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 March, 2012
JACADA LTD.
(Translation
of registrant's name into English)
11 Shenkar Street
Herzliya, 46725 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 Regulation 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:
Press Release, released publicly on March 1, 2012: Jacada Reports Fourth Quarter and Annual 2011 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. |
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By: |
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/s/ CAROLINE CRONIN |
Name: |
Caroline Cronin |
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Title: |
Chief Financial Officer |
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Dated: |
March 1, 2012 |
Jacada Reports Fourth Quarter and Annual 2011 Results
ATLANTA--(BUSINESS WIRE)--March 1, 2012--Jacada Ltd. (Nasdaq: JCDA), a leading provider of customer experience management and process optimization solutions, today reported financial results for the fourth quarter and year ended December 31, 2011.
Fourth Quarter Highlights
“Today’s call centers need to reflect new marketing promotions, product discounts, and support information on the agent desktop in near real-time,” said Gideon Hollander, co-chief executive officer of Jacada. “Jacada WorkSpace 6.0, with Dynamic Views represents a significant advancement for our customer experience optimization solution. Now call center leaders can use this highly innovative user interface (UI) delivery model own and control UI delivery, define call flow processes, and handle UI changes with ease, delivering the optimal agent desktop experience.”
“Total revenues remained consistent between the fourth quarter of 2011 and 2010 at $2.7 million,” commented Caroline Cronin, Chief Financial Officer. “However, with the reduction of operating expenses year over year, we decreased our net loss to $2.0 million in the fourth quarter of 2011 from $2.5 million in the fourth quarter of 2010, excluding the $3.1 million goodwill impairment charge. In addition, while revenues were down for the full year 2011 as compared to 2010, again, as a result of continued cost savings, we were able to reduce our net loss to $6.6 million in 2011 from $7.3 million in 2010, excluding the $3.1 million goodwill impairment charge and $200,000 restructuring charge.”
Financial Results
For the fourth quarter of 2011, total revenues were $2.7 million compared to $2.7 million in the fourth quarter of 2010. Software revenues for the 2011 fourth quarter were $21,000 compared to $50,000 during the 2010 fourth quarter. Services revenues were $2.0 million in both the fourth quarter of 2011 and 2010. Maintenance revenues improved to $745,000 in the fourth quarter of 2011 from $621,000 in the 2010 fourth quarter.
Gross margins were 34% and 14% of total revenues during the 2011 and 2010 fourth quarters, respectively. Services margins in the fourth quarter of 2010 were impacted by a single account which required significant additional resources to complete the implementation. Fourth quarter 2011 operating expenses were $2.8 million compared to $5.9 million in the fourth quarter of 2010, which included a $3.1 million goodwill impairment charge.
The 2011 fourth quarter net loss was $2.0 million or ($0.47) per share compared to a net loss of $5.6 million or ($1.34) per share in the fourth quarter of 2010.
For the twelve month periods ending on December 31, 2011 and 2010, respectively, total revenues were $12.4 million and $17.2 million and gross profits were $4.0 million or 32% of total revenues and $5.9 million or 34% of total revenues. During the twelve month period ending December 31, 2011, we incurred a net loss of $6.6 million or ($1.59) per share and, in the comparable 2010 period, we posted a net loss of $10.6 million or ($2.55) per share.
At the end of the 2011 fourth quarter, cash and investments were $14.1 million, compared to $14.7 million at the end of the 2011 third quarter and $18.5 million at December 31, 2010.
About Jacada
Jacada provides solutions that optimize and improve the effectiveness of customer interactions. Jacada unified desktop and process optimization solutions help companies reduce the cost of their operations, drive customer satisfaction and provide a complete return on investment in as little as 12 months after deployment.
Founded in 1990, Jacada operates globally with offices in Atlanta, USA; Herzliya, Israel; London, England; Munich, Germany; and Stockholm, Sweden. More information is available at www.jacada.com.
