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: February 2010
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 fourth quarter and year ended December 31, 2009
earnings results, issued on February 3, 2010.
The GAAP financial statements in this Form 6-K of CLICKSOFTWARE TECHNOLOGIES
LTD. are incorporated by reference into the Form 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superseded by documents or reports subsequently filed or furnished.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: February 3, 2010
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ClickSoftware Contact: Investor Relations Contact:
Noa Schuman Marybeth Csaby / Rob Fink
Investor Relations KCSA Strategic Communications
+972-3-7659-467 212-896-1236 / 212-896-1206
Noa.Schuman@clicksoftware.com mcsaby@kcsa.com / rfink@kcsa.com
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CLICKSOFTWARE REPORTS RECORD REVENUES FOR THE FOURTH QUARTER AND YEAR ENDED
DECEMBER 31, 2009
Quarterly Bookings Up 94% from Previous Quarter, Annual Revenues Up 17%, and
Annual Operating Income Up 77%
BURLINGTON, MA, February 3, 2010 - ClickSoftware Technologies Ltd. (NasdaqGS:
CKSW), the leading provider of workforce management and service optimization
solutions, today announced results for the fourth quarter and year ended
December 31, 2009.
For the fourth quarter ended December 31, 2009, total revenues were $17.2
million, with net income of $3.8 million, or $0.12 per fully diluted share. This
compares with revenues of $14.1 million and net income of $5.0 million, or $0.17
per fully diluted share, for the same period last year, and revenues of $16.6
million and net income of $3.2 million, or $0.10 per fully diluted share, for
the third quarter of 2009.
Non-GAAP net income was $3.5 million, or $0.11 per fully diluted share, for the
fourth quarter of 2009. This compares to Non-GAAP net income of $3.3 million, or
$0.11 per fully diluted share, for the same period last year, and Non-GAAP net
income of $3.6 million or $0.11 per fully diluted share, for the third quarter
of 2009.
Software license revenues for the fourth quarter of 2009 were $5.5 million,
while service and maintenance revenues were $11.6 million. This compares to
software license revenues of $5.6 million and service revenues of $8.5 million
for the same period last year, and $5.4 million and $11.2 million, respectively,
in the third quarter of 2009.
Gross profit in the fourth quarter of 2009 was $11.1 million, or 65% of
revenues, compared to $10.0 million, or 71% of revenues, in the same period last
year, and $10.9 million, or 65% of revenues, in the third quarter of 2009.
During the fourth quarter of 2009 the Company concluded the acquisition of the
assets of AiPoint for total consideration of about $1.5 million in cash. Cash,
cash equivalents and short and long-term investments at the end of the fourth
quarter decreased to $35.0 million from $36.5 million at the end of the third
quarter of 2009. Net cash provided by operating activities was $0.6 million
during the fourth quarter of 2009.
Full Year Results
Total revenues for 2009 grew 17% over 2008 to $61.1 million, yielding net income
of $12.5 million, or $0.40 per fully diluted share. This compares with revenues
of $52.3 million and net income of $8.1 million, or $0.27 per fully diluted
share, for 2008. Non-GAAP net income for 2009 was $12.7 million, or $0.41 per
fully diluted share. This compares with Non-GAAP net income of $7.0 million, or
$0.24 per fully diluted share, for 2008.
Management Commentary
"Financial and operational results for the fourth quarter capped off a
successful year for ClickSoftware. Specifically, strong bookings of $21 million
in the quarter - almost double than the third quarter's level - contributed to a
substantial increase in our backlog and deferred revenues which amounted to
$27.4 million at the end of the year. In 2009, we acquired a record number of
new customers that are globally diverse. APX Alarm, Cable and Wireless, Cez
Group, Severn Trent Water, NHS Highland, Portugal Telecom and ROK are some of
the companies that recognized the value of ClickSoftware, and came on board
during the challenging economy of 2009", said Dr. Moshe BenBassat,
ClickSoftware's Chairman and CEO. "While focusing on execution to achieve the
results of 2009, we continued to build the platform that, we believe, will
accelerate our growth in 2010 and beyond. Our R&D group had a productive year
and with three acquisitions in 2009 we enter 2010 with four growth engines:
enterprise field force optimization, mobility, shift planning, and small-medium
business solutions based on our SaaS offering", he added.
Outlook
For 2010, the Company currently expects to achieve revenues in the approximate
range of $71.5 to $74.5 million, representing about 17% to 22% growth over 2009.
