UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
REPORT OF
FOREIGN PRIVATE ISSUER
Pursuant
to Section 13a-16 or 15d-16 of the Securities and Exchange Act of 1934
For the
month of November 2009
JACADA LTD.
(Translation
of registrant's name into English)
11
Galgalei Haplada Street
Herzliya,
46722 Israel
(Address
of principal executive offices)
Indicate by
check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F
X
Form
40-F ___
Indicate by
check mark if the Registrant is submitting this Form 6-K in paper as
permitted by Regulations S-T Rule 101(b)(1):
Yes ____ No
X
Indicate by
check mark if the Registrant is submitting this Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes ____ No
X
Indicate by
check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes ____ No
X
If "Yes" is
marked, indicate below the file number assigned to the Registrant in
connection with Rule 12g3-2(b): 82- _N/A_
CONTENTS
This Report on Form 6-K of Jacada consists of the following documents,
which are attached hereto and incorporated by reference herein:
Press Release, released publicly on November 11, 2009: Jacada Reports
Third Quarter 2009 Results
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report on Form 6-K to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
|
JACADA LTD.
|
|
|
By:
|
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/s/ ROBERT C. ALDWORTH
|
|
|
Name:
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Robert C. Aldworth
|
|
|
Title:
|
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Chief Financial Officer
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Dated:
|
November 12, 2009
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Jacada
Reports Third Quarter 2009 Results
ATLANTA--(BUSINESS WIRE)--November 11, 2009--Jacada Ltd. (Nasdaq: JCDA),
a leading provider of customer service productivity optimization
solutions, today reported financial results for the third quarter and
nine month period ended September 30, 2009.
Third Quarter 2009 Highlights
-
Signed an agreement with Permanent General, a leading auto insurance
provider based in Nashville, Tenn.
-
Signed an agreement with its first European utilities customer - E.ON
Sweden. E.ON Sweden is part of the E.ON group, the world's largest
investor-owned power and gas company.
-
Began a strategic partnership with Wipro, a global leader in product
engineering and support services, to deliver the initial design for a
major international electricity and gas provider, which ultimately
progressed into a material agreement that was announced in the fourth
quarter.
Financial Results
For the third quarter of 2009, total revenues were $3.9 million compared
to $5.9 million in the third quarter of 2008, a decrease of 34%,
primarily due to the challenging global economy and continued
uncertainty in the business environment.
Total gross profit for the 2009 third quarter was $1.4 million or 37% of
total revenues compared to $2.3 million and 39% in the 2008 third
quarter.
The third quarter net loss was $2.0 million or ($0.12) per share. This
is compared to a net loss of $2.6 million or ($0.13) per share in the
third quarter of 2008.
For the nine month period ending on September 30, 2009 total revenues
were $10.9 million compared to $18.4 million in the same period in 2008.
The reduction in revenues in the three and nine month periods are
directly related to global business conditions and a decline in new
business during 2008. However, new business has begun to improve in
recent quarters and backlog at the end of the third quarter grew to $8.6
million, up from $6.6 million at December 31, 2008.
Gross profit for nine month period ended September 30, 2009 was $3.1
million or 28% of total revenues compared to $9.2 million or 50% of
total revenues for the 2008 period.
During the nine month period ending September 30, 2009, the Company
incurred a net loss of $6.9 million or ($0.42) per share. In the
comparable 2008 period, the Company posted net income of $15.9 million
or $0.78 per share. The 2008 net income included $19.9 million or $0.98
per share in income, net of taxes, from discontinued operations, which
was generated in the form of a capital gain from the sale of the
Company's legacy business during the 2008 first quarter.
At the end of the 2009 third quarter, cash and investments were $26.1
million compared to $33.1 million at year end 2008.
“We’ve seen increased activity in our pipeline; customer adoption is
accelerating; the backlog continues to grow; revenues have begun to
improve compared to our revenue for the second quarter of 2009 and
losses have begun to decline,” said Tom Clear, chief executive officer
for Jacada. “While the business and economic climate of 2009 is
challenging, Jacada continues to make progress towards our objectives of
improving the fundamentals of our business and better aligning our
products and services with the solution needs of our customers.”
