BURLINGTON, Mass., Feb. 4, 2013 /PRNewswire/ -- ClickSoftware
Technologies Ltd. (NasdaqGS: CKSW), the leading provider of
automated workforce management and optimization solutions for the
service industry, today announced results for the fourth quarter
and year ended December 31, 2012.
Fourth Quarter and Full Year 2012 Highlights
- Fourth quarter 2012 revenues reach $28.4
million (19% growth);
- 2012 annual revenues reach $100
million mark (15% growth);
- Total cash and investments at $59.4
million;
- Annual cash from operations was $16.2
million.
Fourth Quarter Results
For the fourth quarter ended December 31,
2012, total revenues were $28.4
million, up 19% from $24.0
million in the fourth quarter of 2011. Net income for the
fourth quarter of 2012 was $3.9
million, or $0.12 per fully
diluted share, compared to net income of $2.9 million, or $0.09 per fully diluted share, for the same
period last year.
Non-GAAP net income for the quarter was $4.2 million, or $0.13 per fully diluted share, compared to
$4.9 million, or $0.15 per fully diluted share, for the same
period last year.
Software license revenues for the fourth quarter of 2012 were
$10.8 million, up 18% compared with
software license revenues of $9.2
million for the same period last year. Service and
maintenance revenues were $17.6
million, up 19% compared with service and maintenance
revenues of $14.8 million in the same
period last year.
Gross profit in the fourth quarter of 2012 was $18.5 million, or 65% of revenues, compared to
$15.0 million, or 63% of revenues, in
the same period last year.
Net cash provided by operating activities was $10.7 million during the fourth quarter of
2012. Following a $2.5 million
cash dividend payment, cash, cash equivalents and short and
long-term investments at the end of the fourth quarter of 2012 were
$59.4 million, an increase of
$7.8 million compared to the end of
the third quarter of 2012.
Full Year 2012 Results
Total revenues for 2012 grew 15% over 2011 to $100.0 million, yielding net income of
$7.5 million, or $0.23 per fully diluted share. This
compares with revenues of $87.1
million and net income of $12.2
million, or $0.38 per fully
diluted share, for 2011. Non-GAAP net income for 2012 was
$10.2 million, or $0.31 per fully diluted share. This compares with
Non-GAAP net income of $17.0 million,
or $0.53 per fully diluted share, for
2011.
Management Commentary
"2012 was an exciting year for us as we broke the $100 million revenue mark and invested in
initiatives that will expand our addressable market and allow us to
accelerate long-term growth," commented Dr. Moshe BenBassat, ClickSoftware's Chairman and
CEO. "Contributing to our annual results was a record fourth
quarter with $28.4 million in
revenues, which was solidified by strong wins with new customers
and continued geographic expansion. The reduction of our
profitability in 2012 is mostly attributable to our investments in
cloud operations, research and development and sales and marketing.
During 2012 we hired more than a hundred employees, growing our
headcount by about 25%. These investments establish the groundwork
for accelerated growth in 2013 and beyond, and will also allow us
to further expand our product offering while creating higher
barriers of entry for our competitors. For example, new
developments that integrate mobility and our patent-pending
ClickButler technology into shift optimization provide a
differentiated product that meets the demands of an evolving market
and delivers a unique value and functionality not offered by any
other vendor."
"The investments in our three major growth initiatives:
mobility, cloud services and geographic expansion, continue to
progress and we see increased return on these efforts. In
mobility, there was a noticeable increase in interest in our
solutions and, in 2012, 80% of our new customers purchased our
mobile solution. In the cloud, we have added 10 new customers
during the past year, and our pipeline for cloud-based solutions is
considerably larger than what it was a year ago. We expect this
growth to continue and translate into increased revenues going
forward. Similarly, in terms of new territories, we are entering
new markets and winning new deals. As we continue to execute
our strategic long term plan, we are confident we will be able to
accelerate growth beyond the historical rates we have been used
to," Dr. BenBassat concluded.
