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, 2011
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 August 16, 2011: Jacada Reports
Second Quarter 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.
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JACADA LTD.
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By:
|
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/s/ CAROLINE CRONIN
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Name:
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Caroline Cronin
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Title:
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Chief Financial Officer
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Dated:
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August 16, 2011
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Jacada
Reports Second Quarter 2011 Results
ATLANTA--(BUSINESS WIRE)--August 16, 2011--Jacada Ltd. (Nasdaq: JCDA), a
leading provider of customer experience management and process
optimization solutions, today reported financial results for the second
quarter ended June 30, 2011.
Second Quarter Highlights
-
Software license revenues were $813,000, a 48% increase over second
quarter 2010 software license revenues of $549,000
-
Reduced net loss to $1.1 million compared to a net loss of $1.7
million in the second quarter of 2010
-
Executed an agreement with a large banking and financial conglomerate
in Canada for the license of Jacada’s Workspace products
-
Executed an agreement with a telecommunications company providing
phone, internet and video services to over 750,000 customers for the
license of Jacada’s agent scripting suite of products
“Our total revenues for the second quarter of 2011 were $3.7 million,
representing significant growth over the two previous quarters,”
commented Tom Clear, co-chief executive officer of Jacada. “Strong
software license revenues, the result of signing two new customers
during the quarter, contributed to this increase in total revenue. This
improvement in revenue, combined with our continued cost controls,
allowed us to improve our net loss to $1.1 million during the second
quarter of 2011.”
“Jacada has continued to align our products and services with the
solution needs of our customers,” said Gideon Hollander, founder and
co-chief executive officer of Jacada. “During the second quarter, we
introduced Jacada Agent Scripting version 6.0, our call center scripting
tool, and executed an agreement for the license of this product with a
US based telecommunications company.”
Financial Results
For the second quarter of 2011, total revenues were $3.7 million
compared to $4.5 million in the second quarter of 2010. Software
revenues for the 2011 second quarter were $813,000 compared to $549,000
during the 2010 second quarter. Services revenues were $2.2 million in
the 2011 second quarter and $3.3 million in the 2010 second quarter.
Maintenance revenues were $678,000 and $675,000 in the 2011 and 2010
second quarters, respectively.
Gross margins were 42% and 39% of total revenues during the 2011 and
2010 second quarters, respectively. Second quarter 2011 operating
expenses of $2.6 million, reflecting the cost containment measures
implemented during the third quarter of 2010, were significantly less
than second quarter 2010 operating expenses of $3.5 million.
The 2011 second quarter net loss was $1.1 million or ($0.26) per share
compared to a net loss of $1.7 million or ($0.41) per share in the
second quarter of 2010.
Conference Call Details
Management will hold a conference call to discuss the second quarter
2011 financial results at 10:30am ET on August 16, 2011. To participate
in the teleconference, please call toll-free 888-713-4217 or
617-213-4869 for international callers, and provide pass code 45719168
approximately 10 minutes prior to the start time. Interested parties may
pre-register for the teleconference via this URL:
https://www.theconferencingservice.com/prereg/key.process?key=PH64B9B37
.
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 1:30 p.m. ET on August 16, 2011. To access the replay, dial
toll-free 888-286-8010, or for international callers 617-801-6888, and
provide pass code 18858758.
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
,
www.jacada.com/blog
,
www.jacada.com/facebook
and
www.jacada.com/twitter
.
