-----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, Py8rhGoTUJrVI8zCPQQUzl3kzPRlzN3XHV1gyODXdXFusQ5fHruh3NKHsikYPI/8 PfsWCCE/cMjzS1xzxcZ+9w== 0001157523-07-007913.txt : 20070807 0001157523-07-007913.hdr.sgml : 20070807 20070807060537 ACCESSION NUMBER: 0001157523-07-007913 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070807 FILED AS OF DATE: 20070807 DATE AS OF CHANGE: 20070807 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: 071029842 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 a5465706.txt JACADA LTD. 6-K - -------------------------------------------------------------------------------- UNITED STATES 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 August 2007 - -------------------------------------------------------------------------------- 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 if the Registrant is submitting this Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(1): Yes No X ----- ----- Indicate by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes No X ----- ----- 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 ----- ----- If "Yes" is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82- _N/A__ - -------------------------------------------------------------------------------- CONTENTS This Report on Form 6-K of Jacada consists of the following documents, which are attached hereto and incorporated by reference herein: 1. Press Release, released publicly on August 7, 2007: Jacada Reports Second Quarter 2007 Results - -------------------------------------------------------------------------------- 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: August 7, 2007 - -------------------------------------------------------------------------------- EXHIBIT INDEX 1. Press Release, released publicly on August 7, 2007: Jacada Reports Second Quarter 2007 Results. EX-99.1 2 a5465706ex991.txt EXHIBIT 99.1 Exhibit 99.1 Jacada Reports Second Quarter 2007 Results ATLANTA--(BUSINESS WIRE)--Aug. 7, 2007--Jacada Ltd. (Nasdaq: JCDA), a leading provider of unified desktop and process optimization solutions for customer service operations, today reported financial results for the second quarter of 2007. Total revenues were $5.1 million compared to $4.8 million in the second quarter of 2006. Non-GAAP gross profit was $3.9 million, or 77% gross margin, compared to $3.8 million, and 80%, respectively, in the second quarter last year. Total GAAP gross profit was $3.8 million, or 74% gross margin, compared to $3.7 million, and 77%, respectively, in last year's second quarter. Non-GAAP net loss for the second quarter of 2007 was ($385,000), or ($0.02) per basic and diluted share, compared to a non-GAAP net loss of ($861,000), or ($0.04) per basic and diluted share, in last year's second quarter. GAAP net loss, for the quarter was ($681,000), or ($0.03) per basic and diluted share compared to a GAAP net loss of ($1.1 million), or ($0.06) per basic and diluted share in the second quarter last year. Total revenues for the first half of 2007 grew 15.8% to $11.6 million from $10 million in the first half of 2006. Non-GAAP gross profit for first half of 2007 was $9.0 million, or 78% gross margin, compared to $7.9 million, and 79%, respectively, for the first half of last year. Total GAAP gross profit was $8.8 million, or 76% gross margin, compared to $7.7 million, and 77%, respectively, in last year's first half. Non-GAAP net income for the first half of 2007 was $367,000, or $0.02 per diluted share, compared to a non-GAAP net loss of ($1.3 million), or ($0.07) per basic and diluted share, in the first half of 2006. On a GAAP basis, net loss for the first half of 2007 was ($213,000), or ($0.01) per basic and diluted share, compared to a net loss of ($1.8 million), or ($0.09) per basic and diluted share, in the first half of 2006. At the end of the second quarter of 2007 cash and investments were $36.0 million, which was relatively flat compared to the amount reported on December 31, 2006. "As expected, revenue for the second quarter of 2007 showed moderate growth over the same period last year," commented Gideon Hollander, chief executive officer of Jacada. "We had many important customers achieve key milestones with their contact center projects during the second quarter of 2007," continued Mr. Hollander. "We continue to see demand build for our innovative contact center solutions. We are also seeing an increase in the size and complexity of certain deals, which often results in longer sales cycles and can affect the timing of revenue recognition." Other Second Quarter Highlights: The second quarter of 2007 resulted in notable customer activity. During the quarter: -- Jacada signed a material contract with Harrah's Operating Company, Inc. Using the Jacada unified service desktop, Harrah's customer service agents will be able to provide customers an enhanced service experience by providing a more comprehensive and