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ClickSoftware Reports Record Revenues for the Second Quarter Ended June 30, 2011

BURLINGTON, Massachusetts July 28, 2011

 

June 30, 2011

June 30, 2011 $20.7 million $17.6 million $2.6 million $0.08 $2.4 million $0.07

$3.5 million $0.11 $3.3 million $0.10

$6.1 million $6.2 million $14.6 million $11.3 million

$13.5 million $10.8 million

$56.4 million $51.9 million $6.6 million $2.5 million

Management Commentary

$20.7 million Moshe BenBassat

Outlook

$81.5 to $85.0 million

Cash Dividend

July 25, 2011 $0.08 August 11, 2011 August 25, 2011

April 28, 2011 $0.32

Annual Shareholders Meeting

July 21, 2011 June 8, 2011

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 Twitter

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, future prospects and potential market demand and the Company’s market leadership, 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 December 31, 2010

Note:  Financial Schedules Attached

                          ClickSoftware Technologies Ltd.                     CONSOLIDATED STATEMENTS OF OPERATIONS                (Unaudited. In thousands, except share and per share amounts)                                              Three Months Ended                                 June 30, 2011            June 30, 2010                                -------------------      ------------------                                             % of                   % of                                    $      Revenues        $      Revenues                                -------------------      ------------------      Revenues:         Software license          $ 6,066      29%         $ 6,249     36%         Services                   14,601      71%          11,333     64%                                -------------------      ------------------              Total revenues        20,667     100%          17,582    100%                                -------------------      ------------------     Cost of revenues:          Software license             374       2%             338      2%          Services                   6,823      33%           6,398     36%                                -------------------      ------------------              Total cost of              revenues               7,197      35%           6,736     38%                                -------------------      ------------------     Gross profit                   13,470      65%          10,846     62%                                -------------------      ------------------     Operating expenses:         Research and         development costs,         net                         2,291      11%           1,892     11%         Selling and         marketing expenses          6,083      29%           4,812     27%         General and         administrative         expenses                    1,761       9%           1,424      8%                                -------------------      ------------------              Total operating              expenses              10,135      49%           8,128     46%                                -------------------      ------------------     Operating income                3,335      16%           2,718     15%     Interest income     (expense), net                   (46)       0%              55      0%                                -------------------      ------------------     Net income before taxes       $ 3,289      16%         $ 2,773     16%     Tax expense, net                  690       3%             422      2%                                -------------------      ------------------     Net income                    $ 2,599      13%         $ 2,351     13%                                -------------------      ------------------     Net earnings per     ordinary share:     Basic                          $ 0.08                   $ 0.08                                -------------------      ------------------     Diluted                        $ 0.08                   $ 0.07                                -------------------      ------------------     Shares used in     computing basic     net income per share       30,873,416               30,366,473                                -------------------      ------------------      Shares used in     computing diluted     net income per share       32,652,099               31,946,699                                -------------------      ------------------  
                          ClickSoftware Technologies Ltd.                     CONSOLIDATED STATEMENTS OF OPERATIONS                (Unaudited. In thousands, except share and per share amounts)                                               Six Months Ended                                 June 30, 2011            June 30, 2010                              -------------------   ---------------------                                           % of                   % of                                  $      Revenues        $      Revenues                              -------------------   ---------------------     Revenues:         Software license       $ 13,518      34%      $ 13,087       37%         Services                 26,449      66%        21,978       63%                              -------------------   ---------------------             Total revenues       39,967     100%        35,065      100%                              -------------------   ---------------------     Cost of revenues:          Software license         1,031       3%         1,031        3%          Services                13,702      34%        12,224       35%                              -------------------   ---------------------             Total cost of             revenues             14,733      37%        13,255       38%                              -------------------   ---------------------     Gross profit                 25,234      63%        21,810       62%                              -------------------   ---------------------     Operating expenses:         Research and         development costs,         net                       4,152      10%         3,739       11%         Selling and         marketing expenses       11,595      29%         9,173       26%         General and         administrative         expenses                  3,366       8%         2,980        8%                              -------------------   ---------------------             Total operating             expenses             19,113      48%        15,892       45%                              -------------------   ---------------------     Operating income              6,121      15%         5,918       17%     Interest income     (expense), net                 (22)       0%            51        0%                              -------------------   ---------------------     Net income before taxes     $ 6,099      15%       $ 5,969       17%     Tax expense, net              1,252       3%           844        2%                              -------------------   ---------------------     Net income                  $ 4,847      12%       $ 5,125       15%                              -------------------   ---------------------     Net earnings per     ordinary share:     Basic                        $ 0.16                 $ 0.17                              -------------------   ---------------------     Diluted                      $ 0.15                 $ 0.16                              -------------------   ---------------------     Shares used in     computing basic      net income per share     30,767,584             30,314,900                              -------------------   ---------------------     Shares used in     computing diluted      net income per share     32,376,192             31,994,563                              -------------------   ---------------------  
