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ClickSoftware Reports Record Revenues for the First Quarter Ended March 31, 2011, Declares Cash Dividend

Quarterly Revenues Up 10% Year-Over-Year, Reaching $19.3 Million; Board Approves First Ever Cash Dividend in the Company's History


News provided by

ClickSoftware Technologies Ltd

Apr 28, 2011, 03:00 ET

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BURLINGTON, Massachusetts, April 28, 2011 /PRNewswire-FirstCall/ -- ClickSoftware Technologies Ltd. (NasdaqGS: CKSW), the leading provider of automated workforce management and optimization solutions for the service industry, today announced results for the first quarter ended March 31, 2011.

For the first quarter ended March 31, 2011, total revenues were $19.3 million, up 10% from $17.5 million in the first quarter of 2010. Net income for the first quarter of 2011 was $2.2 million, or $0.07 per fully diluted share, compared to net income of $2.8 million, or $0.09 per fully diluted share, for the same period last year.

Non-GAAP net income for the quarter was $3.2 million, or $0.10 per fully diluted share, compared to $3.7 million, or $0.11 per fully diluted share, for the same period last year.

Software license revenues for the first quarter of 2011 were $7.5 million, up 9% compared with software license revenues of $6.8 million for the same period last year. Service and maintenance revenues were $11.8 million, up 11% compared with service and maintenance revenues of $10.6 million in the same period last year.

Gross profit in the first quarter of 2011 was $11.8 million, or 61% of revenues, compared to $11.0 million, or 63% of revenues, in the same period last year.

Cash, cash equivalents and short and long-term investments at the end of the first quarter of 2011 increased to $51.9 million from $51.0 million at the end of the fourth quarter of 2010. Net cash provided by operating activities was $1.1 million during the first quarter of 2011.

Management Commentary

"The first quarter was an outstanding one. Revenues grew to a record level and strong bookings took our backlog and deferred revenues to new heights. Winning the DIRECTV contract - one of the largest and most competitive workforce management bids in recent years - further underscores our leadership position in the market and improves our visibility into 2011," commented Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO. "We continue to invest in expanding our enterprise mobility offerings, with specific emphasis on new tablets and new smartphones (Apple's, Android-based, Blackberry's and the like), aiming at becoming a market leader for mobile business apps. Our recent successes in deploying some of the largest and most challenging mobile implementations in the market, serve as evidence for the robustness and scalability of our products and deployment tools", he added.

Dividends

ClickSoftware also announced today that on April 27, 2011, its Board of Directors approved the distribution of a $0.32 per share dividend to be paid quarterly in four equal amounts over the next four quarters. The first quarterly dividend of $0.08 per ordinary share will be paid on May 26, 2011 to all shareholders of record as of the close of business on May 12, 2011. The dividend will be paid net of any required tax. This is the first cash dividend paid to shareholders in the Company's history. The declaration and payment of future dividends is at the discretion of the Company's Board of Directors.

Shmuel Arvatz, ClickSoftware's CFO said: "The current level of available cash and our projected steady cash flows from operations make a dividend payment a good vehicle to allow our shareholders to participate in our recent growth and success."

Outlook

The Company reiterates the previously provided year 2011 guidance of revenues in the approximate range of $81.5 to $85.0 million, representing about 15% to 20% growth over 2010.

2011 Analyst & Investor Day

The Company will host an Analyst & Investor Day on Tuesday, May 24th in NYC. For details and registration please contact Rob Fink or Marybeth Csaby at KCSA Strategic Communications, (212)896-1206 ([email protected], [email protected]), or visit ClickSoftware's website at: http://www.clicksoftware.com.

Investors Conference Call

ClickSoftware will host a conference call today at 9:00 a.m. ET 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)407-2553 and ask for the ClickSoftware conference call. International participants, please call +972-3-918-0610. 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 or by calling (888) 326-9310 (international callers can dial +972-3-925-5901).