Financial Outlook
For 2013, the Company currently expects top line growth of 20%
to 25%, and to achieve revenues in the $120
to $125 million range. This outlook is based on
approximately $33.2 million in
backlog and deferred revenues, current visibility into a growing
sales pipeline and expected expansion into new territories and
industry verticals. Non-GAAP fully diluted earnings per share for
2013 is expected to be in the range of $0.24
to $0.30, which excludes share-based compensation, deferred
taxes expense and amortization of intangible assets costs of
approximately $0.08, $0.01 and $0.01 per
fully diluted share respectively. GAAP fully diluted earnings per
share is expected to be in the range of $0.14 to $0.20.
Cash Dividend
ClickSoftware also announced today that on February 3, 2013, its Board of Directors approved
a $0.08 per share dividend to be paid
on March 4, 2013 to all shareholders
of record as of the close of business on February 18, 2013. The dividend will be paid net
of any required tax. The Company does not have a formal policy
governing the amounts and payment of dividends, and the declaration
and payment of future dividends, if any, is at the discretion of
the Company's Board of Directors.
Investors Conference Call
ClickSoftware will host a conference call today at 9:00 a.m. EST to discuss its financial results
and other matters discussed in this press release, as well as
answer questions from the investment community. To
participate, please call (888) 668-9141 and ask for the
ClickSoftware conference call. International participants, please
call +972-3-918-0609. The call will be broadcasted by live webcast
on the internet (in listen mode only) at
http://ir.clicksoftware.com. A replay of this webcast will be
available on the ClickSoftware website. Alternatively, a telephone
replay of the call will be available for a week by calling (888)
326-9310 (international callers can dial +972-3-925-5901).
About ClickSoftware
ClickSoftware (NasdaqGS: CKSW) is the leading provider of
automated mobile workforce management and service optimization
solutions for the enterprise, both for mobile and in-house
resources. As pioneers of the "Service chain optimization" and "The
real-time service enterprise" concepts, our solutions provide
organizations with end-to-end visibility and control of the entire
service management chain by optimizing forecasting, planning, shift
and task scheduling, mobility and real-time management of resource
and customer communication.
Available via the cloud or on-premise, our products incorporate
best business practices and advanced decision-making algorithms to
manage service operations more efficiently, in a scalable,
integrated manner. Our solutions have become the backbone for many
leading organizations worldwide by addressing the fundamental
question of job fulfillment: Who does What, for Whom, With what,
Where and When.
ClickSoftware is the premier choice for delivering superb
business performance to service sector organizations of all sizes.
The Company is headquartered in the
United States and Israel,
with offices across Europe, and
Asia Pacific. For more
information, please visit www.clicksoftware.com and follow us on
Twitter, the content of which is not a part of this press
release.
To download ClickSoftware's investor relations app, which offers
access to SEC documents, press releases, videos, audiocasts and
more, please visit
https://itunes.apple.com/us/app/cksw-ir/id530880886?mt=8 to
download on your iPhone and iPad, or
https://play.google.com/store/apps/details?id=com.theirapp.ckswir&hl=en
for your Android mobile device.
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in
accordance with U.S. generally accepted accounting principles
(GAAP), the Company's earnings release contains Non-GAAP financial
measures of net income and net income per share that exclude the
effects of share-based compensation, tax benefit related to the
update of deferred tax asset and the amortization of acquired
intangible assets. The Company's management believes the Non-GAAP
financial information provided in this release is useful to
investors' understanding and assessment of the Company's on-going
core operations and prospects for the future. Management also
uses both GAAP and Non-GAAP information in evaluating and operating
business internally and as such deemed it important to provide all
this information to investors. The Non-GAAP financial
measures disclosed by the Company should not be considered in
isolation or as a substitute for, or superior to, financial
measures calculated in accordance with GAAP, and the financial
results calculated in accordance with GAAP and reconciliations to
those financial statements should be carefully evaluated.
