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ClickSoftware Reports Financial Results For The First Quarter Ended March 31, 2013

Stocks in this article: CKSW

BURLINGTON, Massachusetts, April 24, 2013 /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, 2013.

Highlights

  • Revenues were $24.5 million (12% year-over-year growth);
  • GAAP EPS $0.00; Non-GAAP EPS $0.02;
  • Total cash and investments grew to $60.3 million;
  • Cash from operations was $3.8 million;
  • Reiterated guidance for 2013;
  • Cash dividend continues; $0.08 quarterly payment declared.

For the first quarter ended March 31, 2013, total revenues were $24.5 million, up 12% from $21.8 million in the first quarter of 2012. Net income for the first quarter of 2013 was $0.1 million, or $0.00 per fully diluted share, compared to net income of $0.7 million, or $0.02 per fully diluted share, for the same period last year. Non-GAAP net income for the quarter was $0.8 million, or $0.02 per fully diluted share, compared to $1.3 million, or $0.04 per fully diluted share, for the same period last year.

Software license revenues for the first quarter of 2013 were $7.0 million, up 10% compared with software license revenues of $6.4 million for the same period last year. Service and maintenance revenues were $17.5 million, up 13% compared with service and maintenance revenues of $15.4 million in the same period last year.

Gross profit in the first quarter of 2013 was $14.2 million, or 58% of revenues, compared to $12.4 million, or 57% of revenues, in the same period last year.

Net cash provided by operating activities was $3.8 million during the first quarter of 2013.  Following a $2.5 million cash dividend payment, cash, cash equivalents and short and long-term investments at the end of the first quarter of 2013 were $60.3 million, an increase of $0.9 million compared to the end of the fourth quarter of 2012.

Management Commentary

"We continue to execute on our strategy to accelerate annual growth by over 20%. In order to achieve both our short- and long-term goals, investments in product development and global territory expansion initiatives continue. These investments impacted our profitability in the first quarter; however, we anticipated some level of quarterly fluctuation in our earnings projections and remain confident in our strategy. Based on our progress through the first quarter we are reiterating revenue and EPS guidance for 2013," said Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO.

"We are very encouraged by the progress we have made in the enterprise mobility market. The ClickAppStore now contains what we believe is the largest collection in the industry of enterprise mobility apps for the mobile worker. Continued investment in our App Factories will further enrich our offerings and solidify our leadership position for the future. These apps were designed to run on any mobility infrastructure platform, such as those of IBM and SAP. Additionally, being device agnostic, they can run on Apple's iPhones and tablets, Android devices, the new Blackberry, and soon on Windows 8.  In the first quarter most new customers included our mobility solution in their order, and we also won a substantial contract with a customer for a stand-alone mobility solution, following a very competitive evaluation process. On the territory side, our first quarter results in Europe and demand metrics show encouraging signs that Europe may be recovering. Also, our hiring in the new territories - Latin America and Russia - is nearly complete. Our pipeline went up considerably compared to the same quarter last year, and all indications to date give us confidence about our growth opportunities in 2013 and beyond," Dr. BenBassat concluded.

Financial Outlook

ClickSoftware reiterates the previously provided full year 2013 guidance. Revenues are expected to be in the range of $120 to $125 million, representing about 20% to 25% growth over 2012. Non-GAAP fully diluted earnings per share for 2013 is expected to be in the range of $0.24 to $0.30, which excludes share-based compensation, deferred taxes expense and amortization of intangible assets costs of approximately $0.08, $0.01 and $0.01 per fully diluted share respectively. GAAP fully diluted earnings per share is expected to be in the range of $0.14 to $0.20.  

Cash Dividend

ClickSoftware also announced today that on April 23, 2013, its Board of Directors approved a $0.08 per share dividend to be paid on May 22, 2013 to all shareholders of record as of the close of business on May 8, 2013. 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.  

Investors Conference Call

ClickSoftware will host a conference call today at 9:00 a.m. EST 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) 407-2553 and ask for the ClickSoftware conference call. International participants, please call +972-3-918-0610. 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 and on the Investor Relations App. 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 ( NasdaqGS: CKSW) is the leading provider of automated mobile workforce management and service optimization solutions for the enterprise, both for mobile and in-house resources. As pioneers of the "Service chain optimization" and "The real-time service enterprise" concepts, our solutions provide organizations with end-to-end visibility and control of the entire service management chain by optimizing forecasting, planning, shift and task scheduling, mobility and real-time management of resource and customer communication.

Available via the cloud or on-premise, our products incorporate best business practices and advanced decision-making algorithms to manage service operations more efficiently, in a scalable, integrated manner. Our solutions have become the backbone for many leading organizations worldwide by addressing the fundamental question of job fulfillment: Who does What, for Whom, With what, Where and When.

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