-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TeHr6RvrlEhTe/Vtg6rMwfak1gkGLagkusXNps39jNhapUU7ZafqC1CMqo52yZhe aHrMN6MFFFuU699ABGj6VA== 0000950144-02-010719.txt : 20021024 0000950144-02-010719.hdr.sgml : 20021024 20021024113256 ACCESSION NUMBER: 0000950144-02-010719 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021024 FILED AS OF DATE: 20021024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JACADA LTD CENTRAL INDEX KEY: 0001095747 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30342 FILM NUMBER: 02796894 BUSINESS ADDRESS: STREET 1: 11 GALGALEI HAPLADA ST STREET 2: PO BOX 12175 CITY: HERZLIYA 46722 ISRAE STATE: L3 BUSINESS PHONE: 9729525900 MAIL ADDRESS: STREET 1: JACADA INC 400 PERIMETER CENTER TERRACE STREET 2: SUITE 195 CITY: ATLANTA STATE: GA ZIP: 30346 6-K 1 g78843e6vk.htm JACADA LTD. JACADA LTD.
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Section 13a-16 or 15d-16 of the Securities and Exchange Act of 1934

For the period September 5, 2002 to October 24, 2002

JACADA LTD.

(Translation of registrant’s name into English)

11 Galgalei Haplada Street

Herzliya, 46722 Israel

(Address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.]

Form 20-F  [X]      Form 40-F [  ]

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]  Yes [  ]      No [X]

 

Explanatory Note
SIGNATURES
EX-1 PRESS RELEASE

Table of Contents

Explanatory Note

Attached is:

1.     Press Release, released publicly on October 24, 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 6-K to be signed on its behalf by the undersigned, thereunto duly authorized.

         
    JACADA LTD.
         
