Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulations S-T Rule 101(b)(1):_____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulations S-T Rule 101(b)(7):_____
Indicate by check mark, whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ___
Attached hereto and incorporated by reference herein is the registrant's
press release announcing its fourth quarter and year-end 2007 earnings results,
issued on January 30, 2008.
The information in this Form 6-K of CLICKSOFTWARE TECHNOLOGIES LTD. is
incorporated by reference into the Form S-8 of the Company, registration number
333-141307, filed with the Securities and Exchange Commission on March 15, 2007.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CLICKSOFTWARE TECHNOLOGIES LTD.
(Registrant)
By: /s/ Shmuel Arvatz
-----------------------------------
Name: Shmuel Arvatz
Title: Executive Vice President and
Chief Financial Officer
Date: January 30, 2008
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Contacts:
Shmuel Arvatz Adam J. Rosen
Chief Financial Officer (646) 536-3865
+972-3-765-9467 arosen@rkequity.com
Shmuel.Arvatz@clicksoftware.com
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CLICKSOFTWARE REPORTS FINANCIAL RESULTS: RECORD BOOKING, STRONG CASH
INCREASE FOR THE 4th QUARTER AND YEAR ENDED DECEMBER 31, 2007
---Year-Over-Year Revenue Growth of 23%---
BURLINGTON, MA, January 30, 2008 - ClickSoftware Technologies, Ltd., (NasdaqCM:
CKSW), the leading provider of mobile workforce management and service
optimization solutions, today announced results for the fourth quarter and year
ended December 31, 2007.
For the fourth quarter ended December 31, 2007, total revenues were $10.4
million, with net income of $0.5 million, or $0.02 per share. This compares with
revenues of $9.3 million and net income of $1.1 million, or $0.04 per share, for
the same period last year, and revenues of $10.1 million and net income of $0.7
million, or $0.03 per share, for the third quarter of 2007. Excluding the
effects of share-based compensation expenses related to the adoption of
SFAS-123R, net income was $0.7 million, or $0.02 per share, for the fourth
quarter of 2007.
Software license revenues for the fourth quarter of 2007 were $3.2 million,
while service and maintenance revenues were $7.2 million. This compares to
software license revenues of $3.4 million and service and maintenance revenues
of $5.9 million for the same period last year, and $4.3 million and $5.8
million, respectively, in the third quarter of 2007.
Gross profit in the fourth quarter of 2007 was $6.7 million, or 64% of revenues,
compared to $5.9 million, or 63% of revenues, in the same period last year, and
$6.0 million, or 59% of revenues, in the third quarter of 2007.
Cash, cash equivalents and short and long-term investments in the fourth quarter
of 2007 increased significantly to $24.7 million from $21.3 million at the end
of the third quarter of 2007. Net cash provided from operating activities was
$3.6 million during the fourth quarter of 2007.
Full Year Results
Total revenues for 2007 grew 23% over 2006 to $40.0 million, with consolidated
net income of $2.6 million, or $0.09 per share. This compares with revenues of
$32.4 million and net income of $2.1 million, or $0.08 per share, for 2006.
Excluding the effects of share-based compensation expenses related to the
adoption of SFAS-123R, net income for 2007 was $3.3 million, or $0.11 per share.
Management Commentary
"2007 was an excellent year for ClickSoftware. Not only did we increase our
revenues by 23% over 2006 to $40 million - slightly below the lower end of our
guidance range of $41-$42 million - but we are also starting 2008 with a very
comfortable backlog level and deferred revenues of approximately $20.5 million
dollars. Record total bookings for 2007 were approximately $46 million,
representing a nearly 1.15 book-to-revenues ratio. Significant growth in our
cash position has strengthened our balance sheet as we proactively seek growth
opportunities in 2008. We continue to win industry leaders as customers, further
bolstering our market leadership," said Dr. Moshe BenBassat, ClickSoftware's
Chairman and Chief Executive Officer. "Our accomplishments in 2007 reflect the
tremendous efforts and dedication of our employees and management to achieve our
goals. We are starting 2008 well-staffed, with a healthy backlog and a strong
pipeline, and with an excellent portfolio of existing and new product
offerings," he added.
Outlook
The Company currently believes that revenues in 2008 will grow by approximately
20%-25% over 2007, reaching approximately $48-$50 million. This estimate is
based on the current levels of deferred revenue, current backlog of firm
commitments, and current visibility into a growing sales pipeline.
