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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 unified desktop and process optimization solutions for customer service operations, today reported financial results for the fourth quarter and for the fiscal year ended December 31, 2008.
For the fourth quarter of 2008, total reported revenues were $5.5 million compared to $6.1 million in the fourth quarter of 2007. Total reported revenues for the fiscal year 2008 rose 73% to $23 million compared to $13.3 million for the fiscal year 2007.
Non-GAAP gross profit for the fourth quarter was $2.7 million, or 49% gross margin, compared to $2.5 million in gross profit, or 41% gross margin in the fourth quarter last year. For the fiscal year 2008, non-GAAP gross profit was $12.1 million, or 53% gross margin, compared to $6.2 million or 47% gross margin for the fiscal year 2007.
The fourth quarter non-GAAP net loss from continuing operations improved 36% to ($1.5 million), or ($0.9) per share, when compared to ($2.3 million), or ($0.11) per share in the fourth quarter of 2007. Non-GAAP net loss for the fiscal year 2008 improved 52% to ($5.3 million) compared to a net loss of ($11 million) for the fiscal year 2007.
Total GAAP gross profit was $2.7 million, or 49% gross margin, compared to $2.3 million and 37%, respectively, in last year’s fourth quarter. For the fiscal year 2008, GAAP gross profit was $11.9 million, or 52% gross margin, compared to $5.8 million or 43% gross margin for the fiscal year 2007.
“We are pleased to have exceeded both our revenue and bottom-line guidance for 2008,” commented Paul O’Callaghan, chief executive officer for Jacada. “Our record annual revenue growth was led by a 106% increase in software license revenue. This record growth combined with improved services margins and continued improvement in operational efficiency contributed to our exceeding expectations for our bottom-line results as well. We believe we have demonstrated strong fiscal management and performance over the past eight quarters, and have managed well through this difficult period. During the fourth quarter we instituted a reduction in force and other expense containment strategies as part of our ongoing focus on reducing costs and improving our bottom line results. We remain committed to continue to make significant progress towards improving margins and reducing losses, while working hard to win new business.”
Overall GAAP net loss for the fourth quarter of 2008 was ($2.6 million), or ($0.16) per share, which includes ($1.0 million) of net loss from continuing operations and a ($1.6 million) net loss from discontinued operations. This is compared to a GAAP net income of $5.4 million or $0.26 per share for the fourth quarter of fiscal year 2007, which includes $3.3 million of net income from continuing operations and $2.1 million of net income from discontinued operations. GAAP net income for the fiscal year 2008 was $13.2 million, or $0.68 per share, which includes ($5.0 million) of net loss from continuing operations and $18.2 million of capital gain net of taxes from discontinued operations. This is compared to a GAAP net income of $4.1 million or $0.20 per share for the fiscal year 2007, which includes ($3.4 million) of net loss from continuing operations and $7.5 million of net income from discontinued operations.
“Our core value proposition of improving customer retention and reducing operating expense is a message that continues to resonate with our target markets,” continued O’Callaghan. “Our ability to implement in as little as four months, and deliver a complete return on investment in less than 12 months is seen as a very attractive alternative to large scale systems replacements, especially in a market that now demands quick time-to-value and has little appetite for long, expensive and risky large-scale application implementation projects.”
At the end of the fourth quarter of 2008 cash and investments including restricted cash were $33.1 million, compared to $33.8 million reported on December 31, 2007. The restricted cash includes $2.6 million, which is being held in escrow as part of the sale of the company’s legacy business to Software AG.
During the year, the company:
“Due to the uncertain nature of the economy and lack of visibility regarding the impact of these market conditions on our customers, we are suspending our traditional guidance at this time,” concluded O’Callaghan. “As we all await an economic recovery, Jacada will continue to manage what we can manage, and focus on the bottom line through tight expense management and other initiatives to expand our margins.”
