Click Commerce Reports Q2 2005 Non-GAAP EPS of 33 cents, GAAP EPS of 27 cents
Company’s Year over Year Revenues up 115%, Profits up 173%
CHICAGO - Monday, August 8, 2005 - Click Commerce, Inc. (Nasdaq: CKCM), a leading provider of collaborative commerce solutions and a pioneer in the Software as a Service (SaaS) industry, today announced results for its second quarter ended June 30, 2005.
Total second quarter 2005 revenues were $13.3 million, representing a 115% growth over second quarter 2004 revenue of $6.2 million. On a non-GAAP basis, excluding certain charges as described below, net income was $4.0 million, or $0.33 per share on a diluted basis. This represents an improvement of approximately $2.7 million over Q2 2004’s non-GAAP net income of $1.3 million, an increase of 207%. On a GAAP basis, net income was $3.2 million, or $0.27 per share, an improvement of approximately $2.0 million over the second quarter of 2004’s net income of $1.2 million, an increase of 173%. The Company`s second quarter results represent its eighth consecutive profitable quarter, with a non-GAAP pre-tax profit margin of 30% in the second quarter. GAAP pre-tax margins were 24% in the second quarter.
The Company`s cash and cash equivalents were $11.8 million as of June 30, 2005 compared to $11.9 million at the end of the first quarter. Cash flows from operations in the quarter were a net use of $1.1 million. This amount includes $1.8 million of cash outlay in the second quarter related to the liabilities assumed in the Company`s acquisition of Optum, Xelus and certain assets of ChannelWave. These acquisitions also resulted in a net increase in intangible assets and goodwill totaling $4.4 million for the second quarter. Accounts receivable increased from the first quarter by $3.6 million to $15.8 million. Deferred revenue was $12.0 million as of June 30, 2005, an increase of $2.7 million. The increases in accounts receivable and deferred revenue were primarily due to the acquisition of Xelus on May 27, 2005.
In addition to the Xelus acquisition in the second quarter, the Company secured new contracts, renewals and/or upgrades from 215 companies in the aerospace and defense, automotive, consumer product goods, retail, financial services, healthcare, high-tech and manufacturing industries.
“As we continue delivering powerful SaaS solutions that help our customers derive value from their collaborative commerce initiatives, including those related to RFID, we are doing so with a focus on responsible growth and financial discipline,” said Michael W. Ferro, Jr., chairman and CEO of Click Commerce, Inc.
Information Concerning Forward-Looking Statements
Information contained in this release that are not historical facts and refer to the Company`s future operations are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements involve expectations, beliefs, hopes, plans or strategies regarding the future. These statements are subject to risks and uncertainties and actual results may differ materially from those indicated by these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to: success of our suite of applications, impact of acquisitions or investments in other companies, general economic trends, introduction of new products or services by competitors, and security risks and regulation related to the Internet. We refer you to the risk factors listed in our annual report on Form 10-K, quarterly reports on Form 10-Q and other filings, which are on file with the SEC. In addition, Click Commerce assumes no obligation to update statements made in this press release.
About Click Commerce
Click Commerce, Inc. (Nasdaq: CKCM) provides collaborative commerce solutions for sales and order management, supply chain management, service parts optimization, and compliance automation. Enterprises and institutions in the aerospace and defense, consumer product, distribution, financial services, higher education and health care, manufacturing, retail, telecom, and transportation industries utilize the Company’s solutions. Click Commerce enables corporations such as Abbott Labs, Alaska Airlines, BAE Systems, Carrier, Cisco, Citibank, Dell, Delphi, Eastman Kodak, FedEx, Hewlett Packard, Home Shopping Network, Honda, IBM, Lockheed Martin, Microsoft, Pier 1, Ryder, Samsung, SBC Communications, Tellabs, Verizon, and Xerox, to coordinate and optimize business processes, accelerate revenue, lower costs, and improve customer service. Five of the top 10 research institutions in North America, including Johns Hopkins, University of Washington, and the University of Michigan, use the Company`s compliance automation software to automate their regulatory compliance processes and manage research project approvals. More information can be found at www.clickcommerce.com.
Click Commerce is a registered trademark of Click Commerce, Inc. and its subsidiaries. All other company and product names mentioned herein may be trademarks and/or registered trademarks of their respective companies
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