Jacada Ltd. (Nasdaq: JCDA), a leading provider of customer
experience management and process optimization solutions, today
reported financial results for the second quarter ended June 30,
2011.
Second Quarter Highlights
- Software license revenues were
$813,000, a 48% increase over second quarter 2010 software license
revenues of $549,000
- Reduced net loss to $1.1 million
compared to a net loss of $1.7 million in the second quarter of
2010
- Executed an agreement with a large
banking and financial conglomerate in Canada for the license of
Jacada’s Workspace products
- Executed an agreement with a
telecommunications company providing phone, internet and video
services to over 750,000 customers for the license of Jacada’s
agent scripting suite of products
“Our total revenues for the second quarter of 2011 were $3.7
million, representing significant growth over the two previous
quarters,” commented Tom Clear, co-chief executive officer of
Jacada. “Strong software license revenues, the result of signing
two new customers during the quarter, contributed to this increase
in total revenue. This improvement in revenue, combined with our
continued cost controls, allowed us to improve our net loss to $1.1
million during the second quarter of 2011.”
“Jacada has continued to align our products and services with
the solution needs of our customers,” said Gideon Hollander,
founder and co-chief executive officer of Jacada. “During the
second quarter, we introduced Jacada Agent Scripting version 6.0,
our call center scripting tool, and executed an agreement for the
license of this product with a US based telecommunications
company.”
Financial Results
For the second quarter of 2011, total revenues were $3.7 million
compared to $4.5 million in the second quarter of 2010. Software
revenues for the 2011 second quarter were $813,000 compared to
$549,000 during the 2010 second quarter. Services revenues were
$2.2 million in the 2011 second quarter and $3.3 million in the
2010 second quarter. Maintenance revenues were $678,000 and
$675,000 in the 2011 and 2010 second quarters, respectively.
Gross margins were 42% and 39% of total revenues during the 2011
and 2010 second quarters, respectively. Second quarter 2011
operating expenses of $2.6 million, reflecting the cost containment
measures implemented during the third quarter of 2010, were
significantly less than second quarter 2010 operating expenses of
$3.5 million.
The 2011 second quarter net loss was $1.1 million or ($0.26) per
share compared to a net loss of $1.7 million or ($0.41) per share
in the second quarter of 2010.
Conference Call Details
Management will hold a conference call to discuss the second
quarter 2011 financial results at 10:30am ET on August 16, 2011. To
participate in the teleconference, please call toll-free
888-713-4217 or 617-213-4869 for international callers, and provide
pass code 45719168 approximately 10 minutes prior to the start
time. Interested parties may pre-register for the teleconference
via this URL:
https://www.theconferencingservice.com/prereg/key.process?key=PH64B9B37.
A (live audio) webcast will also be available over the Internet at
www.jacada.com (under “About Us” then “Investors”) or
www.earnings.com.
A replay of the teleconference will be available for three days
beginning at 1:30 p.m. ET on August 16, 2011. To access the replay,
dial toll-free 888-286-8010, or for international callers
617-801-6888, and provide pass code 18858758.
About Jacada
Jacada provides solutions that optimize and improve the
effectiveness of customer interactions. Jacada unified desktop and
process optimization solutions help companies reduce the cost of
their operations, drive customer satisfaction and provide a
complete return on investment in as little as 12 months after
deployment.
Founded in 1990, Jacada operates globally with offices in
Atlanta, USA; Herzliya, Israel; London, England; Munich, Germany;
and Stockholm, Sweden. More information is available at
www.jacada.com, www.jacada.com/blog, www.jacada.com/facebook and
www.jacada.com/twitter.
This news release may contain forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. The words "may," "could," "would," "will," "believe,"
"anticipate," "estimate," "expect," "intend," "plan," and similar
expressions or variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of the future
performance and involve risks and uncertainties, many of which are
beyond the Company's ability to control. Actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors including the performance and
continued acceptance of our products, general economic conditions
and other Risk Factors specifically identified in our reports filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to update or revise any forward-looking statement for
events or circumstances after the date on which such statement is
made. Jacada is a trademark of Jacada Inc. All other brands or
product names are trademarks of their respective owners.