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 over 200,000 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, visibility into future periods, growth and future rates of growth and expectations of future cash flows and dividends. For example, when we discuss our "Outlook" for 2011 revenues, continued growth in 2011, expected traction for our offerings and demand and visibility for future periods, we are using forward-looking statements. 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, 2010 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, 2011           March 31, 2010
                           ---------------------    --------------------
                                            % of                    % of
                                      $ Revenues              $ Revenues
                           ---------------------    --------------------
    Revenues:
        Software license        $ 7,452      39%        $ 6,838      39%
        Services                 11,848      61%         10,645      61%
                           ---------------------    --------------------
            Total revenues       19,300     100%         17,483     100%
                           ---------------------    --------------------
    Cost of revenues:
        Software license            657       3%            693       4%
        Services                  6,879      36%          5,826      33%
                           ---------------------    --------------------
            Total cost of
            revenues              7,536      39%          6,519      37%
                           ---------------------    --------------------
    Gross profit                 11,764      61%         10,964      63%
                           ---------------------    --------------------
    Operating expenses:
        Research and
        development costs,
        net                       1,861      10%          1,847      11%
        Selling and
        marketing expenses        5,512      29%          4,361      25%
        General and
        administrative
        expenses                  1,605       8%          1,556       9%
                           ---------------------    --------------------
            Total operating
            expenses              8,978      47%          7,764      44%
                           ---------------------    --------------------
    Net income from
    operations                    2,786      14%          3,200      18%
    Interest income
    (expense), net                   24       0%             (4)      0%
                           ---------------------    --------------------
    Net income before taxes     $ 2,810      15%        $ 3,196      18%
    Tax expense, net                562       3%            422       2%
                           ---------------------    --------------------
    Net income                  $ 2,248      12%        $ 2,774      16%
                           ---------------------    --------------------

    Net earnings per
    ordinary share:
    Basic                        $ 0.07                  $ 0.09
                           ---------------------    --------------------
    Diluted                      $ 0.07                  $ 0.09
                           ---------------------    --------------------
    Shares used in
    computing basic
    net income per share     30,661,754              30,263,328
                           ---------------------    --------------------
    Shares used in
    computing diluted
    net income per share     32,339,473              32,042,427
                           ---------------------    --------------------



                                  ClickSoftware Technologies Ltd.
                                   CONSOLIDATED BALANCE SHEETS
                              (In thousands, except share data)

                                              March 31, 2011 December31, 2010
                                                 (Unaudited)       (Audited)
                                           ---------------------------------
             ASSETS
     CURRENT ASSETS
      Cash and cash equivalents                     $ 16,305        $ 25,749
      Short term deposits                             26,383          16,747
      Marketable securities                            8,537           7,839
      Trade receivables, net                          17,127          14,255
      Deferred taxes                                   1,780           2,220
      Other receivables and prepaid
      expenses                                         2,752           2,431
                                           ---------------------------------
                  Total current assets                72,884          69,241
                                           ---------------------------------
     LONG TERM ASSETS
      Property and Equipment, net                      3,385           3,384
      Long term deposits                                 634             620
      Other receivables and
      prepaid expenses                                   384             364
      Intangible assets, net                           1,802           2,004
      Goodwill                                         2,511           2,511
      Severance pay funds                              1,799           1,703
                                           ---------------------------------
                  Total long term assets              10,515          10,586
                                           ---------------------------------
             Total Assets                           $ 83,399        $ 79,827
                                           ---------------------------------
             LIABILITIES AND SHAREHOLDERS' EQUITY
     CURRENT LIABILITIES
      Accounts payable and accrued expenses         $ 11,810        $ 12,574
      Deferred revenues                                9,383           7,957
                                           ---------------------------------
                  Total current liabilities           21,193          20,531
                                           ---------------------------------

     LONG TERM LIABILITIES
      Accrued severance pay                            3,619           3,431
      Deferred revenues                                1,704           1,777
                                           ---------------------------------
                  Total long term liabilities          5,323           5,208
                                           ---------------------------------
                  Total liabilities                   26,516          25,739
                                           ---------------------------------
     SHAREHOLDERS' EQUITY
      Ordinary shares of NIS 0.02 par value              127             126
      Additional paid-in capital                      81,637          81,170
      Accumulated deficit                            (25,145)        (27,393)
      Accumulated other comprehensive income             307             228
      Treasury stock,at cost: 39,000 shares              (43)            (43)
                                           ---------------------------------
                  Total shareholders' equity          56,883          54,088
                                           ---------------------------------
             Total Liabilities and
             shareholders' equity                   $ 83,399        $ 79,827
                                           ---------------------------------