Conference Call Details
To participate in the teleconference, please call toll-free
888.680.0893, or 617.213.4859 for international callers, and provide
passcode 54170464 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=PGQ6D9UUW
.
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 12:30 p.m. ET on November 11, 2009. To access the replay,
dial toll-free 888-286-8010, or for international callers 617-801-6888,
and provide passcode 10445295.
About Jacada
Jacada is a leading global provider of unified service desktop and
process optimization solutions that simplify and automate customer
service processes. By bridging disconnected systems into a single,
intelligent desktop, Jacada solutions create greater operational
efficiency and increase agent and customer satisfaction. Founded in
1990, Jacada operates globally with offices in Atlanta, Georgia;
Herzliya, Israel; London, England and Munich, Germany. Jacada can be
reached at
www.jacada.com
.
Forward Looking Statement
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 is a trademark of Jacada Ltd. All other brands or product
names are trademarks of their respective owners.
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
Unaudited
|
Revenues:
|
|
|
|
|
|
|
|
|
Software licenses
|
|
$
|
55
|
|
|
$
|
1,490
|
|
|
$
|
692
|
|
|
$
|
6,372
|
|
Services
|
|
|
3,327
|
|
|
|
3,866
|
|
|
|
8,431
|
|
|
|
10,424
|
|
Maintenance
|
|
|
492
|
|
|
|
554
|
|
|
|
1,792
|
|
|
|
1,644
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
3,874
|
|
|
|
5,910
|
|
|
|
10,915
|
|
|
|
18,440
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
Software licenses
|
|
|
27
|
|
|
|
233
|
|
|
|
174
|
|
|
|
467
|
|
Services
|
|
|
2,253
|
|
|
|
3,108
|
|
|
|
7,119
|
|
|
|
8,063
|
|
Maintenance
|
|
|
174
|
|
|
|
243
|
|
|
|
520
|
|
|
|
669
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
2,454
|
|
|
|
3,584
|
|
|
|
7,813
|
|
|
|
9,199
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
1,420
|
|
|
|
2,326
|
|
|
|
3,102
|
|
|
|
9,241
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
859
|
|
|
|
1,275
|
|
|
|
2,693
|
|
|
|
3,708
|
|
Sales and marketing
|
|
|
1,273
|
|
|
|
2,391
|
|
|
|
4,430
|
|
|
|
7,179
|
|
General and administrative
|
|
|
1,388
|
|
|
|
1,426
|
|
|
|
3,542
|
|
|
|
4,012
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
3,520
|
|
|
|
5,092
|
|
|
|
10,665
|
|
|
|
14,899
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(2,100
|
)
|
|
|
(2,766
|
)
|
|
|
(7,563
|
)
|
|
|
(5,658
|
)
|
Financial income, net
|
|
|
44
|
|
|
|
197
|
|
|
|
669
|
|
|
|
1,023
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before taxes
|
|
|
(2,056
|
)
|
|
|
(2,569
|
)
|
|
|
(6,894
|
)
|
|
|
(4,635
|
)
|
Tax (expense) benefit
|
|
|
19
|
|
|
|
292
|
|
|
|
(19
|
)
|
|
|
639
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
|
(2,037
|
)
|
|
|
(2,277
|
)
|
|
|
(6,913
|
)
|
|
|
(3,996
|
)
|
Income (loss) from discontinued operations, net of taxes
|
|
|
-
|
|
|
|
(315
|
)
|
|
|
-
|
|
|
|
19,858
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(2,037
|
)
|
|
$
|
(2,592
|
)
|
|
$
|
(6,913
|
)
|
|
$
|
15,862
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net earnings (loss) per share:
|
|
|
|
|
|
|
|
|
From continuing operations
|
|
$
|
(0.12
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.20
|
)
|
