ClickSoftware Technologies Ltd. reported a decline in net income for the second quarter of 2010 on a year over year basis despite a strong increase in sales as the company was unable to convert the strong top line growth into higher profits.
ClickSoftware Technologies Ltd. reported net income of $2.4 million, or $0.07 per diluted share, in the quarter ending 6/30/2010, compared to net income of $2.9 million, or $0.10 per diluted share, in the same quarter of 2009.
ClickSoftware Technologies Ltd. reported sales of $17.6 million in the second quarter of 2010, a 22% increase from the $14.4 million reported in the second quarter of 2009.
ClickSoftware Technologies Ltd. said that ClickMobile and ClickRoster, two products recently released by the company, were starting to gain share in the marketplace. This rapid acceptance has given the company enough confidence to reiterate guidance for 2010 sales. ClickSoftware Technologies Ltd. estimates that sales in 2010 will fall in a range of $71.5 million to $74.5 million, which would represent growth of 17% to 22% from last year.
ClickSoftware Technologies Ltd. also improved its balance sheet in the quarter and reported cash, cash equivalents and short-term investments of $42.5 million at 6/30/2010, compared to $34.3 million at the end of 2009.
For more information on the company, go to www.clicksoftware.com