40% Year-Over-Year Revenue Growth BURLINGTON, Massachusetts, May 2
/PRNewswire-FirstCall/ -- ClickSoftware Technologies, Ltd.,
(NasdaqCM: CKSW), the leading provider of mobile workforce
management and service optimization solutions, today announced
results for the first quarter ended March 31, 2007. For the first
quarter ended March 31, 2007, total revenues were $9.1 million,
with net income of $0.5 million, or $0.02 per share. This compares
with revenues of $6.5 million and a net loss of $161,000, or $0.01
per share, for the same period last year, and revenues of $9.3
million and net income of $1.1 million, or $0.04 per share, for the
fourth quarter of 2006. Excluding the effects of share-based
compensation expenses related to the adoption of SFAS-123R, net
income was $0.6 million, or $0.02 per share. Software license
revenues for the first quarter of 2007 were $3.7 million, while
service and maintenance revenues were $5.4 million. This compares
to software license revenues of $2.2 million and service and
maintenance revenues of $4.3 million for the same period last year,
and $3.4 million and $5.9 million, respectively, in the fourth
quarter of 2006. Gross profit in the first quarter of 2007 was $5.3
million, or 58% of revenues, compared to $3.9 million, or 60% of
revenues, in the same period last year, and $5.9 million, or 63% of
revenues, in the fourth quarter of 2006. Cash, cash equivalents and
short and long-term investments increased to $20.7 million, up $0.9
million from $19.8 million at the end of the fourth quarter. Net
cash provided from operating activities was $1.3 million during the
first quarter of 2007. "We are delighted to report another strong
quarter with significant 40% year-over-year revenue growth and
strategic progress in line with our goals for building the Company
to the next level," said Dr. Moshe BenBassat, ClickSoftware's
Chairman and CEO. "During the quarter, we signed important
agreements with new customers, engaged with new channel partners,
and penetrated into a new vertical. We believe all of these
activities are positioning us to take advantage of exciting
opportunities in our markets. Considering the traditionally slow
first quarter seasonality, we are off to an excellent start into
2007," he added. Outlook Based on recent wins and the current
pipeline, the company is reiterating its previous guidance
projecting an increase of about 20% for 2007 revenues as compared
to 2006". 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 888-321-3075 and ask for the ClickSoftware conference
call. International participants, please call 973-582-2855. 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 877-519-4471
(international callers can dial 973-341-3080), ID Code: 8680014.
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
http://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) March 31 December 31
_______________________________ 2007 2006
_______________________________ ASSETS CURRENT ASSETS Cash and cash
equivalents $ 13,306 $ 13,385 Short-term investments 6,929 5,918
Trade receivables, net 6,732 6,465 Other receivables and prepaid
expenses 1,301 953 _______________________________ Total current
assets 28,268 26,721 _______________________________ FIXED ASSETS
Cost 2,415 1,692 Less - accumulated depreciation 983 888
_______________________________ Total fixed assets 1,432 804
_______________________________ Long-term investments 455 451
Severance pay deposits 987 996 _______________________________
Total Assets $ 31,142 $ 28,972 _______________________________
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts
payable and accrued expenses $ 6,195 $ 5,945 Deferred revenues
7,149 5,965 _______________________________ Total current
liabilities 13,344 11,910 _______________________________ LONG TERM
LIABILITIES Accrued severance pay 2,046 2,031 Deferred revenues -
Long term 2,409 2,490 _______________________________ Total
long-term liabilities 4,455 4,521 _______________________________
Total liabilities 17,799 16,431 _______________________________
SHAREHOLDERS' EQUITY Ordinary shares of NIS 0.02 par value 114 113
Additional paid-in capital 72,522 72,205 Deferred Stock
Compensation (35) (63) Accumulated deficit (59,215) (59,671)
Treasury stock, at cost: 39,000 shares (43) (43)
_______________________________ Total shareholders' equity 13,343
12,541 _______________________________ Total liability and
shareholders' equity $ 31,142 $ 28,972
=============================== ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share
and per share amounts) Three Months Ended March 31, 2007 March 31,
2006 ___________________ ___________________ % of % of $ Revenues $
Revenues ___________________ ___________________ Revenues: Software
license $ 3,689 41% $ 2,207 34% Services 5,369 59% 4,254 66%
___________________ ___________________ Total revenues 9,058 100%
6,461 100% ___________________ ___________________ Cost of
revenues: Software license 688 8% 291 5% Services 3,074 34% 2,286
35% ___________________ ___________________ Total cost of revenues
3,762 42% 2,577 40% ___________________ ___________________ Gross
profit 5,296 58% 3,884 60% ___________________ ___________________
Operating expenses: Research and development costs, net 1,226 14%
1,001 15% Selling and Marketing expenses 2,961 33% 2,318 36%
General and administrative expenses 957 10% 824 13%
___________________ ___________________ Total operating expenses
5,144 57% 4,143 64% ___________________ ___________________ Income
(Loss) from operations 152 1% (259) (4)% Other income 188 2% - -
Interest, net 151 2% 98 2% ___________________ ___________________
Net income (loss) before taxes 491 5% (161) (2)% Taxes on income 35
0% - - ___________________ ___________________ Net income (loss) $
456 5% $ (161) (2)% Net income (loss) per ordinary share: Basic $
0.02 $ (0.01) ___________________ ___________________ Diluted $
0.02 $ (0.01) ___________________ ___________________ Shares used
in computing basic Net income (loss) per share 28,045,210
27,646,750 ___________________ ___________________ Shares used in
computing diluted Net income (loss) per share 29,584,633 27,646,750
___________________ ___________________ Contacts: Shmuel Arvatz
Chief Financial Officer +972-3-765-9467 Howard Kalt Kalt Rosen
& Co. +1-415-397-2686 DATASOURCE: ClickSoftware Technologies
Ltd CONTACT: Contacts: Shmuel Arvatz, Chief Financial Officer,
+972-3-765-9467, ; Howard Kalt, Kalt Rosen & Co.,
+1-415-397-2686,
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