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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