Revenues up 56% to $15.7 Million, With Net Income of $2.7 Million,
or $0.09 Per Share BURLINGTON, Massachusetts, October 29
/PRNewswire-FirstCall/ -- ClickSoftware Technologies Ltd.
(NasdaqCM: CKSW), the leading provider of mobile workforce
management and service optimization solutions, today announced
results for the third quarter ended September 30, 2008. For the
third quarter ended September 30, 2008, total revenues were $15.7
million, with net income of $2.7 million, or $0.09 per share. This
compares with revenues of $10.1 million and net income of $0.7
million, or $0.03 per share, for the same period last year, and
revenues of $11.0 million and net income of $0.1 million, or $0.00
per share, for the second quarter of 2008. Excluding the effects of
share-based compensation expenses related to the adoption of
SFAS-123R, net income was $2.9 million, or $0.10 per share, for the
third quarter of 2008. Software license revenues for the third
quarter of 2008 were $7.2 million, while service and maintenance
revenues were $8.5 million. This compares to software license
revenues of $4.3 million and service and maintenance revenues of
$5.8 million for the same period last year, and $3.1 million and
$7.9 million, respectively, in the second quarter of 2008. Gross
profit in the third quarter of 2008 was $10.6 million, or 68% of
revenues, compared to $6.0 million, or 59% of revenues, in the same
period last year, and $6.7 million, or 61% of revenues, in the
second quarter of 2008. Cash, cash equivalents and short and
long-term investments in the third quarter of 2008 increased to
$25.3 million from $24.9 million at the end of the second quarter
of 2008. Net cash provided by operating activities was $0.6 million
during the third quarter of 2008. "We are very pleased with our
third quarter results, bringing our revenues and net profit to
record levels. These results demonstrate the continued demand for
our products and our leadership position in the workforce and
service optimization market", said Dr. Moshe BenBassat,
ClickSoftware's Chairman and CEO. "Recognizing the risk associated
with the recent developments in the global economy, we are closely
monitoring our pipeline and short-term prospects. We have good
visibility into the coming quarter and are excited by the long-term
prospects of ClickSoftware. Additionally, today's announcement on
the reseller agreement with SAP will further support our long term
growth trend. This agreement takes the partnership between the two
companies to a new level as it will enable customers to buy
ClickSoftware's products directly from SAP", he added. Outlook As
previously announced on October 2, 2008, the Company currently
expects to achieve annual revenues in the range of approximately
$52 to $54 million dollars, exceeding the annual guidance of $48 to
$50 million given at the beginning of the year. This will bring the
year-over-year growth to the approximate range of 30% to 35%.
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
+1-800-406-7325 (international callers can dial +1-303-590-3030),
ID Code: 3928498. 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 and Section 21E of the
Securities Exchange Act of 1934. 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. 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 20F for the year
ended December 31, 2007 and in subsequent filings with the
Securities and Exchange Commission. 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
BALANCE SHEETS (In thousands, except share data) September 30
December 31 ____________________________ 2008 2007
____________________________ ASSETS CURRENT ASSETS Cash and cash
equivalents $ 9,015 $ 9,054 Short-term investments 15,480 15,054
Trade receivables, net 13,384 6,883 Other receivables and prepaid
expenses 1,345 1,040 ____________________________ Total current
assets 39,224 32,031 ____________________________ FIXED ASSETS Cost
3,381 2,885 Less - accumulated depreciation 1,854 1,448 Total fixed
____________________________ assets 1,527 1,437
____________________________ Long-term investments 758 602
Severance pay deposits 1,415 1,163 ____________________________
Total Assets $ 42,924 $ 35,233 ____________________________
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts
payable and accrued expenses $ 9,214 $ 7,281 Deferred revenues
6,773 5,803 ____________________________ Total current liabilities
15,987 13,084 ____________________________ LONG TERM LIABILITIES
Accrued severance pay 2,880 2,418 Deferred revenues - Long term
3,444 2,919 ____________________________ Total long-term
liabilities 6,324 5,337 ____________________________ Total
liabilities 22,311 18,421 ____________________________
SHAREHOLDERS' EQUITY Ordinary shares of NIS 0.02 par value 116 115
Additional paid-in capital 74,481 73,803 Accumulated deficit
(53,941) (57,063) Treasury stock, at cost: 39,000 shares (43) (43)
____________________________ Total shareholders' equity 20,613
16,812 ____________________________ Total liability and
shareholders' equity $ 42,924 $ 35,233 ____________________________
ClickSoftware Technologies Ltd. CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share and per share amounts) Three
Months Ended September 30, 2008 September 30, 2007
_____________________ ___________________ % of % of $ Revenues $
Revenues _____________________ ___________________ Revenues:
Software license $ 7,190 46% $ 4,293 43% Services 8,474 54% 5,762