timely view of available properties and services. Using the non-invasive application integration capabilities of the Jacada solution, the new unified service desktop will be delivered without having to modify or replace any of the existing business systems. -- Jacada customers achieved key project milestones: -- Quelle.Contact, Germany's third largest contact center outsourcer, went live in 2 contact centers with 1,000 agents. -- A large telecommunications company in Hungary went live with 3,500 agents. -- Lillian Vernon, one of the leading catalogue and online retailers in North America went into production with the Jacada unified desktop less than 6 months after signing contracts. -- West Corporation, a premier provider of outsourced communication solutions, reached a significant milestone by deploying Jacada WorkSpace to 4,700 agents. "During the past quarter, we have achieved major milestones in the evolution of our business strategy with the delivery of production quality contact center solutions to some of the highest profile organizations in the world," added Paul O'Callaghan, president of Jacada. "The rapid and successful adoption and deployment of our contact center solutions continues to strengthen our position in this market." "Our strategy to partner with the world's leading IT systems integrators continues to deliver results," added O'Callaghan. "These partners are now championing our products and have contributed to recent wins and are actively engaged in implementation projects." "Given our backlog and visibility in our sales pipeline for both our legacy and call center products for the remainder of the year, we are reiterating our annual revenue guidance growth of 23%-27%, with that growth occurring predominantly in the fourth quarter," concluded Mr. Hollander. Conference Call Details Any investor or interested individual can listen to the teleconference, which is scheduled to begin at 10:30 a.m. Eastern Time on August 7, 2007. To participate in the teleconference, please call toll-free 866-356-4279 or 617-597-5394 for international callers and provide passcode 59328490, approximately 10 minutes prior to the start time. The teleconference will also be available via Webcast at www.jacada.com (under "About Us" then "Investors") or www.earnings.com. A telephonic playback of the teleconference will be available for three days beginning at 12:30 p.m. ET on August 8, 2007. To access the replay, dial toll-free 888-286-8010, or for international callers dial 617-801-6888, and provide Access Code 78657804. Use of Non-GAAP Financial Information In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Jacada uses non-GAAP measures of operating income (loss), net income (loss) and income (loss) per share, which are adjustments from results based on GAAP to exclude non-cash stock-based compensation expenses in accordance with SFAS 123R and amortization of acquired intangible assets related to acquisitions effected by Jacada in previous years. Jacada's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Jacada's on-going core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. About Jacada Jacada is a leading global provider of unified service desktop and process optimization solutions that simplify and automate customer service processes. By bridging disconnected systems into a single, "intelligent" WorkSpace, Jacada solutions create greater operational efficiency and increase agent and customer satisfaction. Founded in 1990, Jacada has more than 1200 customers and operates globally with offices in Atlanta, Georgia; Herzliya, Israel; London, England and Munich, Germany. Jacada can be reached at www.jacada.com. Forward Looking Statement This news release may contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. 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. Jacada is a trademark of Jacada Inc. All other brands or product names are trademarks of their respective owners. Jacada is a trademark of Jacada Ltd. All other brands or product names are trademarks of their respective owners. CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share data Six months ended Three months ended June 30, June 30, ------------------------- ------------------------- 2007 2006 2007 2006 ------------ ------------ ------------ ------------ Unaudited --------------------------------------------------- Revenues: Software licenses $ 3,514 $ 3,857 $ 999 $ 1,354 Services 3,222 1,401 1,610 990 Maintenance 4,819 4,716 2,513 2,427 ------------ ------------ ------------ ------------ Total revenues 11,555 9,974 5,122 4,771 - ------------------ ------------ ------------ ------------ ------------ Cost of revenues: Software licenses 242 241 113 125 Services 2,065 1,610 971 730 Maintenance 460 444 236 221 ------------ ------------ ------------ ------------ Total cost of revenues 2,767 2,295 1,320 1,076 - ------------------ ------------ ------------ ------------ ------------ Gross