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 May, 2009
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:
Press Release, released publicly on May
21, 2009: Jacada Reports First Quarter 2009 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.
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JACADA LTD.
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By:
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/s/ BOB ALDWORTH
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Name:
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Bob Aldworth
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Title:
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Chief Financial Officer
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Dated:
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May 21, 2009
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Jacada
Reports First Quarter 2009 Results
ATLANTA--(BUSINESS WIRE)--May 21, 2009--Jacada Ltd. (Nasdaq: JCDA), a
leading provider of unified desktop and process optimization solutions
for customer service operations, today reported financial results for
the first quarter ended March 31, 2009.
For the first quarter of 2009, total revenues were $4.5 million compared
to $6.2 million in the first quarter of 2008. Total gross profit for the
2009 first quarter was $1.4 million or 31% of total revenues, compared
to $3.8 million and 60%, respectively, in the 2008 first quarter. The
first quarter net loss from continuing operations was ($1.4 million), or
($0.09) per share. This is compared to a net loss from continuing
operations of ($521,000) or ($0.03) per share in the first quarter of
2008. During the 2008 first quarter, the Company recognized $20.6
million, or $1.00 per share, in income (net of taxes) from discontinued
operations, which was generated in the form of a capital gain from the
sale of the Company’s legacy business during the 2008 first quarter.
On April 16, 2009, Jacada announced the appointment of Thomas H. Clear
as Chief Executive Officer. Mr. Clear brings significant executive
experience in telecommunications, a key vertical for Jacada. During his
career he has served as the CIO for Southwestern Bell Mobile Systems
(now AT&T), and held key executive management positions at both Amdocs
and Convergys. Most recently, Mr. Clear was the chief commercial officer
for the UK-based start-up Spinvox, successfully launching the first
commercial voice to text service for voicemail and closing contracts
with over a dozen tier 1 telecommunications providers in less than 2
years.
“We are thrilled that Tom has joined Jacada as our new CEO,” said Gideon
Hollander, chairman of the board of directors for Jacada. “Tom brings to
Jacada vast experience, talent and skills in business leadership that
will allow Jacada to continue to innovate and bring to market additional
value through our solutions, as we execute our strategy.”
“I have experienced first-hand the enormous need for a unified desktop
solution like the one offered by Jacada, and truly understand the value
it brings to our customers in terms of reduced operating costs and
improved customer service and retention,” said Tom Clear, chief
executive officer for Jacada. “We will focus our efforts on managing
through these difficult times, so that we may be in a stronger position
to benefit from an economic recovery. I look forward to helping Jacada
realize the tremendous potential we all believe exists in our market and
from our solutions.”
“Our professional services revenue is up 15% in relation to the same
quarter last year,” continued Mr. Clear. “The increase was driven by our
backlog of booked services contracts and new services engagements with
existing customers, including a material contract extension with a
German telecommunications provider that we announced in March. Many of
our existing customers are expanding their relationship with Jacada
based on the significant savings and improved customer service that they
are realizing from their initial projects. But, as is the case with many
of our peers, the current economic climate has impacted our sales cycles
and has resulted in a slower pace of bookings, and consequently lower
revenues. The cost reductions for 2009, which were recently announced
and implemented, are designed to better align costs with our revenue
expectations and will help minimize the use of our cash.”
At the end of the first quarter of 2009 cash and investments were $32.8
million, compared to $33.1 million reported as of December 31, 2008.
Conference Call Details
Any investor or interested individual can participate in the
teleconference, which will begin at 10:30 a.m. Eastern Time on May 21,
2009. To participate in the teleconference, please call toll-free
888.679.8033, or 617.213.4846 for international callers, and provide
passcode 23413335 approximately 10 minutes prior to the start time. A
(live audio) webcast will also be available over the Internet at
www.jacada.com
(under "About Us" then "Investors") or
www.earnings.com
.
A replay of the teleconference will be available for three days
beginning at 12:30 p.m. ET on May 21, 2009. To access the replay, dial
toll-free 888-286-8010, or for international callers dial 617-801-6888,
and provide passcode 77832429.
