Audiocodes reports higher revenue and profit

VoIP and networking solutions developer AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) today reported higher revenue and profits for the second quarter of 2011. The company met the analysts' revenue consensus, and beat their earnings per share consensus.

AudioCodes's revenue rose to $41.5 million for the second quarter from $36.5 million for the corresponding quarter of 2010.

GAAP-based net profit nearly doubled to $4 million ($0.09 per share) for the second quarter from $2.1 million the corresponding quarter, and non-GAAP net profit rose to $4.9 million ($0.12 per share) from $2.8 million. The analysts' consensus was $0.10 per share.

AudioCodes had $56.5 million in cash and cash equivalents at the end of June, less than at the end of March, and $2 million more than a year earlier.

AudioCodes chairman, president and CEO Shabtai Adlersberg said, "AudioCodes' improved financial performance continued a trend that reflects the strength of our enterprise and carrier VoIP business� driven primarily by the rising demand in the access, broadband, contact centers and unified communications markets."

Adlersberg expects further growth in the second half of the year. He expects the company to benefit as more than 100 million legacy telephony lines are set to switch to VoIP over the next three years, companied with a need for unified communications. He cited the company partnership with Microsoft Corporation (Nasdaq: MSFT), based on Microsoft Lync offerings and AudioCodes' selection by leading Microsoft Voice Specialized Partners (VSPs) to provide significantly broader offerings for Lync connectivity, mobility and recording solutions.

AudioCodes's share price rose 7.8% on Nasdaq yesterday to $5.68, giving a market cap of $235 million, and rose 1.8% by mid-afternoon on the TASE today to NIS 18.53.

Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2011