UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: October 2009
Commission File Number: 000-30827
CLICKSOFTWARE TECHNOLOGIES LTD.
(Translation of registrant's name into English)
94 Em Hamoshavot Road
Petach Tikva 49527, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F |X| 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.
Yes |_| No |X|
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 third quarter 2009 earnings results, issued on
October 21, 2009.
The information in this Form 6-K of CLICKSOFTWARE TECHNOLOGIES LTD. is
incorporated by reference into the Forms S-8 of the Company, registration
numbers 333-42000, 333-115003, 333-135435, 333-141307, 333-149825 and
333-158839, filed with the Securities and Exchange Commission, to be a part
thereof from the date on which this report is submitted, to the extent not
superseded by documents or reports subsequently filed or furnished.
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: October 21, 2009
|
Contacts:
Shmuel Arvatz Noa Schuman
Chief Financial Officer Investor Relations
+972-3-765-9400 +972-3-7659-467
Shmuel.Arvatz@clicksoftware.com Noa.Schuman@clicksoftware.com
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CLICKSOFTWARE REPORTS RECORD REVENUES AND OPERATING PROFIT
FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2009
Revenues up 6% to $16.6 Million, with net income of $3.2 million or $0.10 per
share
BURLINGTON, MA, October 21st, 2009 - ClickSoftware Technologies Ltd. (NasdaqGS:
CKSW), the leading provider of workforce management and service optimization
solutions, today announced results for the third quarter ended September 30,
2009.
For the third quarter ended September 30, 2009, total revenues were $16.6
million, with net income of $3.2 million, or $0.10 per fully diluted share. This
compares with revenues of $15.7 million and net income of $2.7 million, or $0.09
per fully diluted share, for the same period last year, and revenues of $14.4
million and net income of $2.9 million, or $0.10 per fully diluted share, for
the second quarter of 2009.
Non-GAAP net income was $3.6 million, or $0.11 per fully diluted share, for the
third quarter of 2009. This compares to Non-GAAP net income of $2.9 million, or
$0.10 per fully diluted share, for the same period last year, and Non-GAAP net
income of $2.8 million or $0.09 per fully diluted share, for the second quarter
of 2009.
Software license revenues for the third quarter of 2009 were $5.4 million, while
service and maintenance revenues were $11.2 million. This compares to software
license revenues of $7.2 million and service and maintenance revenues of $8.5
million for the same period last year, and $4.1 million and $10.3 million,
respectively, in the second quarter of 2009.
Gross profit in the third quarter of 2009 was $10.9 million, or 65% of revenues,
compared to $10.6 million, or 68% of revenues, in the same period last year, and
$9.6 million, or 67% of revenues, in the second quarter of 2009.
During the third quarter of 2009 the Company concluded the acquisition of the
workforce management assets of AST for total consideration of about $1.6 million
in cash. Cash, cash equivalents and short and long-term investments at the end
of the third quarter increased to $36.5 million from $33.1 million at the end of
the second quarter of 2009. Net cash provided by operating activities was $3.7
million during the third quarter of 2009.
Management Commentary
"The third quarter was another strong quarter for ClickSoftware with record
revenues and operating profit, and considerable growth in cash. Taking a longer
term view, since the end of the third quarter of 2008, shareholders' equity has
grown by 87%", said Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO. "The
acquisition of AiPoint that was announced last week joins the two other
acquisitions we completed earlier in the year. These acquisitions, together with
major new product developments including the release of Version 8, and the
productive partnerships we have solidified, mark major milestones in our long
term plan to establish a strong growth engine for the future", he added.
The Company will ring the Nasdaq stock market opening bell on Thursday, October
29th, and host an Analyst & Investor Day after the ceremony. For details and
registration to the Analyst & Investor Day please visit ClickSoftware's website
at: www.clicksoftware.com.
Outlook
For the fourth quarter, the Company currently expects to achieve revenues in the
approximate range of $16.0 to $16.7 million dollars, representing 13.5% to 14.1%
growth over the same quarter last year. This will bring the annual revenues for
2009 to the approximate range of $60.0 to $60.7 million, representing year over
year annual growth of 14.7% to 16.1%.
Investors Conference Call
ClickSoftware will host a conference call today at 9:30 a.m. EDT 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
(877) 941-4775 and ask for the ClickSoftware conference call. International
participants, please call (480) 629-9761. 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: 4169395.
About ClickSoftware
ClickSoftware is the leading provider of 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 150 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.
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 of net income and net income per share that
exclude the effects of share-based compensation in accordance with the
requirements of SFAS No. 123R, "Share-based Payment" ("123R"), tax benefit
related to the update of deferred tax asset and the amortization of acquired
intangible assets. The Company's management believes the Non-GAAP financial
information provided in this release is useful to investors' understanding and
assessment of the Company's on-going core operations and prospects for the
future. Management also 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. The Non-GAAP financial measures disclosed by the
Company should not be considered in isolation or as 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. Reconciliations
between GAAP measures and Non-GAAP measures are provided later in this press
release.