Reconciliations between GAAP measures and Non-GAAP measures are
provided later in this press release.
Safe Harbor for Forward Looking Statements
This press release contains express or implied
forward-looking statements within the Private Securities Litigation
Reform Act of 1995 and other U.S Federal securities laws. These
forward-looking statements include, but are not limited to, those
statements regarding future results of operations, including our
outlook for full year 2013 revenues and non-GAAP earnings per
share, visibility into future periods and pipeline, winning new
business, expected growth in mobility solutions and cloud services
and demand for those offerings, expected expansion in new
territories and new markets, growth and future rates of growth and
expectations of future cash flows and dividends. Such
"forward-looking statements" involve known and unknown risks,
uncertainties and other factors that may cause actual results or
performance to differ materially from those projected. Achievement
of these results by ClickSoftware may be affected by many factors,
including, but not limited to, risks and uncertainties regarding
the general economic outlook, more attractive investments
than dividends that may become available, the length of or changes
in ClickSoftware's sales cycle, ClickSoftware's ability to close
sales to potential customers in a timely manner and maintain or
strengthen relationships with strategic partners, the timing of
revenue recognition, foreign currency exchange rate fluctuations,
and ClickSoftware's ability to maintain or increase its sales
pipeline. The forward-looking statements contained in this press
release are subject to other risks and uncertainties, including
those discussed in the "Risk Factors" section and elsewhere in
ClickSoftware's annual report on Form 20-F for the year ended
December 31, 2011 and in subsequent
filings with the Securities and Exchange Commission. Except as
otherwise required by law, ClickSoftware is under no obligation to
(and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.
ClickSoftware Contact:
|
Investor Relations Contact:
|
Noa
Schuman
|
Rob
Fink
|
Investor
Relations
|
KCSA
Strategic Communications
|
+972-3-7659-467
|
212-896-1206
|
Noa.Schuman@clicksoftware.com
|
rfink@kcsa.com
|
Note: Financial Schedules Attached
|
|
|
|
|
|
ClickSoftware Technologies Ltd.
|
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
(Unaudited. In thousands, except share and per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
December 31, 2012
|
|
December 31, 2011
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
Revenues:
|
|
|
|
|
|
|
|
Software license
|
$
10,847
|
38%
|
|
$
9,163
|
38%
|
|
|
Services
|
17,552
|
62%
|
|
14,796
|
62%
|
|
|
Total
revenues
|
28,399
|
100%
|
|
23,959
|
100%
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Software license
|
1,154
|
4%
|
|
755
|
3%
|
|
|
Services
|
8,728
|
31%
|
|
8,220
|
34%
|
|
|
Total
cost of revenues
|
9,882
|
35%
|
|
8,975
|
37%
|
|
Gross
profit
|
18,517
|
65%
|
|
14,984
|
63%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Research and development costs, net
|
3,871
|
14%
|
|
2,601
|
11%
|
|
|
Selling
and marketing expenses
|
8,725
|
31%
|
|
6,105
|
25%
|
|
|
General
and administrative expenses
|
2,335
|
8%
|
|
2,095
|
9%
|
|
|
Impairment of goodwill
|
-
|
-
|
|
939
|
4%
|
|
|
Total
operating expenses
|
14,931
|
53%
|
|
11,740
|
49%
|
|
Operating income
|
3,586
|
13%
|
|
3,244
|
14%
|
|
Other
income
|
110
|
0%
|
|
-
|
-
|
|
Interest income, net
|
64
|
0%
|
|
179
|
1%
|
|
Net
income before taxes
|
$
3,760
|
13%
|
|
$
3,423
|
14%
|
|
Tax
(benefit) expense, net
|
(146)
|
(1)%
|
|
552
|
2%
|
|
Net
income
|
$
3,906
|
14%
|
|
$
2,871
|
12%
|
|
Net
earnings per ordinary share:
|
|
|
|
|
|
|
Basic
|
$
0.12
|
|
|
$
0.09
|
|
|
Diluted
|
$
0.12
|
|
|
$
0.09
|
|
|
Shares
used in computing basic
net
income per share
|
31,622,991
|
|
|
31,297,842
|
|
|
Shares
used in computing diluted
net
income per share
|
32,747,616
|
|
|
32,758,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClickSoftware Technologies Ltd.
