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ClickSoftware Technologies Ltd. (Nasdaq: CKSW) reported record revenue for the fourth quarter and full-year of 2011, beating the analysts forecasts, and it predicts double-digit growth in 2012.
The automated workforce management and optimization solutions developer's revenue rose 23% to $87.1 million in 2011 from $71 million in 2010. GAAP-based net profit rose to $12.2 million ($0.38 per share) in 2011 from $9 million in 2010, and non-GAAP net profit rose to $17 million ($0.53 per share) from $12 million. The company beat the analysts' revenue consensus of $86.2 million and met the earnings per share consensus.
Fourth quarter revenue rose 30% to $24 million from $18.5 million for the corresponding quarter of 2010. GAAP-based net profit rose to $2.9 million ($0.09 per share) for the fourth quarter from $1.6 million for the corresponding quarter, and non-GAAP net profit more than doubled to $4.9 million ($0.15 per share) from $2.2 million. The company beat the analysts' revenue consensus of $23.1 million and met the earnings per share consensus.
In its 2012 guidance, ClickSoftware predicts $100-105 million revenue, 15-21% growth over 2011. The outlook is based on $30 million in backlog and deferred revenues, and current visibility.
Cash flow from operations totaled $1.3 million for the fourth quarter, but cash and cash equivalents fell by $1.7 million during the quarter to $55 million at the end of 2011, after paying a $2.5 million dividend.
ClickSoftware chairman and CEO Dr. Moshe BenBassat attributed the company's growth to a large number of new customer wins, and expansion into the mobility market, with its mobile ClickApps for smartphones and tablets. He also cited the company's entrance into Latin America, South Africa and Russia.
ClickSoftware's share price fell 2.4% on Nasdaq yesterday to $10.21, giving a market cap of $318 million. The Tel Aviv Stock Exchange (TASE) is closed today for a strike.
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