UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the Quarterly Period Ended September 30, 2003 |
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Or |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the transition period from to |
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Commission File Number 0-30881
CLICK COMMERCE, INC.
(Exact name of registrant as specified in its charter)
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Delaware (State or other jurisdiction of incorporation or organization) |
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36-4088644 (I.R.S. Employer Identification Number) |
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200 East Randolph Drive, 52nd Floor Chicago, Illinois 60601 (Address of principal executive offices) |
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(312) 482-9006 (Registrant’s telephone number, including area code) |
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Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $0.001 per share
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes o No ý
As of November 4, 2003, there were 8,336,643 shares of the registrant’s common shares outstanding.
CLICK COMMERCE, INC.
INDEX
2
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
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September 30, 2003 |
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December 31, 2002 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,372 |
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$ |
23,646 |
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Short-term investments |
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— |
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10,367 |
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Trade accounts receivable, net |
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4,544 |
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4,912 |
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Prepaids and other current assets |
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1,051 |
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920 |
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Total current assets |
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16,967 |
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39,845 |
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Property and equipment, net |
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927 |
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2,333 |
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Restricted cash |
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170 |
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— |
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Goodwill and intangible assets |
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426 |
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— |
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Other assets |
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305 |
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104 |
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Total assets |
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$ |
18,795 |
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$ |
42,282 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
855 |
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$ |
504 |
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Billings in excess of revenues earned on contracts in progress |
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428 |
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376 |
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Deferred revenue |
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4,439 |
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3,774 |
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Accrued compensation |
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1,053 |
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727 |
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Accrued expenses and other current liabilities |
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1,647 |
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1,408 |
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Restructuring accrual |
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225 |
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282 |
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Current portion of capital lease obligations |
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264 |
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643 |
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Total current liabilities |
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8,911 |
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7,714 |
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Capital lease obligations, less current portion |
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— |
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47 |
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Accrued restructuring, long term |
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97 |
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— |
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Total liabilities |
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9,008 |
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7,761 |
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Shareholders’ equity: |
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Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding |
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— |
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— |
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Common stock, $0.001 par value, 75,000,000 shares authorized; 8,165,707 and 8,121,850 shares issued; 8,136,643 and 8,092,786 shares outstanding |
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8 |
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8 |
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Additional paid-in capital |
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62,252 |
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82,532 |
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Accumulated other comprehensive income |
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135 |
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148 |
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Deferred compensation |
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(194 |
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(246 |
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Treasury stock, at cost—29,064 shares |
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(117 |
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(117 |
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Accumulated deficit |
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(52,297 |
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(47,804 |
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Total shareholders’ equity |
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9,787 |
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34,521 |
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Total liabilities and shareholders’ equity |
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$ |
18,795 |
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$ |
42,282 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
(Dollars in thousands, except per share data)
(Unaudited)
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Three months ended September 30, |
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Nine months ended September 30, |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenues |
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Product license |
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$ |
584 |
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$ |
214 |
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$ |
1,452 |
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$ |
1,530 |
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Subscription |
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571 |
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— |
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1,515 |
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— |
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Maintenance and hosting |
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1,692 |
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1,688 |
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4,868 |
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5,359 |
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Service |
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2,194 |
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1,584 |
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5,209 |
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7,356 |
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Total revenues |
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5,041 |
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3,486 |
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13,044 |
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14,245 |
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Cost of revenues |
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Product |
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69 |
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