AudioCodes Reports Third Quarter 2011 Results
Lod, Israel - November 1, 2011 - AudioCodes Ltd. (NasdaqGS: AUDC), a leading provider of Voice over IP (VoIP) technologies and Voice Network products, today announced financial results for the third quarter of 2011, ended September 30, 2011.
Revenues for the third quarter of 2011 were $36.0 million compared to $41.5 million for the second quarter of 2011 and $38.3 million for the third quarter of 2010.
Net loss in accordance with U.S. generally accepted accounting principles (GAAP) was $527,000, or ($0.01) per share, for the third quarter of 2011 compared to net income of $4.0 million, or $0.09 per diluted share, for the second quarter of 2011, and $2.9 million, or $0.07 per diluted share, for the third quarter of 2010.
Non-GAAP net income for the third quarter of 2011 was $274,000, or $0.01 per diluted share, compared to $4.9 million, or $0.12 per diluted share, for the second quarter of 2011, and $3.6 million, or $0.09 per diluted share, for the third quarter of 2010.
Non-GAAP net income excludes (i) stock-based compensation expenses and (ii) amortization expenses related to intangible assets. A reconciliation between net income (loss) on a GAAP basis and non-GAAP net income is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.
Cash and cash equivalents, short-term deposits and marketable securities were $72.8 million as of September 30, 2011, compared to $56.5 million as of June 30, 2011 and $58.6 million as of September 30, 2010. The increase in cash balances is primarily attributable to new bank loans secured during the third quarter of 2011 in the amount of $18.75 million.
“In the third quarter of 2011 we continued to make progress in our core networking business and experienced a good level of activity with our partners and customers. Weaker than previously anticipated macro economic conditions in the U.S. and Europe combined with softness in the technology business, lower sales to the government segment and of the residential business line have adversely affected our performance. As a result, we experienced a decline in our sales and results of operations in the third quarter compared with the previous quarter and with the same quarter last year,” said Shabtai Adlersberg, Chairman, President and Chief Executive Officer of AudioCodes. “We remain confident in our ability to execute on our long term commitment to growing our business in the coming years,” added Mr. Adlersberg.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 9:00 A.M., Eastern Time today to discuss the Company’s third quarter 2011 operating and financial results. The conference call will be simultaneously Web cast. Investors are invited to listen to the call live via Web cast at the AudioCodes corporate website at www.audiocodes.com