ClickSoftware jumps on higher Q4 guidance

The company raised its fourth quarter guidance to $30.5 million from $26-28 million, and expects a profit.

ClickSoftware Technologies Ltd. (Nasdaq: CKSW) has raised its fourth quarter guidance to $30.5 million from $26-28 million. The company also expects a profit for the fourth quarter, based on preliminary estimates of operating costs.

The share price jumped 21.1% yesterday in response to the report to $8.80, giving a market cap of $285 million. Trading volume was ten times the daily average

The company predicts full-year revenue of $103 million, 3% more than in 2012, but well below its guidance of $120-125 million made in early 2013. Cash, cash-equivalents, short and long-term investments rose by $2.3 million during the fourth quarter, reaching $58 million at the end of 2013.

The good news comes after two revenue and profit warnings earlier in 2013, which kept the share price flat during the year.

"We saw a remarkable improvement in our business during the fourth quarter leading to strong results that exceeded expectations," said ClickSoftware CEO Dr. Moshe BenBassat. "We added a record nineteen new customers in the fourth quarter, more than 50% of which are cloud customers. Our ability to offer solutions both in the cloud and on premise is a key competitive advantage which has strengthened our position as the market leader of workforce management and service optimization."

Looking ahead, BenBassat added, "We are entering the new year with a lot of momentum and feel very strongly that our successful transition to the cloud will be supported by a material increase in recurring revenues in the second half of 2014."

Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018