57% _____________________ ___________________ Total revenues 15,664
100% 10,055 100% _____________________ ___________________ Cost of
revenues: Software license 763 5% 712 7% Services 4,326 28% 3,386
34% _____________________ ___________________ Total cost of
revenues 5,089 32% 4,098 41% _____________________
___________________ Gross profit 10,575 68% 5,957 59%
_____________________ ___________________ Operating expenses:
Research and development costs, net 1,749 11% 1,496 15% Selling and
Marketing expenses 4,359 28% 3,222 32% General and administrative
expenses 1,604 10% 1,039 10% _____________________
___________________ Total operating expenses 7,712 49% 5,757 57%
_____________________ ___________________ Net Income from
operations 2,863 18% 200 2% Other income - - 216 2% Interest, net
(154) (1)% 249 2% _____________________ ___________________ Net
income before taxes $ 2,709 17% $ 665 6% _____________________
___________________ Taxes on income 51 0% (60) (1)%
_____________________ ___________________ Net income $ 2,658 17% $
725 7% _____________________ ___________________ Net income per
ordinary share: Basic $ 0.09 $ 0.03 _____________________
___________________ Diluted $ 0.09 $ 0.02 _____________________
___________________ Shares used in computing basic Net income per
share 28,545,709 28,352,213 _____________________
___________________ Shares used in computing diluted Net income per
share 29,278,508 30,409,632 _____________________
___________________ ClickSoftware Technologies Ltd. CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except share and per share
amounts) Nine Months Ended September 30, 2008 September 30, 2007
______________________ ___________________ % of % of $ Revenues $
Revenues ______________________ ___________________ Revenues:
Software license $ 14,252 37% $ 12,418 42% Services 23,883 63%
17,187 58% ______________________ ___________________ Total
revenues 38,135 100% 29,605 100% ______________________
___________________ Cost of revenues: Software license 1,610 4%
1,929 7% Services 12,355 32% 9,669 33% ______________________
___________________ Total cost of revenues 13,935 37% 11,598 40%
______________________ ___________________ Gross profit 24,200 63%
18,007 60% ______________________ ___________________ Operating
expenses: Research and development costs, net 4,960 13% 4,149 14%
Selling and Marketing expenses 12,056 32% 9,591 32% General and
administrative expenses 4,010 11% 3,231 11% ______________________
___________________ Total operating expenses 21,026 55% 16,971 57%
______________________ ___________________ Income from operations
3,174 8% 1,036 3% Other income - - 404 1% Interest, net 187 0% 693
2% ______________________ ___________________ Net income before
taxes $ 3,361 9% $ 2,133 6% ______________________
___________________ Taxes on income 239 1% (12) 0%
______________________ ___________________ Net income $ 3,122 8% $
2,145 7% ______________________ ___________________ Net income per
ordinary share: Basic $ 0.11 $ 0.08 ______________________
___________________ Diluted $ 0.11 $ 0.07 ______________________
___________________ Shares used in computing basic Net income per
share 28,547,767 28,190,978 _______________________
______________________ Shares used in computing diluted Net income
per share 29,483,592 29,490,538 _______________________
______________________ 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 September 30, 2008
September 30, 2007 ______________________ _____________________ %
of % of $ Revenues $ Revenues ______________________
_____________________ GAAP Net income: $ 2,658 17% $ 725 7%
Adjustment of share-based compensation within: Cost of Services 31
30 Research and development costs, net 30 27 Selling and Marketing
expenses 60 46 General and administrative expenses 90 97
______________________ _____________________ Net income excluding
share-based compensation $ 2,869 18% $ 925 9%
______________________ _____________________ GAAP Net income per
ordinary share: Basic $ 0.09 $ 0.03 ______________________
_____________________ Diluted $ 0.09 $ 0.02 ______________________
_____________________ Net income per ordinary share excluding
share-based compensation: Basic $ 0.10 $ 0.03
______________________ _____________________ Diluted $ 0.10 $ 0.03
______________________ _____________________ ClickSoftware
Technologies Ltd. SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP
RESULTS (In thousands, except share and per share amounts) Nine
Months Ended September 30, September 30, 2008 2007
______________________ _____________________ % of % of $ Revenues $
Revenues ______________________ _____________________ GAAP Net
income: $ 3,122 8% $ 2,145 7% Adjustment of share-based
compensation within: Cost of Services 85 73 Research and
development costs, net 80 62 Selling and Marketing expenses 165 109
General and administrative expenses 240 258 ______________________
_____________________ Net income excluding share-based compensation
$ 3,692 10% $ 2,647 9% ______________________ _____________________
GAAP Net income per ordinary share: Basic $ 0.11 $ 0.08
______________________ _____________________ Diluted $ 0.11 $ 0.07
______________________ _____________________ Net income per
ordinary share excluding share-based compensation: Basic $ 0.13 $
0.09 ______________________ _____________________ Diluted $ 0.13 $
0.09 ______________________ _____________________ 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