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Share Name | Share Symbol | Market | Type |
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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 | |
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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 year ended December 31, 2011.
Fourth Quarter Highlights
“Today’s call centers need to reflect new marketing promotions, product discounts, and support information on the agent desktop in near real-time,” said Gideon Hollander, co-chief executive officer of Jacada. “Jacada WorkSpace 6.0, with Dynamic Views represents a significant advancement for our customer experience optimization solution. Now call center leaders can use this highly innovative user interface (UI) delivery model own and control UI delivery, define call flow processes, and handle UI changes with ease, delivering the optimal agent desktop experience.”
“Total revenues remained consistent between the fourth quarter of 2011 and 2010 at $2.7 million,” commented Caroline Cronin, Chief Financial Officer. “However, with the reduction of operating expenses year over year, we decreased our net loss to $2.0 million in the fourth quarter of 2011 from $2.5 million in the fourth quarter of 2010, excluding the $3.1 million goodwill impairment charge. In addition, while revenues were down for the full year 2011 as compared to 2010, again, as a result of continued cost savings, we were able to reduce our net loss to $6.6 million in 2011 from $7.3 million in 2010, excluding the $3.1 million goodwill impairment charge and $200,000 restructuring charge.”
Financial Results
For the fourth quarter of 2011, total revenues were $2.7 million compared to $2.7 million in the fourth quarter of 2010. Software revenues for the 2011 fourth quarter were $21,000 compared to $50,000 during the 2010 fourth quarter. Services revenues were $2.0 million in both the fourth quarter of 2011 and 2010. Maintenance revenues improved to $745,000 in the fourth quarter of 2011 from $621,000 in the 2010 fourth quarter.
Gross margins were 34% and 14% of total revenues during the 2011 and 2010 fourth quarters, respectively. Services margins in the fourth quarter of 2010 were impacted by a single account which required significant additional resources to complete the implementation. Fourth quarter 2011 operating expenses were $2.8 million compared to $5.9 million in the fourth quarter of 2010, which included a $3.1 million goodwill impairment charge.
The 2011 fourth quarter net loss was $2.0 million or ($0.47) per share compared to a net loss of $5.6 million or ($1.34) per share in the fourth quarter of 2010.
For the twelve month periods ending on December 31, 2011 and 2010, respectively, total revenues were $12.4 million and $17.2 million and gross profits were $4.0 million or 32% of total revenues and $5.9 million or 34% of total revenues. During the twelve month period ending December 31, 2011, we incurred a net loss of $6.6 million or ($1.59) per share and, in the comparable 2010 period, we posted a net loss of $10.6 million or ($2.55) per share.
At the end of the 2011 fourth quarter, cash and investments were $14.1 million, compared to $14.7 million at the end of the 2011 third quarter and $18.5 million at December 31, 2010.
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.
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 LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share dataThree months endedDecember 31,
Year endedDecember 31,