Conference Call Details
Jacada management will host a conference call at 10:30 a.m. Eastern Time on February 12, 2009, to discuss the results with the investment community. To participate in the teleconference, please call toll-free 866-783-2144, or 857-350-1603 for international callers, and provide passcode 98976117 approximately 10 minutes prior to the start time. 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 12:30 p.m. ET on February 12, 2009. To access the replay, dial toll-free 888-286-8010, or for international callers dial 617-801-6888, and provide passcode 29134328.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Jacada uses non-GAAP measures of operating income (loss), net income (loss) and income (loss) per share, which are adjustments from results based on GAAP to exclude discontinued operations, taxes, non-cash stock-based compensation expenses in accordance with SFAS 123R, amortization of acquired intangible assets related to acquisitions effected by Jacada in previous years, restructuring costs and devaluation of ARS. Jacada management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of the on-going core operations of Jacada and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management 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.
About Jacada
Jacada is a leading global provider of unified service desktop and process optimization solutions that simplify and automate customer service processes. By bridging disconnected systems into a single, intelligent desktop, Jacada solutions create greater operational efficiency and increase agent and customer satisfaction. Founded in 1990, Jacada operates globally with offices in Atlanta, Georgia; Herzliya, Israel; London, England and Munich, Germany. Jacada can be reached at www.jacada.com.
Forward Looking Statement
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
Year endedDecember 31,
Three months endedDecember 31,
2008 2007 2008 2007 Unaudited Revenues: Software licenses $ 7,647 $ 3,706 $ 1,275 $ 1,693 Services 13,230 7,824 3,714 3,823 Maintenance 2,178 1,812 534 633Total revenues
23,055 13,342 5,523 6,149 Cost of revenues: Software licenses 544 449 77 258 Services 9,728 6,354 2,573 3,418 Maintenance 856 745 187 198Total cost of revenues
11,128 7,548 2,837 3,874 Gross profit 11,927 5,794 2,686 2,275 Operating expenses: Research and development 4,819 4,402 1,111 1,175 Sales and marketing 8,829 9,787 1,650 2,530 General and administrative 5,583 5,249 1,571 1,673 Restructuring 451 - 451 -Total operating expenses
19,682 19,438 4,783 5,378 Operating loss (7,755 ) (13,644 ) (2,097 ) (3,103 ) Financial income (expenses), net 715 1,548 (308 ) 335 Pretax loss from continuing operations (7,040 ) (12,096 ) (2,405 ) (2,768 ) Tax benefit 2,043 8,672 1,404 6,117 Net income (loss) from continuing operations (4,997 ) (3,424 ) (1,001 ) 3,349 Net income (loss) from discontinued operations, net of taxes18,234
7,540
(1,624 ) 2,054 Net income (loss) $ 13,237 $ 4,116 $ (2,625 ) $ 5,403 Basic and diluted net income (loss) per share: Continuing operations $ (0.26 ) $ (0.17 ) $ (0.06 ) $ 0.16 Discontinued operations $ 0.94 $ 0.37 $ (0.10 ) $ 0.10 Total $ 0.68 $ 0.20 $ (0.16 ) $ 0.26 Weighted average number of shares used in computing basic and diluted net income (loss) per share 19,354,810 20,364,752 16,460,779 20,563,369
NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Year endedDecember 31,
Three months endedDecember 31,
2008 2007 2008 2007 Unaudited Revenues: Software licenses $ 7,647 $ 3,706 $ 1,275 $ 1,693 Services 13,230 7,824 3,714 3,823 Maintenance 2,178 1,812 534 633Total revenues
23,055 13,342 5,523 6,149 Cost of revenues: Software licenses 426 120 51 57 Services 9,649 6,262 2,573 3,395 Maintenance 853 740 187 196Total cost of revenues