Investors Conference Call
ClickSoftware will host a conference call today at 9:30 a.m. ET to discuss its
financial results and other matters discussed in this press release, as well as
answer questions from the investment community. To participate, please call
(800) 762-8779 and ask for the ClickSoftware conference call. International
participants, please call (480) 629-9031. The call will be available live on the
internet (in listen mode only) at http://www.clicksoftware.com. A replay of this
call will be available on the ClickSoftware website, or by calling (800)
406-7325 (international callers can dial (303) 590-3030), ID Code: 3827400.
About ClickSoftware
ClickSoftware is the leading provider of mobile workforce management and service
optimization solutions that create business value for service operations through
higher levels of productivity, customer satisfaction and cost effectiveness.
Combining educational, implementation and support services with best practices
and its industry leading solutions, ClickSoftware drives service decision making
across all levels of the organization. From proactive customer demand
forecasting and capacity planning to real-time decision-making, incorporating
scheduling, mobility and location based services, ClickSoftware helps service
organizations get the most out of their resources. With over 100 customers
across a variety of industries and geographies, and strong partnerships with
leading platform and system integration partners - ClickSoftware is uniquely
positioned to deliver superb business performance to any organization. The
company is headquartered in Burlington, MA and Israel, with offices in Europe,
and Asia Pacific.
For more information about ClickSoftware, please call (781) 272-5903 or (888)
438-3308, or visit www.clicksoftware.com.
This press release contains express or implied forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Exchange Act. These forward-looking statements include, but
are not limited to, those regarding future results of operations, visibility
into future periods, continued growth and rate of growth, and expectations
regarding future closing of contracts and receipt of orders, recognition of
revenues and deferred revenues. Such "forward-looking statements" involve known
and unknown risks, uncertainties and other factors, which may cause actual
results or performance to be materially different from those projected.
Achievement of these results by ClickSoftware and its subsidiaries may be
affected by many factors, including among others, the following: risks and
uncertainties regarding the general economic outlook; the length of or change in
the Company's sales cycle; the Company's ability to close sales to potential
customers in a timely manner; the Company's ability to penetrate new markets;
the Company's ability to maintain or increase relationships with strategic
partners; timing of revenue recognition; and the Company's ability to maintain
or increase its sales pipeline. The forward-looking statements contained in this
press release are subject to other risks and uncertainties, including those
discussed in ClickSoftware's annual report on Form 20F for the year ended
December 31, 2006 and subsequent filings with the Securities and Exchange
Commission. The Company is under no obligation to (and expressly disclaims any
such obligation to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.
Note: Financial Schedules Attached
ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31 December 31
---------------------------
2007 2006
---------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 9,054 $ 13,385
Short-term investments 15,054 5,918
Trade receivables, net 6,883 6,465
Other receivables and prepaid expenses 1,040 953
---------------------------
Total current assets 32,031 26,721
===========================
FIXED ASSETS
Cost 2,885 1,692
Less - accumulated depreciation 1,448 888
---------------------------
Total fixed assets 1,437 804
===========================
Long-term investments 602 451
Severance pay deposits 1,163 996
---------------------------
Total Assets $ 35,233 $ 28,972
===========================
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 7,281 $ 5,945
Deferred revenues 5,803 5,965
---------------------------
Total current liabilities 13,084 11,910
===========================
LONG TERM LIABILITIES
Accrued severance pay 2,418 2,031
Deferred revenues - Long term 2,919 2,490
---------------------------
Total long-term liabilities 5,337 4,521
===========================
Total liabilities 18,421 16,431
===========================
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 115 113
Additional paid-in capital 73,803 72,205
Deferred Stock Compensation - (63)
Accumulated deficit (57,063) (59,671)
Treasury stock, at cost: 39,000 shares (43) (43)
---------------------------
Total shareholders' equity 16,812 12,541
===========================
Total liability and shareholders' equity $ 35,233 $ 28,972
===========================
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended
December 31, 2007 December 31, 2006
------------------------ ------------------------
% %
$ of Revenues $ of Revenues
------------------------ ------------------------
Revenues:
Software license $ 3,184 31% $ 3,442 37%
Services 7,230 69% 5,880 63%
------------------------ ------------------------
Total revenues 10,414 100% 9,322 100%
------------------------ ------------------------
Cost of revenues:
Software license 429 4% 456 5%
Services 3,268 31% 2,982 32%
======================== ========================
Total cost of revenues 3,697 36% 3,438 37%
------------------------ ------------------------
Gross profit 6,717 64% 5,884 63%
======================== ========================
Operating expenses:
Research and development costs, net 1,618 16% 1,148 12%
Selling and Marketing expenses 3,612 35% 2,866 31%
General and administrative expenses 1,168 11% 874 9%
------------------------ ------------------------
