UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: April 2008
Commission File Number: 000-30827
CLICKSOFTWARE TECHNOLOGIES LTD.
(Translation of registrant's name into English)
2 Rechavam Ze'evi Street
Givat Shmuel 54017, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulations S-T Rule 101(b)(1):_____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulations S-T Rule 101(b)(7):_____
Indicate by check mark, whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ___
Attached hereto and incorporated by reference herein is the registrant's
press release announcing its first quarter 2008 earnings results, issued on
April 30, 2008.
The information in this Form 6-K of CLICKSOFTWARE TECHNOLOGIES LTD. is
incorporated by reference into the Form S-8 of the Company, registration number
333-149825, filed with the Securities and Exchange Commission on March 20, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CLICKSOFTWARE TECHNOLOGIES LTD.
(Registrant)
By: /s/ Shmuel Arvatz
-------------------------------------
Name: Shmuel Arvatz
Title: Executive Vice President and
Chief Financial Officer
Date: April 30, 2008
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Contacts:
Shmuel Arvatz Adam J. Rosen
Chief Financial Officer (646) 536-3865
+972-3-765-9467 arosen@rkequity.com
Shmuel.Arvatz@clicksoftware.com
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CLICKSOFTWARE REPORTS RECORD REVENUES FOR THE 1st QUARTER ENDED MARCH 31, 2008
--- Revenues up 27% to $11.5 Million ---
BURLINGTON, MA, April 30, 2008 - 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
(800) 762-8908 and ask for the ClickSoftware conference call. International
participants, please call (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 (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 (781) 272-5903 or (888)
438-3308, or visit 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
=========== ===========
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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
----------- -----------
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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
----------- -----------
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