ClickSoftware Announces First Quarter Results.Business Editors 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)--April 24, 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 first quarter of 2002, total revenues were $3.7 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 $2.3 million, or $0.09 per share compared with revenues of $4.5 million, and a net loss of $2.5 million, or $0.10 per share, for the three months ended March 31, 2001. The lower than expected revenues were attributed to continued scrutiny of capital budgets which resulted in unexpected delays in the larger opportunities that were forecasted to close in the first quarter and smaller than expected initial orders on the transactions that did successfully close. Software license revenues for the first quarter of 2002 were $1.6 million while revenues from services and maintenance were $2.1 million. Gross margins decreased during the quarter to 64 percent from 68 percent for the same period last year. The decrease in gross margin for the quarter is due to the change in the company's revenue mix, which reflects reduced license sales. The company used $578,000 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 first quarter. As of March 31, 2002, the company had cash, cash equivalents, and short-term investments of $9.4 million. Total assets at the close of the quarter were $20.4 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 $15.7 million. "Our competitive position remains strong. The revenue shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. we experienced this quarter was attributed to delayed or smaller than expected purchases of our product, not competitive losses. Despite the demand we are seeing for our solutions, it remains difficult to predict when IT budgetary constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. will relax and our revenues will return to previously expected levels," 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. . "In addition we have managed to contain our expenses, minimize our cash burn and build a healthy backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. ." 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. 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, CA, 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 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, anticipated sales of the company's products and services, and future expenses. 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; the company's ability to close sales to potential customers; and the company's ability to predict and control expenses. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in ClickSoftware's 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 March 31
2001 2002
-------- --------
Audited Unaudited
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 8,125 $ 7,034
Short-term investments 1,846 2,359
Trade receivables 6,623 4,723
Other receivables and debit balances 1,671 2,212
-------- --------
Total current assets 18,265 16,328
FIXED ASSETS
Cost 6,989 7,164
Less - accumulated depreciation 3,539 3,794
-------- --------
3,450 3,370
Severance pay deposits 652 671
-------- --------
Total Assets $ 22,367 $ 20,369
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt $ 140 $ 80
Accounts payable and accrued expenses 2,785 2,869
Deferred revenues 68 321
-------- --------
Total current liabilities 2,993 3,270
-------- --------
LONG TERM LIABILITIES
Long term debt 21 9
Accrued severance pay 1,379 1,377
-------- --------
Total long term liabilities 1,400 1,386
-------- --------
Total liabilities 4,393 4,656
-------- --------
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 101 102
Additional paid in capital 69,143 69,147
Deferred Compensation (401) (326)
Accumulated deficit (50,826) (53,167)
Less treasury Stock at cost (43) (43)
-------- --------
Total shareholders' equity 17,974 15,713
-------- --------
Total Liability and
shareholders' equity $ 22,367 $ 20,369
======== ========
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended
March 31, 2001 March 31, 2002
Unaudited Unaudited
--------- ------ --------- ------
$ % $ %
of Revenues of Revenues
--------- ------ --------- ------
Revenues:
Software license $ 3,103 69% $ 1,605 43%
Service and
maintenance 1,413 31% 2,086 57%
--------- ------ --------- ------
Total Revenues 4,516 100% 3,691 100%
Cost of revenues:
Software license 74 2% -- --
Service and
maintenance 1,372 30% 1,314 36%
--------- ------ --------- ------
Total Cost of
revenues 1,446 32% 1,314 36%
--------- ------ --------- ------
Gross profit 3,070 68% 2,377 64%
--------- ------ --------- ------
Operating expenses:
Research and development
costs, net 974 22% 817 22%
Marketing and
selling expenses 3,666 81% 2,858 77%
General and
administrative
expenses 827 18% 988 27%
Reorganization
Expenses 294 7% -- --
Share-based
compensation 171 4% 75 2%
--------- ------ --------- ------
Total operating
expenses 5,932 132% 4,738 128%
--------- ------ --------- ------
Loss from operations (2,862) -63% (2,361) -64%
Interest and other
(expenses)
income, net 333 7% 20 1%
Net loss $ (2,529) -56% $ (2,341) -63%
========= ====== ========= ======
Reported net loss
per ordinary share $ (0.10) $ (0.09)
------------ ------------
Net loss per
ordinary share
excluding charges
for share based
compensation $ (0.09) $ (0.09)
------------ ------------
Shares used in
computing
basic and diluted
net loss per share 24,976,284 25,236,002
------------ ------------
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