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 May 2010
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 Regulation 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 May 13, 2010: Jacada Reports First
Quarter 2010 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.
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JACADA LTD.
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By:
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/s/ ROBERT C. ALDWORTH
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Name:
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Robert C. Aldworth
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Title:
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Chief Financial Officer
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Dated:
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May 13, 2010
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Jacada
Reports First Quarter 2010 Results
ATLANTA--(BUSINESS WIRE)--May 13, 2010--Jacada Ltd. (Nasdaq: JCDA), a
leading provider of customer experience management and process
optimization solutions, today reported financial results for the first
quarter ended March 31, 2010.
First Quarter 2010 Highlights
-
First quarter revenues were $5.0 million, which represents a 10%
increase over first quarter 2009 revenues.
-
Signed a material deal with a large, new customer with opportunity for
significant additional revenue potential.
-
Launched two new customer service center products: Jacada® Advisor,
which overlays complex third-party applications, such as CRM, and
simplifies the agent experience by driving next best action,
optimizing workflow and scripting interactions, and Jacada® Insight, a
new multi-channel analytics capability that allows organizations to
gain a deeper understanding of how they interact with customers across
various channels.
-
Launched new versions of Jacada® WorkSpace (5.2) and Jacada® Fusion
(5.5).
“We made progress in most areas of our business during the first quarter
of 2010,” said Tom Clear, chief executive officer for Jacada. “The
compelling value proposition of our product suite resulted in a win with
a significant new customer in the telecommunications space in the
quarter and our improving product delivery led to the completion of
several successful implementations. Our investment into product strategy
and R&D has resulted in the successful launch of two exciting new
products, which expand our market opportunities and allow us to help
companies drive revenue through improved customer experience across
multiple channels. We continue to push hard to accelerate the pace of
our new business wins, and to take advantage of firming market
conditions and our ability to execute. We are seeing an increase in
demand for our solutions and we’re excited about the opportunity we see
to increase our bookings and overall financial performance throughout
the balance of 2010.”
Financial Results
For the first quarter of 2010, total revenues were $5.0 million compared
to $4.5 million in the first quarter of 2009, representing an increase
of 10%. Software revenues for the 2010 first quarter were $581K compared
to $577K during the 2009 first quarter. Services revenues were $3.9
million in the 2010 first quarter and $3.3 million in the 2009 first
quarter. Maintenance revenues were $530K and $647K in the 2010 and 2009
first quarters, respectively.
Gross margins were 37% and 31% of total revenues during the 2010 and
2009 first quarters, respectively. The improvement in our gross margin
was driven primarily by increased services revenues during the 2010
first quarter and from efforts aimed at delivering services more
efficiently.
Total operating expenses for the 2010 first quarter were $3.7 million
compared to $3.4 million during the 2009 first quarter. The 2009
expenses included approximately $0.3 million in reversals of prior year
general and administrative accruals. When compared on a normalized
basis, without the benefit of the 2009 accrual reversals, 2010 operating
expenses have remained relatively flat in relation to the 2009 first
quarter.
In the 2010 first quarter, we generated a loss from operations of $(1.9
million) in relation to a loss of $(2.0 million) in the 2009 first
quarter. Financial income in 2010 was $21K reflecting reduced interest
rates and cash and investment balances in relation to 2009 when we
reported $531K in financial income, which included $353K in a one-time
gain resulting from the sale of our investment in auction rate
securities.
The 2010 first quarter net loss was $(1.8 million) or ($0.11) per share
compared to a $(1.4 million) or ($0.09) per share in the first quarter
of 2009. The higher net loss was primarily due to financial income,
being lower as described above.
At the end of the 2010 first quarter, cash and investments were $20.2
million, compared to $23.8 million at the end of the 2009 fourth
quarter. The reduction in cash during the 2010 first quarter of
approximately $3.6 million resulted primarily from the net loss of $(1.8
million) and to an increase in trade receivables of $2.0 million. The
increase in trade receivables resulted from delayed collections from two
significant customers, which we collected subsequent to the end of the
quarter, in April 2010.