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
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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
June 30,
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Six months ended
June 30,
|
|
|
|
2011
|
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2010
|
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2011
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2010
|
|
|
|
Unaudited
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Software licenses
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|
$
|
813
|
|
|
$
|
549
|
|
|
$
|
1,060
|
|
|
$
|
1,130
|
|
|
Services
|
|
|
2,190
|
|
|
|
3,274
|
|
|
|
4,282
|
|
|
|
7,132
|
|
|
Maintenance
|
|
|
678
|
|
|
|
675
|
|
|
|
1,335
|
|
|
|
1,205
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
3,681
|
|
|
|
4,498
|
|
|
|
6,677
|
|
|
|
9,467
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
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Software licenses
|
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|
12
|
|
|
|
66
|
|
|
|
75
|
|
|
|
132
|
|
|
Services
|
|
|
1,940
|
|
|
|
2,481
|
|
|
|
4,038
|
|
|
|
5,341
|
|
|
Maintenance
|
|
|
174
|
|
|
|
199
|
|
|
|
363
|
|
|
|
383
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
2,126
|
|
|
|
2,746
|
|
|
|
4,476
|
|
|
|
5,856
|
|
|
|
|
|
|
|
|
|
|
|
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Gross profit
|
|
|
1,555
|
|
|
|
1,752
|
|
|
|
2,201
|
|
|
|
3,611
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|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
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Research and development
|
|
|
660
|
|
|
|
924
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|
|
|
1,336
|
|
|
|
1,820
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|
|
Sales and marketing
|
|
|
871
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|
|
|
1,373
|
|
|
|
1,668
|
|
|
|
2,905
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|
|
General and administrative
|
|
|
1,034
|
|
|
|
1,169
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|
|
|
2,067
|
|
|
|
2,453
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|
|
|
|
|
|
|
|
|
|
|
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Total operating expenses
|
|
|
2,565
|
|
|
|
3,466
|
|
|
|
5,071
|
|
|
|
7,178
|
|
|
|
|
|
|
|
|
|
|
|
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Operating loss
|
|
|
(1,010
|
)
|
|
|
(1,714
|
)
|
|
|
(2,870
|
)
|
|
|
(3,567
|
)
|
|
Financial income, net
|
|
|
(73
|
)
|
|
|
28
|
|
|
|
(56
|
)
|
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxes
|
|
|
(1,083
|
)
|
|
|
(1,686
|
)
|
|
|
(2,926
|
)
|
|
|
(3,518
|
)
|
|
Taxes
|
|
|
(2
|
)
|
|
|
(1
|
)
|
|
|
(3
|
)
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,085
|
)
|
|
$
|
(1,687
|
)
|
|
$
|
(2,929
|
)
|
|
$
|
(3,519
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic and diluted net loss per share
|
|
$
|
(0.26
|
)
|
|
$
|
(0.41
|
)
|
|
$
|
(0.70
|
)
|
|
$
|
(0.85
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in
computing basic and
diluted net loss per share
|
|
|
4,159,134
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|
|
|
4,159,134
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|
|
|
4,159,134
|
|
|
|
4,157,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JACADA LTD. AND ITS SUBSIDIARIES
|
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CONSOLIDATED BALANCE SHEETS
|
|
(U.S. dollars in thousands)
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2011
|
|
2010
|
|
|
|
Unaudited
|
|
Audited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,240
|
|
|
$
|
5,945
|
|
|
Marketable securities
|
|
|
561
|
|
|
|
1,240
|
|
|
Trade receivables
|
|
|
3,834
|
|
|
|
4,081
|
|
|
Restricted cash
|
|
|
497
|
|
|
|
493
|
|
|
Other current assets
|
|
|
897
|
|
|
|
1,079
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
11,029
|
|
|
|
12,838
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS:
|
|
|
|
|
|
Marketable securities
|
|
|
10,562
|
|
|
|
10,809
|
|
|
Severance pay fund
|
|
|
210
|
|
|
|
186
|
|
|
|
|
|
|
|
|
Total long-term investments
|
|
|
10,772
|
|
|
|
10,995
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET
|
|
|
731
|
|
|
|
856
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
22,532
|
|
|
$
|
24,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Trade payables
|
|
$
|
1,543
|
|
|
$
|
1,566
|
|
|
Deferred revenues
|
|
|
1,120
|
|
|
|
1,076
|
|
|
Accrued expenses and other liabilities
