Automated workforce management solutions provider ClickSoftware Technologies Ltd. (Nasdaq: CKSW) will distribute its first-ever dividend of $2.5 million ($0.08 per share) in May, after reporting strong first quarter results and reiterating its guidance for the year.
Clicksoftware CFO Shmuel Arvatz said, "The current level of available cash and our projected steady cash flows from operations make a dividend payment a good vehicle to allow our shareholders to participate in our recent growth and success."
First quarter revenue rose 10% to $19.3 million from $17.5 million for the corresponding quarter. GAAP-based net profit fell 22% to $2.2 million ($0.07 per share) from $2.8 million for the corresponding quarter, and non-GAAP net profit fell to $3.2 million ($0.10 per share) from $3.7 million.
The company beat the analysts' consensus of $0.09 earnings per share and $58.5 million revenue.
Clicksoftware reiterated its full-year 2011 revenue guidance of $81.5-85.0 million - 15-20% growth over 2010 - and inline with the analysts' consensus of $83.4 million.
Software license revenue rose 9% to $7.5 million for the first quarter from $6.8 million for the corresponding quarter, and service and maintenance revenue rose 11% to $11.8 million $10.6 million. Cash flow from operations was $1.1 million for the first quarter and the company has $51.9 million in cash and cash equivalents at the end of March.
ClickSoftware chairman and CEO Dr. Moshe BenBassat cited the company's contract with DirecTV Inc. (NYSE: DTV), which he called one of the largest and most competitive workforce management bids in recent years, as a sign of the company's leadership position. He added that the company was expanding its mobile enterprise offerings for new tablets and smartphones such as Apple iPhones, Android-based devices, Blackberries.
ClickSoftware's share price fell 2% on Nasdaq yesterday to $9.29, giving a market cap of $285 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 28, 2011
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