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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 service productivity optimization solutions, today reported financial results for the third quarter and nine month period ended September 30, 2009.
Third Quarter 2009 Highlights
Financial Results
For the third quarter of 2009, total revenues were $3.9 million compared to $5.9 million in the third quarter of 2008, a decrease of 34%, primarily due to the challenging global economy and continued uncertainty in the business environment.
Total gross profit for the 2009 third quarter was $1.4 million or 37% of total revenues compared to $2.3 million and 39% in the 2008 third quarter.
The third quarter net loss was $2.0 million or ($0.12) per share. This is compared to a net loss of $2.6 million or ($0.13) per share in the third quarter of 2008.
For the nine month period ending on September 30, 2009 total revenues were $10.9 million compared to $18.4 million in the same period in 2008. The reduction in revenues in the three and nine month periods are directly related to global business conditions and a decline in new business during 2008. However, new business has begun to improve in recent quarters and backlog at the end of the third quarter grew to $8.6 million, up from $6.6 million at December 31, 2008.
Gross profit for nine month period ended September 30, 2009 was $3.1 million or 28% of total revenues compared to $9.2 million or 50% of total revenues for the 2008 period.
During the nine month period ending September 30, 2009, the Company incurred a net loss of $6.9 million or ($0.42) per share. In the comparable 2008 period, the Company posted net income of $15.9 million or $0.78 per share. The 2008 net income included $19.9 million or $0.98 per share in income, net of taxes, from discontinued operations, which was generated in the form of a capital gain from the sale of the Company's legacy business during the 2008 first quarter.
At the end of the 2009 third quarter, cash and investments were $26.1 million compared to $33.1 million at year end 2008.
“We’ve seen increased activity in our pipeline; customer adoption is accelerating; the backlog continues to grow; revenues have begun to improve compared to our revenue for the second quarter of 2009 and losses have begun to decline,” said Tom Clear, chief executive officer for Jacada. “While the business and economic climate of 2009 is challenging, Jacada continues 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.”
Conference Call Details
To participate in the teleconference, please call toll-free 888.680.0893, or 617.213.4859 for international callers, and provide passcode 54170464 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=PGQ6D9UUW. 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 November 11, 2009. To access the replay, dial toll-free 888-286-8010, or for international callers 617-801-6888, and provide passcode 10445295.
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)
Three months endedSeptember 30,
Nine months endedSeptember 30,
2009 2008 2009 2008 Unaudited Revenues: Software licenses $ 55 $ 1,490 $ 692 $ 6,372 Services 3,327 3,866 8,431 10,424 Maintenance 492 554 1,792 1,644 Total revenues 3,874 5,910 10,915 18,440 Cost of revenues: Software licenses 27 233 174 467 Services 2,253 3,108 7,119 8,063 Maintenance 174 243 520 669 Total cost of revenues 2,454 3,584 7,813 9,199 Gross profit 1,420 2,326 3,102 9,241 Operating expenses: Research and development 859 1,275 2,693 3,708 Sales and marketing 1,273 2,391 4,430 7,179 General and administrative 1,388 1,426 3,542 4,012 Total operating expenses 3,520 5,092 10,665 14,899 Operating loss (2,100 ) (2,766 ) (7,563 ) (5,658 ) Financial income, net 44 197 669 1,023 Loss from continuing operations before taxes (2,056 ) (2,569 ) (6,894 ) (4,635 ) Tax (expense) benefit 19 292 (19 ) 639 Net loss from continuing operations (2,037 ) (2,277 ) (6,913 ) (3,996 ) Income (loss) from discontinued operations, net of taxes - (315 ) - 19,858 Net income (loss) $ (2,037 ) $ (2,592 ) $ (6,913 ) $ 15,862 Basic and diluted net earnings (loss) per share: From continuing operations $ (0.12 ) $ (0.11 ) $ (0.42 ) $ (0.20 ) From discontinued operations - $ (0.02 ) $ - $ 0.98 Basic and diluted net earnings (loss) per share $ (0.12 ) $ (0.13 ) $ (0.42 ) $ 0.78 Weighted average number of shares used in computing basic and diluted net earnings (loss) per share 16,569,721 19,687,459 16,562,959 20,313,411
