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ClickSoftware Reports Financial Results For The Second Quarter Ended June 30, 2012

Stocks in this article: CKSW

BURLINGTON, Massachusetts, July 25, 2012 /PRNewswire/ --

New substantial contracts signed following the closing of the second quarter provide good visibility for the remainder of the year;

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Company updates annual revenue guidance

ClickSoftware Technologies Ltd. (NasdaqGS: CKSW), the leading provider of automated workforce management and optimization solutions for the service industry, today announced results for the second quarter ended June 30, 2012.

For the second quarter ended June 30, 2012, total revenues were $22.5 million, up 9% from $20.7 million in the second quarter of 2011, in line with the pre-announcement. Net income for the second quarter of 2012 was $0.1 million, or $0.00 per fully diluted share, compared to net income of $2.6 million, or $0.08 per fully diluted share, for the same period last year.

Non-GAAP net income for the quarter was $1.0 million, or $0.03 per fully diluted share, compared to $3.5 million, or $0.11 per fully diluted share, for the same period last year.

Software license revenues for the second quarter of 2012 were $6.3 million, up 4% compared to software license revenues of $6.1 million for the same period last year. Service and maintenance revenues were $16.2 million, up 11% compared to service and maintenance revenues of $14.6 million in the same period last year.

Gross profit in the second quarter of 2012 was $12.7 million, or 57% of revenues, compared to $13.5 million, or 65% of revenues, in the same period last year.

Net cash used in operating activities was $1.1 million during the second 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 second quarter of 2012 were $49.9 million, a decrease of $4.3 million compared to the end of the first quarter of 2012.

Management Commentary

"Despite macro-economic conditions in Europe and timing issues of specific contracts that affected our revenues in the first half of the year, we expect annual revenues to be close to our original guidance estimates. As announced earlier this month, right after the close of the second quarter we signed a major multi-million dollar contract. This contract, together with our healthy pipeline, provide good visibility for the remainder of the year, and keep us confident in our ability to execute our growth strategy," said Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO. "As a whole, demand in the workforce management and enterprise mobility market remains strong, as evidenced by the significant number of prospects in our pipeline expressing interest in our mobility offering. In particular, more than half of the opportunities generated in our pipeline during the second quarter contain our mobility solution. We are optimistic about our growth in the second half of 2012 and beyond," Dr. BenBassat concluded.  

Outlook

The Company now believes that revenues for 2012 will be in the range of $98 to $103 million, representing about 13% to 18% growth over 2011. This is slightly below the previously provided guidance for annual revenues in the range of $100 to $105 million in 2012.

Cash Dividend

ClickSoftware also announced today that on July 23, 2012, its Board of Directors approved the distribution of a $0.08 per share dividend to be paid on August 22, 2012 to all shareholders of record as of the close of business on August 8, 2012. The dividend will be paid net of any required tax. The Company does not have a formal policy governing the amounts and payment of dividends, and the declaration and payment of future dividends, if any, is at the discretion of the Company's Board of Directors.  

Annual Shareholders Meeting

ClickSoftware also reported that at its Annual Shareholders Meeting held on June 28, 2012, all items on the agenda as set forth in the proxy statement furnished on Form 6-K with the U.S. Securities and Exchange Commission on May 16, 2012, were approved.

Investors Conference Call

ClickSoftware will host a conference call today at 9:00 a.m. EDT 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) 668-9141 and ask for the ClickSoftware conference call. International participants, please call +972-3-918-0609. 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 by calling (888) 326-9310 (international callers can dial +972-3-925-5900).

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.

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