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 desktop, Jacada solutions create greater operational
efficiency and increase agent and customer satisfaction. Founded in
1990, Jacada 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.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(U.S. dollars in thousands, except per share data)
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|
|
|
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Three months ended
March 31,
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2009
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2008
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Unaudited
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Revenues:
|
|
|
|
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Software licenses
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$
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577
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|
$
|
2,847
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Services
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|
|
3,307
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|
|
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2,873
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Maintenance
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647
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498
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Total revenues
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4,531
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|
|
|
6,218
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Cost of revenues:
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|
|
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Software licenses
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114
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82
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Services
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2,844
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|
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2,174
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Maintenance
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176
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207
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Total cost of revenues
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3,134
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|
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2,463
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Gross profit
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1,397
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|
|
3,755
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|
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|
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Operating expenses:
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|
|
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Research and development
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|
944
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|
|
|
1,154
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Sales and marketing
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|
1,606
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|
|
|
2,406
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General and administrative
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|
812
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|
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1,298
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|
|
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|
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Total operating expenses
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3,362
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4,858
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Operating loss
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(1,965
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)
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(1,103
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)
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Financial income, net
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531
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448
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|
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Loss from continuing operations before taxes
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|
(1,434
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)
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|
(655
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)
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Tax (expense) benefit
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|
|
(12
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)
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134
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|
|
|
|
|
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Net loss from continuing operations
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|
(1,446
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)
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|
|
(521
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)
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Income from discontinued operations, net of taxes
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-
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20,572
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|
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Net Income (loss)
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$
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(1,446
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)
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$
|
20,051
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Basic and diluted net earnings (loss) per share:
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From continuing operations
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$
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(0.09
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)
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$
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(0.03
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)
|
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From discontinued operations
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$
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-
|
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|
$
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1.00
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Basic and diluted net earnings (loss) per share
|
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$
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(0.09
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)
|
|
$
|
0.97
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|
|
|
|
|
|
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|
Weighted average number of shares used in computing basic and
diluted net earnings (loss) per share
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16,554,286
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20,620,432
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CONSOLIDATED BALANCE SHEETS
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(U.S. dollars in thousands)
|
|
|
|
|
|
|
|
|
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March 31,
