AudioCodes Announces Restructuring of Operations
Provides Second Quarter Update
Lod, Israel - July 11, 2012 - AudioCodes (NasdaqGS: AUDC), a leading provider of Voice over IP (VoIP) technologies, products and services, today announced a plan to restructure its operations in order to better align the Company resources and assets to its core networking and enterprise telephony businesses.
The restructuring plan is expected to generate estimated annualized savings of approximately 10% of the Company operating expenses and to be implemented over the next six to nine months. The Company expects the restructuring to support a return to profitability and to focus investments in innovations around its key strategic initiatives in the unified communications and enterprise telephony markets.
“We are in the process of conducting a full global review of our operations to reduce annual operation expenses, simplify the organization and refine future investments. We will provide additional details during our quarterly conference call,” commented Shabtai Adlersberg, Chairman, President and Chief Executive Officer of AudioCodes.
Based on preliminary second quarter estimates, which are subject to changes, the Company expects that total revenues for the second quarter to be approximately $31 million and diluted loss per share not to exceed $0.04, on a Non GAAP basis.