Conference Call Details
Management will hold a conference call to discuss the first quarter 2010
financial results at 10:30 a.m. ET on May 13, 2010. To participate in
the teleconference, please call toll-free
888-713-4209
or
617-213-4863
for international callers, and provide passcode
15570405
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=PXUFYQBM3
.
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 May 13, 2010. To access the replay, dial
toll-free
888-286-8010
, or for international callers
617-801-6888
,
and provide passcode
40114727
.
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 is a trademark of Jacada Ltd. All other brands or product
names are trademarks of their respective owners.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(U.S. dollars in thousands, except per share data)
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|
|
|
|
|
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Three months ended
March 31,
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2010
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2009
|
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Unaudited
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Revenues:
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|
|
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Software licenses
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$
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581
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|
$
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577
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Services
|
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|
3,858
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|
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3,307
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Maintenance
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|
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530
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647
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|
|
|
|
|
|
|
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Total revenues
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|
|
|
4,969
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|
|
|
4,531
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|
|
|
|
|
|
|
|
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Cost of revenues:
|
|
|
|
|
|
|
Software licenses
|
|
|
|
66
|
|
|
|
114
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Services
|
|
|
|
2,860
|
|
|
|
2,844
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|
|
Maintenance
|
|
|
|
184
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|
|
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176
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|
|
|
|
|
|
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Total cost of revenues
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|
|
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3,110
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|
|
|
3,134
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|
|
|
|
|
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Gross profit
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1,859
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|
|
|
1,397
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|
|
|
|
|
|
|
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Operating expenses:
|
|
|
|
|
|
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Research and development
|
|
|
|
896
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|
|
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944
|
|
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Sales and marketing
|
|
|
|
1,532
|
|
|
|
1,606
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|
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General and administrative
|
|
|
|
1,284
|
|
|
|
812
|
|
|
|
|
|
|
|
|
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Total operating expenses
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|
|
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3,712
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|
|
|
3,362
|
|
|
|
|
|
|
|
|
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Operating loss
|
|
|
|
(1,853
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)
|
|
|
(1,965
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)
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Financial income, net
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|
|
|
21
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|
|
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531
|
|
|
|
|
|
|
|
|
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Loss before taxes
|
|
|
|
(1,832
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)
|
|
|
(1,434
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)
|
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Taxes
|
|
|
|
-
|
|
|
|
(12
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)
|
|
|
|
|
|
|
|
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Net loss
|
|
|
$
|
(1,832
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)
|
|
$
|
(1,446
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)
|
|
|
|
|
|
|
|
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Basic and diluted net loss per share
|
|
|
$
|
(0.11
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)
|
|
$
|
(0.09
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)
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing basic and
diluted net loss per share
|
|
|
|
16,624,523
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|
|
|
16,554,286
