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You are here: IndiaNotes >> Author's Corner >> PR Newswire Press Releases

PR Newswire India Press Releases

ClickSoftware Reports Record Revenues and More than Doubled Operating Income for the Third Quarter Ended September 30, 2011

BURLINGTON, Massachusetts, October 31, 2011 | Source : PR Newswire
 
 
For the third quarter ended September 30, 2011, total revenues were $23.2 million, up 33% from $17.5 million in the third quarter of 2010. Net income for the third quarter of 2011 was $4.5 million, or $0.14 per fully diluted share, compared to net income of $2.3 million, or $0.07 per fully diluted share, for the same period last year.

Non-GAAP net income for the quarter was $5.5 million, or $0.17 per fully diluted share, compared to $2.8 million, or $0.09 per fully diluted share, for the same period last year.

Software license revenues for the third quarter of 2011 were $8.9 million, up 48% compared with software license revenues of $6.0 million for the same period last year. Service and maintenance revenues were $14.3 million, up 24% compared with service and maintenance revenues of $11.5 million in the same period last year.

Gross profit in the third quarter of 2011 was $15.2 million, or 66% of revenues, compared to $10.9 million, or 62% of revenues, in the same period last year.

Net cash provided by operating activities was $3.0 million during the third quarter of 2011. Cash, cash equivalents and short and long-term investments at the end of the third quarter of 2011 increased to $56.7 million.

Management Commentary

"We continue to execute well on all business fronts. Record revenues of $23.2 million were highlighted by strong license revenues, and we also achieved record non-GAAP EPS and generated positive cash flow from operations", commented Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO. "In addition to strong financial performance, we are proud to be ranked in a prominent position in the Leaders section of Gartner's Field Service Magic Quadrant report for 2011, the most respected independent research firm in our industry. Furthermore, comparing the 2011 report with reports from earlier years clearly shows our continuous improvement and greater distance from the competition. Our efforts and investments in new areas are also paying off with wins of industry leaders in new areas such as the Oil and Gas industry. We are specifically pleased with the demand - and initial wins - for the new releases of our enterprise mobility products. These device-agnostic products, which are designed to run on the new tablets and smartphones, establish a new bar for mobile business applications", he added.

Outlook

As previously announced on October 2, 2011, the Company expects full year 2011 revenues to be in the approximate range of $85.0 to $87.0 million, representing about 20% to 23% growth over 2010.

Cash Dividend

On April 28, 2011, the Company announced that its Board of Directors approved the distribution of a $0.32 per share dividend to be distributed quarterly in four equal payments. The Board of Directors, at its meeting on October 27, 2011, set the dates for the third quarterly dividend payment of $0.08 per ordinary share. The record date will be November 8, 2011 and the payment date will be November 22, 2011. The dividend will be paid net of any required tax.

Investors Conference Call

ClickSoftware will host a conference call today at 9:00 a.m. ET 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 or by calling (888) 326-9310 (international callers can dial +972-3-925-5904).

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.

As the pioneers of the 'W6' concept more than 20 years ago, we have perfected solutions for solving a wide variety of problems on Who does What, for Whom, with What, Where and When. The combination of proven technology with educational services helps businesses find the right balance between reducing costs, increasing customer satisfaction, employee preferences and industry regulations/legislation. ClickSoftware's solutions manage hundreds of thousands of resources in service businesses across a variety of industries and geographies. Our flexible deployment approach, breadth and depth of solutions and strong partnerships with leading CRM/ERP vendors and system integrators makes us the number one choice to deliver superb business performance to any organization. The Company is headquartered in the United States and Israel, with offices across Europe, and Asia Pacific.

For more information, please visit http://www.clicksoftware.com or follow us on Twitter, the content of which is not part of this press release.

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, including our outlook for full year 2011 revenues, visibility into future periods, winning new business, future success in the area of mobility, strengthening the Company's position as the market leader, growth and future rates of growth and expectations of future cash flows and dividends. 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, 2010 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 Contact:Noa Schuman Investor Relations +972-3-7659-467 [email protected] Investor Relations Contact: Rob Fink KCSA Strategic Communications +1-212-896-1206 [email protected]

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SOURCE ClickSoftware Technologies Ltd
 

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