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Article Excerpt
CHICAGO -- Click Commerce, Inc. (Nasdaq:CKCM), a leading provider of on-demand supply chain management solutions, today announced record results for its first quarter ended March 31, 2006.
Total first quarter 2006 revenues were $19.7 million, representing over 80% growth from first quarter 2005 revenues of $10.9 million. On a fully-taxed non-GAAP basis, excluding certain charges as described below, net income was $4.3 million, or $0.33 per share on a diluted basis. This represents an improvement of approximately $2.3 million over Q1 2005's non-GAAP net income of $2.1 million, or $0.18 per share on a diluted basis. On a GAAP basis, net income was $2.9 million, or $0.22 per share for the quarter ended March 31, 2006 compared to $2.6 million, or $0.23 per share for the quarter ended March 31, 2005. The Company's first quarter results represent its eleventh consecutive profitable quarter, with a non-GAAP net income margin of 22% in the first quarter. Non-GAAP basis adjustments comprise non-cash charges related to the amortization of intangible assets and stock-based compensation, net of related income taxes and the addition of a 41% effective tax rate, applied to the first quarter of 2005.
The Company's cash and cash equivalents were $22.3 million as of March 31, 2006 compared to $17.5 million as of December 31, 2005. The increase of $4.8 million primarily related to cash flows from operations of $8.2 million and proceeds from exercise of stock options of $1.3 million offset by $3.6 million of cash used in the February 2006 acquisition of the On-Demand Services and Contractor Management Software Business from Elance, Inc. ("Elance"). First quarter days sales outstanding were 101 days as compared to fourth quarter 2005 days sales outstanding of 111 days. Deferred revenue was $15.6 million as of March 31, 2006.
"This is Click Commerce's best quarter ever. The improved year-over-year results reflect our focus...
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