Total operating expenses 6,398 61% 4,888 52%
======================== ========================
Income from operations 319 3% 996 11%
Interest, net 206 2% 158 2%
------------------------ ------------------------
Net income before taxes $ 525 5% $ 1,154 12%
------------------------ ------------------------
Taxes on income 62 1% 95 1%
------------------------ ------------------------
Net income $ 463 4% $ 1,059 11%
------------------------ ------------------------
Net income per ordinary share:
Basic $ 0.02 $ 0.04
======================== ========================
Diluted $ 0.02 $ 0.04
======================== ========================
Shares used in computing basic
Net income per share 28,455,972 27,932,444
======================== ========================
Shares used in computing diluted
Net income per share 30,452,219 29,197,188
======================== ========================
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Year Ended
December 31, 2007 December 31, 2006
-------------------------- --------------------------
% %
$ of Revenues $ of Revenues
-------------------------- --------------------------
Revenues:
Software license $ 15,602 39% $ 12,145 37%
Services 24,417 61% 20,286 63%
-------------------------- --------------------------
Total revenues 40,019 100% 32,431 100%
-------------------------- --------------------------
Cost of revenues:
Software license 2,358 6% 1,979 6%
Services 12,937 32% 10,582 33%
========================== ==========================
Total cost of revenues 15,295 38% 12,561 39%
-------------------------- --------------------------
Gross profit 24,724 62% 19,870 61%
========================== ==========================
Operating expenses:
Research and development costs, net 5,767 14% 4,113 13%
Selling and Marketing expenses 13,203 33% 10,337 32%
General and administrative expenses 4,399 11% 3,671 11%
-------------------------- --------------------------
Total operating expenses 23,369 58% 18,121 56%
========================== ==========================
Income from operations 1,355 3% 1,749 5%
Other income 404 1% - -
Interest, net 899 2% 484 1%
-------------------------- --------------------------
Net income before taxes $ 2,658 7% $ 2,233 7%
-------------------------- --------------------------
Taxes on income 50 0% 95 0%
-------------------------- --------------------------
Net income $ 2,608 7% $ 2,138 7%
-------------------------- --------------------------
Net income per ordinary share:
Basic $ 0.09 $ 0.08
========================== ==========================
Diluted $ 0.09 $ 0.08
========================== ==========================
Shares used in computing basic
Net income per share 28,254,926 27,767,748
========================== ==========================
Shares used in computing diluted
Net income per share 29,794,261 28,442,887
========================== ==========================
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Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with U.S.
generally accepted accounting principles (GAAP), the Company's earnings release
contains non-GAAP financial measures that exclude the effects of share-based
compensation and the requirements of SFAS No. 123R, "Share-based Payment"
("123R"). The non-GAAP financial measures used by management and disclosed by
the Company exclude the income statement effects of all forms of share-based
compensation .The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results calculated in
accordance with GAAP and reconciliations to those financial statements should be
carefully evaluated.
ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(In thousands, except share and per share amounts)
Three Months Ended
December 31, 2007 December 31, 2006
-------------------------- --------------------------
% %
$ of Revenues $ of Revenues
-------------------------- --------------------------
GAAP Net income: $ 463 4% $ 1,059 11%
Adjustment of share-based
compensation within:
Cost of Services 25 22
Research and development costs, net 24 18
Selling and Marketing expenses 47 31
General and administrative expenses 115 85
-------------------------- --------------------------
Net income excluding share-based
compensation $ 674 6% $ 1,215 13%
-------------------------- --------------------------
GAAP Net income per ordinary share:
Basic $ 0.02 $ 0.04
========================== ==========================
Diluted $ 0.02 $ 0.04
========================== ==========================
Net income per ordinary share excluding
share-based compensation:
========================== ==========================
Basic $ 0.02 $ 0.04
========================== ==========================
Diluted $ 0.02 $ 0.04
========================== ==========================
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ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(In thousands, except share and per share amounts)
Year Ended
December 31, 2007 December 31, 2006
-------------------------- --------------------------
% %
$ of Revenues $ of Revenues
-------------------------- --------------------------
GAAP Net income: $ 2,608 7% $ 2,138 7%
Adjustment of share-based
compensation within:
Cost of Services 98 68
Research and development costs, net 86 61
Selling and Marketing expenses 156 83
General and administrative expenses 373 312
-------------------------- --------------------------
Net income excluding share-based
compensation $ 3,321 8% $ 2,662 8%
-------------------------- --------------------------
GAAP Net income per ordinary share:
Basic $ 0.09 $ 0.08
========================== ==========================
Diluted $ 0.09 $ 0.08
========================== ==========================
Net income per ordinary share excluding
share-based compensation:
========================== ==========================
Basic $ 0.12 $ 0.10
========================== ==========================
Diluted $ 0.11 $ 0.09
========================== ==========================
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