Wednesday, ClickSoftware Technologies Ltd. (CKSW), a mobile workforce management solutions provider, reported a surge in profit for the second quarter that came in above analysts' estimates, benefited mainly by a rise in revenues.
For the quarter, net profit surged to $2.94 million from $0.12 million in the prior-year quarter. On a per-share basis, earnings was $0.10 compared to breakeven in the year-ago quarter.
On an adjusted basis, net profit was $2.81 million or $0.09 per share compared to $0.32 million or $0.01 per share in the second quarter of 2008. On an average, four analysts polled by Thomson Reuters expected the company to earn $0.07 per share. Analysts' estimates typically exclude special items.
The Burlington, Massachusetts-based company's revenues for the quarter were $14.37 million as against $10.99 million in the previous year. Analysts expected revenues of $13.75 million for the quarter.
Revenues from software license rose to $4.07 million from $3.06 million and revenues from services were $10.30 million compared to $7.92 million in the 2008 second quarter.
Net earnings from operations rose to $2.48 million from $0.01 million in the second quarter of fiscal 2008.
For the six-months period, net earnings increased to $5.55 million or $0.18 per share from $0.46 million or $0.02 per share in the comparable period last year. Adjusted earnings for the period were $5.60 million or $0.18 per share as against $0.82 million or $0.03 per share in the previous-year period.
Revenues for the year-to-date period rose to $27.34 million from $22.47 million in the same period prior year.
Chairman and chief executive officer Moshe BenBassat said, "Additionally, our backlog and deferred revenues as of the end of the second quarter were about $29 million which increases our visibility into the upcoming quarters."
Looking ahead, ClickSoftware expects revenues for the second half of the year to grow based on the level of backlog, deferred revenues and current pipeline.
CKSW closed Tuesday's regular trading at $6.74 per share on the Nasdaq.
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