Lod, Israel – May 3, 2011 – AudioCodes Ltd. (NasdaqGS: AUDC), a leading provider of Voice over IP (VoIP) technologies and Voice Network products, today announced financial results for the first quarter of 2011, ended March 31, 2011.
Revenues for the first quarter of 2011 were $41.0 million compared to $40.5 million for the fourth quarter of 2010 and $34.8 million for the first quarter of 2010.
Net income in accordance with U.S. generally accepted accounting principles (GAAP) was $3.0 million, or $0.07 per diluted share, for the first quarter of 2011 compared to GAAP net income of $5.4 million, or $0.13 per diluted share, for the fourth quarter of 2010, and GAAP net income of $1.7 million, or $0.04 per diluted share, for the first quarter of 2010.
Non-GAAP net income for the first quarter of 2011 was $4.1 million, or $0.10 per diluted share, compared to non-GAAP net income of $4.5 million, or $0.11 per diluted share, for the fourth quarter of 2010, and non-GAAP net income of $2.5 million, or $0.06 per diluted share, for the first quarter of 2010.
Non-GAAP net income excludes (i) stock-based compensation expenses, (ii) amortization expenses related to intangible assets and (iii) for the fourth quarter of 2010, a non-cash deferred tax benefit. A reconciliation between net income 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 short-term and long-term marketable securities were $62.0 million as of March 31, 2011, compared to $64.1 million as of December 31, 2010 and $54.7 million as of March 31, 2010.
"AudioCodes continued to deliver solid sequential and year-over-year revenue growth in the first quarter of 2011 driven by the rising global demand for converged VoIP and data networks solutions," stated Shabtai Adlersberg, Chairman of the Board, President and CEO of AudioCodes. "During the quarter we successfully expanded our partnership activities with leading enterprise and unified communications market leaders such as Microsoft, Alcatel-Lucent and a leading mobile phone market player. We extended our presence in the Enterprise Mobility VoIP market with the debut of our MobilityPLUS productivity suite which extends the Microsoft LYNC 2010 enterprise collaboration solution to enable anywhere, anytime productivity and collaboration with Alcatel-Lucent in the enterprise mid-size Session Border Controllers (E-SBCs) market."
"A favorable sales mix of higher margin offerings generated strong gross margins while higher operating expense was primarily attributable to the continued investment in our global sales and marketing functions. AudioCodes stands at the center of the unified communications connectivity and mobility market and we believe we can increasingly become the preferred voice expert partner in the industry. We believe that these first quarter 2011 developments, coupled with our product portfolio strengths and growing global sales reach, set a strong foundation for continued growth and profitability in 2011," concluded 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 first quarter 2011 operational 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.