UPDATE: ClickSoftware Technologies Q4 Profit Beats Estimates

reported better-than-expected earnings for the fourth quarter. The Petach Tikva, Israel-based company posted quarterly net income of $2.6 million, or $0.08 per share, compared to $2.3 million, or $0.07 per share, in the year-ago period. Excluding one-time items, the company earned $0.11 per share. Its revenue gained 12.4% to $34.5 million. However, analysts were expecting earnings of $0.08 per share on revenue of $36.06 million. Cloud subscriptions revenue surged to $5.7 million from $0.5 million, while software license revenue declined 11% to $9.3 million. Support revenue gained 6% to $8.6 million, while consulting revenue slipped 6% to $11.0 million in the quarter. Gross profit for the quarter came in at $20.2 million, or 59% of revenue, versus $19.0 million, or 62% of revenue. At the end of the fourth quarter, cash and liquid investments were $45.0 million. "I am pleased to report the tremendous progress in our efforts to grow the Company while we and the market transition to a cloud subscription model," said Dr. Moshe BenBassat, ClickSoftware's Founder and CEO. "It is a remarkable achievement to have recorded year-over-year revenue growth of 22% during such period of transition. Our existing user base in the cloud, combined with significant new cloud wins of large customers, prove that we have become the premier cloud vendor in the service sector in terms of user base and solution breadth for service companies of all sizes." For FY15, ClickSoftware projects earnings of $0.09 to $0.15 per share, on revenue of $140 million to $145 million. Analysts expected earnings of $0.11 per share on revenue of $142.45 million. ClickSoftware shares fell 0.28% to close at $7.05 yesterday.