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 LTD. AND ITS SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
U.S. dollars in thousands, except per share data | ||||||||||||||||
Three months ended |
Year ended |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Unaudited | ||||||||||||||||
Revenues: | ||||||||||||||||
Software licenses | $ | 21 | $ | 50 | $ | 1,123 | $ | 1,635 | ||||||||
Services | 1,963 | 2,033 | 8,448 | 13,043 | ||||||||||||
Maintenance | 745 | 621 | 2,815 | 2,477 | ||||||||||||
Total revenues | 2,729 | 2,704 | 12,386 | 17,155 | ||||||||||||
Cost of revenues: | ||||||||||||||||
Software licenses | 9 | 152 | 93 | 349 | ||||||||||||
Services | 1,619 | 1,981 | 7,525 | 10,115 | ||||||||||||
Maintenance | 183 | 196 | 758 | 778 | ||||||||||||
Total cost of revenues | 1,811 | 2,329 | 8,376 | 11,242 | ||||||||||||
Gross profit | 918 | 375 | 4,010 | 5,913 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 787 | 732 | 2,910 | 3,478 | ||||||||||||
Sales and marketing | 1,096 | 852 | 3,556 | 4,993 | ||||||||||||
General and administrative | 943 | 1,210 | 4,068 | 4,789 | ||||||||||||
Goodwill Impairment | - | 3,096 | - | 3,096 | ||||||||||||
Restructuring | - | - | - | 196 | ||||||||||||
Total operating expenses | 2,826 | 5,890 | 10,534 | 16,552 | ||||||||||||
Operating loss | (1,908 | ) | (5,515 | ) | (6,524 | ) | (10,639 | ) | ||||||||
Financial income (loss), net | (19 | ) | (28 | ) | (12 | ) | 79 | |||||||||
Loss before taxes | (1,927 | ) | (5,543 | ) | (6,536 | ) | (10,560 | ) | ||||||||
Taxes | (43 | ) | (38 | ) | (62 | ) | (49 | ) | ||||||||
Net loss | $ | (1,970 | ) | $ | (5,581 | ) | $ | (6,598 | ) | $ | (10,609 | ) | ||||
Basic and diluted net loss per share | $ | (0.47 | ) | $ | (1.34 | ) | $ | (1.59 | ) | $ | (2.55 | ) | ||||
Weighted average number of shares used in computing basic and diluted net loss per share | 4,159,133 | 4,159,133 | 4,159,133 | 4,158,227 | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
U.S. dollars in thousands | ||||||||
December 31, | ||||||||
2011 | 2010 | |||||||
Unaudited | ||||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 2,944 | $ | 5,945 | ||||
Marketable securities | 4,592 | 1,240 | ||||||
Trade receivables | 2,299 | 4,081 | ||||||
Restricted cash | 487 | 493 | ||||||
Other current assets | 810 | 1,079 | ||||||
Total current assets | 11,132 | 12,838 | ||||||
LONG-TERM INVESTMENTS: | ||||||||
Marketable securities | 6,084 | 10,809 | ||||||
Severance pay fund | 196 | 186 | ||||||
Total long-term investments | 6,280 | 10,995 | ||||||
PROPERTY AND EQUIPMENT, NET | 633 | 856 | ||||||
Total assets | $ | 18,045 | $ | 24,689 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Trade payables | $ | 1,607 | $ | 1,566 | ||||
Deferred revenues | 738 | 1,076 | ||||||
Accrued expenses and other liabilities | 1,252 | 1,478 | ||||||
Total current liabilities | 3,597 | 4,120 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Accrued severance pay | 400 | 366 | ||||||
Other liabilities | - | 44 | ||||||
Total long-term liabilities | 400 | 410 | ||||||
SHAREHOLDERS' EQUITY: | ||||||||
Share capital | 60 | 60 | ||||||
Additional paid-in capital | 75,862 | 75,829 | ||||||
Treasury shares | (17,863 | ) | (17,863 | ) | ||||
Accumulated other comprehensive income | 941 | 487 | ||||||
Accumulated deficit | (44,952 | ) | (38,354 | ) | ||||
Total shareholders' equity | 14,048 | 20,159 | ||||||
Total liabilities | $ | 18,045 | $ | 24,689 | ||||
CONSOLIDATED CASH FLOWS | ||||||||||||||||
U.S. dollars in thousands | ||||||||||||||||
