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 June, 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 June 14, 2011: Jacada Reports First
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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June 14, 2011
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Jacada
Reports First Quarter 2011 Results
ATLANTA--(BUSINESS WIRE)--June 14, 2011--Jacada Ltd. (Nasdaq: JCDA), a
leading provider of customer service experience and process optimization
solutions, today reported financial results for the first quarter ending
March 31, 2011 and the adjustment of its 2010 unaudited financial
results.
First Quarter 2011 Financial Results
For the first quarter of 2011, total revenues were $3.0 million compared
to $5.0 million in the first quarter of 2010. First quarter revenues
were impacted by weak bookings during the fourth quarter of 2010.
Software revenues for the 2011 first quarter were $247 thousand compared
to $581 thousand during the 2010 first quarter. Services revenues were
$2.1 million in the 2011 first quarter and $3.9 million in the 2010
first quarter. Maintenance revenues were $657 thousand and $530 thousand
in the 2011 and 2010 first quarters, respectively.
Gross margin during the first quarter of 2011 was 22%, compared to gross
margins of 37% in the first quarter of 2010.
Total operating expenses for the 2011 and 2010 first quarters were $2.5
million and $3.7 million, respectively, reflecting the savings of the
cost reduction plans implemented during late 2010.
The 2011 first quarter net loss was $1.8 million or $0.44 per share
compared to a net loss of $1.8 million or $0.44 per share in the first
quarter of 2010.
At the end of the 2011 first quarter, cash and investments were $17.8
million, compared to $18.5 million at December 31, 2010.
“While our first quarter 2011 results were disappointing, we have seen
positive initiatives throughout the company, including the continued
development of the next generation versions of Jacada WorkSpace and
Jacada WinFuse and a growing interest in our Jacada JumpStart program,”
commented Tom Clear, chief executive officer of Jacada.
Adjustment of 2010 Unaudited Financial Results
Events subsequent to February 10, 2011, the date of our press release
announcing our 2010 annual financial results, have led to a change in
estimates associated with the percentage of completion used to calculate
revenue on a certain project, the company’s goodwill valuation and the
classification of the loss on one of the company’s marketable securities
to other-than-temporary. These subsequent events provided additional
evidence about conditions that existed as of the balance sheet date of
December 31, 2010 and are thus “recognized” subsequent events, requiring
adjustments to the December 31, 2010 unaudited financial results as
previously reported in the Company's February 10, 2011 press release.
The difficult delivery of a single large project required us to invest
additional resources during the first quarter of 2011. As a result of
these additional hours invested subsequent to the balance sheet date,
the estimate of the percentage of completion we had used to calculate
revenue for this project as of December 31, 2010 had to be adjusted. In
addition, a change in the estimate of our fair value required us to
apply a second phase goodwill impairment test, the results of which
indicated that our goodwill was fully impaired as of December 31, 2010.
The entire goodwill balance of $3.1 million was therefore written off as
of December 31, 2010.
As a result of these adjustments, our 2010 financial results reflect a
decrease in revenue of $0.7 million and an increase in net loss of $3.8
million. Thus, our revenues and net loss for calendar year 2010 will be
revised to $17.1 million and $10.6 million, or $2.55 per share,
respectively. The revenues and net loss for calendar year 2010 reported
in the unaudited financial results announced on February 10, 2011 were
$17.9 million and $6.7 million, or $1.60 per share, respectively.
Conference Call Details
Management will hold a conference call to discuss the first quarter 2011
financial results at 10:30am ET on June 14, 2011. To participate in the
teleconference, please call toll-free
888-679-8034
or
617-213-4847
for international callers, and provide passcode
57583756
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=P373LJTYD
.
A (live audio) webcast will also be available over the Internet at
www.jacada.com
(under "About Us" then "Investors") or
www.earnings.com
.
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 is a trademark of Jacada Ltd. All other brands or product
names are trademarks of their respective owners.
