AudioCodes reports sequential growth, narrower loss

The third quarter non-GAAP net loss was $419,000, compared with $1.4 million for the second quarter.

VoIP technology company AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) has reported higher revenue and a smaller loss for the third quarter of this year in comparison with the second. Revenue for the third quarter of 2012 was $31.4 million, compared with $31.0 million for the second quarter of 2012, and $36.0 million for the third quarter of 2011.

The company made a net loss on a GAAP basis of $1.1 million, or ($0.03) per diluted share, for the third quarter of 2012, compared with $2.0 million, or ($0.05) per diluted share, for the second quarter of 2012, and $527,000, or ($0.01) per diluted share, for the third quarter of 2011.

The non-GAAP net loss for the third quarter of 2012 was $419,000, or ($0.01) per diluted share, compared with $1.4 million, or ($0.04) per diluted share, for the second quarter of 2012, and non-GAAP net income of $274,000, or $0.01 per diluted share, for the third quarter of 2011.

The non-GAAP net income (loss) excludes stock-based compensation expenses and (ii) amortization expenses related to intangible assets.

AudioCodes repurchased a total of approximately 1,274,000 of its ordinary shares at an aggregate cost of approximately $2.5 million during the third quarter of 2012. On October 1, 2012, the authorized stock repurchase program was completed, with AudioCodes having repurchased 3.96 million of its ordinary shares at an aggregate cost of approximately $10.7 million.

At the end of the third quarter, the company had cash and cash equivalents, bank deposits and marketable securities totaling $54.1 million, compared with $60.7 million at the end of June and $72.8 million at the end of September 2011.

"We are pleased to report a return to sequential growth and improved financial performance for the third quarter of 2012," said AudioCodes chairman, president and CEO Shabtai Adlersberg. "Third quarter revenues demonstrate growth in key emerging business lines for the company, including with respect to the session border controller (SBC) and multi-service business router (MSBR) activities. We saw increased traction of our strategy to focus on the growing markets of unified communications, contact centers and business communications services, and experienced growing collaboration with our industry partners, which we believe will help us grow in coming years.

"As we remain focused on improving bottom line results, we made solid progress with our restructuring plan announced in July 2012. Third quarter financial results reflect our initial progress on this front and provide support for our stated goal of returning to profitability in coming months."

Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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