ClickSoftware Announces Preliminary 2013 Third Quarter Results
Quarterly Revenues Expected to be approximately $23.2 Million;
Number of Cloud-based customers has increased 100% during the first nine
months compared to the same period last year
BURLINGTON, Mass., Oct. 9, 2013
BURLINGTON, Mass., Oct. 9, 2013 /PRNewswire/ --ClickSoftware Technologies
Ltd. (NasdaqGS: CKSW), the leading provider of automated workforce management
and optimization solutions for the service industry, today announced that it
anticipates revenues for the third quarter ended September 30, 2013 will be
approximately $23.2 million.
Based on preliminary estimates of operating costs, a net loss is anticipated
for the quarter ended September 30, 2013 of approximately $3.7 million, or a
loss of $0.11 per share. Non-GAAP net loss is expected to be about $3.5
million, or a loss of $0.10 per share (Non-GAAP net income excludes
amortization of intangible assets expenses of about $50,000, share-based
compensation expenses of about $740,000, and tax benefit of about $570,000 in
the third quarter of 2013).
The Company estimates that its cash, cash-equivalents, short and long-term
investments were approximately $55.5 million as of September 30, 2013.
"We continue to see a growing trend of large enterprise and mid-market
customers selecting our cloud optimization solutions, and we welcome this
transition," said Dr. Moshe BenBassat, ClickSoftware's Founder and CEO. "In
the short-term, our quarterly results have been impacted due to lower up-front
license fees and a smaller initial deployment size, a natural occurrence when
shifting to the cloud. Overall the number of new cloud-based customers we
signed in the first nine months of 2013 increased by 100% year over year.
Among our new cloud customers in the third quarter were a division of one of
the world's largest suppliers of high value and complex equipment, and two
large utility companies. Over the long-term, the fact that we continue to sign
a greater number of deals on an absolute basis will be reflected with a
significantly increased recurring revenue stream."
"While demand from large customers for cloud-based solutions is increasing,
there is still considerable demand for our classic on-premise solutions.
Overall the number of new on-premise customers we signed in the first nine
months of 2013 also increased considerably by 62% compared to last year. Our
ability to compete in both the cloud and on-premise markets, having the
industry's most dynamic and scalable offering, provides our customers with a
solution that is highly differentiated from that of any of our competitors,"
concluded Dr. BenBassat.
The above assessment for the third quarter of 2013 is based on the Company's
initial analysis and is subject to change as additional financial information
becomes available. ClickSoftware will release its third quarter financial
results and will provide an update regarding its annual guidance on Wednesday,
October 23, 2013, during pre-market hours. A press release announcing dial-in
and webcasting details for the related conference call will be issued in
ClickSoftware (NasdaqGS: CKSW) is the leading provider of automated mobile
workforce management and service optimization solutions for the enterprise,
both for mobile and in-house resources. As pioneers of the "Service chain
optimization" and "The real-time service enterprise" concepts, our solutions
provide organizations with end-to-end visibility and control of the entire
service management chain by optimizing forecasting, planning, shift and task
scheduling, mobility and real-time management of resource and customer
Available via the cloud or on-premise, our products incorporate best business
practices and advanced decision-making algorithms to manage service operations
more efficiently, in a scalable, integrated manner. Our solutions have become
the backbone for many leading organizations worldwide by addressing the
fundamental question of job fulfillment: Who does What, for Whom, With what,
Where and When.
ClickSoftware is the premier choice for delivering superb business performance
to service sector organizations of all sizes. The Company is headquartered in
the United States and Israel, with offices across Europe, and Asia Pacific.
For more information, please visit http://www.clicksoftware.com. Follow us on
Twitter, the content of which is not incorporated herein by reference.
To download ClickSoftware's investor relations app, which offers access to SEC
documents, press releases, videos, audiocasts and more, the content of which
is not incorporated herein by reference, please visit Apple's App Store to
download on your iPhone and iPad, or Google Play for your Android mobile
Use of Non-GAAP Financial Results
In addition to disclosing preliminary estimates of our financial results
calculated in accordance with U.S. generally accepted accounting principles
(GAAP), this press release contains Non-GAAP financial measures of net income
and net income per share that exclude the effects of share-based compensation,
tax benefit related to the update of deferred tax asset and the amortization
of acquired intangible assets. The Company's management believes the Non-GAAP
financial information provided in this release is useful to investors'
understanding and assessment of the Company's on-going core operations and
prospects for the future. Management also uses both GAAP and Non-GAAP
information in evaluating and operating business internally and as such deemed
it important to provide all this information to investors. The Non-GAAP
financial measures disclosed by the Company should not be considered in
isolation or as a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results calculated in
accordance with GAAP and reconciliations to those financial statements should
be carefully evaluated.
Safe Harbor for Forward Looking Statements
This press release contains express or implied forward-looking statements
within the Private Securities Litigation Reform Act of 1995 and other U.S.
Federal securities laws. These forward-looking statements include, but are not
limited to, those statements regarding our expected revenues, net loss, net
loss per share and cash, cash equivalents, short and long-term investments for
and as of the end of the third quarter of 2013, and future trends in SaaS
cloud-based revenues and roll-outs. Such "forward-looking statements" involve
known and unknown risks, uncertainties and other factors that may cause actual
results or performance to differ materially from those projected. Achievement
of these results by ClickSoftware may be affected by many factors, including,
but not limited to, risks and uncertainties regarding the general economic
outlook, customer needs and anticipated orders, the length of or changes in
ClickSoftware's sales cycle, ClickSoftware's ability to close sales to
potential customers in a timely manner and maintain or strengthen
relationships with strategic partners, the timing of revenue recognition,
foreign currency exchange rate fluctuations, and ClickSoftware's ability to
maintain or increase its sales pipeline. The forward-looking statements
contained in this press release are subject to other risks and uncertainties,
including those discussed in the "Risk Factors" section and elsewhere in
ClickSoftware's annual report on Form 20-F for the year ended December 31,
2012 and in subsequent filings with the Securities and Exchange Commission.
Except as otherwise required by law, ClickSoftware is under no obligation to
(and expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information, future
events or otherwise.
ClickSoftware Contact: Investor Relations Contact:
Noa Schuman Rob Fink
Investor Relations KCSA Strategic Communications
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