JACADA LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS
OF OPERATIONS (U.S. dollars in thousands, except per share
data) Three months ended
June 30,
Six months ended
June 30,
2011 2010 2011 2010
Unaudited Revenues: Software licenses $ 813 $ 549 $
1,060 $ 1,130 Services 2,190 3,274 4,282 7,132 Maintenance
678 675 1,335 1,205
Total revenues 3,681 4,498
6,677 9,467 Cost of
revenues: Software licenses 12 66 75 132 Services 1,940 2,481 4,038
5,341 Maintenance 174 199 363
383 Total cost of revenues 2,126
2,746 4,476 5,856
Gross profit 1,555 1,752 2,201 3,611 Operating
expenses: Research and development 660 924 1,336 1,820 Sales and
marketing 871 1,373 1,668 2,905 General and administrative
1,034 1,169 2,067 2,453
Total operating expenses 2,565
3,466 5,071 7,178
Operating loss (1,010 ) (1,714 ) (2,870 ) (3,567 ) Financial
income, net (73 ) 28 (56 ) 49
Loss before taxes (1,083 ) (1,686 ) (2,926 ) (3,518 )
Taxes (2 ) (1 ) (3 ) (1 ) Net
loss $ (1,085 ) $ (1,687 ) $ (2,929 ) $ (3,519 )
Basic and diluted net loss per share $ (0.26 ) $ (0.41 ) $ (0.70 )
$ (0.85 )
Weighted average number of shares used
in computing basic and diluted net loss per share
4,159,134 4,159,134 4,159,134
4,157,545
JACADA LTD. AND ITS
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) June 30,
December 31, 2011 2010 Unaudited
Audited ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 5,240 $ 5,945 Marketable securities 561 1,240 Trade
receivables 3,834 4,081 Restricted cash 497 493 Other current
assets 897 1,079 Total current
assets 11,029 12,838 LONG-TERM
INVESTMENTS: Marketable securities 10,562 10,809 Severance pay fund
210 186 Tota
l
long-term investments 10,772 10,995 PROPERTY AND EQUIPMENT,
NET 731 856 Total assets $
22,532 $ 24,689 LIABILITIES AND
SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $
1,543 $ 1,566 Deferred revenues 1,120 1,076 Accrued expenses and
other liabilities 1,518 1,478
Total current liabilities 4,181 4,120
LONG-TERM LIABILITIES: Accrued severance pay 405 366 Other
long-term liabilities 4 44 Total
long-term liabilities 409 410
SHAREHOLDERS' EQUITY: Share capital 60 60 Additional paid-in
capital 75,930 75,829 Treasury shares at cost (17,863 ) (17,863 )
Accumulated other comprehensive profit (loss) 1,098 487 Accumulated
deficit (41,283 ) (38,354 ) Total
shareholders' equity 17,942 20,159
Total liabilities and shareholders' equity $ 22,532 $
24,689
JACADA LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in
thousands Three months ended
June 30,
Six months ended
June 30,
2011 2010 2011 2010
Unaudited
Cash flows from
operating activities:
Net loss
(1,085 ) (1,687 ) (2,929 ) (3,519 )
Adjustments required to reconcile net loss
to net cash used in operating activities
Depreciation and amortization 100 123 211 247
Stock-based compensation related to
options granted to employees, non-employees
and directors
47
117
101
289
Increase in restricted cash (4 ) (4 )
Accrued interest and amortization of
premium on marketable securities
20
20
6
127 Other than temporary loss on marketable securities 159 - 205 -
Loss (gain) from sales of marketable securities - - - (9 ) Increase
(decrease) in accrued severance pay, net 5 (25 ) 16 (8 ) Decrease
(Increase) in trade receivables, net (369 ) 2,064 352 38 Decrease
in other current assets 88 799 161 764 Increase (decrease) in trade
payables 264 (571 ) (39 ) (319 ) Increase in deferred revenues 147
300 38 598
Increase (decrease) in accrued expenses
and other liabilities
(51 ) (20 ) 24 (181 ) Decrease in other long-term liabilities (20 )
(19 ) (40 ) (39 ) Other - (6 ) 15 41
Net cash provided by (used in) operating activities (699 ) 1,095
(1,883 ) (1,971 )
Cash flows from
investing activities:
Investment in available-for-sale
marketable securities
- - - (10,992 )
Proceeds from sale and redemption of
available- for-sale marketable securities
1,210
- 1,210 9,727 Decrease in restricted cash - 157 - 141 Proceeds from
sale of property and equipment - 7 - 7 Purchase of property and
equipment (22 ) (143 ) (86 ) (338 )
Net cash provided by (used in) investing
activities.
1,188
21
1,124
(1,455 )
JACADA LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) U.S.
dollars in thousands Three months ended
June 30,
Six months ended
June 30,
2011 2010 2011 2010
Unaudited
Cash flows from
financing activities:
Proceeds from exercise of stock options - - -
75 Net cash provided by financing activities.
- 75 Effect of exchange rate changes on
cash 30 (77 ) 54 (340 ) Increase (decrease) in cash and cash
equivalents 519 1,039 (705 ) (3,691 )
Cash and cash equivalents at the beginning
of the period
4,721 7,894 5,945 12,624 Cash and cash
equivalents at the end of the period 5,240 8,933 5,240
8,933
Supplemental Information: Cash and
Investments June 30, December
31, 2011 2010 Unaudited Audited
Cash and cash equivalents cash: 5,240
5,945
Marketable securities 11,123 12,049 Restricted cash 497
493 Total cash and investments including restricted
cash $ 16,860 $ 18,487
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