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
September 30, December 31, 2009 2008 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents *) $ 18,265 $ 11,059 Short term deposits *) 1,889 - Marketable securities *) 4,060 8,915 Trade receivables 4,526 4,713 Restricted cash held by trustee *) - 2,640 Restricted cash *) 557 559 Other current assets 1,609 2,022 Assets of discontinued operations - 64 Total current assets 30,906 29,972 LONG-TERM INVESTMENTS: Marketable securities *) 1,300 9,896 Severance pay fund 387 586 Total long-term investments 1,687 10,482 PROPERTY AND EQUIPMENT, NET 1,066 1,266 GOODWILL 3,096 3,096 Total assets $ 36,755 $ 44,816 *) Total Cash and Investments including restricted cash $ 26,071 $ 33,069 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 1,225 $ 1,245 Deferred revenues 833 1,006 Accrued expenses and other liabilities 2,317 3,096 Liabilities of discontinued operations 1,051 1,363 Total current liabilities 5,426 6,710 LONG-TERM LIABILITIES: Accrued severance pay 679 1,120 Other long-term liabilities 143 185 Total long-term liabilities 822 1,305 SHAREHOLDERS' EQUITY: Share capital 60 60 Additional paid-in capital 75,556 75,173 Treasury shares at cost (17,863 ) (17,863 ) Accumulated other comprehensive profit 396 160 Accumulated deficit (27,642 ) (20,729 ) Total shareholders' equity 30,507 36,801 Total liabilities and shareholders' equity $ 36,755 $ 44,816
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months ended
September 30,
Nine months endedSeptember 30,
2009 2008 2009 2008 Unaudited Cash flows from operating activities: Net Income (loss) $ (2,037 ) $ (2,592 ) $ (6,913 ) $ 15,862 Less: Net (income) loss from discontinued operations, net of taxes - 315 - (19,858 ) Net loss from continuing operations (2,037 ) (2,277 ) (6,913 ) (3,996 ) Adjustments required to reconcile net loss from continuing operations to net cash used in operating activities from continuing operations: Depreciation and amortization 130 148 442 459 Stock-based compensation related to options granted to employees and directors 219 280 558 771 Stock-based compensation related to options granted to non-employees 1 2 10 7 Accrued interest and amortization of premium on marketable securities (16 ) 254 105 131 Loss (gain) from sales of marketable securities - 6 (353 ) (91 ) Increase (decrease) in accrued severance pay, net (20 ) (57 ) (242 ) 14 Decrease (increase) in trade receivables, net (2,123 ) (627 ) 187 (189 ) Decrease (increase) in other current assets (397 ) (101 ) 705 (275 ) Increase (decrease) in trade payables 410 (151 ) (20 ) 50 Increase (decrease) in deferred revenues (228 ) 7 (173 ) (506 ) Decrease in accrued expenses and other liabilities (149 ) (111 ) (1,195 ) (119 ) Increase (decrease) in other long-term liabilities (20 ) 203 (42 ) 203 Other - 3 - 3 Net cash used in operating activities from continuing operations (4,230 ) (2,421 ) (6,931 ) (3,538 ) Net cash used in operating activities from discontinued operations (18 ) (312 ) (248 ) (242 ) Net cash used in operating activities (4,248 ) (2,733 ) (7,179 ) (3,780 ) Cash flows from investing activities: Investment in available-for-sale marketable securities - - (5,913 ) (25,416 ) Proceeds from sale and redemption of available-for-sale marketable securities 1,262 11,526 19,541 30,189 Short term deposits, net (5 ) - (1,889 ) - Decrease in restricted cash held by trustee 2,655 - 2,642 - Purchase of property and equipment (50 ) (380 ) (244 ) (871 ) Net cash provided by investing activities from continuing operations 3,862 11,146 14,137 3,902 Proceeds from sale of discontinued operations, net - - - 22,105 Net cash provided by investing activities 3,862 11,146 14,137 26,007 Cash flows from financing activities: Purchase of treasury shares - (16,416 ) - (17,862 ) Proceeds from exercise of stock options 6 133 65 722 Net cash provided by (used in) financing activities from continuing operations 6 (16,283 ) 65 (17,140 ) Effect of exchange rate changes on cash 17 - 183 - Increase (decrease) in cash and cash equivalents (363 ) (7,870 ) 7,206 5,087 Cash and cash equivalents at the beginning of the period 18,628 18,917 11,059 5,960 Cash and cash equivalents at the end of the period $ 18,265 $ 11,047 $ 18,265 $ 11,047
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