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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 second quarter ending June 30, 2010.
Second Quarter 2010 Highlights
“Our total revenues are up 34% for the first half of 2010 as compared to the first half of 2009,” commented Tom Clear, chief executive officer of Jacada. “The increase was driven primarily by the rollout of backlog of previously booked contracts. During the second quarter, we successfully deployed 3 customers into production, providing opportunities for significant follow-on business. While the business case for our solutions continues to be compelling and proven, our sales cycles, in the current economic environment, continue to be long and have resulted in a slower pace of bookings and consequently lower revenues during the 2010 second quarter in relation to the 2010 first quarter. The recently implemented cost reductions are designed to better align costs with our current revenue performance and will help minimize the use of our cash.”
Financial Results
For the second quarter of 2010, total revenues were $4.5 million compared to $2.5 million in the second quarter of 2009, representing an increase of 79%. Software revenues for the 2010 second quarter were $549K compared to $60K during the 2009 second quarter. Services revenues were $3.3 million in the 2010 second quarter and $1.8 million in the 2009 second quarter. Maintenance revenues were $675K and $653K in the 2010 and 2009 second quarters, respectively.
Gross margins were 39% and 11% of total revenues during the 2010 and 2009 second quarters, respectively. Gross margins in 2009 were adversely impacted by the reduction in software revenue, which drives higher margins, as well as the significant level of additional hours and costs incurred with three challenging projects during the second quarter of 2009. In 2010, we have continued the implementation of several material contracts signed at the end of 2009 and early 2010, thus increasing revenues and improving margins. Total operating expenses for the 2010 second quarter were $3.5 million compared to $3.8 million during the 2009 second quarter, declining as we continue to focus on reducing costs.
The 2010 second quarter net loss was $1.7 million or ($0.10) per share compared to a net loss of $3.4 million or ($0.21) per share in the second quarter of 2009, resulting from a significant growth in revenues and reduction in operating expenses during the periods.
For the six month periods ending on June 30, 2010 and 2009, respectively, total revenues were $9.5 million and $7.0 million and gross profits were $3.6 million or 38% of total revenues and $1.7 million or 24% of total revenues. During the six month period ending June 30, 2010, we incurred a net loss of $3.5 million or ($0.21) per share. In the comparable 2009 period, we posted a net loss of $4.9 million or ($0.29) per share.
At the end of the 2010 second quarter, cash and investments were $19.9 million, compared to $20.2 million at the end of the 2010 first quarter and $23.8 million at December 31, 2009.
Conference Call Details
Management will hold a conference call to discuss the second quarter 2010 financial results at 10:30 a.m. ET on August 11, 2010. To participate in the teleconference, please call toll-free 888-713-4218 or 617-213-4870 for international callers, and provide passcode 74116800 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=PUXHYCTME 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 Aug 11, 2010. To access the replay, dial toll-free 888-286-8010, or for international callers 617-801-6888, and provide passcode 75076686.
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 endedJune 30,
Six months endedJune 30,
2010 2009 2010 2009 Unaudited Revenues: Software licenses $ 549 $ 60 $ 1,130 $ 637 Services 3,274 1,797 7,132 5,104 Maintenance 675 653 1,205 1,300 Total revenues 4,498 2,510 9,467 7,041 Cost of revenues: Software licenses 66 33 132 147 Services 2,481 2,022 5,341 4,866 Maintenance 199 170 383 346 Total cost of revenues 2,746 2,225 5,856 5,359 Gross profit 1,752 285 3,611 1,682 Operating expenses: Research and development 924 890 1,820 1,834 Sales and marketing 1,373 1,551 2,905 3,157 General and administrative 1,169 1,342 2,453 2,154 Total operating expenses 3,466 3,783 7,178 7,145 Operating loss (1,714 ) (3,498 ) (3,567 ) (5,463 ) Financial income, net 28 94 49 625 Loss before taxes (1,686 ) (3,404 ) (3,518 ) (4,838 ) Taxes (1 ) (26 ) (1 ) (38 ) Net loss $ (1,687 ) $ (3,430 ) $ (3,519 ) $ (4,876 ) Basic and diluted net loss per share $ (0.10 ) $ (0.21 ) $ (0.21 ) $ (0.29 ) Weighted average number of shares used in computing basic and diluted net loss per share 16,636,534 16,565,468 16,630,178 16,559,724