From discontinued operations
|
|
|
-
|
|
|
$
|
(0.02
|
)
|
|
$
|
-
|
|
|
$
|
0.98
|
|
Basic and diluted net earnings (loss) per share
|
|
$
|
(0.12
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing basic and
diluted net earnings (loss) per share
|
|
|
16,569,721
|
|
|
|
19,687,459
|
|
|
|
16,562,959
|
|
|
|
20,313,411
|
|
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in thousands)
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
Unaudited
|
|
Audited
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents *)
|
|
$
|
18,265
|
|
|
$
|
11,059
|
|
Short term deposits *)
|
|
|
1,889
|
|
|
|
-
|
|
Marketable securities *)
|
|
|
4,060
|
|
|
|
8,915
|
|
Trade receivables
|
|
|
4,526
|
|
|
|
4,713
|
|
Restricted cash held by trustee *)
|
|
|
-
|
|
|
|
2,640
|
|
Restricted cash *)
|
|
|
557
|
|
|
|
559
|
|
Other current assets
|
|
|
1,609
|
|
|
|
2,022
|
|
Assets of discontinued operations
|
|
|
-
|
|
|
|
64
|
|
|
|
|
|
|
Total current assets
|
|
|
30,906
|
|
|
|
29,972
|
|
LONG-TERM INVESTMENTS:
|
|
|
|
|
Marketable securities *)
|
|
|
1,300
|
|
|
|
9,896
|
|
Severance pay fund
|
|
|
387
|
|
|
|
586
|
|
|
|
|
|
|
Total long-term investments
|
|
|
1,687
|
|
|
|
10,482
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET
|
|
|
1,066
|
|
|
|
1,266
|
|
|
|
|
|
|
GOODWILL
|
|
|
3,096
|
|
|
|
3,096
|
|
|
|
|
|
|
Total assets
|
|
$
|
36,755
|
|
|
$
|
44,816
|
|
|
|
|
|
|
*) Total Cash and Investments including restricted cash
|
|
$
|
26,071
|
|
|
$
|
33,069
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Trade payables
|
|
$
|
1,225
|
|
|
$
|
1,245
|
|
Deferred revenues
|
|
|
833
|
|
|
|
1,006
|
|
Accrued expenses and other liabilities
|
|
|
2,317
|
|
|
|
3,096
|
|
Liabilities of discontinued operations
|
|
|
1,051
|
|
|
|
1,363
|
|
|
|
|
|
|
Total current liabilities
|
|
|
5,426
|
|
|
|
6,710
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
Accrued severance pay
|
|
|
679
|
|
|
|
1,120
|
|
Other long-term liabilities
|
|
|
143
|
|
|
|
185
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
822
|
|
|
|
1,305
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
Share capital
|
|
|
60
|
|
|
|
60
|
|
Additional paid-in capital
|
|
|
75,556
|
|
|
|
75,173
|
|
Treasury shares at cost
|
|
|
(17,863
|
)
|
|
|
(17,863
|
)
|
Accumulated other comprehensive profit
|
|
|
396
|
|
|
|
160
|
|
Accumulated deficit
|
|
|
(27,642
|
)
|
|
|
(20,729
|
)
|
|
|
|
|
|
Total shareholders' equity
|
|
|
30,507
|
|
|
|
36,801
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
36,755
|
|
|
$
|
44,816
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss)
|
|
$
|
(2,037
|
)
|
|
$
|
(2,592
|
)
|
|
$
|
(6,913
|
)
|
|
$
|
15,862
|
|
Less: Net (income) loss from discontinued operations, net of taxes
|
|
|
-
|
|
|
|
315
|
|
|
|
-
|
|
|
|
(19,858
|
)
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
|
(2,037
|
)
|
|
|
(2,277
|
)
|
|
|
(6,913
|
)
|
|
|
(3,996
|
)
|
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net loss from continuing
operations to net cash used in operating activities from continuing
operations:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
130
|
|
|
|
148
|
|
|
|
442
|
|
|
|
459
|
|
Stock-based compensation related to options granted to employees and
directors
|
|
|
219
|
|
|
|
280
|
|
|
|
558
|
|
|
|
771
|
|
Stock-based compensation related to options granted to non-employees