Safe Harbor for Forward Looking Statements
This press release contains express or implied forward-looking statements within
the Private Securities Litigation Reform Act of 1995 and other U.S Federal
securities laws. These forward-looking statements include, but are not limited
to, those statements regarding future results of operations, visibility into
future periods, growth and rates of growth, and expectations regarding future
closing of contracts, receipt of orders, recognition of revenues and deferred
revenues. For example, when we discuss our "Outlook" for the fourth quarter of
2009, our long term plans for growth and anticipated benefits from acquisitions,
we are using forward-looking statements. Such "forward-looking statements"
involve known and unknown risks, uncertainties and other factors that may cause
actual results or performance to differ materially from those projected.
Achievement of these results by ClickSoftware may be affected by many factors,
including, but not limited to, risks and uncertainties regarding the general
economic outlook, the length of or changes in ClickSoftware's sales cycle,
ClickSoftware's ability to close sales to potential customers in a timely manner
and maintain or strengthen relationships with strategic partners, the timing of
revenue recognition, foreign currency exchange rate fluctuations, and
ClickSoftware'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 the "Risk Factors" section
and elsewhere in ClickSoftware's annual report on Form 20-F for the year ended
December 31, 2008 and in subsequent filings with the Securities and Exchange
Commission. Except as otherwise required by law, ClickSoftware 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 STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share and per share amounts)
Three Months Ended
September 30, 2009 September 30, 2008
--------------------------- ----------------------------
% of % of
$ Revenues $ Revenues
------------ ------------ ------------ ------------
Revenues:
Software license $ 5,369 32% $ 7,190 46%
Services 11,239 68% 8,474 54%
------------ ------------ ------------ ------------
Total revenues 16,608 100% 15,664 100%
------------ ------------ ------------ ------------
Cost of revenues:
Software license 611 4% 763 5%
Services 5,143 31% 4,326 28%
------------ ------------ ------------ ------------
Total cost of revenues 5,754 35% 5,089 32%
------------ ------------ ------------ ------------
Gross profit 10,854 65% 10,575 68%
------------ ------------ ------------ ------------
Operating expenses:
Research and development costs, net 1,701 10% 1,749 11%
Selling and marketing expenses 4,282 26% 4,359 28%
General and administrative expenses 1,736 10% 1,604 10%
------------ ------------ ------------ ------------
Total operating expenses 7,719 46% 7,712 49%
------------ ------------ ------------ ------------
Net income from operations 3,135 19% 2,863 18%
Interest, net 101 1% (154) (1)%
------------ ------------ ------------ ------------
Net income before taxes $ 3,236 19% $ 2,709 17%
Taxes on income 68 0% 51 0%
------------ ------------ ------------ ------------
Net income $ 3,168 19% $ 2,658 17%
------------ ------------ ------------ ------------
Net income per ordinary share:
Basic $ 0.11 $ 0.09
------------ ------------ ------------ ------------
Diluted $ 0.10 $ 0.09
------------ ------------ ------------ ------------
Shares used in computing basic Net income per share 29,916,657 28,545,709
------------ ------------ ------------ ------------
Shares used in computing diluted Net income per
share 31,968,186 29,278,568
------------ ------------ ------------ ------------
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share and per share amounts)
Nine Months Ended
September 30, 2009 September 30, 2008
---------------------------- ---------------------------
% of % of
$ Revenues $ Revenues
------------ ------------ ------------ ------------
Revenues:
Software license $ 13,729 31% $ 14,252 37%
Services 30,222 69% 23,883 63%
------------ ------------ ------------ ------------
Total revenues 43,951 100% 38,135 100%
------------ ------------ ------------ ------------
Cost of revenues:
Software license 1,601 4% 1,610 4%
Services 13,148 30% 12,325 32%
------------ ------------ ------------ ------------
Total cost of revenues 14,749 34% 13,935 37%
------------ ------------ ------------ ------------
Gross profit 29,202 66% 24,200 63%
------------ ------------ ------------ ------------
Operating expenses:
Research and development costs, net 4,701 11% 4,960 13%
Selling and marketing expenses 11,789 27% 12,056 32%
General and administrative expenses 4,721 11% 4,010 11%
------------ ------------ ------------ ------------
Total operating expenses 21,211 48% 21,026 55%
------------ ------------ ------------ ------------
Net income from operations 7,991 18% 3,174 8%
Interest, net 424 1% 187 0%
------------ ------------ ------------ ------------
Net income before taxes $ 8,415 19% $ 3,361 9%
Tax benefit (Taxes on income) (299) (1)% 239 1%
------------ ------------ ------------ ------------
Net income $ 8,714 20% $ 3,122 8%
------------ ------------ ------------ ------------
Net income per ordinary share:
Basic $ 0.30 $ 0.11
------------ ------------ ------------ ------------
Diluted $ 0.28 $ 0.11
------------ ------------ ------------ ------------
Shares used in computing basic Net income per
share 29,134,317 28,547,767
------------ ------------ ------------ ------------
Shares used in computing diluted Net income
per share 30,924,013 29,483,592
------------ ------------ ------------ ------------
|
ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited. In thousands, except share and per share amounts)