This outlook is based on $27.4 million in backlog and deferred revenues - which
are about 37.5% of 2010 mid revenue target - and current visibility into a
growing sales pipeline.
Investors Conference Call
ClickSoftware will host a conference call today at 9:00 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
(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: 4199749.
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, capacity planning and shift scheduling 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 ASC 718 (originally issued as 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 2010, 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
December 31, 2009 December 31, 2008
------------------------ -----------------------
% of % of
$ Revenues $ Revenues
---------- ---------- ---------- ----------
Revenues:
Software license $ 5,530 32% $ 5,567 31%
Services 11,642 68% 8,560 69%
---------- ---------- ---------- ----------
Total revenues 17,172 100% 14,127 100%
---------- ---------- ---------- ----------
Cost of revenues:
Software license 379 2% 323 2%
Services 5,703 33% 3,821 27%
---------- ---------- ---------- ----------
Total cost of revenues 6,082 35% 4,144 29%
---------- ---------- ---------- ----------
Gross profit 11,090 65% 9,983 71%
---------- ---------- ---------- ----------
Operating expenses:
Research and development costs, net 1,798 10% 1,499 11%
Selling and marketing expenses 4,451 26% 3,946 28%
General and administrative expenses 1,702 10% 1,436 10%
---------- ---------- ---------- ----------
Total operating expenses 7,951 46% 6,881 49%
---------- ---------- ---------- ----------
Net income from operations 3,139 18% 3,102 22%
Interest, net (44) 0% (38) 0%
---------- ---------- ---------- ----------
Net income before taxes $ 3,095 18% $ 3,064 22%
Tax benefit, net 705 4% 1,925 13%
---------- ---------- ---------- ----------
Net income $ 3,800 22% $ 4,989 35%
---------- ---------- ---------- ----------
Net income per ordinary share:
Basic $ 0.13 $ 0.17
---------- ----------
Diluted $ 0.12 $ 0.17
---------- ----------
Shares used in computing basic Net income
per share 30,232,763 28,621,436
---------- ----------
Shares used in computing diluted Net income
per share 31,808,737 29,281,305
---------- ----------
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Year Ended
December 31, 2009 December 31, 2008
(unaudited) (audited)
------------------------ -----------------------
% of % of
$ Revenues $ Revenues
---------- ---------- ---------- ----------
Revenues:
Software license $ 19,259 32% $ 19,819 38%
Services 41,864 68% 32,443 62%
---------- ---------- ---------- ----------
Total revenues 61,123 100% 52,262 100%
---------- ---------- ---------- ----------
Cost of revenues:
Software license 1,980 3% 1,933 4%
Services 18,851 31% 16,146 31%
---------- ---------- ---------- ----------
Total cost of revenues 20,831 34% 18,079 35%
---------- ---------- ---------- ----------
Gross profit 40,292 66% 34,183 65%
---------- ---------- ---------- ----------
Operating expenses:
Research and development costs, net 6,499 11% 6,459 12%
Selling and marketing expenses 16,240 27% 16,002 31%
General and administrative expenses 6,423 10% 5,446 10%
---------- ---------- ---------- ----------
Total operating expenses 29,162 48% 27,907 53%
---------- ---------- ---------- ----------
Net income from operations 11,130 18% 6,276 12%
Interest, net 380 0% 149 0%
---------- ---------- ---------- ----------
Net income before taxes $ 11,510 18% $ 6,425 12%
Tax benefit, net 1,004 2% 1,686 4%
---------- ---------- ---------- ----------
Net income $ 12,514 20% $ 8,111 16%
---------- ---------- ---------- ----------
Net income per ordinary share:
Basic $ 0.43 $ 0.28
---------- ----------
Diluted $ 0.40 $ 0.27
---------- ----------
Shares used in computing basic Net income
per share 29,400,973 28,564,496
---------- ----------
Shares used in computing diluted Net
income per share 31,137,238 29,503,217
---------- ----------
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ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited. In thousands, except share and per share amounts)
Three Months Ended
December 31, 2009 December 31, 2008
------------------------ -----------------------
% of % of
$ Revenues $ Revenues
---------- ---------- ---------- ----------
GAAP Net income: $ 3,800 22% $ 4,989 35%
Adjustment of share-based compensation
within:
Cost of Services 35 31
Research and development costs, net 32 28
Selling and marketing expenses 73 60
General and administrative expenses 162 91
Adjustment of amortization of intangible
assets within:
Cost of revenues 130 -
Research and development costs, net 30 -
Deferred taxes (790) (1,940)
---------- ---------- ---------- ----------
