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ClickSoftware Reports Record Revenues for the Fourth Quarter and Year Ended December 31, 2010

BURLINGTON, Massachusetts February 9, 2011 December 31, 2010

December 31, 2010 $18.5 million $17.2 million $1.6 million $0.05 $3.8 million $0.12

$2.2 million $0.07 $3.5 million $0.11

$6.8 million $5.5 million $11.7 million $11.6 million

$11.4 million $11.1 million

$51.0 million $48.3 million $2.8 million

Full Year Results

$71.0 million $9.0 million $0.28 $61.1 million $12.5 million $0.40 $12.0 million $0.37 $12.7 million $0.41

Management Commentary

Moshe BenBassat

"During 2010 we made significant progress enhancing our mobility and shift planning products, thereby increasing our offerings to the existing markets we serve and to our installed-base, as well as expanding considerably our addressable market. We are offering ClickMobile as a stand-alone product or as part of our ServiceOptimization Suite. With Sybase as our partner and ClickMobile’s device agnostic capabilities – running on iPhone, iPad, Android, Blackberry devices and others – we expect to see significant traction for our mobility offerings", Dr. BenBassat added.

Outlook

$81.5 to $85.0 million $25.5 million

Investors Conference Call

9:00 a.m. ET http://ir.clicksoftware.com

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.

