-----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, UiKeYNN5qbshnLYqBuoUGp9Hkjq/co0oCWqGka7vyxAmKXburRhKLcYH8YUUKSB1 hC2uwQbiNoI/iZvoZvRVGQ== 0001157523-05-006668.txt : 20050728 0001157523-05-006668.hdr.sgml : 20050728 20050728060701 ACCESSION NUMBER: 0001157523-05-006668 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050728 FILED AS OF DATE: 20050728 DATE AS OF CHANGE: 20050728 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: 05978947 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 a4940142.txt JACADA LTD., 6-K - -------------------------------------------------------------------------------- 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 month of March 2005 - -------------------------------------------------------------------------------- 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 ---------------- Attached is: Exhibit 1. Press Release, released publicly on July 28, 2005. 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/ Tzvia Broida ------------------------------------- Name: Tzvia Broida Title: Chief Financial Officer Dated: July 28, 2005 - -------------------------------------------------------------------------------- EXHIBIT 1 Jacada Reports Financial Results for the 2005 Second Quarter; Software Revenue Increases 50% Year-Over-Year; Net Loss Narrows to $0.01 per Share ATLANTA--(BUSINESS WIRE)--July 28, 2005--Jacada Ltd. (Nasdaq: JCDA), a leader in software solutions that accelerate business process improvement, today reported financial results for the 2005 second quarter. Total revenues for the 2005 second quarter were $5.5 million, up from $4.0 million in the 2005 first quarter and $4.9 million in the second quarter of 2004. Software and products revenues were $2.0 million in the 2005 second quarter, up from $0.8 million in the 2005 first quarter and $1.3 million in the second quarter of 2004. Service and maintenance revenues were $3.5 million in the 2005 second quarter, compared to $3.2 million in the 2005 first quarter and $3.5 million in the second quarter of 2004. Gross profit for the 2005 second quarter was $4.5 million, or 82% of total revenues, compared to $2.6 million, or 66% of total revenues, in the 2005 first quarter. Operating loss for the 2005 second quarter was $410,000, compared to $4.3 million in the 2005 first quarter. Net loss for the 2005 second quarter was $233,000, or $0.01 per share, compared to a net loss of $4.2 million, or $0.22 per share, in the 2005 first quarter. In the second quarter of 2004, Jacada reported gross profit of $3.6 million, or 74% of total revenues, an operating loss of $2.1 million, and a net loss of $1.9 million, or $0.10 per share. At the end of the 2005 second quarter, Jacada's cash and investments totaled $39.3 million, compared to $36.7 million at the end of the 2005 first quarter and $41.1 million at the end of the 2004 second quarter. "I am very pleased to report that Jacada experienced improved results based on the sale of Jacada Fusion," said Gideon Hollander, CEO of Jacada. "After a relatively challenging period launching our new solution, we are now gaining positive momentum. Our long-time investments are starting to deliver results and we anticipate that this quarter marks the beginning of a growth path for Jacada Fusion." "In the second quarter, Jacada achieved significant revenue growth, based on the sale of Jacada Fusion, and reduced losses, due to improvements we implemented in our sales, marketing and operations model," said Hollander. "Jacada was also able to achieve several milestones in the 2005 second quarter, including total revenues being higher than anytime over the past two and a half years, and software and product revenues being the highest since third quarter of 2003. "We continue to be excited about the traction Jacada Fusion is gaining in the contact center market," said Hollander. "New account activity is encouraging. During the second quarter, Jacada secured a significant enterprise license agreement for Jacada Fusion with a large contact center outsourcer." "The interest we are experiencing from call center outsourcers is very encouraging," said Hollander. "Call center outsourcers are experts in operating efficient and effective call centers. They service some of the largest companies in the world and represent one of the largest call center segments as measured by the number of agents. When outsourcers make significant investments in Jacada Fusion, it is clear that the value it delivers is applicable to the majority of call centers worldwide." "Due to the continued growth in our sales pipeline worldwide and the visibility created by existing agreements, we anticipate that third quarter results will be consistent with second quarter results," said Hollander. "It is important to note that revenue from Jacada Fusion deals is recognized over the term of the contract. This methodology significantly improves visibility and promotes sustained growth, but decreases short-term revenue." Jacada will hold a teleconference at 10:30 a.m. Eastern time today. To participate in the teleconference, please call toll-free 1-800-553-5260 or 612-332-0636 for international callers, approximately 10 minutes prior to the start time. The teleconference will also be available via Webcast at www.jacada.com (under "Investors") or www.fulldisclosure.com A telephonic playback of the teleconference will