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CONSOLIDATED BALANCE SHEETS
|
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(U.S. dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
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December 31,
|
|
|
|
|
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2010
|
|
|
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2009
|
|
|
|
|
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Unaudited
|
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Audited
|
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ASSETS
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS:
|
|
|
|
|
|
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Cash and cash equivalents *)
|
|
|
$
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7,894
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|
|
$
|
12,624
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|
|
Marketable securities *)
|
|
|
|
-
|
|
|
|
6,210
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|
|
Trade receivables
|
|
|
|
6,975
|
|
|
|
4,949
|
|
|
Restricted cash *)
|
|
|
|
573
|
|
|
|
557
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|
|
Other current assets
|
|
|
|
1,895
|
|
|
|
1,834
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
17,337
|
|
|
|
26,174
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS:
|
|
|
|
|
|
|
Marketable securities *)
|
|
|
|
11,735
|
|
|
|
4,456
|
|
|
Severance pay fund
|
|
|
|
271
|
|
|
|
286
|
|
|
|
|
|
|
|
|
|
Total long-term investments
|
|
|
|
12,006
|
|
|
|
4,742
|
|
|
|
|
|
|
|
|
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PROPERTY AND EQUIPMENT, NET
|
|
|
|
1,014
|
|
|
|
994
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
|
3,096
|
|
|
|
3,096
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
33,453
|
|
|
$
|
35,006
|
|
|
|
|
|
|
|
|
|
*) Total Cash and Investments including restricted cash
|
|
|
$
|
20,202
|
|
|
$
|
23,847
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Trade payables
|
|
|
$
|
1,927
|
|
|
$
|
1,675
|
|
|
Deferred revenues
|
|
|
|
890
|
|
|
|
634
|
|
|
Accrued expenses and other liabilities
|
|
|
|
1,756
|
|
|
|
1,917
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
4,573
|
|
|
|
4,226
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
Accrued severance pay
|
|
|
|
507
|
|
|
|
505
|
|
|
Other long-term liabilities
|
|
|
|
103
|
|
|
|
123
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
610
|
|
|
|
628
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
Share capital
|
|
|
|
60
|
|
|
|
60
|
|
|
Additional paid-in capital
|
|
|
|
75,669
|
|
|
|
75,422
|
|
|
Treasury shares at cost
|
|
|
|
(17,863
|
)
|
|
|
(17,863
|
)
|
|
Accumulated other comprehensive profit (loss)
|
|
|
|
(19
|
)
|
|
|
278
|
|
|
Accumulated deficit
|
|
|
|
(29,577
|
)
|
|
|
(27,745
|
)
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
28,270
|
|
|
|
30,152
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
$
|
33,453
|
|
|
$
|
35,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
Unaudited
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(1,832
|
)
|
|
$
|
(1,446
|
)
|
|
Less: net income from discontinued operation
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
|
|
(1,832
|
)
|
|
|
(1,446
|
)
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net loss from continuing
operations to net cash used in operating activities from continuing
operations:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
124
|
|
|
|
173
|
|
|
Stock-based compensation related to options granted to employees,
non-employees and directors
|
|
|
|
172
|
|
|
|
144
|
|
|
Accrued interest and amortization of premium on marketable securities
|
|
|
|
107
|
|
|
|
139
|
|
|
Gain from sales of marketable securities
|
|
|
|
(9
|
)
|
|
|
(353
|
)
|
|
Accrued severance pay, net
|
|
|
|
17
|
|
|
|
(102
|
)
|
|
Decrease (increase) in trade receivables, net
|
|
|
|
(2,026
|
)
|
|
|
1,288
|
|
|
Decrease (increase) in other current assets
|
|
|
|
(35
|
)
|
|
|
711
|
|
|
Increase (decrease) in trade payables
|
|
|
|
252
|
|
|
|
(239
|
)
|
|
Increase in deferred revenues
|
|
|
|
298
|
|
|
|
229
|
|
|
Decrease in accrued expenses and other liabilities
|
|
|
|
(161
|
)
|
|
|
(731
|
)
|
|
Decrease in other long-term liabilities
|
|
|
|
(20
|
)
|
|
|
(3
|
)
|
|
Other
|
|
|
|
47
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities from continuing operations
|
|
|
|
(3,066
|
)
|
|
|
(190
|
)
|
|
|
|
|
|
|
|
|
Net cash used in operating activities from discontinued operations
|
|
|
|
-
|
|
|
|
(62
|
)
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
|
(3,066
|
)
|
|
|
(252
|
)
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in available-for-sale marketable securities
|
|
|
|
(10,992
|
)
|
|
|
(4,896
|
)
|
|
Proceeds from sale and redemption of available-for-sale marketable
securities
|
|
|
|
9,727
|
|
|
|
11,377
|
|
|
Increase in restricted cash held by trustee
|
|
|
|
(16
|
)
|
|
|
(11
|
)
|
|
Purchase of property and equipment
|
|
|
|
(195
|
)
|
|
|
(157
|
)
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
|
(1,476
|
)
|
|
|
6,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
75
|
|
|
|
54
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
75
|
|
|
|
54
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(263
|
)
|
|
|
(88
|
)
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
(4,730
|
)
|
|
|
6,027
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
12,624
|
|
|
|
11,059
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
$
|
7,894
|
|
|
$
|
17,086
|
|
CONTACT:
Jacada
Bob Aldworth, 770-776-2267
Chief Financial
Officer
BAldworth@jacada.com
or
Hayden IR
Peter
Seltzberg, 646-415-8972
peter@haydenir.com
Jacada (NASDAQ:JCDA)
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