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ClickSoftware Reports Financial Results For The First Quarter Ended March 31, 2012

Stocks in this article: CKSW

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.

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