ClickSoftware 2nd Quarter Results Improved Significantly From 1st Quarter.Business Editors/High-Tech Writers CAMPBELL Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. , Calif.--(BUSINESS WIRE)--July 30, 2002 ClickSoftware Technologies, Inc., (Nasdaq:CKSW) the leading provider of end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. service chain optimization software Free and Open Source software
For the second quarter of 2002, total revenues were $4.6 million, with a consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net loss of $1.4 million, or $0.05 per share, compared with revenues of $5.0 million, and a net loss of $1.8 million, or $0.07 per share, for the three months ended June 30, 2001. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , the net loss for the second quarter results marked a 42% improvement over the first quarter of 2002, when the company reported a net loss of $2.3 million, or $0.09 per share, on revenues of $3.7 million. Software license revenues for the second quarter of 2002 were $2.5 million while revenues from services and maintenance were $2.1 million. Gross margins for the second quarter amounted to 66 percent, which is the same as the same period last year. The company used $497,000 in cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments for operations for the second quarter. As of June 30, 2002, the company had cash, cash equivalents, and short-term investments of $8.9 million. Total assets at the close of the quarter were $19.5 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $14.5 million. The company signed six new customers in the second quarter of 2002, including Siemens Westinghouse Siemens Power Generation, Inc (SPGI) is a power generation company based in the United States. Run by the German Siemens AG Corporation, Formerly Siemens Westinghouse, SPGI, was formed by the acquisition of the Westinghouse Electric Corporation by the Siemens power generation Power, Gaz Metropolitan Inc. (Quebec's largest gas distributor), and Aristocrat in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. . "The revenue increase, the significant reduction in net loss, and the cash preservation are all very positive metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. in what continues to be a difficult economy and selling environment. Additionally, we are seeing a steady stream of customers going live with our products and, as some of these customers move from a pilot phase to broader rollout, we expect to see significant additional license orders. Continued acquisition of new industry leading customers increases our market share and continues to distance us from our competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. . It is still very difficult to close the larger deals, however, we believe that our recent successes and the increasing the number of customers using our products will allow us to continue executing on our growth plans," said Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Investor Conference Call As announced on July July: see month. 5th, ClickSoftware will host a conference call today at 4:30 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT to discuss these results and answer questions from the investment community. To participate, please call (800) 322-0079 and ask for the ClickSoftware conference call. International participants please call (973) 321-2002. Investors also may access the conference call over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the via the Company's Web site (www.clicksoftware.com). Those listening via the Internet should go to the site 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available through April 6th, 4:30 p.m. EDT by dialing 877-519-4471 and entering reservation number 3377347; or by going to the Audio section of the Investor Relation's page on the Company's Web site. About ClickSoftware ClickSoftware is the leading provider of end-to-end service chain optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. . ClickSoftware's solutions cover daily scheduling, real time wireless monitoring and rescheduling, problem resolution, short term resource planning Resource planning may refer to:
ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" business performance analysis. The company is headquartered in Campbell, Calif., with offices throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and in Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. , and the United Kingdom. For more information about ClickSoftware, call 408-377-6088 or 888-438-3308 or visit www.clicksoftware.com. This press release contains express or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Exchange Act. These forward-looking statements include, but are not limited to, those regarding ClickSoftware's competitive position, markets, demand for the company's product, future results of operations, and anticipated sales of the company's products and services. Such "forward-looking statements" involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance to be materially different from those projected. ClickSoftware's achievement of these results may be affected by many factors, including among others, the following: uncertainties regarding the general economic outlook; the length of or change in the company's sales cycle; product performance and customer satisfaction and the company's ability to close sales to potential customers. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in ClickSoftware's annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. and its other filings with the Securities and Exchange Commission. ClickSoftware does not undertake to update any forward-looking statements.
ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S dollars)
December 31 June 30
----------------------
2001 2002
----------------------
Audited Unaudited
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 8,125 $ 4,789
Short-term investments 1,846 4,107
Trade receivables 6,623 5,189
Other receivables and prepaid expenses 1,671 1,543
--------------------
Total current assets 18,265 15,628
--------------------
FIXED ASSETS
Cost 6,989 7,220
Less - accumulated depreciation 3,539 4,059
--------------------
3,450 3,161
--------------------
Severance pay deposits 652 737
--------------------
Total Assets $ 22,367 $ 19,526
====================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term loans $ 140 $ 33
Accounts payable and accrued expenses 2,785 3,156
Deferred revenues 68 460
--------------------
Total current liabilities 2,993 3,649
--------------------
LONG TERM LIABILITIES
Long-term loans 21 --
Accrued severance pay 1,379 1,416
--------------------
Total long term liabilities 1,400 1,416
--------------------
Total liabilities 4,393 5,065
--------------------
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 101 102
Additional paid in capital 69,143 69,186
Deferred Compensation (401) (251)
Accumulated deficit (50,826) (54,533)
Less treasury Stock at cost (43) (43)
--------------------
Total shareholders' equity 17,974 14,461
--------------------
Total Liability and
shareholders' equity $ 22,367 $ 19,526
====================
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per-share amounts)
Three Months Ended
June 30, 2001 June 30, 2002
Unaudited Unaudited
---------------- ----------------
% of % of
$ Revenues $ Revenues
---------------- ----------------
Revenues:
Software license $ 2,883 57% $ 2,476 54%
Service and maintenance 2,161 43% 2,105 46%
---------------- ----------------
Total Revenues 5,044 100% 4,581 100%
---------------- ----------------
Cost of revenues:
Software license 138 3% 229 5%
Service and maintenance 1,578 31% 1,327 29%
---------------- ----------------
Total Cost of revenues 1,716 34% 1,556 34%
---------------- ----------------
Gross profit 3,328 66% 3,025 66%
---------------- ----------------
Operating expenses:
Research and development
costs, net 685 14% 590 13%
Marketing and selling
expenses 3,646 72% 2,933 64%
General and administrative
expenses 962 19% 965 21%
Share-based compensation 16 - 75 2%
---------------- ----------------
Total operating expenses 5,309 105% 4,563 100%
---------------- ----------------
Loss from operations (1,981) -39% (1,538) -34%
Interest and other income, net 137 3% 172 4%
Net loss $ (1,844) -36% $ (1,366) -30%
================ ================
Reported net loss per
ordinary share $ (0.07) $ (0.05)
---------------- ----------------
Net loss per ordinary share
excluding charges for
share-based compensation $ (0.07) $ (0.05)
---------------- ----------------
Shares used in computing
basic and diluted net
loss per share 25,096,522 25,299,148
----------------- -----------------
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per-share amounts)
Six Months Ended
June 30, 2001 June 30, 2002
Unaudited Unaudited
---------------- ----------------
% of % of
$ Revenues $ Revenues
---------------- ----------------
Revenues:
Software license $ 5,986 63% $ 4,081 49%
Service and maintenance 3,574 37% 4,191 51%
---------------- ----------------
Total Revenues 9,560 100% 8,272 100%
---------------- ----------------
Cost of revenues:
Software license 212 2% 229 3%
Service and maintenance 2,950 31% 2,641 32%
---------------- ----------------
Total Cost of revenues 3,162 33% 2,870 35%
---------------- ----------------
Gross profit 6,398 67% 5,402 65%
---------------- ----------------
Operating expenses:
Research and development
costs, net 1,659 17% 1,407 17%
Marketing and selling expenses 7,312 77% 5,791 70%
General and administrative
expenses 1,789 19% 1,953 23%
Reorganization Expenses 294 3% - -
Share-based compensation 187 2% 150 2%
---------------- ----------------
Total operating expenses 11,241 118% 9,301 112%
---------------- ----------------
Loss from operations (4,843) -51% (3,899) -47%
Interest and other
income, net 470 5% 192 2%
Net loss $ (4,373) -46% $ (3,707) -45%
================ ================
Reported net loss per
ordinary share $ (0.17) $ (0.15)
---------------- ----------------
Net loss per ordinary share
excluding charges for
share-based compensation $ (0.17) $ (0.14)
---------------- ----------------
Shares used in computing
basic and diluted net
loss per share 25,037,092 25,105,598
----------------- -----------------
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