ClickSoftware Technologies Ltd. (Nasdaq: CKSW) today reported record results for the second quarter of 2010 and reiterated its full-year revenue guidance. The automated workforce management and optimization solutions developer posted $17.6 million revenue, 22% more than the $14.4 million revenue for the corresponding quarter of 2009. The company beat the analysts' revenue consensus of $16.9 million.
GAAP-based net profit fell to $2.4 million ($0.07 per share) from $2.9 million for the corresponding quarter. However, non-GAAP net profit rose to $3.3 million ($0.10 per share) from $2.8 million over the corresponding quarter. The company beat the analysts' consensus of $0.09 earnings per share.
Software license revenue rose 54% to $6.2 million for the second quarter from $4.1 million for the corresponding quarter, while service and maintenance revenue rose 10% to $11.3 million from $10.3 million.
ClickSoftware reiterated full-year revenue guidance of $71.5-74.5 million, reflecting 17-22% growth over 2009. The guidance is in line with the analysts' consensus of $72.7 million.
Cash flow from operations totaled $4 million in the second quarter, boosting the company's cash and cash equivalents to $42.5 million at the end of June from $38.8 million at the end of March.
ClickSoftware chairman and CEO Dr. Moshe BenBassat said, "Gartner's recent Field Service Management Report highlights our increasing position and reinforces our leadership in the market. We are entering the third quarter of 2010 with a solid backlog and deferred revenues of $24.6 million, which improve our visibility for the second half of 2010. Having this visibility is important given the uncertainty in the European markets and the somewhat unpredictable behavior of the recovery in the US economy."
ClickSoftware's share price closed at $6.03 yesterday, giving a market cap of $182.5 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2010
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