$21M Record Bookings Increases Visibility into 2009 BURLINGTON,
Massachusetts, May 6 /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, 2009. For
the first quarter ended March 31, 2009, total revenues were $13.0
million, with net income of $2.6 million, or $0.09 per share. This
compares with revenues of $11.5 million and net income of $0.3
million, or $0.01 per share, for the same period last year, and
revenues of $14.1 million and net income of $5.0 million, or $0.17
per share, for the fourth quarter of 2008. Non-GAAP net income
(excluding the effects of share-based compensation expenses related
to the adoption of SFAS-123R) was $2.8 million, or $0.10 per share,
for the first quarter of 2009. This compares to $0.5 million
Non-GAAP net income, or $0.02 per share, for the same period last
year, and Non-GAAP net income of $3.3 million or $0.11 per share,
for the fourth quarter of 2008. Software license revenues for the
first quarter of 2009 were $4.3 million, while service and
maintenance revenues were $8.7 million. This compares to software
license revenues of $4.0 million and service and maintenance
revenues of $7.5 million for the same period last year, and $5.6
million and $8.5 million, respectively, in the fourth quarter of
2008. Gross profit in the first quarter of 2009 was $8.7 million,
or 67% of revenues, compared to $6.9 million, or 60% of revenues,
in the same period last year, and $10.0 million, or 71% of
revenues, in the fourth quarter of 2008. Cash, cash equivalents and
short and long-term investments in the first quarter of 2009
increased to $34.6 million from $32.0 million at the end of the
fourth quarter of 2008. Net cash provided by operating activities
was $3.0 million during the first quarter of 2009. Management
Commentary "We are satisfied with the financial results of the
first quarter which typically is a slow quarter for us and for the
software industry in general. Specifically pleasing is the record
$21 million booking of new business which came with a nice mix of
deal size and geographic spread. The reseller agreement with SAP is
also producing results, some of which are already reflected in this
quarter's revenues," said Dr. Moshe BenBassat, ClickSoftware's
Chairman and CEO. "Moreover, strong operating income, representing
18% of revenues, indicates a continuous improvement in our
efficiencies and cost control. During the second quarter we
acquired the workforce management business of Manchitra which now
forms the basis of ClickSoftware India, and will further enhance
our delivery capabilities in India and worldwide. While the
economic recession is impacting some of our target markets, we
continue to see demand for our products from industries and
territories which are less influenced by the economic conditions,
and where our products generate immediate return on investment. The
backlog we generated this quarter will provide some needed cushion
should the economy impact us to a greater extent in the future", he
added. Outlook The Company reiterates its projection for growth in
2009. As the level of uncertainty in the global economy is still
too high to be able to reliably estimate the growth rate in terms
of concrete numbers, no concrete guidance for 2009 is given at this
point in time. 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 (800) 762-8779 and ask for the ClickSoftware conference
call. International participants, please call +1-(480)-248-5081.
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: 4054766. 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 120 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, 2008 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) March 31 December
31 _______________________ 2009 2008 _______________________ ASSETS
CURRENT ASSETS Cash and cash equivalents $ 16,737 $ 17,427
Short-term investments 17,436 13,857 Trade receivables, net 9,086
7,825 Deferred taxes 1,940 1,940 Other receivables and prepaid
expenses 1,530 1,071 _______________________ Total current assets
46,729 42,120 _______________________ FIXED ASSETS Cost 4,444 4,142
Less - accumulated depreciation 2,149 2,017 _______________________
Total fixed assets 2,295 2,125 _______________________ Long-term
investments 453 699 Severance pay deposits 1,200 1,218
_______________________ Total Assets $ 50,677 $ 46,162
_______________________ LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES Accounts payable and accrued expenses $ 8,301 $
8,780 Deferred revenues 8,352 5,442 _______________________ Total
current liabilities 16,653 14,222 _______________________ LONG TERM
LIABILITIES Accrued severance pay 2,470 2,653 Deferred revenues -
Long term 3,102 3,201 _______________________ Total long-term
liabilities 5,572 5,854 _______________________ Total liabilities
22,225 20,076 _______________________ SHAREHOLDERS' EQUITY Ordinary
shares of NIS 0.02 par value 116 116 Additional paid-in capital
75,000 74,771 Accumulated deficit (46,350) (48,952) Accumulated
other comprehensive income (271) 194 Treasury stock, at cost:
39,000 shares (43) (43) _______________________ Total shareholders'
equity 28,452 26,086 _______________________ Total liabilities and
shareholders' equity $ 50,677 $ 46,162 _______________________
ClickSoftware Technologies Ltd. CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share and per share amounts) Three
Months Ended March 31, 2009 March 31, 2008 _________________
________________ % of % of $ Revenues $ Revenues _________________
________________ Revenues: Software license $ 4,294 33% $ 3,998 35%
Services 8,683 67% 7,485 65% _________________ ________________
Total revenues 12,977 100% 11,483 100% _________________
________________ Cost of revenues: Software license 656 5% 548 5%
Services 3,589 28% 4,005 35% Total cost of _________________
________________ revenues 4,245 33% 4,553 40% _________________
________________ Gross profit 8,732 67% 6,930 60% _________________
________________ Operating expenses: Research and development
costs, net 1,394 11% 1,576 14% Selling and marketing expenses 3,601
28% 3,866 34% General and administrative expenses 1,362 10% 1,191
10% Total operating _________________ ________________ expenses
6,357 49% 6,633 58% Net Income from _________________
________________ operations 2,375 18% 297 3% Interest, net 247 2%
167 1% Net income before _________________ ________________ taxes $
2,622 20% $ 464 4% _________________ ________________ Taxes on
income 20 0% 124 1% _________________ ________________ Net income $
2,602 20% $ 340 3% _________________ ________________ Net income
per ordinary share: Basic $ 0.09 $ 0.01 _________________
________________ Diluted $ 0.09 $ 0.01 Shares used in
_________________ ________________ computing basic Net income per
share 28,666,350 28,511,595 Shares used in _________________
________________ computing diluted Net income per share 29,592,373
29,654,498 _________________ ________________ 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 in accordance with the requirements of SFAS No. 123R,
"Share-based Payment" ("123R") and tax benefit related to the
creation of deferred tax asset. 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, 2009
March 31, 2008 ___________________ ________________ % of % of $
Revenues $ Revenues ___________________ ________________ GAAP Net
income: $ 2,602 20% $ 340 3% Adjustment of share-based compensation
within: Cost of Services 29 24 Research and development costs, net
27 22 Selling and marketing expenses 59 47 General and
administrative expenses 74 71 Deferred taxes - -
___________________ ________________ Non-GAAP Net income $ 2,791
22% $ 504 4% ___________________________________________ GAAP Net
income per ordinary share: Basic $ 0.09 $ 0.01 ___________________
_________________ Diluted $ 0.09 $ 0.01 ___________________
_________________ Net income per ordinary share excluding
share-based compensation: ___________________ _________________
Basic $ 0.10 $ 0.02 ___________________ _________________ Diluted $
0.09 $ 0.02 ___________________ _________________ Contacts: Shmuel
Arvatz Chief Financial Officer +972-3-765-9400 Noa Schuman Investor
Relations +972-3-7659-467 DATASOURCE: ClickSoftware Technologies
Ltd CONTACT: Contacts: Shmuel Arvatz, Chief Financial Officer,
+972-3-765-9400, ; Noa Schuman, Investor Relations, ,
+972-3-7659-467
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