Revenues up 27% to $11.5 Million BURLINGTON, Massachusetts, April
30 /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, 2008. For the first
quarter ended March 31, 2008, total revenues were $11.5 million,
with net income of $0.3 million, or $0.01 per share. This compares
with revenues of $9.1 million and net income of $0.5 million, or
$0.02 per share, for the same period last year, and revenues of
$10.4 million and net income of $0.5 million, or $0.02 per share,
for the fourth quarter of 2007. Excluding the effects of
share-based compensation expenses related to the adoption of
SFAS-123R, net income was $0.5 million, or $0.02 per share, for the
first quarter of 2008. Software license revenues for the first
quarter of 2008 were $4.0 million, while service and maintenance
revenues were $7.5 million. This compares to software license
revenues of $3.7 million and service and maintenance revenues of
$5.4 million for the same period last year, and $3.2 million and
$7.2 million, respectively, in the fourth quarter of 2007. Gross
profit in the first quarter of 2008 was $6.9 million, or 60% of
revenues, compared to $5.3 million, or 58% of revenues, in the same
period last year, and $6.7 million, or 64% of revenues, in the
fourth quarter of 2007. Cash, cash equivalents and short and
long-term investments in the first quarter of 2008 increased to
$25.9 million from $24.7 million at the end of the fourth quarter
of 2007. Net cash provided from operating activities was $1.4
million during the first quarter of 2008. Management Commentary
"The first quarter was a solid start to what we believe will be a
good year for ClickSoftware. We have delivered a record level of
revenues, reflecting strong momentum in all geographies," said Dr.
Moshe BenBassat, ClickSoftware's Chairman and Chief Executive
Officer. "During the quarter, we were pleased to add Rogers Cable
Communications, another industry leader, to our growing list of
customers. We continued to make progress in our mid-market
strategy, as demonstrated by the formation of a new partnership
with Aspective, a Vodafone company, and through our achievement of
Microsoft's Gold Certified Partner status. In addition, our
prominent position in the just-published Gartner's 'Magic Quadrant'
report for the Field Service Management industry underscores again
our leadership position. Overall, we believe we are on track to
continue building our Company to the next level," he added. Outlook
The Company reiterates the previously provided year 2008 guidance
of revenue growth of approximately 20%-25% over 2007, or $48-$50
million. 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 +1-800-762-8908 and ask for the ClickSoftware
conference call. International participants, please call
+1-480-629-1990. 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
(+1-303-590-3030), ID Code: 3865821. 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
+1-781-272-5903 or +1-888-438-3308, 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, 2007 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
------------------------- 2008 2007 -------------------------
ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,591 $ 9,054
Short-term investments 12,699 15,054 Trade receivables, net 8,571
6,883 Other receivables and prepaid expenses 1,193 1,040
------------------------- Total current assets 35,054 32,031
------------------------- FIXED ASSETS Cost 2,996 2,885 Less -
accumulated depreciation 1,507 1,448 -------------------------
Total fixed assets 1,489 1,437 ------------------------- Long-term
investments 640 602 Severance pay deposits 1,229 1,163
------------------------- Total Assets $ 38,412 $ 35,233
------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES Accounts payable and accrued expenses $ 7,324 $
7,281 Deferred revenues 7,933 5,803 ------------------------- Total
current liabilities 15,257 13,084 ------------------------- LONG
TERM LIABILITIES Accrued severance pay 2,569 2,418 Deferred
revenues - Long term 3,264 2,919 ------------------------- Total
long-term liabilities 5,833 5,337 ------------------------- Total
liabilities 21,090 18,421 ------------------------- SHAREHOLDERS�??
EQUITY Ordinary shares of NIS 0.02 par value 115 115 Additional
paid-in capital 73,973 73,803 Accumulated deficit (56,723) (57,063)
Treasury stock, at cost: 39,000 shares (43) (43)
------------------------- Total shareholders' equity 17,322 16,812
------------------------- Total liability and shareholders' equity
$ 38,412 $ 35,233 ------------------------- ClickSoftware
Technologies Ltd. CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except share and per share amounts) Three Months Ended
March 31, 2008 March 31, 2007 --------------------
------------------ % of % of $ Revenues $ Revenues
-------------------- ------------------ Revenues: Software license
$ 3,998 35% $ 3,689 41% Services 7,485 65% 5,369 59%
-------------------- ------------------ Total revenues 11,483 100%
9,058 100% -------------------- ------------------ Cost of
revenues: Software license 548 5% 688 8% Services 4,005 35% 3,074
34% -------------------- ------------------ Total cost of revenues
4,553 40% 3,762 42% -------------------- ------------------ Gross
profit 6,930 60% 5,296 58% -------------------- ------------------
Operating expenses: Research and development costs, net 1,576 14%
1,226 14% Selling and Marketing expenses 3,866 34% 2,961 33%
General and administrative expenses 1,191 10% 957 10%
-------------------- ------------------ Total operating expenses
6,633 58% 5,144 57% -------------------- ------------------ Income
from operations 297 3% 152 1% Other income - - 188 2% Interest, net
167 1% 151 2% -------------------- ------------------ Net income
before taxes $ 464 4% $ 491 5% --------------------
------------------ Taxes on income 124 1% 35 0%
-------------------- ------------------ Net income $ 340 3% $ 456
5% -------------------- ------------------ Net income per ordinary
share: Basic $ 0.01 $ 0.02 -------------------- ------------------
Diluted $ 0.01 $ 0.02 -------------------- ------------------
Shares used in computing basic Net income per share 28,511,595
28,045,210 ---------------------- ------------------ Shares used in
computing diluted Net income per share 29,654,498 29,584,633
---------------------- ------------------ 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 March 31, 2008
March 31, 2007 -------------------- ------------------ % of % of $
Revenues $ Revenues -------------------- ------------------ GAAP
Net income: $ 340 3% $ 456 5% Adjustment of share-based
compensation within: Cost of Services 24 20 Research and
development costs, net 22 16 Selling and Marketing expenses 47 29
General and administrative expenses 71 83 --------------------
------------------ Net income excluding share-based compensation $
504 4% $ 604 7% -------------------- ------------------ GAAP Net
income per ordinary share: Basic $ 0.01 $ 0.02 --------------------
------------------ Diluted $ 0.01 $ 0.02 --------------------
------------------ Net income per ordinary share excluding
share-based compensation: -------------------- ------------------
Basic $ 0.02 $ 0.02 -------------------- ------------------ Diluted
$ 0.02 $ 0.02 -------------------- ------------------ Contacts:
Shmuel Arvatz Adam J. Rosen Chief Financial Officer +1-646-536-3865
+972-3-765-9467 DATASOURCE: ClickSoftware Technologies Ltd CONTACT:
Contacts: Shmuel Arvatz, Chief Financial Officer, +972-3-765-9467,
; Adam J. Rosen, +1-646-536-3865,
Copyright