|
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December 31,
|
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|
|
|
2009
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2008
|
|
|
|
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Unaudited
|
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Audited
|
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ASSETS
|
|
|
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CURRENT ASSETS:
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Cash and cash equivalents *)
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$
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17,086
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$
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11,059
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Marketable securities *)
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|
10,680
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|
|
|
8,915
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Trade receivables
|
|
|
3,425
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|
|
|
4,713
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Restricted cash held by trustee *)
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|
|
2,651
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|
|
|
2,640
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Restricted cash *)
|
|
|
559
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|
|
|
559
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Other current assets
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|
1,309
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|
|
|
2,022
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Assets of discontinued operations
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14
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|
|
|
64
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Total current assets
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|
|
35,724
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|
|
|
29,972
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|
|
|
|
|
|
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LONG-TERM INVESTMENTS:
|
|
|
|
|
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Marketable securities *)
|
|
|
1,816
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|
|
|
9,896
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|
|
Severance pay fund
|
|
|
508
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|
|
|
586
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|
|
|
|
|
|
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Total
long-term investments
|
|
|
2,324
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|
|
|
10,482
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|
|
|
|
|
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PROPERTY AND EQUIPMENT, NET
|
|
|
1,243
|
|
|
|
1,266
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|
|
|
|
|
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GOODWILL
|
|
|
3,096
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|
|
|
3,096
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
42,387
|
|
|
$
|
44,816
|
|
|
|
|
|
|
|
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*) Total Cash and Investments including restricted cash
|
|
$
|
32,792
|
|
|
$
|
33,069
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Trade payables
|
|
$
|
1,006
|
|
|
$
|
1,245
|
|
|
Deferred revenues
|
|
|
1,188
|
|
|
|
1,006
|
|
|
Accrued expenses and other liabilities
|
|
|
2,781
|
|
|
|
3,096
|
|
|
Liabilities of discontinued operations
|
|
|
1,251
|
|
|
|
1,363
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
6,226
|
|
|
|
6,710
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
Accrued severance pay
|
|
|
940
|
|
|
|
1,120
|
|
|
Other long-term liabilities
|
|
|
182
|
|
|
|
185
|
|
|
|
|
|
|
|
|
Total
long-term liabilities
|
|
|
1,122
|
|
|
|
1,305
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
Share capital
|
|
|
60
|
|
|
|
60
|
|
|
Additional paid-in capital
|
|
|
75,121
|
|
|
|
75,173
|
|
|
Treasury shares at cost
|
|
|
(17,863
|
)
|
|
|
(17,863
|
)
|
|
Accumulated other comprehensive profit (loss)
|
|
|
(104
|
)
|
|
|
160
|
|
|
Accumulated deficit
|
|
|
(22,175
|
)
|
|
|
(20,729
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)
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
35,039
|
|
|
|
36,801
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
42,387
|
|
|
$
|
44,816
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
2009
|
|
|
2008
|
|
|
|
|
Unaudited
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss)
|
|
(1,446
|
)
|
|
20,051
|
|
|
Less: Net income from discontinued operations, net of taxes
|
|
-
|
|
|
(20,572
|
)
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
(1,446
|
)
|
|
(521
|
)
|
|
|
|
|
|
|
|
Adjustments required to reconcile net loss from continuing
operations to net cash used in operating activities from continuing
operations:
|
|
|
|
|
|
Depreciation and amortization
|
|
173
|
|
|
147
|
|
|
Stock-based compensation related to options granted to employees and
directors
|
|
134
|
|
|
251
|
|
|
Stock-based compensation expenses related to options granted to
non-employees
|
|
10
|
|
|
3
|
|
|
Accrued interest and amortization of premium on marketable securities
|
|
139
|
|
|
81
|
|
|
Gain from sales of marketable securities
|
|
(353
|
)
|
|
(105
|
)
|
|
Increase (decrease) in accrued severance pay, net
|
|
(102
|
)
|
|
57
|
|
|
(Increase) decrease in trade receivables, net
|
|
1,288
|
|
|
(1,438
|
)
|
|
(Increase) decrease in other current assets
|
|
711
|
|
|
(583
|
)
|
|
Increase (decrease) in trade payables
|
|
(239
|
)
|
|
33
|
|
|
Increase in deferred revenues
|
|
229
|
|
|
812
|
|
|
Increase (decrease) in accrued expenses and other liabilities
|
|
(731
|
)
|
|
95
|
|
|
Decrease in other long-term liabilities
|
|
(3
|
)
|
|
-
|
|
|
|
|
|
|
|
|
Net cash used in operating activities from continuing operations
|
|
(190
|
)
|
|
(1,168
|
)
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities from
discontinued operations
|
|
(62
|
)
|
|
324
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
(252
|
)
|
|
(844
|
)
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Investment in available-for-sale marketable securities
|
|
(4,896
|
)
|
|
(19,026
|
)
|
|
Proceeds from sale and redemption of available-for-sale marketable
securities
|
|
11,377
|
|
|
15,799
|
|
|
Increase in restricted cash held by trustee
|
|
(11
|
)
|
|
-
|
|
|
Purchase of property and equipment
|
|
(157
|
)
|
|
(257
|
)
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities from continuing
operations
|
|
6,313
|
|
|
(3,484
|
)
|
|
|
|
|
|
|
|
Proceeds from sale of discontinued operations, net
|
|
-
|
|
|
22,153
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities
|
|
6,313
|
|
|
18,669
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS, con’t.
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
2009
|
|
|
2008
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
54
|
|
|
107
|
|
|
|
|
|
|
|
Net cash provided by financing activities from continuing operations
|
|
54
|
|
|
107
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
(88
|
)
|
|
-
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
6,027
|
|
|
17,932
|
|
Cash and cash equivalents at the beginning of the period
|
|
11,059
|
|
|
5,960
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
17,086
|
|
|
23,892
|
CONTACT:
Jacada
Bob Aldworth, 770-776-2267
Chief Financial
Officer
BAldworth@jacada.com
or
Hayden IR
Peter
Seltzberg, 646-415-8972
peter@haydenir.com
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