                    ClickSoftware Technologies Ltd.                    CONSOLIDATED BALANCE SHEETS                    (In thousands, except share data)                                                                                                          June 30, 2011    December 31, 2010                                            (Unaudited)         (Audited)                                         -------------------------------------               ASSETS      CURRENT ASSETS       Cash and cash equivalents               $ 21,438           $ 25,749       Short term deposits                       24,830             16,747       Marketable securities                      9,492              7,839       Trade receivables, net                    16,461             14,255       Deferred taxes                            1,470              2,220       Other receivables and       prepaid expenses                           2,656              2,431                                              -----------        ----------                    Total current assets         76,347             69,241                                              -----------        ----------      LONG TERM ASSETS       Property and equipment, net                3,661              3,384       Long term deposits                           653                620       Other receivables and       prepaid expenses                             311                364       Intangible assets, net                     1,600              2,004       Goodwill                                   2,511              2,511       Severance pay funds                        1,886              1,703                                            -----------         ----------                    Total long term assets       10,622             10,586                                            -----------         ----------                 Total Assets                  $ 86,969           $ 79,827                                            ===========         ===========               LIABILITIES AND SHAREHOLDERS' EQUITY      CURRENT LIABILITIES       Accounts payable and accrued expenses   $ 12,328           $ 12,574       Dividend payable                           7,541                  -       Deferred revenues                         10,274              7,957                                            -----------         ----------                    Total current liabilities    30,143             20,531                                            -----------         ----------       LONG TERM LIABILITIES       Accrued severance pay                      3,902              3,431       Deferred revenues                          2,102              1,777                                            -----------         ----------                    Total long term                    liabilities                   6,004              5,208                                            -----------         ----------                    Total liabilities            36,147             25,739                                            -----------         ----------      SHAREHOLDERS' EQUITY       Ordinary shares of NIS 0.02 par value        129                126       Additional paid-in capital                83,098             81,170       Accumulated deficit                      (32,563)           (27,393)       Accumulated other comprehensive       income                                       201                228       Treasury stock, at cost: 39,000       shares                                       (43)               (43)                                            -----------          ----------                    Total shareholders'                    equity                       50,822             54,088                                            -----------          ----------              Total Liabilities and              shareholders' equity             $ 86,969           $ 79,827                                            ===========          ==========  
                             ClickSoftware Technologies Ltd.                         CONSOLIDATED STATEMENTS OF CASH FLOWS                                (Unaudited. In thousands)                                                         Six Months Ended                                                 June 30, 2011   June 30, 2010                                                 -----------------------------     CASH FLOWS FROM OPERATING ACTIVITIES        Net income                                    $ 4,847      $ 5,125        Adjustments to reconcile net income to        net cash provided by operating activities:         Income and expense items not involving cash         flows:              Depreciation                                690          618              Amortization of deferred compensation       712          662              Amortization of acquired intangible assets  404          398              Severance pay, net                          288           85              (Gain) Loss on marketable securities        (43)          15              Other                                        10           (1)         Changes in operating assets and liabilities:              Increase in trade receivables            (2,206)        (198)              Decrease in deferred taxes                  750          720              Increase in other receivables              (199)        (314)              Increase in accounts payable and accrued              expenses                                   (246)        (614)              Increase in deferred revenues             2,642        1,503                                                     -----------  -----------         Net cash provided by operating activities     $ 7,649     $ 7,999                                                     -----------  -----------     CASH FLOWS FROM INVESTING ACTIVITIES          Purchase of equipment                           (976)     (1,018)          (Increase) Decrease in deposits               (8,116)      2,020          Investments in marketable securities          (4,743)     (5,266)          Proceeds from sale of marketable securities    3,133       