ClickSoftware Technologies Ltd. (Nasdaq: CKSW) today published its financial report for the third quarter of 2008, after raising its full-year revenue guidance early this month. The mobile workforce management and service optimization solutions provider posted a GAAP-based net profit of $2.7 million ($0.09 per share), compared with $725,000 for the corresponding quarter of 2007 and $2.6 million for last year as a whole.
The company posted $15.7 million revenue for the third quarter, compared with $11 million for the corresponding quarter. Non-GAAP net profit was $2.9 million ($0.10 per share) for the third quarter. The analysts' consensus was non-GAAP earnings per share of $0.04, the same as for the corresponding quarter.
The share rose 16.2% in premarket trading to $2.80, giving a market cap of $69 million.
In addition to the good bottom-line news and meeting the top-line expectations provided earlier this month, ClickSoftware also announced a reseller agreement with SAP AG (NYSE; XETRA: SAP), which follows on the global distribution agreement signed by the two companies. Under the new agreement, ClickSoftware's products will be included in the SAP pricelist, and SAP will assume some customer support services for ClickSoftware.
SAP and Oracle Corporation (Nasdaq: ORCL) dominate the global enterprise resource planning (ERP) market, giving an indication of the importance of the SAP contract for the Gan Shmuel-based firm.
ClickSoftware chairman and CEO Dr. Moshe BenBassat told "Globes" that, until now, the company's collaboration with SAP was based on joint sales, not by SAP taking full responsibility for sales. "The negotiations and contracts were separate. No less important, SAP salespeople did not get a commission, even if it contributed to the process. SAP examined us for a couple of years, and we're proud about the selection. We expect that the agreement will take us to new territory. From this perspective, the agreement is as significant for our investors as the quarterly results."
Early this month, ClickSoftware raised its full-year revenue guidance to $52-54 million, reflecting 30-35% annual growth.
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2008
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