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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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Three months ended
March 31,
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2011
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2010
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Unaudited
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Revenues:
|
|
|
|
|
|
|
Software licenses
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|
$
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247
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|
$
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581
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Services
|
|
|
|
2,092
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|
|
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3,858
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|
Maintenance
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|
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|
657
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|
|
|
530
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|
|
|
|
|
|
|
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Total revenues
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|
|
|
2,996
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|
|
|
4,969
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|
|
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|
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Cost of revenues:
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|
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Software licenses
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63
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66
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Services
|
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2,098
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|
|
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2,860
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Maintenance
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|
|
|
189
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|
|
|
184
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|
|
|
|
|
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Total cost of revenues
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|
|
|
2,350
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|
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|
3,110
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|
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|
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|
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Gross profit (loss)
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|
646
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|
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1,859
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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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|
676
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|
|
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896
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Sales and marketing
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|
797
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1,532
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General and administrative
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1,033
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1,284
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|
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|
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|
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Total operating expenses
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2,506
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3,712
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Operating loss
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|
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(1,860
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)
|
|
|
(1,853
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)
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Financial income (loss), net
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17
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|
|
|
21
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|
|
|
|
|
|
|
|
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Pretax loss
|
|
|
|
(1,843
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)
|
|
|
(1,832
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)
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Tax benefit (expense)
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|
(1
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)
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-
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|
|
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Net loss
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$
|
(1,844
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)
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|
$
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(1,832
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)
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|
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|
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Basic and diluted net loss per share
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$
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(0.44
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)
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$
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(0.44
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)
|
|
|
|
|
|
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Weighted average number of shares used in computing basic and
diluted
net loss per share
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|
|
|
4,159,134
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|
|
|
4,156,131
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|
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|
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JACADA LTD. AND ITS SUBSIDIARIES
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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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2011
|
|
2010
|
|
|
|
|
Unaudited
|
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ASSETS
|
|
|
|
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|
|
|
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|
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CURRENT ASSETS:
|
|
|
|
|
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Cash and cash equivalents
|
|
|
$
|
4,721
|
|
|
$
|
5,945
|
|
|
Marketable securities
|
|
|
|
1,242
|
|
|
|
1,240
|
|
|
Trade receivables
|
|
|
|
3,478
|
|
|
|
4,081
|
|
|
Restricted cash
|
|
|
|
493
|
|
|
|
493
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|
|
Other current assets
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|
|
|
995
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|
|
|
1,079
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|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
10,929
|
|
|
|
12,838
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|
|
|
|
|
|
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LONG-TERM INVESTMENTS:
|
|
|
|
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Marketable securities
|
|
|
|
11,336
|
|
|
|
10,809
|
|
|
Severance pay fund
|
|
|
|
198
|
|
|
|
186
|
|
|
|
|
|
|
|
|
|
Total long-term investments
|
|
|
|
11,534
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|
|
|
10,995
|
|
|
|
|
|
|
|
|
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PROPERTY AND EQUIPMENT, NET
|
|
|
|
808
|
|
|
|
856
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
23,271
|
|
|
$
|
24,689
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Trade payables
|
|
|
$
|
1,275
|
|
|
$
|
1,566
|
|
|
Deferred revenues
|
|
|
|
976
|
|
|
|
1,076
|
|
|
Accrued expenses and other liabilities
|
|
|
|
1,568
|
|
|
|
1,478
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
3,819
|
|
|
|
4,120
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
Accrued severance pay
|
|
|
|
389
|
|
|
|
366
|
|
|
Other liabilities
|
|
|
|
24
|
|
|
|
44
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
413
|
|
|
|
410
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
Share capital
|
|
|
|
60
|
|
|
|
60
|
|
|
Additional paid-in capital
|
|
|
|
75,883
|
|
|
|
75,829
|
|
|
Treasury shares
|
|
|
|
(17,863
|
)
|
|
|
(17,863
|
)
|
|
Accumulated other comprehensive profit
|
|
|
|
1,157
|
|
|
|
487
|
|
|
Accumulated deficit
|
|
|
|
(40,198
|
)
|
|
|
(38,354
|
)
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
19,039
|
|
|
|
20,159
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
$
|
23,271
|
|
|
$
|
24,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JACADA LTD. AND ITS SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
Unaudited
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(1,844
|
)
|
|
$
|
(1,832
|
)
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net loss to net cash used in
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
111
|
|
|
|
124
|
|
|
Stock-based compensation related to options granted to employees,
non-employees and directors
|
|
|
|
54
|
|
|
|
172
|
|
|
Accrued interest and amortization of premium on marketable securities
|
|
|
|
(14
|
)
|
|
|
107
|
|
|
Loss (gain) from sales of marketable securities
|
|
|
|
46
|
|
|
|
(9
|
)
|
|
Accrued severance pay, net
|
|
|
|
11
|
|
|
|
17
|
|
|
Decrease (increase) in trade receivables, net
|
|
|
|
721
|
|
|
|
(2,026
|
)
|
|
Decrease (increase) in other current assets
|
|
|
|
73
|
|
|
|
(35
|
)
|
|
Increase (decrease) in trade payables
|
|
|
|
(303
|
)
|
|
|
252
|
|
|
Increase (decrease) in deferred revenues
|
|
|
|
(109
|
)
|
|
|
298
|
|
|
Increase (decrease) in accrued expenses and other liabilities
|
|
|
|
75
|
|
|
|
(161
|
)
|
|
Decrease in other long-term liabilities
|
|
|
|
(20
|
)
|
|
|
(20
|
)
|
|
Other
|
|
|
|
15
|
|
|
|
47
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
|
(1,184
|
)
|
|
|
(3,066
|
)
|
|
|
|
|
|
|
|
|
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
|
|
|
|
-
|
|
|
|
9,727
|
|
|
Increase in restricted cash
|
|
|
|
-
|
|
|
|
(16
|
)
|
|
Purchase of property and equipment
|
|
|
|
(64
|
)
|
|
|
(195
|
)
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
|
(64
|
)
|
|
|
(1,476
|
)
|
|
|
|
|
|
|
|
|
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
|
|
|
|
24
|
|
|
|
(263
|
)
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
|
(1,224
|
)
|
|
|
(4,730
|
)
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
5,945
|
|
|
|
12,624
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
$
|
4,721
|
|
|
$
|
7,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information: Cash and Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2011
|
|
December 31,
2010
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
4,721
|
|
|
5,945
|
|
Marketable securities
|
|
|
|
|
|
|
12,578
|
|
|
12,049
|
|
Restricted cash
|
|
|
|
|
|
|
493
|
|
|
493
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and investments including restricted cash
|
|
|
|
|
|
$
|
17,792
|
|
$
|
18,487
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
Jacada Ltd.
Caroline Cronin, 770-776-2204
Chief
Financial Officer
ccronin@jacada.com
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