    By:   /s/ Robert C. Aldworth
       
        Name:  Robert C. Aldworth
Title:  Chief Financial Officer

Dated: October 24, 2002

2 EX-1 3 g78843exv1.txt EX-1 PRESS RELEASE EXHIBIT 1 JACADA LTD. NEWS RELEASE JACADA REPORTS 2002 THIRD-QUARTER RESULTS Cash and investments maintained at $41.5 million, New products added ATLANTA, OCTOBER 24, 2002 - Jacada Ltd. (Nasdaq: JCDA), the leading provider of legacy extension, integration and emulation solutions, today reported third-quarter 2002 results, which are in line with analysts' expectations. Total revenue for the 2002 third quarter was $4.6 million, compared to $5.3 million in the 2002 second quarter. Software license revenue was $1.8 million, compared to $2.2 million in the 2002 second quarter. Service and maintenance revenues were $2.8 million in the 2002 third quarter, compared to $3.1 in the 2002 second quarter. Gross margin for the 2002 third quarter was $3.6 million, or 78% of total revenues, compared to $4.1 million, or 77% of total revenues, in the 2002 second quarter. Net loss for the quarter, including non-recurring charges, was $1.3 million, or $(0.07) per share, compared to a net loss of $1.2 million, or $(0.07) per share, in the 2002 second quarter. Net loss for the quarter, excluding $0.7 million of non-recurring charges, consisting of restructuring costs, was $0.6 million, or $(0.03) per share. At the end of the 2002 third quarter, cash and investments were $41.5 million, relatively unchanged from the end of the 2002 second quarter. In the nine-month period ended September 30, 2002, total revenue was $16.0 million; gross margin was $12.3 million, or 77% of total revenues; and net loss was $3.4 million, or $(0.18) per share. In the three and nine month periods ended September 30, 2001, total revenue was $5.2 million and $19.7 million, respectively; gross margin was $3.4 million and $14.3 million, respectively; and net loss was $4.1 million, or $(0.22) per share, and $6.2 million, or $(0.33) per share, respectively. "Even when faced with difficult market conditions, we are pleased that we were able to meet or exceed many of our financial and operational objectives this quarter," commented Gideon Hollander, CEO of Jacada. Hollander continued, "Due to our restructuring efforts and management's focus on cost control, we contained our net losses, excluding restructuring charges, to $0.6 million. We have been able to -1- JACADA LTD. maintain our strong cash position, which has remained relatively unchanged for the past 12 months during challenging market conditions." "Looking forward, we expect to continue seeing longer procurement cycles and smaller average deal sizes to remain the buying pattern. As a result, we have implemented new e-marketing strategies to reach a broader market in a more cost-effective way," said Hollander. "We are pleased with initial results and expect these efforts to gain momentum." "Overall, we believe Jacada's operational strength, management capability, and balance sheet place the Company in a strong position to further expand our market share and emerge an even stronger competitor as business and economic conditions improve," Hollander added. "In line with this strategy to maintain and expand our leadership position within the legacy market and become a one-stop-shop for all legacy access and integration needs, our goal is to continue adding new products to our existing suite," said Hollander. "We are pleased that we have already introduced two such products within the last 90 days." In August, Jacada acquired Anota Ltd., adding full-featured browser-based terminal emulation software which provides fast, easy, and affordable thin-client access to host systems. In September, the product was renamed and launched as Jacada Terminal Emulator and is now available over the Web for evaluation and purchase. In October, the Company launched Jacada Studio for iSeries, a new application development tool designed specifically for RPG and COBOL programmers to build thin-client graphical applications for the IBM iSeries - without green screens and without the need to learn new programming skills. "During the third quarter, Jacada continued to experience weakness in its North American direct sales," said Mike Potts, president of Jacada Ltd. "However, we continue to be encouraged by the strength of our European business, as well as the strength of our partner and independent software vendor channels." Jacada continues to secure a significant number of new customers and add on business, even though the deal sizes are smaller. In the third quarter, Jacada closed new and follow-on business with customers such as AdminaStar Federal, Alliance Data Systems, City of Atlanta, City of Arlington, Banca Popolare di Milano, Barclay's Bank, DC City Government, Fleet Securities, Indiana Farm Bureau, and University of Georgia, among others. ABOUT JACADA - Jacada Ltd. is the leading provider of solutions for all things legacy. Jacada addresses the need for extending and integrating legacy applications into today's modern computing -2- JACADA LTD. environments through automated integration, web-to-host, modernization, extension and terminal emulation products. Jacada solutions are in use today at major corporations and government organizations such as AIG, Bank of America, Caterpillar, Citibank, Delta Air Lines, The Federal Reserve Bank, Porsche Cars North America, Prudential, and the US Department of Interior. Jacada operates globally with headquarters in Atlanta, Georgia; Herzliya, Israel; and London, England. Jacada can be reached at www.jacada.com or at 1-800-773-9574. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results and plans for future business development activities, and are prospective. These statements include all statements that are not statements of historical fact and consists of those regarding intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; and (iii) the Company's growth strategy and operating strategy (including the development of its products and services). The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the performance and continued acceptance of our products, general economic conditions and other Risk Factors specifically identified in our reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made. The Company cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. For a more complete discussion of risk factors, please see the Company's Form 20-F and other Statements filed with the Securities and Exchange Commission. Jacada is a trademark of Jacada Inc. All other brands or product names are trademarks of their respective owners. Jacada Contacts: Ann Conrad 770-352-1310 ext 382 aconrad@jacada.com and Phil Bourdillon Silverman Heller Associates 310-208-2550 bourdillon@sha-ir.com -- END -- -3- JACADA LTD. CONSOLIDATED BALANCE SHEETS - ------------------------------------------------------------------------------- U.S. DOLLARS IN THOUSANDS