the United States Israel Europe Asia Pacific

http://www.clicksoftware.com http://twitter.com/ClickSoftware

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

December 31, 2009

    Note: Financial Schedules Attached                           ClickSoftware Technologies Ltd.                         CONSOLIDATED STATEMENTS OF OPERATIONS           (Unaudited. In thousands, except share and per share amounts)                                              Three Months Ended                               December 31, 2010        December 31, 2009                             --------------------    ---------------------                                           % of                   % of                                  $      Revenues        $      Revenues                             --------------------    ---------------------     Revenues:           Software license      $ 6,769      37%       $ 5,530       32%           Services               11,707      63%        11,642       68%                             --------------------    ---------------------           Total revenues         18,476     100%        17,172      100%                             --------------------    ---------------------     Cost of revenues:           Software license          651       4%           379        2%           Services                6,404      35%         5,703       33%           Total cost of           revenues                7,055      38%         6,082       35%                             --------------------    ---------------------     Gross profit                 11,421      62%        11,090       65%                             --------------------    ---------------------     Operating expenses:           Research and           development costs,           net                     2,053      11%         1,798       10%           Selling and           marketing expenses      5,313      29%         4,451       26%           General and           administrative           expenses                2,188      12%         1,702       10%                             --------------------    ---------------------           Total operating           expenses                9,554      52%         7,951       46%                             --------------------    ---------------------     Net income from     operations                    1,867      10%         3,139       18%     Interest income     (expense), net                   69       0%          (44)        0%                             --------------------    ---------------------     Net income before taxes     $ 1,936      10%       $ 3,095       18%     Tax expense (income),     net                             343       2%         (705)      (4%)                             --------------------    ---------------------     Net income                  $ 1,593       9%       $ 3,800       22%                             --------------------    ---------------------      Net earnings per     ordinary share:     Basic                        $ 0.05                 $ 0.13                             --------------------    ---------------------     Diluted                      $ 0.05                 $ 0.12                             --------------------    ---------------------     Shares used in     computing basic     net income per share     30,581,063             30,232,763                             --------------------    ---------------------      Shares used in     computing diluted     net income per share     32,169,050             31,808,737                             --------------------    ---------------------                               ClickSoftware Technologies Ltd.                         CONSOLIDATED STATEMENTS OF OPERATIONS                 (In thousands, except share and per share amounts)                                                Year Ended                                 December 31, 2010           December 31, 2009                                     (Unaudited)                  (Audited)                                --------------------    ---------------------                                              % of                     % of                                     $      Revenues         $        Revenues                                --------------------    ---------------------         Revenues:               Software license $ 25,825      36%         $ 19,259       32%               Services           45,194      64%           41,864       68%                                --------------------    ---------------------               Total revenues     71,019     100%           61,123      100%                                --------------------    ---------------------         Cost of revenues:               Software license    2,299       3%            1,980        3%               Services           24,614      35%           18,851       31%                                --------------------    ---------------------               Total cost of               revenues           26,913      38%           20,831       34%                                --------------------    ---------------------         Gross profit             44,106      62%           40,292       66%                                --------------------    ---------------------         Operating expenses:               Research and               development               costs, net          7,920      11%            6,499       11%               Selling and               marketing               expenses           19,213      27%           16,240       27%               General and               administrative               expenses            6,747      10%            6,423       11%                                --------------------    ---------------------               Total               operating               expenses           33,880      48%           29,162       48%                                --------------------    ---------------------         Net income from         operations               10,226      14%           11,130       18%         Interest income,         net                         189       0%              380        1%                                --------------------    ---------------------         Net income before         taxes                  $ 10,415      15%         $ 11,510       19%         Tax expense         (income), net             1,370       2%          (1,004)      (2%)                                --------------------    ---------------------         Net income              $ 9,045      13%         $ 12,514       20%                                --------------------    ---------------------          Net earnings per         ordinary share:         Basic                    $ 0.30                    $ 0.43                                --------------------    ---------------------         Diluted                  $ 0.28                    $ 0.40                                --------------------    ---------------------         Shares used in         computing basic         net income per         share                30,415,679                29,400,973                              ----------------------    ---------------------         Shares used in         computing diluted         net income per         share                32,037,399                31,137,238                              ----------------------    ---------------------                                ClickSoftware Technologies Ltd.                               CONSOLIDATED BALANCE SHEETS                             (In thousands, except share data)                                              December 31,     December 31,                                                 2010             2009                                             (Unaudited)       (Audited)                                         -----------------------------------      ASSETS      CURRENT ASSETS              Cash and cash              equivalents                       $ 25,749       $ 15,594              Short term deposits                 16,747         17,520              Marketable securities                7,839          1,332              Trade receivables, net              14,255         16,410              Deferred taxes                       2,220          3,160              Other receivables and              prepaid expenses                     2,431          1,980                                          -----------------------------                   Total current assets           69,241         55,996                                          -----------------------------      PROPERTY AND      EQUIPMENT              Cost                                 7,260          6,025              Less - accumulated              depreciation                         3,876          2,898                                          -----------------------------              Property and              Equipment, net                       3,384          3,127                                          -----------------------------              Long term              deposits                               620            528      Other receivables and      prepaid expenses                               364              -      Intangible assets, net                       2,004          2,802      Goodwill                                     2,511          2,511      Severance pay funds                          1,703          1,485                                          -----------------------------              Total Assets                      $ 79,827       $ 66,449                                          -----------------------------              LIABILITIES AND SHAREHOLDERS'               EQUITY      CURRENT      LIABILITIES              Accounts payable and              accrued expenses                  $ 12,574       $ 11,619              Deferred revenues                    7,957          6,711                                          -----------------------------              Total current liabilities           20,531         18,330                                          -----------------------------       LONG TERM      LIABILITIES              Accrued severance pay                3,431          2,879              Deferred revenues                    1,777          2,582                                          -----------------------------                   Total long term                   liabilities                     5,208          5,461                                          -----------------------------                   Total liabilities              25,739         23,791                                          -----------------------------          SHAREHOLDERS' EQUITY              Ordinary shares of NIS              0.02 par value                         126            124              Additional paid-in              capital                             81,170         78,933              Accumulated deficit               (27,393)       (36,438)              Accumulated other              comprehensive income                   228             82              Treasury stock,              at cost: 39,000              shares                                (43)           (43)                                          -----------------------------                   Total shareholders'                   equity                         54,088         42,658                                          -----------------------------              Total Liabilities and              shareholders' equity              $ 79,827       $ 66,449                                          -----------------------------                                   ClickSoftware Technologies Ltd.                               