Clicksoftware Technologies (CKSW) 6-K 2012 Q2 Consolidated Statements of Operations

ClickSoftware Technologies Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited. In thousands, except share and per share amounts)

	Three Months Ended
	June 30, 2012					June 30, 2011
	$		% of Revenues			$			% of  Revenues
Revenues:
Software license	$	6,307		28	%	$	6,066			29	%
Services		16,175		72	%		14,601			71	%
Total revenues		22,482		100	%		20,667			100	%
Cost of revenues:
Software license		640		3	%		374			2	%
Services		9,115		41	%		6,823			33	%
Total cost of revenues		9,755		43	%		7,197			35	%
Gross profit		12,727		57	%		13,470			65	%
Operating expenses:
Research and development costs, net		2,979		13	%		2,291			11	%
Selling and marketing expenses		7,403		33	%		6,083			29	%
General and administrative expenses		2,255		10	%		1,761			9	%
Total operating expenses		12,637		56	%		10,135			49	%
Operating income		90		0	%		3,335			16	%
Interest income (expenses), net		27		0	%		(46	)		0	%
Net income before taxes	$	117		1	%	$	3,289			16	%
Taxes on income		44		0	%		690			3	%
Net income	$	73		1	%	$	2,599			13	%
Net earnings per ordinary share:
Basic	$	0.00				$	0.08
Diluted	$	0.00				$	0.08
Shares used in computing basic net income per share		31,545,346					30,873,416
Shares used in computing diluted net income per share		32,867,492					32,652,099

ClickSoftware Technologies Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited. In thousands, except share and per share amounts)

	Six Months Ended
	June 30, 2012					June 30, 2011
	$		% of Revenues			$			% of Revenues
Revenues:
Software license	$	12,725		29	%	$	13,518			34	%
Services		31,605		71	%		26,449			66	%
Total revenues		44,330		100	%		39,967			100	%
Cost of revenues:
Software license		1,565		4	%		1,031			3	%
Services		17,599		40	%		13,702			34	%
Total cost of revenues		19,164		43	%		14,733			37	%
Gross profit		25,166		57	%		25,234			63	%
Operating expenses:
Research and development costs, net		5,650		13	%		4,152			10	%
Selling and marketing expenses		14,737		33	%		11,595			29	%
General and administrative expenses		4,197		9	%		3,366			8	%
Total operating expenses		24,584		55	%		19,113			48	%
Operating income		582		1	%		6,121			15	%
Interest income (expenses), net		226		1	%		(22	)		0	%
Net income before taxes	$	808		2	%	$	6,099			15	%
Taxes on income		34		0	%		1,252			3	%
Net income	$	774		2	%	$	4,847			12	%
Net earnings per ordinary share:
Basic	$	0.02				$	0.16
Diluted	$	0.02				$	0.15
Shares used in computing basic net income per share		31,479,942					30,767,584
Shares used in computing diluted net income per share		32,925,309					32,376,192

ClickSoftware Technologies Ltd.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	June 30, 2012			December 31, 2011
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	13,923		$	14,683
Deposits		24,437			28,243
Marketable securities		10,896			10,945
Trade receivables, net		21,631			23,378
Deferred taxes		590			540
Other receivables and prepaid expenses		2,932			2,610
Total current assets		74,409			80,399
LONG TERM ASSETS
Property and equipment, net		4,461			3,873
Deposits		596			1,093
Other receivables and prepaid expenses		121			233
Deferred taxes		680			550
Intangible assets, net		752			1,166
Goodwill		1,572			1,572
Severance pay funds		1,801			1,746
Total long term assets		9,983			10,233
Total Assets	$	84,392		$	90,632
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	11,725		$	13,608
Dividend payable		-			2,536
Deferred revenues		7,668			9,529
Total current liabilities		19,393			25,673
LONG TERM LIABILITIES
Accrued severance pay		4,187			3,847
Deferred taxes liability		240			180
Deferred revenues		1,342			1,828
Total long term liabilities		5,769			5,855
Total liabilities		25,162			31,528
SHAREHOLDERS’ EQUITY
Ordinary shares of NIS 0.02 par value		132			131
Additional paid-in capital		86,091			84,383
Accumulated deficit		(26,951	)		(25,200	)
Accumulated other comprehensive income		1			(167	)
Treasury stock, at cost: 39,000 shares		(43	)		(43	)
Total shareholders' equity		59,230			59,104
Total Liabilities and shareholders' equity	$	84,392		$	90,632

ClickSoftware Technologies Ltd.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, In thousands)

	Six Months Ended
	June 30, 2012			June 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	774		$	4,847
Adjustments to reconcile net income to
net cash provided by operating activities:
Income and expense items not involving cash flows:
Depreciation		1,008			690
Amortization of deferred compensation		1,232			712
Amortization of acquired intangible assets		415			404
Severance pay, net		285			288
Gain on marketable securities		(71	)		(43	)
Other		3			10
Changes in operating assets and liabilities:
Trade receivables		1,747			(2,206	)
Deferred taxes		(120	)		750
Other receivables		(42	)		(199	)
Accounts payable and accrued expenses		(1,883	)		(246	)
Deferred revenues		(2,347	)		2,642
Net cash provided by operating activities	$	1,001		$	7,649
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment		(1,600	)		(976	)
Decrease (increase) in deposits		4,303			(8,116	)
Investments in marketable securities		(725	)		(4,743	)
Proceeds from sale of marketable securities		845			3,133
Net cash provided by (used in) investment activities	$	2,823		$	(10,702	)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid		(5,061	)		(2,476	)
Employee options exercised		477			1,218
Net cash used in financing activities	$	(4,584	)	$	(1,258	)
DECREASE IN CASH AND CASH EQUIVALENTS		(760	)		(4,311	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		14,683			25,749
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	13,923		$	21,438