profit 8,788 7,679 3,802 3,695 ------------ ------------ ------------ ------------ Operating expenses: Research and development 2,264 1,931 1,062 928 Sales and marketing 5,049 5,398 2,601 2,777 General and administrative 2,383 2,689 1,136 1,423 ------------ ------------ ------------ ------------ Total operating expenses 9,696 10,018 4,799 5,128 - ------------------ ------------ ------------ ------------ ------------ Operating income (loss) (908) (2,339) (997) (1,433) Financial income, net 828 635 392 357 ------------ ------------ ------------ ------------ Pretax Income (loss) (80) (1,704) (605) (1,076) Taxes 133 53 76 7 ------------ ------------ ------------ ------------ Net income (loss) $ (213) $ (1,757) $ (681) $ (1,083) ============ ============ ============ ============ Basic net income (loss) per share $ (0.01) $ (0.09) $ (0.03) $ (0.06) ============ ============ ============ ============ Diluted net income (loss) per share $ (0.01) $ (0.09) $ (0.03) $ (0.06) ============ ============ ============ ============ Weighted average number of shares used in computing basic net income (loss) per share 20,212,254 19,637,106 20,278,789 19,655,063 ============ ============ ============ ============ Weighted average number of shares used in computing diluted net income (loss) per share 20,212,254 19,637,106 20,278,789 19,655,063 ============ ============ ============ ============ NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share data Six months ended Three months ended June 30, June 30, ------------------------- ------------------------- 2007 2006 2007 2006 ------------ ------------ ------------ ------------ Unaudited --------------------------------------------------- Revenues: Software licenses $ 3,514 $ 3,857 $ 999 $ 1,354 Services 3,222 1,401 1,610 990 Maintenance 4,819 4,716 2,513 2,427 ------------ ------------ ------------ ------------ Total revenues 11,555 9,974 5,122 4,771 - ------------------ ------------ ------------ ------------ ------------ Cost of revenues: Software licenses 36 35 9 21 Services 2,021 1,584 946 718 Maintenance 458 438 235 218 ------------ ------------ ------------ ------------ Total cost of revenues 2,515 2,057 1,190 957 - ------------------ ------------ ------------ ------------ ------------ Gross profit 9,040 7,917 3,932 3,814 ------------ ------------ ------------ ------------ Operating expenses: Research and development 2,231 1,885 1,044 907 Sales and marketing 4,955 5,346 2,549 2,765 General and administrative 2,182 2,600 1,040 1,353 ------------ ------------ ------------ ------------ Total operating expenses 9,368 9,831 4,633 5,025 - ------------------ ------------ ------------ ------------ ------------ Operating loss (328) (1,914) (701) (1,211) Financial income, net 828 635 392 357 ------------ ------------ ------------ ------------ Pretax Income (loss) 500 (1,279) (309) (854) Taxes 133 53 76 7 ------------ ------------ ------------ ------------ Net income (loss) $ 367 $ (1,332) $ (385) $ (861) ============ ============ ============ ============ Basic net income (loss) per share $ 0.02 $ (0.07) $ (0.02) $ (0.04) ============ ============ ============ ============ Diluted net income (loss) per share $ 0.02 $ (0.07) $ (0.02) $ (0.04) ============ ============ ============ ============ Weighted average number of shares used in computing basic net income (loss) per share 20,212,254 19,637,106 20,278,789 19,655,063 ============ ============ ============ ============ Weighted average number of shares used in computing diluted net income (loss) per share 20,546,534 19,637,106 20,278,789 19,655,063 ============ ============ ============ ============ RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share data Six months ended June 30, 2007 (unaudited) ---------------------------------------------------- GAAP Adjustments Non-GAAP ------------ -------------------------- ------------ Amortization of acquired Stock-based intangible compensation assets expenses ------------ ------------- Revenues: Software licenses $ 3,514 $ 3,514 Services 3,222 3,222 Maintenance 4,819 4,819 ------------ ------------ ------------- ------------ Total revenues 11,555 11,555 - ----------------- ------------ ------------ ------------- ------------ Cost of revenues: Software licenses 242 (206) 36 Services 2,065 (44) 2,021 Maintenance 460 (2) 458 ------------ ------------ ------------- ------------ Total cost of revenues 2,767 (206) (46) 2,515 - ----------------- ------------ ------------ ------------- ------------ Gross profit 8,788 206 46 9,040 ------------ ------------ ------------- ------------ Operating expenses: Research and development 2,264 (33) 2,231 Sales and marketing 5,049 (94) 4,955 General and administrative 2,383 (201) 2,182 ------------ ------------ ------------- ------------ Total operating expenses 9,696 (328) 9,368 - ----------------- ------------ ------------ ------------- ------------ Operating loss (908) 206 374 (328) Financial