Three months ended |
Year ended |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Unaudited | ||||||||||||||||
Cash flows from operating activities: |
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Net loss | $ | (1,970 | ) | $ | (5,581 | ) | $ | (6,598 | ) | $ | (10,609 | ) | ||||
Adjustments required to reconcile net loss to net cash | ||||||||||||||||
used in operating activities: | ||||||||||||||||
Depreciation and amortization | 91 | 123 | 394 | 497 | ||||||||||||
Goodwill impairment | - | 3,096 | - | 3,096 | ||||||||||||
Stock-based compensation related to options granted | ||||||||||||||||
to employees, non-employees and directors | (111 | ) | (57 | ) | 33 | 332 | ||||||||||
Accrued interest and amortization of premium on | ||||||||||||||||
marketable securities | (2 | ) | 21 | 4 | 149 | |||||||||||
Loss on marketable securities, net | 131 | 79 | 335 | 70 | ||||||||||||
Decrease (increase) in accrued severance pay, net | 16 | (22 | ) | 24 | (39 | ) | ||||||||||
Decrease in trade receivables, net | 167 | 784 | 1,799 | 868 | ||||||||||||
Decrease in other current assets | 126 | 358 | 227 | 840 | ||||||||||||
Increase (decrease) in trade payables | 98 | 217 | 82 | (109 | ) | |||||||||||
Increase (decrease) in deferred revenues | (237 | ) | 12 | (290 | ) | 388 | ||||||||||
Increase (decrease) in accrued expenses and other | ||||||||||||||||
liabilities | 23 | (592 | ) | (385 | ) | (439 | ) | |||||||||
Decrease in other long-term liabilities | (2 | ) | (20 | ) | (44 | ) | (79 | ) | ||||||||
Other | (1 | ) | - | 13 | 54 | |||||||||||
Net cash used in operating activities | (1,671 | ) | (1,582 | ) | (4,406 | ) | (4,981 | ) | ||||||||
Cash flows from investing activities: |
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Investment in available-for-sale marketable securities | - | - | - | (10,992 | ) | |||||||||||
Proceeds from sale and redemption of available-for-sale | ||||||||||||||||
marketable securities | 391 | - | 1,601 | 9,711 | ||||||||||||
Proceeds from sale of property and equipment | - | - | - | 10 | ||||||||||||
Purchase of property and equipment | (51 | ) | (68 | ) | (170 | ) | (424 | ) | ||||||||
Decrease (increase) in restricted cash | 2 | (77 | ) | 6 | 64 | |||||||||||
Net cash provided by (used in) investing activities | 342 | (145 | ) | 1,437 | (1,631 | ) | ||||||||||
Cash from financing activities: |
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Proceeds from exercise of stock options | - | - | - | 75 | ||||||||||||
Net cash provided by financing activities | - | - | - | 75 | ||||||||||||
Effect of exchange rate changes on cash | (47 | ) | (84 | ) | (32 | ) | (142 | ) | ||||||||
Decrease in cash and cash equivalents | (1,376 | ) | (1,811 | ) | (3,001 | ) | (6,679 | ) | ||||||||
Cash and cash equivalents at the beginning of the | ||||||||||||||||
quarter/year | 4,320 | 7,756 | 5,945 | 12,624 | ||||||||||||
Cash and cash equivalents at the end of the period | $ | 2,944 | $ | 5,945 | $ | 2,944 | $ | 5,945 | ||||||||
Supplemental Information: Cash and Investments | |||||||
U.S. dollars in thousands | |||||||
Year ended |
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2011 | 2010 | ||||||
Unaudited | |||||||
Cash and cash equivalents | $ | 2,944 | $ | 5,945 | |||
Marketable securities | 10,676 | 12,049 | |||||
Restricted cash | 487 | 493 | |||||
Total cash and investments including restricted cash | $ | 14,107 | $ | 18,487 |
CONTACT:
Jacada
Caroline Cronin, 770-776-2204
Chief Financial
Officer
ccronin@jacada.com