Non-GAAP Net income $ 3,472 20% $ 3,259 23%
---------- ---------- ---------- ----------
GAAP Net income per ordinary share:
Basic $ 0.13 $ 0.17
---------- ----------
Diluted $ 0.12 $ 0.17
---------- ----------
Non-GAAP Net income per ordinary share:
Basic $ 0.11 $ 0.11
---------- ----------
Diluted $ 0.11 $ 0.11
---------- ----------
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ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited. In thousands, except share and per share amounts)
Year Ended
December 31, 2009 December 31, 2008
------------------------ -----------------------
% of % of
$ Revenues $ Revenues
---------- ---------- ---------- ----------
GAAP Net income: $ 12,514 20% $ 8,111 16%
Adjustment of share-based compensation
within:
Cost of Services 131 115
Research and development costs, net 120 108
Selling and marketing expenses 267 225
General and administrative expenses 474 331
Adjustment of amortization of intangible
assets within:
Cost of revenues 278 -
Research and development costs, net 89 -
Deferred taxes (1,220) (1,940)
---------- ---------- ---------- ----------
Non-GAAP Net income $ 12,653 21% $ 6,950 13%
---------- ---------- ---------- ----------
GAAP Net income per ordinary share:
Basic $ 0.43 $ 0.28
---------- ----------
Diluted $ 0.40 $ 0.27
---------- ----------
Non-GAAP Net income per ordinary share:
Basic $ 0.43 $ 0.24
---------- ----------
Diluted $ 0.41 $ 0.24
---------- ----------
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ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, December 31,
2009 2008
------------ ------------
(unaudited) (audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 16,712 $ 17,427
Short-term investments 17,734 13,857
Trade receivables, net 16,410 7,825
Deferred taxes 3,160 1,940
Other receivables and prepaid expenses 1,980 1,071
------------ ------------
Total current assets 55,996 42,120
------------ ------------
FIXED ASSETS
Cost 6,025 4,142
Less - accumulated depreciation 2,898 2,017
------------ ------------
Total fixed assets 3,127 2,125
------------ ------------
Long-term investments 528 699
Intangible assets, net 2,802 -
Goodwill 2,511 -
Severance pay deposits 1,485 1,218
------------ ------------
Total Assets $ 66,449 $ 46,162
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 11,619 $ 8,780
Deferred revenues 6,711 5,442
------------ ------------
Total current liabilities 18,330 14,222
------------ ------------
LONG TERM LIABILITIES
Accrued severance pay 2,879 2,653
Deferred revenues - Long term 2,582 3,201
------------ ------------
Total long-term liabilities 5,461 5,854
------------ ------------
Total liabilities 23,791 20,076
------------ ------------
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 124 116
Additional paid-in capital 78,933 74,771
Accumulated deficit (36,438) (48,952)
Accumulated other comprehensive income 82 194
Treasury stock, at cost: 39,000 shares (43) (43)
------------ ------------
Total shareholders' equity 42,658 26,086
------------ ------------
Total Liabilities and shareholders' equity $ 66,449 $ 46,162
============ ============
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S dollars)
Year Ended
December 31, 2009 December 31, 2008
(unaudited) (audited)
--------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 12,514 $ 8,111
Adjustments to reconcile net income to
net cash provided by operating activities:
Expenses not affecting operating cash flows:
Depreciation 1,032 752
Amortization of deferred compensation 991 779
Amortization of acquired intangible assets 367 -
Severance pay, net (41) 180
Other 22 15
Changes in operating assets and liabilities:
Increase in trade receivables (8,585) (942)
Increase in deferred taxes (1,220) (1,940)
(Increase) Decrease in other receivables (1,021) 163
Increase in accounts payable and accrued expenses 2,839 1,499
Increase (Decrease) in deferred revenues 650 (79)
------------ ------------
Net cash provided by operating activities $ 7,548 $ 8,538
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment (2,057) (1,455)
Acquisition of intangible assets and goodwill
in a business combination (5,679) -
Short-term investment (3,706) 1,100
------------ ------------
Net cash used in investment activities $ (11,442) $ (355)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Employee options exercised 3,179 190
------------ ------------
Net cash provided by financing activities $ 3,179 $ 190
------------ ------------
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (715) 8,373
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 17,427 9,054
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 16,712 $ 17,427
------------ ------------
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