                             ClickSoftware Technologies Ltd.
                          CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited. In thousands)

                                                        Three Months Ended

                                                      March 31,    March 31,
                                                           2011         2010
                                                      ----------   ---------
    CASH FLOWS FROM OPERATING ACTIVITIES
       Net income                                        $ 2,248     $ 2,774
       Adjustments to reconcile net income to
       net cash provided by operating activities:
        Income and expense items not involving cash flows:
             Depreciation                                    325         305
             Amortization of deferred compensation           311         339
             Amortization of acquired intangible assets      202         199
             Severance pay, net                               92          46
             Gain on marketable securities                   (18)        (20)
             Other                                             3           2
        Changes in operating assets and liabilities:
             Increase in trade receivables                (2,872)       (124)
             Decrease in deferred taxes                      440         340
             Increase in other receivables                  (262)       (299)
             Increase in accounts payable and
             accrued expenses                               (764)     (1,535)
             Increase in deferred revenues                 1,353       1,967
                                                      ----------   ---------
       Net cash provided by operating activities         $ 1,058     $ 3,994
                                                      ----------   ---------
    CASH FLOWS FROM INVESTING ACTIVITIES
         Purchase of equipment                              (328)       (462)
         Decrease (Increase) in deposits                  (9,650)      2,920
         Investments in marketable securities             (2,552)     (4,112)
         Proceeds from sale of marketable securities       1,872          45
                                                      ----------   ---------
       Net cash used in investment activities          $ (10,658)   $ (1,609)
                                                      ----------   ---------
    CASH FLOWS FROM FINANCING ACTIVITIES
         Employee options exercised                          156         249
                                                      ----------   ---------
       Net cash provided by financing activities           $ 156       $ 249
                                                      ----------   ---------
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS      (9,444)      2,634
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD      25,749      15,594
                                                      ----------   ---------
    CASH AND CASH EQUIVALENTS AT END OF PERIOD          $ 16,305    $ 18,228
                                                      ----------   ---------




                           ClickSoftware Technologies Ltd.
               SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
                 (Unaudited. In thousands, except per share amounts)

                                            Three Months Ended
                                March 31, 2011              March 31, 2010
                              ------------------        ---------------------
                                           % of                          % of
                                $      Revenues             $        Revenues
                              ------------------        ---------------------
    GAAP Net income            $ 2,248       12%          $ 2,774         16%
    Share-based compensation (1)   311                        339
    Amortization of
    intangible assets (2)          202                        199
    Deferred taxes                 440                        340
                              ------------------        ---------------------
    Non-GAAP Net income        $ 3,201       17%          $ 3,652         21%
                              ------------------        ---------------------
    GAAP Earnings per
    share (diluted)            $  0.07                    $  0.09
    Share-based compensation      0.01                       0.01
    Amortization of
    intangible assets             0.01                       0.00
    Deferred taxes                0.01                       0.01
                              ------------------        ---------------------
    Non-GAAP Earnings per
    share (diluted)            $  0.10                    $  0.11
                              ------------------        ---------------------

    (1)Share-based compensation:
         Cost of services           39                         44
         Research and development
         costs, net                 34                         36
         Selling and marketing
         expenses                   77                         88
         General and
         administrative expenses   161                        171
                              ------------------        ---------------------
                               $   311                    $   339
                              ------------------        ---------------------

    (2)Amortization of
    intangible assets:
         Cost of revenues          172                        169
         Research and
         development costs, net     30                         30
                              ------------------        ---------------------
                               $   202                    $   199
                              ------------------        ---------------------




    ClickSoftware Contact:                 Investor Relations Contact:
    Noa Schuman                            Marybeth Csaby / Rob Fink
    Investor Relations                     KCSA Strategic Communications
    +972-3-7659-467                        +1-212-896-1236 / +1-212-896-1206
    [email protected]          [email protected] / [email protected]


SOURCE ClickSoftware Technologies Ltd

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