10,928 7,122 2,811 3,648 Gross profit 12,127 6,220 2,712 2,501 Operating expenses: Research and development 4,747 4,325 1,104 1,151 Sales and marketing 8,625 9,535 1,629 2,480 General and administrative 5,081 4,884 1,510 1,583Total operating expenses
18,453 18,744 4,243 5,214 Operating loss (6,326 ) (12,524 ) (1,531 ) (2,713 ) Financial income, net 1,068 1,548 45 335 Pretax loss from continuing operations (5,258 ) (10,976 ) (1,486 ) (2,378 ) Tax (expense) benefit (83 ) (54 ) 4 41 Net loss from continuing operations $ (5,341 ) $ (11,030 ) $ (1,482 ) $ (2,337 ) Basic and diluted net loss per share $ (0.28 ) $ (0.54 ) $ (0.09 ) $ (0.11 ) Weighted average number of shares used in computing basic and diluted net loss per share 19,354,810 20,364,752 16,460,779 20,563,369
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Year ended December 31, 2008 GAAP Adjustments Non-GAAP Amortization of acquired intangible assets Stock-based compensation expenses Income from discontinued operations Tax benefit associated with discontinued operations Restructuring Other than temporary impairment on marketable securities Revenues: Software licenses $ 7,647 7,647 Services 13,23013,230
Maintenance 2,1782,178
Total revenues
23,055 23,055 Cost of revenues: Software licenses 544 (118 ) 426 Services 9,728 (79 ) 9,649 Maintenance 856 (3 ) 853Total cost of revenues
11,128 (118 ) (82 ) 10,928 Gross profit 11,927 118 82 12,127 Operating expenses: Research and development 4,819 (72 ) 4,747 Sales and marketing 8,829 (204 ) 8,625 General and administrative 5,583 (502 ) 5,081 Restructuring 451 (451 ) -Total operating expenses
19,682 (778 ) (451 ) 18,453 Operating loss (7,755 ) 118 860 451 (6,326 ) Financial income, net 715 353 1,068 Pretax loss (7,040 ) 118 860 451 (5,258 ) Tax (expense) benefit 2,043 (2,126 ) (83 ) Income (loss) from continuing operations (4,997 ) 118 860 (2,126 ) 451 353 (5,341 ) Income from discontinued operations 18,234 (18,234 ) - Net income (loss) $ 13,237 $ 118 $ 860 $ (18,234 ) $ (2,126 ) $ 451 $ 353 $ (5,341 ) Basic and diluted net income (loss) per share: Continuing operations $ (0.26 ) $ (0.28 ) Discontinued operations 0.94 - Total $ 0.68 $ (0.28 ) Weighted average number of shares used in computing basic and diluted net income (loss) per share 19,354,810 19,354,810
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Three months ended December 31, 2008 (unaudited) GAAP Adjustments Non-GAAP Amortization of acquired intangible assets Stock-based compensation expenses Income from discontinued operations Tax benefit associated with discontinued operations Restructuring Other than temporary impairment on marketable securities Revenues: Software licenses $ 1,275 $ 1,275 Services 3,714 3,714 Maintenance 534 534Total revenues
5,523 5,523 Cost of revenues: Software licenses 77 (26 ) 51 Services 2,573 2,573 Maintenance 187 187Total cost of revenues
2,837 (26 ) 2,811 Gross profit 2,686 26 2,712 Operating expenses: Research and development 1,111 (7 ) 1,104 Sales and marketing 1,650 (21 ) 1,629 General and administrative 1,571 (61 ) 1,510 Restructuring 451 (451 ) -Total operating expenses
4,783 (89 ) (451 ) 4,243 Operating loss (2,097 ) 26 89 451 (1,531 ) Financial income, net (308 ) 353 45 Pretax loss (2,405 ) 26 89 451 (1,486 ) Tax benefit 1,404 (1,400 ) 4 Loss from continuing operations (1,001 ) 26 89 1,624 (1,400 ) 451 353 (1,482 ) Loss from discontinued operations (1,624 ) - Net loss $ (2,625 ) $ 26 $ 89 $ 1,624 $ (1,400 ) $ 451 $ 353 $ (1,482 ) Basic and diluted net loss per share: Continuing operations $ (0.06 ) $ (0.09 ) Discontinued operations (0.10 ) - Total $ (0.16 ) $ (0.09 ) Weighted average number of shares used in computing basic and diluted net loss per share 16,460,779 16,460,779
