ClickSoftware Reports Record Revenues for Second Quarter; Higher Mix of License Revenues Resulted in Further Improvement in Gross Margin to 68%.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 25, 2000 ClickSoftware Technologies Ltd. (Nasdaq:CKSW), a leading provider of software for optimizing service operations, today reported revenues of $4.3 million for the second quarter ended June 30, 2000, an 84% increase over the second quarter of 1999. Revenues were up 23% from $3.5 million in first quarter 2000, and the Company's net loss narrowed to $2.7 million. This second quarter loss of $2.7 million is $0.14 per share, compared to the first quarter 2000 loss of $3.4 million, or $0.17 per share. The comparative net loss for the second quarter of 1999 was $1.6 million, or pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma $0.09 per share, with 13% fewer shares outstanding. Software license revenues increased 187% over the second quarter of 1999 to $3.0 million, or 69% of total revenue, while services and maintenance revenue increased 3% from the year earlier period. This increase resulted primarily from the success of our expanding European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations. From first quarter 2000 to second quarter 2000, software license revenues grew 39% to $3.0 million, while service and maintenance revenues remained at about the same level. Dr. Moshe BenBassat, ClickSoftware's 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. and Chairman, said, "We are very pleased with our second quarter results. The steady growth in revenues and the improvement in the bottom-line indicate that we are executing according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan, and getting closer to profitability. The significant improvement in license revenue underscores our growing leadership role in the market for B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business and B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. tools for service industries and the success in the global marketplace." Gross margin continues to improve steadily in the second quarter to 68%, from 59% of total revenues for the quarter ended June 30, 1999. During the preceding quarter ended March 31, 2000, gross margin as a percent of revenues was 62%. This improvement is mostly attributed to the significant increase in high margin license revenues. Research and development expenses increased to 31% of revenues in second quarter of 2000 from 27% of revenues in same period a year ago, and from 30% in the first quarter 2000, mainly reflecting the Company's commitment to maintaining its leadership position and time to market with new products. In addition, the second quarter of 1999 includes grants from Israel's Chief Scientist which were not received in the second quarter of 2000. Mr. Shimon Rojany, Chief Financial Officer of ClickSoftware, said, "We expect the total amount of the grants from Israel's Chief Scientist in this year to be similar to those received in 1999 and we expect to receive those grants before the end of the year." Although sales and marketing costs increased substantially over second quarter 1999 levels, they declined as a percent of revenues from both the first quarter 2000 and the first quarter 1999. General and administrative expenses in both the first and second quarters of 2000 were higher than 1999 levels, reflecting costs and charges associated with the Company's initial public offering. "While general and administrative expenses are expected to continue to increase as we reflect the costs associated with being a public company, we expect these costs will decline as a percent of revenues," Rojany added. "Our investment in R&D, sales and marketing infrastructure is yielding an expanding list of clients and partners across a wide variety of market segments," noted Dr. BenBassat. "In second quarter 2000 we signed a key OEM/Reseller agreement with i2 Technologies. In addition, other leading eCRM, B2B, CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , and ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. companies continue to form marketing and integration alliances with us, with BroadVision, Clarus, Essential Markets, RoadNet (a division of UPS) and Vignette Vignette A symbol or pictorial representation of the corporation on a stock certificate. Usually a complicated and artistic design, it is meant to make the counterfeiting of stock certificates as difficult as possible. being the latest to join the fold of ClickSoftware partners." BenBassat added, "Our expansion into Europe is also paying off with a new impressive list of customers including East Midlands The East Midlands is one of the regions of England and consists of most of the eastern half of the traditional region of the Midlands. It consists of the combined area of Derbyshire, Leicestershire, Rutland, Northamptonshire, Nottinghamshire and most of Lincolnshire. Electricity Board (EMEB EMEB East Midlands Electricity Board ) and Dataroam in the UK, Swisscom in Switzerland, and United Pan European Technologies (UPC (Universal Product Code) The standard bar code printed on retail merchandise, which is administered by GS1 US, Brussels, Belgium and Lawrenceville, NJ (www.gs1.org). ) in Belgium. We're finding that as providing quality customer service becomes a significant competitive differentiator, companies really benefit from our mission critical solutions that simultaneously optimize optimize - optimisation customer responsiveness and resource utilization. As a result, more service calls are successfully completed every day -- which translates into improved financial savings and increased customer satisfaction." Management will conduct a conference call today at 10:30 am US Eastern Time to discuss the second quarter results. To participate, please call 617/225-2125 and ask for the ClickSoftware call. A replay of the conference call will be available for playback Playback could mean:
