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ClickSoftware Technologies (CKSW) |
ClickSoftware Reports Financial Results for the First Quarter Ended March 31, 2012
PR Newswire
May 02, 2012
BURLINGTON, Massachusetts, May 2, 2012 /PRNewswire/ --
ClickSoftware Technologies Ltd. (NasdaqGS: CKSW), the leading provider of automated mobile workforce management and optimization solutions for the service industry, today announced results for the first quarter ended March 31, 2012.
For the first quarter ended March 31, 2012, total revenues were $21.8 million, up 13% from $19.3 million in the first quarter of 2011. Net income for the first quarter of 2012 was $0.7 million, or $0.02 per fully diluted share, compared to net income of $2.2 million, or $0.07 per fully diluted share, for the same period last year.
Non-GAAP net income for the quarter was $1.3 million, or $0.04 per fully diluted share, compared to $3.2 million, or $0.10 per fully diluted share, for the same period last year.
Software license revenues for the first quarter of 2012 were $6.4 million, down 14% compared with software license revenues of $7.5 million for the same period last year. Service and maintenance revenues were $15.4 million, up 30% compared with service and maintenance revenues of $11.8 million in the same period last year.
Gross profit in the first quarter of 2012 was $12.4 million, or 57% of revenues, compared to $11.8 million, or 61% of revenues, in the same period last year.
Net cash provided by operating activities was $2.1 million during the first quarter of 2012. After paying a cash dividend of $2.5 million, cash, cash equivalents and short and long-term investments at the end of the first quarter of 2012 were $54.2 million, a decrease of $0.8 million compared to the end of the fourth quarter of 2011.
Management Commentary
"With strong bookings and a healthy backlog we are reaffirming our guidance for 2012. While the timing of specific contracts impacted our quarterly revenues, we are satisfied with our operational performance in a quarter which sometimes tends to be slower in our business," commented Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO. "Growth opportunities in the workforce management and enterprise mobility markets remain strong, and we continue to invest for future growth. While the impact of increased research and development and sales and marketing expenses will tighten margins in the short-term, we believe they will position us to better meet market demand with competitive solutions in the cloud and mobility markets."
"Operationally, the launch of the ClickAppStore last month has further positioned us to capitalize on the rapid growth being seen in the enterprise mobility market. The initial response to our go-to-market strategy, which provides pre-bundled starter packages that can be further expanded by downloading additional Apps, has been well received. We will further enhance our product suite by offering a wider range of starter packages that appeal to specific market segments and deliver an easy to use mobile solution that can be configured by the customer to meet their needs," Dr. BenBassat concluded.
Outlook
The Company reiterates the previously provided year 2012 guidance of revenues in the approximate range of $100 to $105 million, representing about 15% to 21% growth over 2011.
Cash Dividend
ClickSoftware also announced today that on April 30, 2012, its Board of Directors approved the distribution of a $0.08 per share dividend to be paid on May 30, 2012 to all shareholders of record as of the close of business on May 16, 2012. The dividend will be paid net of any required tax. The Company does not have a formal policy governing the amounts and payment of dividends, and the declaration and payment of future dividends, if any, is at the discretion of the Company's Board of Directors.
Shmuel Arvatz, ClickSoftware's CFO said: "Our current cash position combined with our steady cash flow from operations make a dividend payment a good vehicle to enhance value and allow our shareholders to participate in our success."
Investors Conference Call
ClickSoftware will host a conference call today at 9:00 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 (888) 668-9141 and ask for the ClickSoftware conference call. International participants, please call +972-3-918-0609. The call will be broadcasted by live webcast on the internet (in listen mode only) at http://ir.clicksoftware.com. A replay of this webcast will be available on the ClickSoftware website. Alternatively, a telephone replay of the call will be available for a week by calling (888) 326-9310 (international callers can dial +972-3-925-5900).
