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

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

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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