ) Decrease (increase) in other current assets 358 (334 ) 840 176 Increase (decrease) in trade payables 217 (31 ) (109 ) (51 ) Increase (decrease) in deferred revenues 12 (134 ) 388 (307 ) Decrease in accrued expenses and other liabilities (643 ) (158 ) (490 ) (908 ) Decrease in other long-term liabilities (20 ) (20 ) (79 ) (62 ) Other - - 54 -Net cash used in operating activities from continuing operations
(1,582 ) (1,858 ) (4,981 ) (8,539 )Net cash used in operating activities from discontinued operations
- (227 ) - (475 ) Net cash used in operating activities (1,582 ) (2,085 ) (4,981 ) (9,014 )Cash flows from investing activities:
Investment in available-for-sale marketable securities - (6,888 ) (10,992 ) (12,801 )Proceeds from sale and redemption of available-for-sale marketable securities
- 1,498 9,711 21,039 Short term deposits, net - 1,889 - - Proceeds from sale of property and equipment - - 10 - Purchase of property and equipment (68 ) (31 ) (424 ) (275 ) Increase (decrease) in restricted cash - - 141 2Net cash provided by (used in) investing activities from continuing operations
(68 ) (3,532 ) (1,554 ) 7,965 Net cash provided by discontinued operation, net - - - 2,640 Net cash provided by (used in) investing activities (68 ) (3,532 ) (1,554 ) 10,605Cash from financing activities:
Repurchase of options - - - (250 ) Proceeds from exercise of stock options - 3 75 68Net cash provided by (used in) financing activities from continuing operations
- 3 75 (182 ) Effect of exchange rate changes on cash (84 ) (27 ) (142 ) 156Increase (decrease) in cash and cash equivalents
(1,734 ) (5,641 ) (6,602 ) 1,565Cash and cash equivalents at the beginning of the quarter/year
7,756 18,265 12,624 11,059 Cash and cash equivalents at the end of the period 6,022 12,624 6,022 12,624Supplemental Information: Cash and Investments December 31, 2010 2009 Cash and cash equivalents 6,022 12,624 Marketable securities 12,049 10,666 Restricted cash 416 557 Total cash and investments including restricted cash $ 18,487 $ 23,847
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