|
|
|
1,518
|
|
|
|
1,478
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
4,181
|
|
|
|
4,120
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
Accrued severance pay
|
|
|
405
|
|
|
|
366
|
|
|
Other long-term liabilities
|
|
|
4
|
|
|
|
44
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
409
|
|
|
|
410
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
Share capital
|
|
|
60
|
|
|
|
60
|
|
|
Additional paid-in capital
|
|
|
75,930
|
|
|
|
75,829
|
|
|
Treasury shares at cost
|
|
|
(17,863
|
)
|
|
|
(17,863
|
)
|
|
Accumulated other comprehensive profit (loss)
|
|
|
1,098
|
|
|
|
487
|
|
|
Accumulated deficit
|
|
|
(41,283
|
)
|
|
|
(38,354
|
)
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
17,942
|
|
|
|
20,159
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
22,532
|
|
|
$
|
24,689
|
|
|
|
|
|
|
|
|
|
|
|
|
JACADA LTD. AND ITS SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in thousands
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
Unaudited
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(1,085
|
)
|
|
(1,687
|
)
|
|
(2,929
|
)
|
|
(3,519
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net loss to net
cash used
in operating activities
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
100
|
|
|
123
|
|
|
211
|
|
|
247
|
|
|
Stock-based compensation related to options
granted to
employees, non-employees and
directors
|
|
47
|
|
|
117
|
|
|
101
|
|
|
289
|
|
|
Increase in restricted cash
|
|
(4
|
)
|
|
|
|
(4
|
)
|
|
|
|
Accrued interest and amortization of premium on
marketable
securities
|
|
20
|
|
|
20
|
|
|
6
|
|
|
127
|
|
|
Other than temporary loss on marketable securities
|
|
159
|
|
|
-
|
|
|
205
|
|
|
-
|
|
|
Loss (gain) from sales of marketable securities
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(9
|
)
|
|
Increase (decrease) in accrued severance pay, net
|
|
5
|
|
|
(25
|
)
|
|
16
|
|
|
(8
|
)
|
|
Decrease (Increase) in trade receivables, net
|
|
(369
|
)
|
|
2,064
|
|
|
352
|
|
|
38
|
|
|
Decrease in other current assets
|
|
88
|
|
|
799
|
|
|
161
|
|
|
764
|
|
|
Increase (decrease) in trade payables
|
|
264
|
|
|
(571
|
)
|
|
(39
|
)
|
|
(319
|
)
|
|
Increase in deferred revenues
|
|
147
|
|
|
300
|
|
|
38
|
|
|
598
|
|
|
Increase (decrease) in accrued expenses and other
liabilities
|
|
(51
|
)
|
|
(20
|
)
|
|
24
|
|
|
(181
|
)
|
|
Decrease in other long-term liabilities
|
|
(20
|
)
|
|
(19
|
)
|
|
(40
|
)
|
|
(39
|
)
|
|
Other
|
|
-
|
|
|
(6
|
)
|
|
15
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
(699
|
)
|
|
1,095
|
|
|
(1,883
|
)
|
|
(1,971
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Investment in available-for-sale marketable
securities
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(10,992
|
)
|
|
Proceeds from sale and redemption of available-
for-sale
marketable securities
|
|
1,210
|
|
|
-
|
|
|
1,210
|
|
|
9,727
|
|
|
Decrease in restricted cash
|
|
-
|
|
|
157
|
|
|
-
|
|
|
141
|
|
|
Proceeds from sale of property and equipment
|
|
-
|
|
|
7
|
|
|
-
|
|
|
7
|
|
|
Purchase of property and equipment
|
|
(22
|
)
|
|
(143
|
)
|
|
(86
|
)
|
|
(338
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities.
|
|
1,188
|
|
|
21
|
|
|
1,124
|
|
|
(1,455
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JACADA LTD. AND ITS SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
|
|
U.S. dollars in thousands
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
-
|
|
-
|
|
|
-
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities.
|
|
|
|
-
|
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
30
|
|
(77
|
)
|
|
54
|
|
|
(340
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
519
|
|
1,039
|
|
|
(705
|
)
|
|
(3,691
|
)
|
|
Cash and cash equivalents at the beginning of the
period
|
|
4,721
|
|
7,894
|
|
|
5,945
|
|
|
12,624
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
5,240
|
|
8,933
|
|
|
5,240
|
|
|
8,933
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information: Cash and Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2011
|
|
2010
|
|
|
|
Unaudited
|
|
Audited
|
|
Cash and cash equivalents cash:
|
|
|
5,240
|
|
|
5,945
|
|
Marketable securities
|
|
|
11,123
|
|
|
12,049
|
|
Restricted cash
|
|
|
497
|
|
|
493
|
|
|
|
|
|
|
|
Total cash and investments including restricted cash
|
|
$
|
16,860
|
|
$
|
18,487
|
|
|
|
|
|
|
CONTACT:
Jacada
Caroline Cronin, 770-776-2204
Chief Financial
Officer
ccronin@jacada.com
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