AudioCodes raises $29.7m on Nasdaq
The VoIP solutions developer reported sequentially better revenue and profit for the fourth quarter, but poorer full year 2012 results
VoIP solutions developer AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) reported sequentially better revenue and profit for the fourth quarter, but poorer full year 2012 results. However, president and CEO Shabtai Adlersberg is optimistic for 2013, thanks to the company's partnership with Microsoft Corporation (Nasdaq: MSFT) in the Lync system.
Revenue fell to $32.8 million for the fourth quarter of 2012 from $37.2 million for the corresponding quarter of 2011. GAAP-based net profit fell to $524,000 ($0.01 per share) for the fourth quarter from $670,000 for the corresponding quarter, and non-GAAP net profit fell to $1.1 million ($0.03 per share) from $1.4 million. Cash flow from operations totaled $8.2 million for the fourth quarter.
Sequentially, Alvarion reported better results: its fourth quarter non-GAAP net profit more than doubled from the $419,000 for the third quarter, and revenue rose from $31.4 million.
Full-year revenue fell to $127.5 million from $155.8 million in 2011. The GAAP-based net loss narrowed to $4.2 million ($0.11 per share) in 202 from $7.2 million in 2011, and non-GAAP net loss was $1.5 million ($0.04 per share), compared with a non-GAAP net profit of $10.8 million in 2011.
Cash and cash equivalents fell to $58.5 million at the end of 2012 from $75.6 million a year earlier, mainly because of share buybacks and $10.2 million used for the repayment of loans.
Adlersberg said that the second consecutive quarter of sequential revenue growth, return to profitability, and higher cash flow from operations was mainly driven by higher product sales and services for unified communication and enterprise session border controller applications. He added that investments made with global partners over the past few years are putting the company back on the path of growth and industry leadership. "These investments also provide further strength and support to our expected success in coming years," he said.
Adlersberg added, "As we look ahead to 2013, AudioCodes stands well positioned to extend its presence within the multi-billion dollar markets for unified communications, contact centers and business services. We believe that our leadership in the Microsoft Lync voice eco-system, as the only single-source provider for Microsoft partners for end-to-end voice product and services solutions, is a clear competitive advantage within one of the most attractive segments of the communications sector."
Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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The company will use the proceeds for working capital and future acquisitions.
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