2011 2010 2011 2010 Unaudited Revenues: Software licenses $ 21 $ 50 $ 1,123 $ 1,635 Services 1,963 2,033 8,448 13,043 Maintenance 745 621 2,815 2,477 Total revenues 2,729 2,704 12,386 17,155 Cost of revenues: Software licenses 9 152 93 349 Services 1,619 1,981 7,525 10,115 Maintenance 183 196 758 778 Total cost of revenues 1,811 2,329 8,376 11,242 Gross profit 918 375 4,010 5,913 Operating expenses: Research and development 787 732 2,910 3,478 Sales and marketing 1,096 852 3,556 4,993 General and administrative 943 1,210 4,068 4,789 Goodwill Impairment - 3,096 - 3,096 Restructuring - - - 196 Total operating expenses 2,826 5,890 10,534 16,552 Operating loss (1,908 ) (5,515 ) (6,524 ) (10,639 ) Financial income (loss), net (19 ) (28 ) (12 ) 79 Loss before taxes (1,927 ) (5,543 ) (6,536 ) (10,560 ) Taxes (43 ) (38 ) (62 ) (49 ) Net loss $ (1,970 ) $ (5,581 ) $ (6,598 ) $ (10,609 ) Basic and diluted net loss per share $ (0.47 ) $ (1.34 ) $ (1.59 ) $ (2.55 ) Weighted average number of shares used in computing basic and diluted net loss per share 4,159,133 4,159,133 4,159,133 4,158,227CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands December 31, 2011 2010 Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,944 $ 5,945 Marketable securities 4,592 1,240 Trade receivables 2,299 4,081 Restricted cash 487 493 Other current assets 810 1,079 Total current assets 11,132 12,838 LONG-TERM INVESTMENTS: Marketable securities 6,084 10,809 Severance pay fund 196 186 Total long-term investments 6,280 10,995 PROPERTY AND EQUIPMENT, NET 633 856 Total assets $ 18,045 $ 24,689 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES: Trade payables $ 1,607 $ 1,566 Deferred revenues 738 1,076 Accrued expenses and other liabilities 1,252 1,478 Total current liabilities 3,597 4,120 LONG-TERM LIABILITIES: Accrued severance pay 400 366 Other liabilities - 44 Total long-term liabilities 400 410 SHAREHOLDERS' EQUITY: Share capital 60 60 Additional paid-in capital 75,862 75,829 Treasury shares (17,863 ) (17,863 ) Accumulated other comprehensive income 941 487 Accumulated deficit (44,952 ) (38,354 ) Total shareholders' equity 14,048 20,159 Total liabilities $ 18,045 $ 24,689
CONSOLIDATED CASH FLOWS U.S. dollars in thousands
Three months ended December 31,
Year endedDecember 31,
2011 2010 2011 2010 UnauditedCash flows from operating activities:
Net loss $ (1,970 ) $ (5,581 ) $ (6,598 ) $ (10,609 ) Adjustments required to reconcile net loss to net cash used in operating activities: Depreciation and amortization 91 123 394 497 Goodwill impairment - 3,096 - 3,096 Stock-based compensation related to options granted to employees, non-employees and directors (111 ) (57 ) 33 332 Accrued interest and amortization of premium on marketable securities (2 ) 21 4 149 Loss on marketable securities, net 131 79 335 70 Decrease (increase) in accrued severance pay, net 16 (22 ) 24 (39 ) Decrease in trade receivables, net 167 784 1,799 868 Decrease in other current assets 126 358 227 840 Increase (decrease) in trade payables 98 217 82 (109 ) Increase (decrease) in deferred revenues (237 ) 12 (290 ) 388 Increase (decrease) in accrued expenses and other liabilities 23 (592 ) (385 ) (439 ) Decrease in other long-term liabilities (2 ) (20 ) (44 ) (79 ) Other (1 ) - 13 54 Net cash used in operating activities (1,671 ) (1,582 ) (4,406 ) (4,981 )Cash flows from investing activities:
Investment in available-for-sale marketable securities - - - (10,992 ) Proceeds from sale and redemption of available-for-sale marketable securities 391 - 1,601 9,711 Proceeds from sale of property and equipment - - - 10 Purchase of property and equipment (51 ) (68 ) (170 ) (424 ) Decrease (increase) in restricted cash 2 (77 ) 6 64 Net cash provided by (used in) investing activities 342 (145 ) 1,437 (1,631 )Cash from financing activities:
Proceeds from exercise of stock options - - - 75 Net cash provided by financing activities - - - 75 Effect of exchange rate changes on cash (47 ) (84 ) (32 ) (142 ) Decrease in cash and cash equivalents (1,376 ) (1,811 ) (3,001 ) (6,679 ) Cash and cash equivalents at the beginning of the quarter/year 4,320 7,756 5,945 12,624 Cash and cash equivalents at the end of the period $ 2,944 $ 5,945 $ 2,944 $ 5,945Supplemental Information: Cash and Investments U.S. dollars in thousands
Year endedDecember 31,
2011 2010 Unaudited Cash and cash equivalents $ 2,944 $ 5,945 Marketable securities 10,676 12,049 Restricted cash 487 493 Total cash and investments including restricted cash $ 14,107 $ 18,487
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