ClickSoftware Technologies Ltd. (CKSW), a provider of workforce management and service optimization solutions, Wednesday, reported a lower profit for the fourth quarter, hurt by lower margins and higher expenses. Looking ahead, the company expects a 17% to 22% growth in full-year 2010 revenues.
For the fourth quarter, net income was $3.80 million or $0.12 per share compared with $4.99 million or $0.17 per share in the same period last year.
Adjusted net income for the quarter increased to $3.47 million from $3.26 million in the prior-year quarter, and adjusted earnings per share remained flat at $0.11.
Total revenues for the quarter increased to $17.17 million from $14.13 million in the year-ago quarter.
Analysts polled by Thomson Reuters were expecting the company to report earnings of $0.11 per share on revenues of $16.75 million.
Software license revenues for the fourth quarter were $5.53 million compared with $5.56 million in the prior-year quarter, while service and maintenance revenues for the quarter increased to $11.64 million from $8.56 million for the same period last year.
Gross profit for the fourth quarter was $11.09 million or 65% of revenues, compared to $9.98 million or 71% of revenues in the same period last year. Total operating expenses increased to $7.95 million from $6.88 million a year earlier.
For the full year, net income was $12.51 million or $0.40 per share compared with $8.11 million or $0.27 per share in the previous year. Adjusted net income for the year increased to $12.65 million or $0.41 per share from $6.95 million or $0.24 per share from the year ago.
Total revenues for the full year grew 17% to $61.12 million from $52.26 million in the last year.
Cheif Executive Officer, Dr. Moshe BenBassat, said, "--financial and operational results for the fourth quarter capped off a successful year for ClickSoftware. Specifically, strong bookings of $21 million in the quarter - almost double than the third quarter's level contributed to a substantial increase in our backlog and deferred revenues."
Looking ahead, the company projects revenues in the range of approximately $71.5 million to $74.5 million for the full year 2010, representing about 17% to 22% growth over 2009.
CKSW shares closed Tuesday's regular trading at $7.10 on the Nasdaq.
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