|
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
(In
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
December 31, 2012
(Unaudited)
|
|
December 31, 2011
(Audited)
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
Revenues:
|
|
|
|
|
|
|
|
Software license
|
$
34,541
|
35%
|
|
$
31,542
|
36%
|
|
|
Services
|
65,505
|
65%
|
|
55,545
|
64%
|
|
|
Total revenues
|
100,046
|
100%
|
|
87,087
|
100%
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Software license
|
3,686
|
4%
|
|
2,519
|
3%
|
|
|
Services
|
35,185
|
35%
|
|
29,177
|
34%
|
|
|
Total cost of revenues
|
38,871
|
39%
|
|
31,696
|
36%
|
|
Gross
profit
|
61,175
|
61%
|
|
55,391
|
64%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Research and development costs, net
|
13,146
|
13%
|
|
9,019
|
10%
|
|
|
Selling and marketing expenses
|
31,977
|
32%
|
|
23,382
|
27%
|
|
|
General and administrative expenses
|
8,779
|
9%
|
|
7,386
|
8%
|
|
|
Impairment of goodwill
|
-
|
-
|
|
939
|
1%
|
|
|
Total operating expenses
|
53,902
|
54%
|
|
40,726
|
47%
|
|
Operating income
|
7,273
|
7%
|
|
14,665
|
17%
|
|
Other
income
|
110
|
0%
|
|
-
|
-
|
|
Interest income, net
|
274
|
0%
|
|
7
|
0%
|
|
Net
income before taxes
|
$
7,657
|
8%
|
|
$
14,672
|
17%
|
|
Tax
expense, net
|
169
|
0%
|
|
2,462
|
3%
|
|
Net
income
|
$
7,488
|
8%
|
|
$
12,210
|
14%
|
|
Net
earnings per ordinary share:
|
|
|
|
|
|
|
Basic
|
$
0.24
|
|
|
$
0.39
|
|
|
Diluted
|
$
0.23
|
|
|
$
0.38
|
|
|
Shares
used in computing basic
net
income per share
|
31,545,435
|
|
|
31,014,373
|
|
|
Shares
used in computing diluted
net
income per share
|
32,837,789
|
|
|
32,226,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClickSoftware Technologies
Ltd.
CONSOLIDATED BALANCE SHEETS
|
(In
thousands, except share data)
|
|
December 31, 2012
|
December 31, 2011
|
|
(Unaudited)
|
(Audited)
|
ASSETS
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash
and cash equivalents
|
$
12,793
|
$
14,683
|
|
Deposits
|
30,310
|
28,243
|
|
Marketable securities
|
15,635
|
10,945
|
|
Trade
receivables, net
|
21,792
|
23,378
|
|
Deferred taxes
|
220
|
540
|
|
Other
receivables and prepaid expenses
|
3,398
|
2,610
|
|
Total current
assets
|
84,148
|
80,399
|
LONG
TERM ASSETS
|
|
|
Property and equipment, net
|
4,206
|
3,873
|
Deposits
|
621
|
1,093
|
Other receivables and prepaid expenses
|
275
|
233
|
Deferred taxes
|
1,230
|
550
|
Intangible assets, net
|
452
|
1,166
|
Goodwill
|
1,572
|
1,572
|
Severance pay funds
|
1,965
|
1,746
|
|
Total long term
assets
|
10,321
|
10,233
|
|
Total Assets
|
$
94,469
|
$
90,632
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable and accrued
expenses
|
$
16,536
|
$
13,608
|
|
Dividend payable
|
-
|
2,536
|
|
Deferred revenues
|
9,047
|
9,529
|
|
Total current
liabilities
|
25,583
|
25,673
|
|
|
|
LONG
