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ClickSoftware sees revenues grow 12%

Cloud and on-premise workforce management firm reports first quarter

By Jason Stamper

Mobile workforce management firm ClickSoftware reported sales up 12% to $24.5m for its first quarter ended March 31.

Net income for the first quarter was $0.1m, compared to net income of $0.7m for the same period last year. Non-GAAP net income for the quarter was $0.8m.

"We continue to execute on our strategy to accelerate annual growth by over 20%. In order to achieve both our short- and long-term goals, investments in product development and global territory expansion initiatives continue," said Dr. Moshe BenBassat, ClickSoftware’s chairman and CEO. "These investments impacted our profitability in the first quarter; however, we anticipated some level of quarterly fluctuation in our earnings projections and remain confident in our strategy. Based on our progress through the first quarter we are reiterating revenue and EPS guidance for 2013."

Software license revenues for the first quarter were $7.0m, up 10% against the same period last year. Service and maintenance revenues were $17.5m, up 13% compared with service and maintenance revenues of $15.4 million in the same period last year.
Gross profit in the first quarter of 2013 was $14.2m, or 58% of revenues, compared to $12.4m, or 57% of revenues, in the same period last year.

Net cash provided by operating activities was $3.8m during the first quarter of 2013. Following a $2.5 million cash dividend payment, cash, cash equivalents and short and long-term investments at the end of the first quarter of 2013 were $60.3m, an increase of $0.9m compared to the end of the fourth quarter of 2012.

"We are very encouraged by the progress we have made in the enterprise mobility market," BenBassat said. "The ClickAppStore now contains what we believe is the largest collection in the industry of enterprise mobility apps for the mobile worker. Continued investment in our App Factories will further enrich our offerings and solidify our leadership position for the future."

"These apps were designed to run on any mobility infrastructure platform, such as those of IBM and SAP. Additionally, being device agnostic, they can run on Apple’s iPhones and tablets, Android devices, the new Blackberry, and soon on Windows 8," BenBassat added. "In the first quarter most new customers included our mobility solution in their order, and we also won a substantial contract with a customer for a stand-alone mobility solution, following a very competitive evaluation process. On the territory side, our first quarter results in Europe and demand metrics show encouraging signs that Europe may be recovering."

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"Also, our hiring in the new territories – Latin America and Russia – is nearly complete. Our pipeline went up considerably compared to the same quarter last year, and all indications to date give us confidence about our growth opportunities in 2013 and beyond."

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