SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
April 2, 2004
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(Date of earliest event reported)
ClickSoftware Technologies Ltd.
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(Exact name of registrant as specified in its charter)
Israel 000-30827 Not Applicable
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(State or other jurisdiction (Commission File Number) (IRS Employee
of incorporation) Identification No.)
34 Habarzel Street
Tel Aviv, Israel 69710
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(Address of principal executive offices) (Zip Code)
Registrant's telephone, including area code: (972-3) 765-9400
Not Applicable
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(Former name and former address, if changed since last report)
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TABLE OF CONTENTS
Item 7. Financial Statements and Exhibits
Item 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibits are furnished herewith:
EXHIBIT NO. TITLE
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99.1 Press release dated April 1, 2004.
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Item 12. Results of Operations and Financial Condition
ClickSoftware Technologies Ltd. issued a press release on April 1, 2004
(the "Press Release") to announce its preliminary financial results for the
fiscal quarter ended March 31, 2004. A copy of the Press Release is furnished as
Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CLICKSOFTWARE TECHNOLOGIES LTD.
BY: /s/ Shmuel Arvatz
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Shmuel Arvatz
Executive Vice President and Chief Financial Officer
Dated: April 1, 2004
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EXHIBIT INDEX
EXHIBIT NO. TITLE
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99.1 Press release dated April 1, 2004.
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CONTACTS:
Shmuel Arvatz Howard Kalt
Chief Financial Officer Kalt Rosen & Co.
++972-3-7659467 (415) 397-2686
Shmuel.Arvatz@clicksoftware.com Kalt@KRC-IR.com
CLICKSOFTWARE ANNOUNCES PRELIMINARY RESULTS
FOR FIRST QUARTER OF 2004
BURLINGTON, MA, APRIL 1, 2004 - ClickSoftware Technologies, Ltd., (NasdaqSC:
CKSW), the leading provider of workforce and service optimization solutions,
today announced preliminary results for the first quarter of 2004. The Company
expects revenues to be approximately $4.8 to $5.0 million, compared to the
projected range of $6.0 to $6.6 million. Based on preliminary estimates of
operating costs, the shortfall in revenues will result in a net loss of
approximately $100,000 or approximately breakeven for the first quarter.
The Company estimates that its cash and cash-equivalents short and long-term
investments increased to approximately $12.6 million as of the end of the first
quarter, compared with $11.7 million at the end of the fourth quarter of 2003.
These preliminary results are based on ClickSoftware's initial analysis of
operating results and are subject to change as additional financial information
becomes available. ClickSoftware will report final results for the quarter,
including an updated earnings outlook, during the last week of April.
The Company attributes the shortfall in revenues primarily to delays in the
closing of certain new contracts due to a number of factors, including the types
of organizations that the Company is selling to and its indirect sales efforts
through its channel partners, as well as to the seasonality of the enterprise
software industry. The Company believes that most of the value of the contracts
it had expected to close in the first quarter will be recognized in the near
term.
ABOUT CLICKSOFTWARE
ClickSoftware is the leading provider of workforce and service optimization
solutions that maximize workforce productivity and customer satisfaction while
minimizing operations costs. ClickSoftware's ServiceOptimization Suite provides
an integrated, intelligent solution for automatic, efficient, and effective
decisions over the entire service decision-making chain. It includes reliable
customer demand and workload forecasting, strategic and tactical capacity
planning, daily service scheduling, troubleshooting and repair support, wireless
workforce management, and business analytics, connecting all organizational
levels and functions.
The company is headquartered in Burlington, MA and Israel, with offices in the
North America, Europe, and Asia Pacific. For more information about
ClickSoftware, call (781) 272-5903 or (888) 438-3308 or visit
http://www.clicksoftware.com
This press release contains express or implied forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Exchange Act. These forward-looking statements include, but
are not limited to, those regarding preliminary results of operations for the
first quarter of 2004 and expectations regarding future closing of contracts and
recognition of revenue. 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: the risks that ClickSoftware's financial results for the
first quarter of 2004 may be different from preliminary results as additional
financial information becomes available; that results for the first quarter of
2004 may vary depending on the final determination of revenue, cost of revenue,
operating expenses and cash balances; that results for the first quarter of 2004
may differ from preliminary results based on the review of ClickSoftware's
independent accountants and the audit committee; risks and 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
recognize revenue in a timely manner; the Company's ability to maintain
relationships with strategic partners; and the level of competition. The
forward-looking statements contained in this press release are subject to other
risks and uncertainties, including those discussed in ClickSoftware's annual
report on Form 10-K for the year ended December 31, 2003 and its other filings
with the Securities and Exchange Commission.
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