1,057                                                     -----------  -----------        Net cash used in investment activities       $ (10,702)   $ (3,207)                                                     -----------  -----------     CASH FLOWS FROM FINANCING ACTIVITIES          Dividend paid                                 (2,476)          -          Employee options exercised                     1,218         581                                                      ----------- -----------        Net cash provided by (used in) financing        activities                                    $ (1,258)      $ 581                                                      ----------- -----------     (DECREASE) INCREASE IN CASH AND CASH      EQUIVALENTS                                       (4,311)      5,373     CASH AND CASH EQUIVALENTS AT BEGINNING OF     PERIOD                                             25,749      15,594                                                      ----------- -----------     CASH AND CASH EQUIVALENTS AT END OF PERIOD       $ 21,438    $ 20,967                                                      ----------- -----------  
                                      ClickSoftware Technologies Ltd.                    SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS                          (Unaudited. In thousands, except per share amounts)                                                    Three Months Ended                                     June 30, 2011          June 30, 2010                                 ---------------------  ---------------------                                               % of                   % of                                         $    Revenues        $      Revenues                                 ---------------------  ---------------------              GAAP Net income             $ 2,599     13%      $ 2,351     13%         Share-based compensation (1)    401                  323         Amortization of         intangible assets (2)           202                  199         Deferred taxes                  310                  380                              ---------------------  ---------------------         Non-GAAP Net income         $ 3,512     17%      $ 3,253     19%                              ---------------------  ---------------------              GAAP Earnings per                      share (diluted)             $  0.08               $ 0.07         Share-based compensation       0.01                 0.01         Amortization of         intangible assets              0.01                 0.01         Deferred taxes                 0.01                 0.01                              ---------------------      ---------------------         Non-GAAP Earnings per              share (diluted)              $ 0.11               $ 0.10                              ---------------------      ---------------------              (1)Share-based compensation:              Cost of services            58                   43              Research and development              costs, net                  49                   37              Selling and marketing              expenses                   110                   85              General and administrative              expenses                   184                  158                              ---------------------      ---------------------                                       $ 401                $ 323                              ---------------------      ---------------------              (2)Amortization of         intangible assets:              Cost of revenues           173                  169              Research and              development costs,              net                         29                   30                              ---------------------      ---------------------                                       $ 202                $ 199                              ---------------------      ---------------------      
                                    ClickSoftware Technologies Ltd.                    SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS                      (Unaudited. In thousands, except per share amounts)                                              Six Months Ended                                 June 30, 2011          June 30, 2010                             ---------------------   ---------------------                                           % of                   % of                                     $    Revenues            $   Revenues                             ---------------------   ---------------------                                        GAAP Net income             $ 4,847     12%          $ 5,125    15%     Share-based compensation (1)    712                      662     Amortization of     intangible assets (2)           404                      398     Deferred taxes                  750                      720                             ---------------------      ---------------------     Non-GAAP Net income         $ 6,713     17%          $ 6,905    20%                             ---------------------      ---------------------          GAAP Earnings per              share (diluted)              $ 0.15                   $ 0.16     Share-based compensation       0.02                     0.02     Amortization of     intangible assets              0.01                     0.01     Deferred taxes                 0.03                     0.03                             ---------------------      ---------------------     Non-GAAP Earnings per          share (diluted)              $ 0.21                   $ 0.22                             ---------------------      ---------------------          (1)Share-based compensation:          Cost of services            97                       87          Research and development          costs, net                  83                       73          Selling and marketing          expenses                   187                      173          General and administrative          expenses                   345                      329                             ---------------------      ---------------------                                   $ 712                    $ 662                             ---------------------      ---------------------          (2)Amortization of     intangible assets:          Cost of revenues           345                      338          Research and          development costs,          net                         59                       60                             ---------------------      ---------------------                                   $ 404                    $ 398                             ---------------------      --------------------- 

ClickSoftware Contact:
Noa Schuman

[email protected]

Rob Fink Chi-Chi Millaway

[email protected] [email protected]

 

SOURCE ClickSoftware Technologies Ltd

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