income, net 828 828 ------------ ------------ ------------- ------------ Pretax Income (loss) (80) 206 374 500 Taxes 133 133 ------------ ------------ ------------- ------------ Net income (loss) $ (213) $ 206 $ 374 $ 367 ============ ============ ============= ============ Basic net income (loss) per share $ (0.01) $ 0.02 ============ ============ Diluted net income (loss) per share $ (0.01) $ 0.02 ============ ============ Weighted average number of shares used in computing basic net income (loss) per share 20,212,254 20,212,254 ============ ============ Weighted average number of shares used in computing diluted net income (loss) per share 20,212,254 20,546,534 ============ ============ RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share data Three months ended June 30, 2007 (unaudited) ---------------------------------------------------- GAAP Adjustments Non-GAAP ------------ -------------------------- ------------ Amortization of acquired Stock-based intangible compensation assets expenses ------------ ------------- Revenues: Software licenses $ 999 $ 999 Services 1,610 1,610 Maintenance 2,513 2,513 ------------ ------------ ------------- ------------ Total revenues 5,122 5,122 - ----------------- ------------ ------------ ------------- ------------ Cost of revenues: Software licenses 113 (104) 9 Services 971 (25) 946 Maintenance 236 (1) 235 ------------ ------------ ------------- ------------ Total cost of revenues 1,320 (104) (26) 1,190 - ----------------- ------------ ------------ ------------- ------------ Gross profit 3,802 104 26 3,932 ------------ ------------ ------------- ------------ Operating expenses: Research and development 1,062 (18) 1,044 Sales and marketing 2,601 (52) 2,549 General and administrative 1,136 (96) 1,040 ------------ ------------ ------------- ------------ Total operating expenses 4,799 (166) 4,633 - ----------------- ------------ ------------ ------------- ------------ Operating loss (997) 104 192 (701) Financial income, net 392 392 ------------ ------------ ------------- ------------ Pretax Income (loss) (605) 104 192 (309) Taxes 76 76 ------------ ------------ ------------- ------------ Net income (loss) $ (681) $ 104 $ 192 $ (385) ============ ============ ============= ============ Basic net income (loss) per share $ (0.03) $ (0.02) ============ ============ Diluted net income (loss) per share $ (0.03) $ (0.02) ============ ============ Weighted average number of shares used in computing basic net income (loss) per share 20,278,789 20,278,789 ============ ============ Weighted average number of shares used in computing diluted net income (loss) per share 20,278,789 20,278,789 ============ ============ CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands June 30, December 31, 2007 2006 ----------- ------------ Unaudited ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents (a) $ 4,235 $ 4,735 Marketable securities (a) 13,262 12,338 Trade receivables 2,216 1,681 Other current assets 2,278 933 ----------- ------------ Total current assets 21,991 19,687 - --------------------------------------------- ----------- ------------ LONG-TERM INVESTMENTS: Marketable securities (a) 18,495 18,849 Severance pay fund 939 1,040 ----------- ------------ Total long-term investments 19,434 19,889 - --------------------------------------------- ----------- ------------ PROPERTY AND EQUIPMENT, NET 964 930 ----------- ------------ OTHER ASSETS, NET: Other intangibles, net 368 574 Goodwill 4,630 4,630 ----------- ------------ Total other assets 4,998 5,204 - --------------------------------------------- ----------- ------------ Total assets $ 47,387 $ 45,710 - --------------------------------------------- =========== ============ (a) Total Cash and Investments $ 35,992 $ 35,922 =========== ============ LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES: Trade payables $ 1,106 $ 1,202 Deferred revenues 6,595 5,514 Accrued expenses and other liabilities 4,095 3,813 ----------- ------------ Total current liabilities 11,796 10,529 - --------------------------------------------- ----------- ------------ LONG-TERM LIABILITIES: Deferred revenues 56 219 Accrued severance pay 1,486 1,567 ----------- ------------ Total long-term liabilities 1,542 1,786 - --------------------------------------------- ----------- ------------ SHAREHOLDERS' EQUITY: Share capital 58 58 Additional paid-in capital 72,527 71,547 Accumulated other comprehensive loss (241) (128) Accumulated deficit (38,295) (38,082) ----------- ------------ Total shareholders' equity 34,049 33,395 - --------------------------------------------- ----------- ------------ Total liabilities $ 47,387 $ 45,710 - --------------------------------------------- =========== ============ CONTACT: Jacada Tzvia Broida, 972 9 9525927 Chief Financial Officer Tzvia@jacada.com or Hayden Communications Peter Seltzberg, 646-415-8972 peter@haydenir.com -----END PRIVACY-ENHANCED MESSAGE-----