ClickSoftware Technologies Ltd. (NASDAQ:CKSW) shares soar in the pre-open session on Monday following the company reported about 100% jump in its net profit driven by strong sales and improved gross margin duirng the third quarter.
The company said that it net income during the quarter soared to $4.5 million, or 14 cents a share, compared to a year ago profit of $2.3 million, or 7 cents a share. On an adjusted basis, the company would have earned $5.5 million, or 17 cents a share, topping analysts’ estimates by 5 cents a share.
Revenue during the period also grew 33% year-over-year to $ $23.2 million boosted by a 48% jump in its Software license revenues followed by Service and maintenance revenues grew 24%.
Gross margin during the quarter improved by 4% to 66%.
The company also maintained its previous forecasted FY2011 revenue target of $85.0 to $87.0 million, representing about 20% to 23% growth over 2010.
Shares of CKSW soared 81 cents or 8.26% to $10.62 in the pre-market session, very near to its 52-week high of $10.94. The stock has soared 26% so far this year. It has a 52-week range of $6.35-$10.94.
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