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31, 2008 December 31, 2007 Unaudited Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents *) $ 11,059 $ 5,960 Marketable securities *) 8,915 10,869 Trade receivables 4,713 3,613 Restricted cash *) 3,199 - Other current assets 2,022 1,736 Assets held for sale 64 7,752Total current assets
29,972 29,930 LONG-TERM INVESTMENTS: Marketable securities *) 9,896 16,995 Severance pay fund 586 970Total long-term investments
10,482 17,965 PROPERTY AND EQUIPMENT, NET 1,266 992 OTHER ASSETS, NET: Other intangibles, net - 118 Goodwill 3,096 3,096Total other assets
3,096 3,214Total assets
$ 44,816 $ 52,101 *) Total Cash and Investments including restricted cash $ 33,069 $ 33,824 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES: Trade payables $ 1,245 $ 1,167 Deferred revenues 1,006 1,893 Accrued expenses and other liabilities 3,096 3,308 Liabilities held for sale 1,363 4,246Total current liabilities
6,710 10,614 LONG-TERM LIABILITIES: Deferred revenues - 61 Accrued severance pay 1,120 1,522 Other liabilities 185 -Total long-term liabilities
1,305 1,583 SHAREHOLDERS' EQUITY: Share capital 60 59 Additional paid-in capital 75,173 73,393 Treasury shares (17,863 ) - Accumulated other comprehensive profit 160 418 Accumulated deficit (20,729 ) (33,966 )Total shareholders' equity
36,801 39,904Total liabilities
$ 44,816 $ 52,101
CONSOLIDATED CASH FLOWS
U.S. dollars in thousands
Year ended December 31, 2008Three months ended December 31, 2008
UnauditedCash flows from operating activities:
Net income (loss) $ 13,237 $ (2,625 ) Less: net loss (income) from discontinued operations, net of taxes (18,234 ) 1,624 Net loss from continuing operations (4,997 ) (1,001 ) Adjustments required to reconcile net loss from continuing operations to net cash used in operating activities from continuing operations: Depreciation and amortization 817 358 Stock-based compensation related to options granted to employees and directors 860 89 Stock-based compensation related to options granted to non-employees 7 - Accrued interest and amortization of premium on marketable securities 259 310 Loss (gain) on sales of marketable securities 19 (72 ) Impairment of marketable securities 353 353 Accrued severance pay, net (18 ) (32 ) Increase in trade receivables, net (1,100 ) (911 ) Increase in other current assets (478 ) (203 ) Increase in trade payables 78 28 Decrease in deferred revenues (948 ) (442 ) Decrease in accrued expenses and other liabilities (212 ) (93 ) Increase (decrease) in other long-term liabilities 185 (18 ) Other 4 1 Net cash used in operating activities from continuing operations (5,171 ) (1,633 ) Net cash used in operating activities from discontinued operations (1,685 ) (1,443 ) Net cash used in operating activities (6,856 ) (3,076 )Cash flows from investing activities:
Investment in available-for-sale marketable securities (29,316 ) (3,900 ) Proceeds from sale and redemption of available-for-sale marketable securities 37,672 7,483 Purchase of property and equipment (987 ) (116 ) Increase in restricted cash (570 ) (570 ) Net cash used in investing activities from continuing operations 6,799 2,897 Proceeds from sale of discontinued operations, net 22,105 - Net cash provided by investing activities 28,904 2,897Cash from financing activities:
Purchase of treasury shares (17,863 ) (1 ) Proceeds from exercise of stock options 914 192 Net cash provided by (used in) financing activities from continuing operations (16,949 ) 191 Increase in cash and cash equivalents 5,099 12 Cash and cash equivalents at the beginning of the year/quarter 5,960 11,047 Cash and cash equivalents at the end of the period 11,059 11,059 Marketable securities 18,811 18,811 Restricted cash 3,199 3,199 Total cash and investments at the end of the period including restricted cash 33,069 33,069
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