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
June 30, December 31, 2010 2009 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents *) $ 8,933 $ 12,624 Marketable securities *) 1,265 6,210 Trade receivables 4,911 4,949 Restricted cash *) 416 557 Other current assets 1,031 1,885 Total current assets 16,556 26,225 LONG-TERM INVESTMENTS: Marketable securities *) 9,303 4,456 Severance pay fund 185 286 Total long-term investments 9,488 4,742 PROPERTY AND EQUIPMENT, NET 1,033 994 GOODWILL 3,096 3,096 Total assets $ 30,173 $ 35,057 *) Total Cash and Investments including restricted cash $ 19,917 $ 23,847 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 1,356 $ 1,194 Deferred revenues 1,092 685 Accrued expenses and other liabilities 1,779 2,398 Total current liabilities 4,227 4,277 LONG-TERM LIABILITIES: Accrued severance pay 396 505 Other long-term liabilities 84 123 Total long-term liabilities 480 628 SHAREHOLDERS' EQUITY: Share capital 60 60 Additional paid-in capital 75,786 75,422 Treasury shares at cost (17,863 ) (17,863 ) Accumulated other comprehensive profit (loss) (1,253 ) 278 Accumulated deficit (31,264 ) (27,745 ) Total shareholders' equity 25,466 30,152 Total liabilities and shareholders' equity $ 30,173 $ 35,057
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months endedJune 30,
Six months endedJune 30,
2010 2009 2010 2009 Unaudited Cash flows from operating activities: Net Income (loss) $ (1,687 ) $ (3,430 ) $ (3,519 ) $ (4,876 ) Less: Net (income) loss from discontinued operations, net of taxes - - - - Net loss from continuing operations (1,687 ) (3,430 ) (3,519 ) (4,876 ) Adjustments required to reconcile net loss from continuing operations to net cash used in operating activities from continuing operations: Depreciation and amortization 123 138 247 312 Stock-based compensation related to options granted to employees, non-employees and directors 117 204 289 348 Accrued interest and amortization of premium on marketable securities 20 (17 ) 127 121 Gain from sales of marketable securities - - (9 ) (353 ) Decrease in accrued severance pay, net (25 ) (120 ) (8 ) (222 ) Decrease in trade receivables, net 2,064 1,022 38 2,310 Decrease in other current assets 799 391 764 1,102 Decrease in trade payables (571 ) (191 ) (319 ) (430 ) Increase (decrease) in deferred revenues 300 (174 ) 598 55 Decrease in accrued expenses and other liabilities (20 ) (315 ) (181 ) (1,046 ) Decrease in other long-term liabilities (19 ) (19 ) (39 ) (22 ) Other (6 ) - 41 - Net cash provided by (used in) operating activities from continuing operations 1,095 (2,511 ) (1,971 ) (2,701 ) Net cash used in operating activities from discontinued operations - (168 ) - (230 ) Net cash provided by (used in) operating activities 1,095 (2,679 ) (1,971 ) (2,931 ) Cash flows from investing activities: Investment in available-for-sale marketable securities - (1,017 ) (10,992 ) (5,913 ) Proceeds from sale and redemption of available-for-sale marketable securities - 6,902 9,727 18,279 Short term deposits, net - (1,884 ) - (1,884 ) Decrease (increase) in restricted cash 157 (2 ) 141 (13 ) Proceeds from sale of property and equipment 7 - 7 - Purchase of property and equipment (143 ) (37 ) (338 ) (194 ) Net cash provided by (used in) investing activities. 21 3,962 (1,455 ) 10,275
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months endedJune 30,
Six months endedJune 30,
2010 2009 2010 2009 Unaudited Cash flows from financing activities: Proceeds from exercise of stock options - 5 75 59 Net cash provided by financing activities. - 5 75 59 Effect of exchange rate changes on cash 78 254 (185 ) 166 Increase (decrease) in cash and cash equivalents 1,039 1,542 (3,691 ) 7,569 Cash and cash equivalents at the beginning of the period 7,894 17,086 12,624 11,059 Cash and cash equivalents at the end of the period 8,933 18,628 8,933 18,628
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