TERM LIABILITIES
|
|
|
|
Accrued
severance pay
|
4,465
|
3,847
|
|
Deferred taxes liability
|
-
|
180
|
|
Deferred revenues
|
1,503
|
1,828
|
|
Total long term
liabilities
|
5,968
|
5,855
|
|
Total
liabilities
|
31,551
|
31,528
|
SHAREHOLDERS' EQUITY
|
|
|
Ordinary shares of NIS 0.02 par
value
|
132
|
131
|
|
Additional paid-in capital
|
87,566
|
84,383
|
|
Accumulated deficit
|
(25,296)
|
(25,200)
|
|
Accumulated other comprehensive
income
|
559
|
(167)
|
|
Treasury stock, at cost: 39,000
shares
|
(43)
|
(43)
|
|
Total shareholders'
equity
|
62,918
|
59,104
|
|
Total
Liabilities and shareholders' equity
|
$
94,469
|
$
90,632
|
|
|
|
|
|
|
|
ClickSoftware Technologies Ltd.
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
(In
thousands)
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
December 31, 2012
(Unaudited)
|
December 31, 2011
(Audited)
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net
income
|
|
|
$
7,488
|
|
$
12,210
|
|
|
Adjustments to reconcile net income
to
|
|
|
|
|
|
|
|
net
cash provided by operating activities:
|
|
|
|
|
|
|
|
Income and expense items not
involving cash flows:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
2,144
|
|
1,519
|
|
|
Amortization of deferred
compensation
|
|
|
2,534
|
|
1,731
|
|
|
Amortization of acquired intangible
assets
|
|
|
715
|
|
782
|
|
|
Impairment of goodwill
|
|
|
-
|
|
939
|
|
|
Impairment of acquired intangible
assets
|
|
|
-
|
|
55
|
|
|
Severance pay, net
|
|
|
399
|
|
373
|
|
|
Gain on marketable securities
|
|
|
(146)
|
|
(94)
|
|
|
Other
|
|
|
12
|
|
11
|
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
1,586
|
|
(9,123)
|
|
|
Deferred taxes
|
|
|
(540)
|
|
1,310
|
|
|
Other receivables
|
|
|
(104)
|
|
(443)
|
|
|
Accounts payable and accrued
expenses
|
|
|
2,928
|
|
1,034
|
|
|
Deferred revenues
|
|
|
(807)
|
|
1,623
|
|
|
Net
cash provided by operating activities
|
|
|
$
16,209
|
|
$
11,927
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchase of equipment
|
|
|
(2,490)
|
|
(2,018)
|
|
|
Increase in deposits
|
|
|
(1,595)
|
|
(11,969)
|
|
|
Investments in marketable
securities
|
|
|
(7,459)
|
|
(8,298)
|
|
|
Proceeds from sale of marketable
securities
|
|
|
2,915
|
|
5,286
|
|
|
Net
cash used in investment activities
|
|
|
$
(8,629)
|
|
$
(16,999)
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Dividend paid
|
|
|
(10,120)
|
|
(7,481)
|
|
|
Employee options exercised
|
|
|
650
|
|
1,487
|
|
|
Net
cash used in financing activities
|
|
|
$
(9,470)
|
|
$
(5,994)
|
|
DECREASE IN CASH AND CASH
EQUIVALENTS
|
(1,890)
|
|
(11,066)
|
|
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
14,683
|
|
25,749
|
|
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
|
|
$
12,793
|
|
$
14,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClickSoftware Technologies Ltd.