A live audio webcast of the conference call will also be available. To participate, visit the investor relations Investor relations The process by which the corporation communicates with its investors. page on the ClickSoftware website: http://www.ClickSoftware.com ---------------------------- About ClickSoftware Headquartered in Campbell, Calif., ClickSoftware is a provider of software products that optimize service operations and service marketplaces in B2B and B2C environments. Its products, which include ClickSchedule for dynamic resource optimization, ClickFix for remote diagnostics Vehicle Diagnostics Vehicle diagnostics enables a mechanic to diagnose the exact mechanical condition of the vehicle and its systems and components. Remote Diagnostics enables to perform such diagnosis without requiring the vehicle to physically be present for checkup. and troubleshooting Troubleshooting is a form of problem solving. It is the systematic search for the source of a problem so that it can be solved. Troubleshooting is often a process of elimination - eliminating potential causes of a problem. , and ClickAnalyze for measuring business performance and resource planning Resource planning may refer to:
The largest vendors worldwide in 2005 according to Gartner Dataquest: Market share 2005 according to Gartner Dataquest[1] # Vendor Revenue (million $) Market share worldwide. Many of these same vendors offer their customers ClickSoftware products as part of their solutions. Thanks to their rich set of API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. functions, ClickSoftware products can be easily integrated with Clarus as well as with almost any CRM, ERP or homegrown home·grown adj. 1. Raised or grown at home. 2. Originating in or characteristic of a locality: "Rock is homegrown music in the United States, evolved from blues and country and Tin Pan Alley" system. The Company also has offices and distributors 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. , as well as in Canada, Germany, Israel, and the United Kingdom. ClickSoftware customers include: Agilent Technologies This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Bell Atlantic, Breathing Apparatus Worldwide, British Gas British Gas is the name of several companies
Quarterly sales $2499M, profits $210M (Aug 1994). http://compaq.com/. , Covad Communications, FindGoodHelp.com, Gerber Technology, High Speed Access Corp. (HSA HSA Health Savings Account (US) HSA Human Serum Albumin HSA Human Services Agency (Nevada) HSA Health Services Agency HSA Health and Safety Authority (Ireland) ), Installinc.com, Level 3 Communications
Level 3 Communications NASDAQ: LVLT is a communications and information services company headquartered in Broomfield, Colorado, USA. , Schindler Elevator elevator, in machinery elevator, in machinery, device for transporting people or goods from one level to another. The term is applied to the enclosed structures as well as the open platforms used to provide vertical transportation in buildings, large ships, , and Wards. For more information about ClickSoftware, call 888/438-3308 or 408/377-6088 or visit www.clicksoftware.com. Except for historical information contained herein, this press release contains express or implied forward looking statements about ClickSoftware's products, markets, and future operations, and includes implied statements concerning market acceptance of our products, our growing leadership role in the market, future grants from the Chief Scientist of Israel and future profitability. Such "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. " involve known and unknown risks, uncertainties and other factors which may cause actual results or performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. ClickSoftware's achievement of these results may be affected by many factors, including among others, the following: continued market acceptance of our products; delays in or failure to develop future products or enhancements and upgrades to existing products; uncertainties regarding the impact or outcome of our marketing and integration alliances; uncertainties regarding our intellectual property; uncertainties regarding additional grants from the Chief Scientist of Israel; and competition and other risks set forth in ClickSoftware's filings and future filings with the Securities and Exchange Commission, specifically ClickSoftware's prospectus dated June 22, 2000. Investors and potential investors are directed to our prospectus for additional information.
ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
December 31 March 31 June 30
1999 2000 2000
Unaudited Unaudited
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 7,838 $ 4,739 $ 25,946
Trade receivables 3,966 3,232 4,656
Other receivables and debit
balances 465 650 968
Total current assets 12,269 8,621 31,570
EQUIPMENT
Cost 3,467 3,831 4,965
Less - accumulated depreciation 1,969 2,108 2,278
1,498 1,723 2,687
Severance pay deposits 428 457 479
Total Assets $ 14,195 $ 10,801 $ 34,736
LIABILITIES AND SHAREHOLDERS' EQUITY
December 31 March 31 June 30
1999 2000 2000
Unaudited Unaudited
Current liabilities
Short-term borrowings 320 194 173
Accounts payable and accrued
expenses 2,799 2,674 3,760
Deferred revenues 1,143 604 202
Total current liabilities 4,262 3,472 4,135
Long term liabilities
Long term debt 213 156 140
Accrued severance pay, net 899 1,015 1,168
Total long term liabilities 1,112 1,171 1,308
Total liabilities 5,374 4,643 5,443
Shareholders' equity
Ordinary shares of NIS 0.02
par value 73 74 96
Additional paid in capital 40,052 40,385 65,879
Deferred Compensation (2,663) (2,308) (1,953)
Accumulated deficit (28,641) (31,993) (34,729)
Total Shareholder's equity 8,821 6,158 29,293
Total liabilities and
shareholder's equity $ 14,195 $ 10,801 $ 34,736
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended
June 30, 2000 June 30, 1999
% Of % Of
$ Revenues $ Revenues
Revenues:
Software license $ 2,960 69% $ 1,033 44%
Service and
maintenance 1,348 31% 1,308 56%
Total Revenues 4,308 100% 2,341 100%
Cost of revenues:
Software license 23 1% 11 0%
Service and
maintenance 1,351 31% 958 41%
Total Cost of
revenues 1,374 32% 969 41%
Gross profit $ 2,934 68% $ 1,372 59%
Operating expenses:
Research and
development costs,
net 1,341 31% 625 27%
Marketing and
selling expenses,
net 3,164 73% 1,811 77%
General and
administrative
expenses 804 19% 435 19%
Share-based
compensation 355 8% 14 1%
Total operating
expenses $ 5,664 131% $ 2,885 123%
Loss from operations (2,730) -63% (1,513) -65%
Interest and other
(expenses) income,
net (6) 0% (65) -3%
Net loss $(2,736) -64% $(1,578) -67%
Net loss per
ordinary share $ (0.14) $ (0.09)
Shares used in
computing pro forma
basic and diluted
net loss per share 20,266,123 17,616,628
ClickSoftware Technologies Ltd.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Six Months Ended
June 30, 2000 June 30, 1999
$ % Of $ % Of
Revenues Revenues
Revenues:
Software license 5,086 65% 1,791 41%
Service and maintenance 2,733 35% 2,579 59%
Total Revenues 7,819 100% 4,370 100%
Cost of revenues:
Software license 133 2% 18 0%
Service and maintenance 2,564 33% 1,883 43%
Total Cost of revenues 2,697 34% 1,901 43%
Gross Profit 5,122 66% 2,469 56%
Operating expenses
Research and development
costs, net 2,405 31% 1,178 27%
Marketing and selling
expenses, net 6,338 81% 3,705 85%
General and administrative
expenses 1,756 22% 858 20%
Share-based compensation 710 9% 40 1%
Total operating expenses 11,209 143% 5,781 132%
Loss from operations (6,087) -78% (3,312) -76%
Interest and other (expenses)
income, net (1) 0% (87) -2%
Net loss $ (6,088) -78% $ (3,399) -78%
Net loss per ordinary share $ (0.31) $ (0.19)
Shares used in computing pro
forma basic and diluted net
loss per share 19,884,040 17,616,628
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