ClickSoftware Q3 net income up

ClickSoftware Technologies, a provider of mobile workforce management services, has reported total revenues of $15.7 million for the third quarter ended September 30, 2008, with net income of $2.7 million, or $0.09 per share. This compares with revenues of $10.1 million and net income of $0.7 million, or $0.03 per share, for the same period of 2007, and revenues of $11.0 million and net income of $0.1 million, or $0.00 per share, for the second quarter of 2008.

Excluding the effects of share-based compensation expenses related to the adoption of SFAS-123R, net income was $2.9 million, or $0.10 per share, for the third quarter of 2008.

Software license revenues for the third quarter of 2008 were $7.2 million, while service and maintenance revenues were $8.5 million. This compares to software license revenues of $4.3 million and service and maintenance revenues of $5.8 million for the same period of 2007, and $3.1 million and $7.9 million, respectively, in the second quarter of 2008.

Gross profit in the third quarter of 2008 was $10.6 million, or 68% of revenues, compared to $6.0 million, or 59% of revenues, in the same period of 2007, and $6.7 million, or 61% of revenues, in the second quarter of 2008.

Cash, cash equivalents and short and long-term investments in the third quarter of 2008 increased to $25.3 million from $24.9 million at the end of the second quarter of 2008. Net cash provided by operating activities was $0.6 million during the third quarter of 2008.

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