|
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP
RESULTS
|
(Unaudited. In thousands, except per share
amounts)
|
|
|
|
Three
Months Ended
|
|
|
December 31, 2012
|
|
December 31, 2011
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
GAAP
Net income
|
$
3,906
|
14%
|
|
$
2,871
|
12%
|
Share-based compensation (1)
|
652
|
|
|
510
|
|
Amortization of intangible assets
(2)
|
150
|
|
|
176
|
|
Impairment of goodwill and other intangible
assets
|
-
|
|
|
994
|
|
Deferred taxes
|
(470)
|
|
|
300
|
|
Non-GAAP Net income
|
$
4,238
|
15%
|
|
$
4,851
|
20%
|
|
|
|
|
|
|
GAAP
Earnings per share (diluted)
|
$
0.12
|
|
|
$
0.09
|
|
Share-based compensation
|
0.02
|
|
|
0.02
|
|
Amortization of intangible assets
|
0.00
|
|
|
0.00
|
|
Impairment of goodwill and other intangible
assets
|
0.00
|
|
|
0.03
|
|
Deferred taxes
|
(0.01)
|
|
|
0.01
|
|
Non-GAAP Earnings per share
(diluted)
|
$
0.13
|
|
|
$
0.15
|
|
|
|
|
|
|
|
(1)
Share-based compensation:
|
|
|
|
|
|
|
Cost of
services
|
$
85
|
|
|
$
52
|
|
|
Research and development costs, net
|
69
|
|
|
42
|
|
|
Selling
and marketing expenses
|
173
|
|
|
101
|
|
|
General
and administrative expenses
|
325
|
|
|
315
|
|
|
$
652
|
|
|
$
510
|
|
|
(2)
Amortization of intangible assets:
|
Cost of
revenues
|
$
121
|
|
|
$
147
|
|
Research and development costs, net
|
29
|
|
|
29
|
|
|
$
150
|
|
|
$
176
|
|
|
|
|
|
ClickSoftware Technologies Ltd.
|
|
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP
RESULTS
|
|
(Unaudited. In thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
December 31, 2012
|
|
December 31, 2011
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
|
GAAP
Net income
|
$
7,488
|
7%
|
|
$
12,210
|
14%
|
|
Share-based compensation (1)
|
2,534
|
|
|
1,731
|
|
|
Amortization of intangible assets
(2)
|
715
|
|
|
782
|
|
|
Impairment of goodwill and other intangible
assets
|
-
|
|
|
994
|
|
|
Deferred taxes
|
(540)
|
|
|
1,310
|
|
|
Non-GAAP Net income
|
$
10,197
|
10%
|
|
$
17,027
|
20%
|
|
|
|
|
|
|
|
|
GAAP
Earnings per share (diluted)
|
$
0.23
|
|
|
$
0.38
|
|
|
Share-based compensation
|
0.08
|
|
|
0.05
|
|
|
Amortization of intangible assets
|
0.02
|
|
|
0.03
|
|
|
Impairment of goodwill and other intangible
assets
|
0.00
|
|
|
0.03
|
|
|
Deferred taxes
|
(0.02)
|
|
|
0.04
|
|
|
Non-GAAP Earnings per share
(diluted)
|
$
0.31
|
|
|
$
0.53
|
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation:
|
|
|
|
|
|
|
|
Cost of
services
|
$
312
|
|
|
$
202
|
|
|
|
Research and development costs, net
|
254
|
|
|
168
|
|
|
|
Selling
and marketing expenses
|
611
|
|
|
389
|
|
|
|
General
and administrative expenses
|
1,357
|
|
|
972
|
|
|
|
$
2,534
|
|
|
$
1,731
|
|
|
|
|
|
|
|
|
|
(2)
Amortization of intangible assets:
|
|
|
|
|
|
|
Cost of
revenues
|
$
597
|
|
|
$
664
|
|
|
Research and development costs, net
|
118
|
|
|
118
|
|
|
|
$
715
|
|
|
$
782
|
|
|
SOURCE ClickSoftware Technologies Ltd.