be available for one week beginning at 2 p.m. ET on July 28. To access the replay, dial toll-free 800-475-6701, or for international callers dial 320-365-3844, and provide Access Code 787498. About Jacada - Jacada solutions help customers rapidly simplify and improve high-value business processes while eliminating the traditional long and expensive systems replacement projects. Jacada Fusion is an award-winning Agent Productivity Solution containing patented technology that enables organizations to reduce customer churn as well as increase revenues by providing more time for up-sell and cross-sell activities. Jacada Fusion delivers a simplified interaction to dramatically improve the efficiency of the agent and the experience of the customer. By significantly reducing call handle times and training costs, Jacada Fusion delivers hard ROI, with payback achieved in months. Jacada solutions are deployed in over 100 contact centers to over 100,000 customer service representatives (agents) worldwide, and to millions of users through self-service applications designed to off-load contact center activity. Jacada has over 1200 customers worldwide including many Fortune 1000 corporations and government organizations. Founded in 1990, Jacada operates globally with offices 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 Ltd. All other brands or product names are trademarks of their respective owners. CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands June 30, December 31, 2005 2004 --------- --------- Unaudited ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,386 $ 3,552 Marketable securities 15,559 19,573 Trade receivables (net of allowance for doubtful accounts of $ 322 and $ 163 at June 30, 2005 and December 31, 2004, respectively) 1,487 2,472 Other current assets 1,212 791 --------- --------- Total current assets 22,644 26,388 --------- --------- LONG-TERM INVESTMENTS: Marketable securities 19,335 14,488 Severance pay fund 796 969 --------- --------- Total long-term investments 20,131 15,457 --------- --------- PROPERTY AND EQUIPMENT, NET 1,139 1,326 --------- --------- OTHER ASSETS, NET: Other intangibles 1,190 1,429 Goodwill 4,630 4,630 --------- --------- Total other assets, net 5,820 6,059 --------- --------- Total assets $ 49,734 $ 49,230 ========= ========= CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands, except share and per share data June 30, December 31, 2005 2004 --------- ---------- Unaudited ----------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 948 $ 1,024 Deferred revenues 9,018 3,822 Accrued expenses and other liabilities 3,769 3,816 --------- ---------- Total current liabilities 13,735 8,662 --------- ---------- ACCRUED SEVERANCE PAY 1,239 1,479 --------- ---------- SHAREHOLDERS' EQUITY: Share capital: Ordinary shares of NIS 0.01 par value: Authorized: 30,000,000 shares as of June 30, 2005 and December 31, 2004; Issued and outstanding: 19,499,384 and 19,326,010 shares as of June 30, 2005 and December 31, 2004, respectively 56 56 Additional paid-in capital 70,020 69,785 Accumulated other comprehensive loss (355) (200) Accumulated deficit (34,961) (30,552) --------- ---------- Total shareholders' equity 34,760 39,089 --------- ---------- $ 49,734 $ 49,230 ========= ========== CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except share and per share data Six months ended Three months ended Year ended June 30, June 30, Dec. 31, -------------------------------------------- 2005 2004 2005 2004 2004 ---------- ---------- ---------- ----------- ---------- Unaudited -------------------------------------------- Revenues: Software and products $2,848 $2,634 $2,008 $1,335 $5,749 Services 1,946 2,982 990 1,448 5,481 Maintenance 4,713 4,239 2,501 2,087 8,554 ---------- ---------- ---------- ---------- ---------- Total revenues 9,507 9,855 5,499 4,870 19,784 ---------- ---------- ---------- ---------- ---------- Cost of revenues: Software and products 372 199 142 115 631 Services 1,512 1,797 689 879 3,341 Maintenance 466 554 146 284 1,143 ---------- ---------- ---------- ---------- ---------- Total cost of revenues 2,350 2,550 977 1,278 5,115 ---------- ---------- ---------- ---------- ---------- Gross profit 7,157 7,305 4,522 3,592 14,669 ---------- ---------- ---------- ---------- ---------- Operating expenses: Research and development 2,270 2,752 956 1,362 5,278 Sales and marketing 6,525 5,247 2,580 2,693 10,507 General and administrative 3,108 2,554 1,396 1,351 4,758 Restructuring and other - 525 - 295 525 ---------- ---------- ---------- ---------- ---------- Total operating expenses 11,903 11,078 4,932 5,701 21,068 ---------- ---------- ---------- ---------- ---------- Operating loss (4,746) (3,773) (410) (2,109) (6,399) Financial income, net 337 376 177 200 786 ---------- ---------- ---------- ---------- ---------- Net loss $(4,409) $(3,397) $(233) $(1,909) $(5,613) ========== ========== ========== ========== ========== Basic and diluted net loss per share $(0.23) $(0.18) $(0.01) $(0.10) $(0.29) ========== ========== ========== ========== ========== Weighted average number of shares used in computing basic and diluted net loss per share 19,432,243 19,249,985 19,484,239 19,293,910 19,282,800 ========== ========== ========== ========== ========== CONTACT: Jacada, Atlanta Ann Conrad, 770-352-1310 ext 382 aconrad@jacada.com -----END PRIVACY-ENHANCED MESSAGE-----