SEPTEMBER 30, DECEMBER 31, 2002 2001 -------------- ------------ UNAUDITED -------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 10,803 $ 5,982 Marketable securities 26,910 35,660 Trade receivables (net of allowance for doubtful accounts of $429 and $1,022 at September 30, 2002 and December 31, 2001, respectively) 2,500 4,261 Other current assets 511 626 --------- --------- Total current assets 40,724 46,529 --------- --------- LONG-TERM INVESTMENTS: Marketable securities 3,738 -- Severance pay fund 578 567 Long-term other assets 87 203 --------- --------- Total long-term investments 4,403 770 --------- --------- PROPERTY AND EQUIPMENT, NET 3,218 3,632 --------- --------- OTHER ASSETS, NET: Technology (net of accumulated amortization of $304 and $95 at September 30, 2002 and December 31, 2001, respectively) 1,254 1,245 Other intangible, net (net of accumulated amortization of $9 and $0 at September 30, 2002 and December 31, 2001, respectively) 154 -- Goodwill 4,554 4,283 --------- --------- Total other assets 5,962 5,528 --------- --------- $ 54,307 $ 56,459 ========= =========
-4- JACADA LTD. CONSOLIDATED BALANCE SHEETS - ------------------------------------------------------------------------------ U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA
SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- ------------ UNAUDITED ------------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 687 $ 750 Deferred revenues 2,251 2,065 Accrued expenses and other liabilities 4,262 4,089 ---------- ---------- Total current liabilities 7,200 6,904 ---------- ---------- LONG-TERM LIABILITIES: Accrued severance pay 950 967 Accrued expenses 141 -- ---------- ---------- Total long-term liabilities 1,091 967 ---------- ---------- SHAREHOLDERS' EQUITY: Share capital: Ordinary shares of NIS 0.01 par value: Authorized: 30,000,000 shares as of September 30, 2002 and December 31, 2001; Issued and outstanding: 18,929,903 and 18,537,704 shares as of September 30, 2002 and December 31, 2001, respectively 55 54 Additional paid-in capital 69,138 68,486 Deferred stock compensation (32) (71) Accumulated other comprehensive gain 89 -- Accumulated deficit (23,234) (19,881) ---------- ---------- Total shareholders' equity 46,016 48,588 ---------- ---------- $ 54,307 $ 56,459 ========== ==========
-5- JACADA LTD. CONSOLIDATED STATEMENTS OF OPERATIONS - ------------------------------------------------------------------------------- U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA
NINE MONTHS ENDED THREE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, YEAR ENDED ---------------------------------- ---------------------------------- DECEMBER 31, 2002 2001 2002 2001 2001 -------------- -------------- -------------- -------------- -------------- UNAUDITED -------------------------------------------------------------------------- Revenues: Software license $ 6,999 $ 8,711 $ 1,834 $ 1,674 $ 10,930 Service 3,661 7,013 965 2,066 8,986 Maintenance 5,317 4,022 1,812 1,437 5,630 -------------- -------------- -------------- -------------- -------------- Total revenues 15,977 19,746 4,611 5,177 25,546 -------------- -------------- -------------- -------------- -------------- Cost of revenues: Software license 179 386 58 61 520 Service 2,576 3,754 671 1,336 4,859 Maintenance 950 1,291 287 422 1,705 -------------- -------------- -------------- -------------- -------------- Total cost of revenues 3,705 5,431 1,016 1,819 7,084 -------------- -------------- -------------- -------------- -------------- Gross profit 12,272 14,315 3,595 3,358 18,462 -------------- -------------- -------------- -------------- -------------- Operating expenses: Research and development 4,406 5,977 1,353 2,933 6,446 Sales and marketing 7,665 11,933 2,211 3,752 14,619 General and administrative 3,451 4,166 863 1,414 5,679 Non-recurring charges 701 417 701 -- 2,846 -------------- -------------- -------------- -------------- -------------- Total operating expenses 16,223 22,493 5,128 8,099 29,590 -------------- -------------- -------------- -------------- -------------- Operating loss (3,951) (8,178) (1,533) (4,741) (11,128) Financial income, net 598 2,004 209 648 2,330 -------------- -------------- -------------- -------------- -------------- Loss before taxes on income (3,353) (6,174) (1,324) (4,093) (8,798) Taxes on income -- -- -- -- (7) -------------- -------------- -------------- -------------- -------------- Net loss $ (3,353) $ (6,174) $ (1,324) $ (4,093) $ (8,791) ============== ============== ============== ============== ============== Basic net loss per share $ ( 0.18) $ (0.33) $ (0.07) $ (0.22) $ (0.48) ============== ============== ============== ============== ============== Weighted average number of shares used in computing basic net loss per share 18,638,041 18,457,273 18,806,114 18,472,056 18,465,127 ============== ============== ============== ============== ============== Diluted net loss per share $ (0.18) $ (0.33) $ (0.07) $ (0.22) $ (0.48) ============== ============== ============== ============== ============== Weighted average number of shares used in computing diluted net loss per share 18,638,041 18,457,273 18,806,114 18,472,056 18,465,127 ============== ============== ============== ============== ==============
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