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 |