Three Months Ended
September 30, 2009 September 30, 2008
--------------------------- ---------------------------
% of % of
$ Revenues $ Revenues
------------ ------------ ------------ ------------
GAAP Net income: $ 3,168 19% $ 2,658 17%
Adjustment of share-based compensation within:
Cost of Services 36 31
Research and development costs, net 32 30
Selling and marketing expenses 72 60
General and administrative expenses 162 90
Adjustment of amortization of intangible assets within:
Cost of revenues 82 -
Research and development costs, net 30 -
Deferred taxes - -
------------ ------------ ------------ ------------
Non-GAAP Net income $ 3,582 22% $ 2,869 18%
------------ ------------ ------------ ------------
GAAP Net income per ordinary share:
Basic $ 0.11 $ 0.09
------------ ------------ ------------ ------------
Diluted $ 0.10 $ 0.09
------------ ------------ ------------ ------------
Non-GAAP Net income per ordinary share:
Basic $ 0.12 $ 0.10
------------ ------------ ------------ ------------
Diluted $ 0.11 $ 0.10
------------ ------------ ------------ ------------
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ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited. In thousands, except share and per share amounts)
Nine Months Ended
September 30, 2009 September 30, 2008
--------------------------- ---------------------------
% of % of
$ Revenues $ Revenues
------------ ------------ ------------ ------------
GAAP Net income: $ 8,714 20% $ 3,122 8%
Adjustment of share-based compensation within:
Cost of Services 96 85
Research and development costs, net 88 80
Selling and marketing expenses 194 165
General and administrative expenses 312 240
Adjustment of amortization of intangible assets within:
Cost of revenues 148 -
Research and development costs, net 59 -
Deferred taxes (430) -
------------ ------------ ------------ ------------
Non-GAAP Net income $ 9,181 21% $ 3,692 10%
------------ ------------ ------------ ------------
GAAP Net income per ordinary share:
Basic $ 0.30 $ 0.11
------------ ------------ ------------ ------------
Diluted $ 0.28 $ 0.11
------------ ------------ ------------ ------------
Non-GAAP Net income per ordinary share:
Basic $ 0.32 $ 0.13
------------ ------------ ------------ ------------
Diluted $ 0.30 $ 0.13
------------ ------------ ------------ ------------
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ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30, December 31,
2009 2008
------------- -------------
(unaudited) (audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 18,818 $ 17,427
Short-term investments 17,133 13,857
Trade receivables, net 11,723 7,825
Deferred taxes 2,370 1,940
Other receivables and prepaid expenses 1,825 1,071
------------- -------------
Total current assets 51,869 42,120
------------- -------------
FIXED ASSETS
Cost 5,462 4,142
Less - accumulated depreciation 2,677 2,017
------------- -------------
Total fixed assets 2,785 2,125
------------- -------------
Long-term investments 527 699
Intangible assets, net 1,802 -
Goodwill 2,184 -
Severance pay deposits 1,430 1,218
------------- -------------
Total Assets $ 60,597 $ 46,162
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 9,367 $ 8,780
Deferred revenues 6,742 5,442
------------- -------------
Total current liabilities 16,109 14,222
------------- -------------
LONG TERM LIABILITIES
Accrued severance pay 2,892 2,653
Deferred revenues - Long term 2,912 3,201
------------- -------------
Total long-term liabilities 5,804 5,854
------------- -------------
Total liabilities 21,913 20,076
------------- -------------
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 124 116
Additional paid-in capital 78,603 74,771
Accumulated deficit (40,238) (48,952)
Accumulated other comprehensive income 238 194
Treasury stock, at cost: 39,000 shares (43) (43)
------------- -------------
Total shareholders' equity 38,684 26,086
------------- -------------
Total Liabilities and shareholders' equity $ 60,597 $ 46,162
============= =============
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited. In thousands of U.S dollars)
Nine months Ended
September 30, September 30,
2009 2008
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 8,714 $ 3,122
Adjustments to reconcile net income to
net cash provided by operating activities:
Expenses not affecting operating cash flows:
Depreciation 747 553
Amortization of deferred compensation 689 569
Amortization of acquired intangible assets 207 -
Severance pay, net 27 210
Other 17 8
Changes in operating assets and liabilities:
Increase in trade receivables (3,898) (6,501)
Increase in other receivables (710) (305)
Increase in deferred taxes (430) -
Increase in accounts payable and accrued expenses 587 1,933
Increase in deferred revenues 1,011 1,495
------------- -------------
Net cash provided by operating activities $ 6,961 $ 1,084
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment (1,424) (651)
Acquisition of intangible assets and goodwill
in a business combination (4,193) -
Short-term investment (3,104) (582)
------------- -------------
Net cash used in investment activities $ (8,721) $ (1,233)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Employee options exercised 3,151 110
------------- -------------
Net cash provided by financing activities $ 3,151 $ 110
------------- -------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,391 (39)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 17,427 9,054
------------- -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 18,818 $ 9,015
------------- -------------
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