CONSOLIDATED STATEMENTS OF CASH FLOWS                                        (In thousands)                                                       Year Ended                                                December 31, December 31,                                                  2010         2009                                                 (Unaudited)   (Audited)                                          -------------------------------     CASH FLOWS FROM OPERATING ACTIVITIES        Net income                                $ 9,045     $ 12,514        Adjustments to reconcile        net income to        net cash provided by operating        activities:         Income and expense items not         involving cash flows:              Depreciation                         1,254         1,032              Amortization of deferred              compensation                         1,169           992              Amortization of acquired              intangible assets                      796           366              Severance pay, net                     334           (41)              Gain on marketable securities          (59)           (2)              Other                                    8            22         Changes in operating assets         and liabilities:              Decrease (Increase) in trade              receivables                          2,155       (8,585)              Decrease (Increase) in deferred              taxes                                  940       (1,220)              Increase in other receivables         (669)      (1,021)              Increase in accounts payable and              accrued expenses                       955         2,839              Increase in deferred revenues          441           650                                             -----------  ------------        Net cash provided by operating        activities                              $ 16,369       $ 7,546                                             -----------  ------------     CASH FLOWS FROM INVESTING ACTIVITIES          Purchase of equipment                   (1,517)       (2,057)          Acquisition of intangible assets          and goodwill in a          business combination                         -       (5,679)          Decrease (Increase) in deposits            681       (3,492)          Investments in marketable          securities                              (8,451)      (2,425)          Proceeds from sale of marketable          securities                               2,003        1,095                                             -----------  ------------        Net cash used in investment        activities                             $ (7,284)   $ (12,558)                                             -----------  ------------     CASH FLOWS FROM FINANCING ACTIVITIES          Employee options exercised              1,070        3,179                                             -----------  ------------        Net cash provided by financing        activities                               $ 1,070      $ 3,179                                             -----------  ------------     INCREASE (DECREASE) IN CASH AND     CASH EQUIVALENTS                             10,155      (1,833)     CASH AND CASH EQUIVALENTS AT     BEGINNING OF PERIOD                          15,594      17,427                                             -----------  ------------     CASH AND CASH EQUIVALENTS AT END     OF PERIOD                                  $ 25,749    $ 15,594                                             -----------  ------------                               ClickSoftware Technologies Ltd.                SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS                  (Unaudited. In thousands, except per share amounts)                                             Three Months Ended                              December 31, 2010      December 31, 2009                           --------------------    ---------------------                                     % of                        % of                              $    Revenues             $      Revenues                           --------------------    ---------------------       GAAP Net income      $ 1,593      9%             $ 3,800     22%     Share-based     compensation (1)         328                         302     Amortization of     intangible assets (2)    199                         160     Deferred taxes           120                       (790)                         ----------------------    ---------------------     Non-GAAP Net income  $ 2,240     12%             $ 3,472     20%                         ----------------------    ---------------------     GAAP Earnings per     share (diluted)      $  0.05                      $ 0.12     Share-based     compensation            0.01                        0.01     Amortization of     intangible assets       0.01                        0.00     Deferred taxes          0.00                      (0.02)                         ----------------------    ---------------------     Non-GAAP Earnings per     share (diluted)      $  0.07                      $ 0.11                         ----------------------    ---------------------     (1)Share-based       compensation:         Cost of services      42                          35         Research and         development         costs, net            36                          32         Selling and         marketing         expenses              81                          73         General and         administrative         expenses             169                         162                         ----------------------    ---------------------                            $ 328                       $ 302                         ----------------------    ---------------------      (2) Amortization of         intangible assets:          Cost of revenues    170                         130          Research and          development costs,          net                  29                          30                         ----------------------    ---------------------                            $ 199                       $ 160                         ----------------------    ---------------------                                 ClickSoftware Technologies Ltd.                  SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS                    (Unaudited. In thousands, except per share amounts)                                              Year Ended                              December 31, 2010      December 31, 2009                           --------------------   -----------------------                                     % of                        % of                              $    Revenues             $      Revenues                           --------------------   -----------------------       GAAP Net income:     $   9,045      13%        $ 12,514        20%     Share-based     compensation (1)         1,169                      992     Amortization of     intangible assets (2)      796                      366     Deferred taxes             940                   (1,220)                          ----------------------    ---------------------     Non-GAAP Net income  $  11,950      17%        $ 12,652        21%                          ----------------------  -----------------------      GAAP Earnings per     share (diluted)         $ 0.28                 $ 0.40     Share-based     compensation              0.04                   0.03     Amortization of     intangible assets         0.02                   0.01     Deferred taxes            0.03                 (0.03)                        ----------------------    ---------------------     Non-GAAP Earnings per     share (diluted)         $ 0.37                 $ 0.41                        ----------------------  -----------------------     (1) Share-based        compensation:          Cost of services      170                    132          Research and          development          costs, net            145                    120          Selling and          marketing          expenses              334                    266          General and          administrative          expenses              520                    474                         ----------------------    ---------------------                             $ 1,169                  $ 992                         ----------------------  -----------------------      (2)Amortization of        intangible assets:        Cost of revenues        678                    278        Research and        development costs,        net                     118                     88                         ----------------------    ---------------------                              $ 796                  $ 366                         ----------------------  -----------------------         ClickSoftware Contact:     Noa Schuman     Investor Relations     +972-3-7659-467     [email protected]       Investor Relations Contact:     Marybeth Csaby / Rob Fink     KCSA Strategic Communications     212-896-1236 / 212-896-1206     [email protected] / [email protected]   

SOURCE ClickSoftware Technologies Ltd

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