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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 ended June 30, 2011.
Second Quarter Highlights
“Our total revenues for the second quarter of 2011 were $3.7 million, representing significant growth over the two previous quarters,” commented Tom Clear, co-chief executive officer of Jacada. “Strong software license revenues, the result of signing two new customers during the quarter, contributed to this increase in total revenue. This improvement in revenue, combined with our continued cost controls, allowed us to improve our net loss to $1.1 million during the second quarter of 2011.”
“Jacada has continued to align our products and services with the solution needs of our customers,” said Gideon Hollander, founder and co-chief executive officer of Jacada. “During the second quarter, we introduced Jacada Agent Scripting version 6.0, our call center scripting tool, and executed an agreement for the license of this product with a US based telecommunications company.”
Financial Results
For the second quarter of 2011, total revenues were $3.7 million compared to $4.5 million in the second quarter of 2010. Software revenues for the 2011 second quarter were $813,000 compared to $549,000 during the 2010 second quarter. Services revenues were $2.2 million in the 2011 second quarter and $3.3 million in the 2010 second quarter. Maintenance revenues were $678,000 and $675,000 in the 2011 and 2010 second quarters, respectively.
Gross margins were 42% and 39% of total revenues during the 2011 and 2010 second quarters, respectively. Second quarter 2011 operating expenses of $2.6 million, reflecting the cost containment measures implemented during the third quarter of 2010, were significantly less than second quarter 2010 operating expenses of $3.5 million.
The 2011 second quarter net loss was $1.1 million or ($0.26) per share compared to a net loss of $1.7 million or ($0.41) per share in the second quarter of 2010.
Conference Call Details
Management will hold a conference call to discuss the second quarter 2011 financial results at 10:30am ET on August 16, 2011. To participate in the teleconference, please call toll-free 888-713-4217 or 617-213-4869 for international callers, and provide pass code 45719168 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=PH64B9B37. 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 August 16, 2011. To access the replay, dial toll-free 888-286-8010, or for international callers 617-801-6888, and provide pass code 18858758.
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 LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except per share data) Three months endedJune 30,
Six months endedJune 30,
2011 2010 2011 2010 Unaudited Revenues: Software licenses $ 813 $ 549 $ 1,060 $ 1,130 Services 2,190 3,274 4,282 7,132 Maintenance 678 675 1,335 1,205 Total revenues 3,681 4,498 6,677 9,467 Cost of revenues: Software licenses 12 66 75 132 Services 1,940 2,481 4,038 5,341 Maintenance 174 199 363 383 Total cost of revenues 2,126 2,746 4,476 5,856 Gross profit 1,555 1,752 2,201 3,611 Operating expenses: Research and development 660 924 1,336 1,820 Sales and marketing 871 1,373 1,668 2,905 General and administrative 1,034 1,169 2,067 2,453 Total operating expenses 2,565 3,466 5,071 7,178 Operating loss (1,010 ) (1,714 ) (2,870 ) (3,567 ) Financial income, net (73 ) 28 (56 ) 49 Loss before taxes (1,083 ) (1,686 ) (2,926 ) (3,518 ) Taxes (2 ) (1 ) (3 ) (1 ) Net loss $ (1,085 ) $ (1,687 ) $ (2,929 ) $ (3,519 ) Basic and diluted net loss per share $ (0.26 ) $ (0.41 ) $ (0.70 ) $ (0.85 )Weighted average number of shares used in computing basic and diluted net loss per share
4,159,134 4,159,134 4,159,134 4,157,545JACADA LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) June 30, December 31, 2011 2010 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,240 $ 5,945 Marketable securities 561 1,240 Trade receivables 3,834 4,081 Restricted cash 497 493 Other current assets 897 1,079 Total current assets 11,029 12,838 LONG-TERM INVESTMENTS: Marketable securities 10,562 10,809 Severance pay fund 210 186 Total long-term investments 10,772 10,995 PROPERTY AND EQUIPMENT, NET 731 856 Total assets $ 22,532 $ 24,689 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 1,543 $ 1,566 Deferred revenues 1,120 1,076 Accrued expenses and other liabilities 1,518 1,478 Total current liabilities 4,181 4,120 LONG-TERM LIABILITIES: Accrued severance pay 405 366 Other long-term liabilities 4 44 Total long-term liabilities 409 410 SHAREHOLDERS' EQUITY: Share capital 60 60 Additional paid-in capital 75,930 75,829 Treasury shares at cost (17,863 ) (17,863 ) Accumulated other comprehensive profit (loss) 1,098 487 Accumulated deficit (41,283 ) (38,354 ) Total shareholders' equity 17,942 20,159 Total liabilities and shareholders' equity $ 22,532 $ 24,689JACADA LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands Three months ended
June 30,
Six months endedJune 30,
2011 2010 2011 2010 UnauditedCash flows from operating activities:
Net loss
(1,085 ) (1,687 ) (2,929 ) (3,519 )Adjustments required to reconcile net loss to net cash used in operating activities
Depreciation and amortization 100 123 211 247Stock-based compensation related to options granted to employees, non-employees and directors
47
117
101
289
Increase in restricted cash (4 ) (4 )Accrued interest and amortization of premium on marketable securities
2020
6
127 Other than temporary loss on marketable securities 159 - 205 - Loss (gain) from sales of marketable securities - - - (9 ) Increase (decrease) in accrued severance pay, net 5 (25 ) 16 (8 ) Decrease (Increase) in trade receivables, net (369 ) 2,064 352 38 Decrease in other current assets 88 799 161 764 Increase (decrease) in trade payables 264 (571 ) (39 ) (319 ) Increase in deferred revenues 147 300 38 598Increase (decrease) in accrued expenses and other liabilities
(51 ) (20 ) 24 (181 ) Decrease in other long-term liabilities (20 ) (19 ) (40 ) (39 ) Other - (6 ) 15 41 Net cash provided by (used in) operating activities (699 ) 1,095 (1,883 ) (1,971 )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
1,210
- 1,210 9,727 Decrease in restricted cash - 157 - 141 Proceeds from sale of property and equipment - 7 - 7 Purchase of property and equipment (22 ) (143 ) (86 ) (338 )Net cash provided by (used in) investing activities.
1,188
21
1,124
(1,455 )JACADA LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) U.S. dollars in thousands Three months ended
June 30,
Six months endedJune 30,
2011 2010 2011 2010 UnauditedCash flows from financing activities:
Proceeds from exercise of stock options - - - 75 Net cash provided by financing activities. - 75 Effect of exchange rate changes on cash 30 (77 ) 54 (340 ) Increase (decrease) in cash and cash equivalents 519 1,039 (705 ) (3,691 )Cash and cash equivalents at the beginning of the period
4,721 7,894 5,945 12,624 Cash and cash equivalents at the end of the period 5,240 8,933 5,240 8,933Supplemental Information: Cash and Investments June 30, December 31, 2011 2010 Unaudited Audited Cash and cash equivalents cash: 5,240
5,945
Marketable securities 11,123 12,049 Restricted cash 497 493 Total cash and investments including restricted cash $ 16,860 $ 18,487
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