Click Software beat earnings estimates by a penny and showed modest growth over the comparable quarter of 2009 as well as the fourth quarter of last year. For the fourth quarter ended December 31, 2009, the company reported revenues of $17.2 million, with net income of $3.8 million, or $0.12 per fully diluted share. This compares with revenues of $14.1 million and net income of $5.0 million, or $0.17 per fully diluted share, for the same period last year, and revenues of $16.6 million and net income of $3.2 million, or $0.10 per fully diluted share, for the third quarter of 2009. Right now the stock is getting hammered pretty good, down about 6%. I think this may be in large part due to comments toward the end of the conference calls about margin pressue due to "increased investment." Given that they raised revenue guidance, I would say the stock is buyable on weakness. CEO and Chairman, Dr. Moshe BenBassat stressed on the conference call that business is improving, bookings are up, and software licensing revenue is increasing. "2009: Licensing revenue from new customers was 57% higher than 2008. This is an indication that license revenue continues to bulid," said BenBassat on the conference call. The company said that software license revenues for the fourth quarter of 2009 were $5.5 million, while service and maintenance revenues were $11.6 million. This compares to software license revenues of $5.6 million and service revenues of $8.5 million for the same period last year, and $5.4 million and $11.2 million, respectively, in the third quarter of 2009. Gross profit in the fourth quarter of 2009 was $11.1 million, or 65% of revenues, compared to $10.0 million, or 71% of revenues, in the same period last year, and $10.9 million, or 65% of revenues, in the third quarter of 2009. On the conference call, the company projected revenues of $71-$74 million in revenue in 2010, which is higher than the current analyst estimates of $69 million. All in all, not a bad quarter at all, though it isn't one of those "blow the numbers out of the water" quarters. Perhaps the stock is selling off because expectations were more lofty. The important thing is that this company is growing, and the stock is only priced for modest growth. If growth picks up in the news few quarters we'll see this stock take off. (Disclosure: Long CKSW)