About ClickSoftware
ClickSoftware is the leading provider of automated workforce management and optimization solutions for every size of service business. Our portfolio of solutions, available on demand and on premise, creates business value through higher levels of productivity, customer satisfaction and operational efficiency. Our patented concept of 'continuous planning and scheduling' incorporates customer demand forecasting, long and short term capacity planning, shift planning, real-time scheduling, mobility and location-based services, as well as on-going communication with the consumer on the expected arrival time of the service resource.
As the pioneers of the 'W6' concept more than 20 years ago, we have perfected solutions for solving a wide variety of problems on Who does What, for Whom, with What, Where and When. The combination of proven technology with educational services helps businesses find the right balance between reducing costs, increasing customer satisfaction, employee preferences and industry regulations/legislation. ClickSoftware's solutions manage hundreds of thousands of resources in service businesses across a variety of industries and geographies. Our flexible deployment approach, breadth and depth of solutions and strong partnerships with leading CRM/ERP vendors and system integrators makes us the number one choice to deliver superb business performance to any organization. The Company is headquartered in the United States and Israel, with offices across Europe, and Asia Pacific.
For more information, please visit http://www.clicksoftware.com or follow us on Twitter [http://twitter.com/ClickSoftware ], the content of which is not part of this press release.
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 of net income and net income per share that exclude the effects of share-based compensation, tax benefit related to the update of deferred tax asset and the amortization of acquired intangible assets. The Company's management believes the Non-GAAP financial information provided in this release is useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future. Management also uses both GAAP and Non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The Non-GAAP financial measures disclosed by the Company should not be considered in isolation or as 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. Reconciliations between GAAP measures and Non-GAAP measures are provided later in this press release.
Safe Harbor for Forward Looking Statements
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding future results of operations, including our outlook for full year 2012 revenues, the possibility of future dividends, visibility into future periods and pipeline, growth opportunities in the workforce management and enterprise mobility markets, winning new business, future success in the area of mobility, meeting market demand with our cloud based products and SaaS offering, and growth and future rates of growth. 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, more attractive investments than dividends that may become available, 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 20-F for the year ended December 31, 2011 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, 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 STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share and per share amounts)
Three Months Ended
March 31, 2012 March 31, 2011
____________________ ____________________
% of % of
$ Revenues $ Revenues
____________________ ____________________
Revenues:
Software license $ 6,418 29% $ 7,452 39%
Services 15,430 71% 11,848 61%
____________________ ____________________
Total revenues 21,848 100% 19,300 100%
____________________ ____________________
Cost of revenues:
Software license 925 4% 657 3%
Services 8,484 39% 6,879 36%
____________________ ____________________
Total cost of
revenues 9,409 43% 7,536 39%
____________________ ____________________
Gross profit 12,439 57% 11,764 61%
____________________ ____________________
Operating expenses:
Research and
development costs,
net 2,671 12% 1,861 10%
Selling and
marketing expenses 7,334 34% 5,512 29%
General and
administrative
expenses 1,942 9% 1,605 8%
____________________ ____________________
Total operating
expenses 11,947 55% 8,978 47%
____________________ ____________________
Operating income 492 2% 2,786 14%
Interest income, net 199 1% 24 0%
____________________ ____________________
Net income before taxes $ 691 3% $ 2,810 15%
Tax expense (income),
net (10) 0% 562 3%
____________________ ____________________
Net income $ 701 3% $ 2,248 12%
____________________ ____________________
Net earnings per
ordinary share:
Basic $ 0.02 $ 0.07
____________________ ____________________
Diluted $ 0.02 $ 0.07
____________________ ____________________
Shares used in
computing basic
net income per share 31,414,538 30,661,754
____________________ ____________________
Shares used in
computing diluted
net income per share 32,983,126 32,339,473