|
|
|
1
|
|
|
|
2
|
|
|
|
10
|
|
|
|
7
|
|
Accrued interest and amortization of premium on marketable securities
|
|
|
(16
|
)
|
|
|
254
|
|
|
|
105
|
|
|
|
131
|
|
Loss (gain) from sales of marketable securities
|
|
|
-
|
|
|
|
6
|
|
|
|
(353
|
)
|
|
|
(91
|
)
|
Increase (decrease) in accrued severance pay, net
|
|
|
(20
|
)
|
|
|
(57
|
)
|
|
|
(242
|
)
|
|
|
14
|
|
Decrease (increase) in trade receivables, net
|
|
|
(2,123
|
)
|
|
|
(627
|
)
|
|
|
187
|
|
|
|
(189
|
)
|
Decrease (increase) in other current assets
|
|
|
(397
|
)
|
|
|
(101
|
)
|
|
|
705
|
|
|
|
(275
|
)
|
Increase (decrease) in trade payables
|
|
|
410
|
|
|
|
(151
|
)
|
|
|
(20
|
)
|
|
|
50
|
|
Increase (decrease) in deferred revenues
|
|
|
(228
|
)
|
|
|
7
|
|
|
|
(173
|
)
|
|
|
(506
|
)
|
Decrease in accrued expenses and other liabilities
|
|
|
(149
|
)
|
|
|
(111
|
)
|
|
|
(1,195
|
)
|
|
|
(119
|
)
|
Increase (decrease) in other long-term liabilities
|
|
|
(20
|
)
|
|
|
203
|
|
|
|
(42
|
)
|
|
|
203
|
|
Other
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities from continuing operations
|
|
|
(4,230
|
)
|
|
|
(2,421
|
)
|
|
|
(6,931
|
)
|
|
|
(3,538
|
)
|
Net cash used in operating activities from discontinued operations
|
|
|
(18
|
)
|
|
|
(312
|
)
|
|
|
(248
|
)
|
|
|
(242
|
)
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
(4,248
|
)
|
|
|
(2,733
|
)
|
|
|
(7,179
|
)
|
|
|
(3,780
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in available-for-sale marketable securities
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,913
|
)
|
|
|
(25,416
|
)
|
Proceeds from sale and redemption of available-for-sale marketable
securities
|
|
|
1,262
|
|
|
|
11,526
|
|
|
|
19,541
|
|
|
|
30,189
|
|
Short term deposits, net
|
|
|
(5
|
)
|
|
|
-
|
|
|
|
(1,889
|
)
|
|
|
-
|
|
Decrease in restricted cash held by trustee
|
|
|
2,655
|
|
|
|
-
|
|
|
|
2,642
|
|
|
|
-
|
|
Purchase of property and equipment
|
|
|
(50
|
)
|
|
|
(380
|
)
|
|
|
(244
|
)
|
|
|
(871
|
)
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities from continuing operations
|
|
|
3,862
|
|
|
|
11,146
|
|
|
|
14,137
|
|
|
|
3,902
|
|
Proceeds from sale of discontinued operations, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,105
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities
|
|
|
3,862
|
|
|
|
11,146
|
|
|
|
14,137
|
|
|
|
26,007
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury shares
|
|
|
-
|
|
|
|
(16,416
|
)
|
|
|
-
|
|
|
|
(17,862
|
)
|
Proceeds from exercise of stock options
|
|
|
6
|
|
|
|
133
|
|
|
|
65
|
|
|
|
722
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities from continuing
operations
|
|
|
6
|
|
|
|
(16,283
|
)
|
|
|
65
|
|
|
|
(17,140
|
)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
17
|
|
|
|
-
|
|
|
|
183
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
(363
|
)
|
|
|
(7,870
|
)
|
|
|
7,206
|
|
|
|
5,087
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
18,628
|
|
|
|
18,917
|
|
|
|
11,059
|
|
|
|
5,960
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
$
|
18,265
|
|
|
$
|
11,047
|
|
|
$
|
18,265
|
|
|
$
|
11,047
|
|
CONTACT:
Jacada
Bob Aldworth, 770-776-2267
Chief Financial
Officer
BAldworth@jacada.com
or
Hayden IR
Peter
Seltzberg, 646-415-8972
peter@haydenir.com
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