____________________ ____________________
ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31, December 31,
2012 2011
(Unaudited) (Audited)
_________________________
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 16,364 $ 14,683
Deposits 26,652 28,243
Marketable securities 10,557 10,945
Trade receivables, net 21,805 23,378
Deferred taxes 660 540
Other receivables and prepaid expenses 4,067 2,610
_________________________
Total current assets 80,105 80,399
_________________________
LONG TERM ASSETS
Property and equipment, net 4,265 3,873
Deposits 616 1,093
Other receivables and prepaid expenses 176 233
Deferred taxes 590 550
Intangible assets, net 925 1,166
Goodwill 1,572 1,572
Severance pay funds 1,852 1,746
_________________________
Total long term assets 9,996 10,233
_________________________
Total Assets $ 90,101 $ 90,632
=========================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 12,059 $ 13,608
Dividend payable - 2,536
Deferred revenues 11,441 9,529
_________________________
Total current liabilities 23,500 25,673
_________________________
LONG TERM LIABILITIES
Accrued severance pay 4,157 3,847
Deferred taxes liability 180 180
Deferred revenues 1,195 1,828
_________________________
Total long term liabilities 5,532 5,855
_________________________
Total liabilities 29,032 31,528
_________________________
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 131 131
Additional paid-in capital 85,361 84,383
Accumulated deficit (24,499) (25,200)
Accumulated other comprehensive income 119 (167)
Treasury stock, at cost: 39,000 shares (43) (43)
_________________________
Total shareholders' equity 61,069 59,104
_________________________
Total Liabilities and shareholders' equity $ 90,101 $ 90,632
=========================
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, In thousands)
Three Months Ended
March 31, 2012 March 31, 2011
____________________________________
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 701 $ 2,248
Adjustments to reconcile net income to
net cash provided by operating activities:
Income and expense items not involving cash flows:
Depreciation 490 325
Amortization of deferred compensation 548 311
Amortization of acquired intangible assets 241 202
Severance pay, net 204 92
Gain on marketable securities (80) (18)
Other - 3
Changes in operating assets and liabilities:
Trade receivables 1,573 (2,872)
Deferred taxes (160) 440
Other receivables (1,114) (262)
Accounts payable and accrued expenses (1,549) (764)
Deferred revenues 1,279 1,353
____________________________________
Net cash provided by operating activities $ 2,133 $ 1,058
____________________________________
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment (882) (328)
Decrease (increase) in deposits 2,068 (9,650)
Investments in marketable securities (139) (2,552)
Proceeds from sale of marketable securities 607 1,872
Net cash provided by (used in) investment ____________________________________
activities $ 1,654 $(10,658)
____________________________________
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (2,536) -
Employee options exercised 430 156
____________________________________
Net cash (used in) provided by financing activities $ (2,106) $ 156
____________________________________
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,681 (9,444)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 14,683 25,749
____________________________________
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 16,364 $ 16,305
____________________________________
ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited. In thousands, except per share amounts)
Three Months Ended
March 31, 2012 March 31, 2011
___________________ __________________
% of % of
$ Revenues $ Revenues
___________________ __________________
GAAP Net income $ 701 3% $ 2,248 12%
Share-based compensation (1) 548 311
Amortization of intangible assets (2) 241 202
Deferred taxes (160) 440
___________________ __________________
Non-GAAP Net income $ 1,330 6% $ 3,201 17%
___________________ __________________
GAAP Earnings per share (diluted) $ 0.02 $ 0.07
Share-based compensation 0.02 0.01
Amortization of intangible assets 0.00 0.01
Deferred taxes 0.00 0.01
___________________ __________________
Non-GAAP Earnings per share (diluted) $ 0.04 $ 0.10
___________________ __________________
(1) Share-based compensation:
Cost of services 59 39
Research and development costs, net 49 34
Selling and marketing expenses 117 77
General and administrative expenses 323 161
___________________ __________________
$ 548 $ 311
___________________ __________________
(2) Amortization of intangible assets:
Cost of revenues 211 172
Research and development costs, net 30 30
___________________ __________________
$ 241 $ 202
___________________ __________________
ClickSoftware Contact:
Noa Schuman
Investor Relations
+972-3-7659-467
Noa.Schuman@clicksoftware.com
Investor Relations Contact
Rob Fink
KCSA Strategic Communications
212-896-1206
rfink@kcsa.com
SOURCE ClickSoftware Technologies Ltd
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