The company is based in Israel which may explain the lack of SEC filings.
Small float makes it difficult for funds to take positions.
Beautiful earnings!!
<<<
October 12, 1999 09:46
AudioCodes Reports Record Third Quarter and Nine-Months Results
YEHUD, Israel--(BUSINESS WIRE)--October 12, 1999--
AudioCodes Ltd. (NASDAQ: AUDC), a leading provider of IP Telephony and voice over packet technologies, today announced financial results for the third quarter and nine months ended September 30, 1999. Net revenues for the third quarter ended September 30, 1999 were US$8.3 million, an increase of 245 percent compared with revenues of US$2.4 million for the third quarter ended September 30, 1998. Net income for the third quarter was US$2.9 million compared with a net income of US$117,000 for the same period last year. Fully diluted earnings per share was US$0.15 compared with a fully diluted earnings per share of US$0.01 for the third quarter ended September 30, 1998.
Net revenues for the nine months ended September 30, 1999 were US$21.0 million, an increase of 275 percent over the same period last year, when AudioCodes had revenues of US$5.6 million. Net income for the nine months ended September 30, 1999 was US$6.6 million, versus a net loss of US($320,000) for the same period last year. Fully diluted earnings per share was US$0.38 compared with a fully diluted loss per share of US$(0.03) for the nine months ended September 30, 1998.
"We are very pleased with the financial results and the progress made in the third quarter," said Shabtai Adlersberg, Chief Executive Officer of AudioCodes Ltd. "Our committment to long term investments in voice over packet technologies, and our focus on high end, high density VoIP communication components, positions us as a technology leader in this market. Broadening our product portfolio is a key objective in our strategy to enable our OEM partners to get to the market quickly with high performance VoP systems and to become leaders in the high end VoIP gateway market."
On October 5, 1999 AudioCodes announced that it had filed with the Securities and Exchange Commission a registration statement relating to a proposed offering of 3,000,000 million ordinary shares. Of the ordinary shares offered, 1,500,000 will be issued and sold by AudioCodes Ltd., and 1,500,000 will be sold by existing shareholders. In addition, certain selling shareholders have agreed to grant the underwriters an option to purchase 450,000 additional ordinary shares to cover over-allotments, if any, in the sale of the ordinary shares.
A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the intended registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any jurisdiction. These securities will be offered only by means of a prospectus. Copies of the preliminary prospectus may be obtained, when available, from CIBC World Markets, 200 Liberty Street, New York, NY 10281
About AudioCodes
AudioCodes Ltd. designs, develops and markets enabling technologies and products for voice over packet networks. AudioCodes' product line includes a variety of signal processor chips, VoIP communication boards, communications software and custom modules for OEM customers. AudioCodes is a voice compression leader and the key originator of the ITU G.723.1 standard for the emerging IP Telephony market. AudioCodes' customer base includes leading telecom and datacom manufacturers, including Alcatel S.A., Cisco Systems, Inc., Clarent Corporation, HyperCom Corp., Lucent Technologies, Inc., Multitech Systems, Siemens AG and VocalTec Communications Ltd. The Company's headquarters and R&D facilities are in Yehud, Israel with sales and marketing offices in San Jose, California. For more information on AudioCodes, please visit the Company web site at www.audiocodes.com
This press release may contain forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks include, but are not limited to, market demand for AudioCodes' products, economic and competitive factors, international market conditions, technological developments, the ability to finance operations and other factors, which are detailed in AudioCodes' SEC filings.
Summary financial data follows
AUDIOCODES, LTD.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. dollars in thousands, except per share data)
unaudited
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1999 1998 1999
Revenues:
Product sales $1,958 $7,588 $4,339 $19,399
Technology development
and licensing 401 722 1,215 1,603
Total revenues 2,359 8,310 5,554 21,002
Cost of revenues:
Product sales 844 3,112 2,080 7,850
Technology development
and licensing 3 56 129 182
Total cost of
revenues 847 3,168 2,209 8,032
Gross Profit 1,512 5,142 3,345 12,970
Operating expenses:
Research and development 636 1,338 1,460 3,170
Sales and marketing 524 1,091 1,581 2,829
General and administrative 270 431 698 1,157
Total operating
expenses 1,430 2,860 3,739 7,156
Operating income (loss) 82 2,282 (394) 5,814
Other income (expenses) (1) --- (6) (3)
Net financial income, net 36 738 84 973
Income (loss)
before income taxes 117 3,020 (316) 6,784
Income taxes --- 104 4 218
Net income (loss) $ 117 $2,916 $ (320) $6,566
Diluted earnings (loss)
per share $ 0.01 $ 0.15 $(0.03) $0.38
Number of shares for diluted
earnings per share 12,915 19,449 11,014 17,108
AUDIOCODES, LTD.
SELECTED CONSOLIDATED BALANCE SHEET DATA
(U.S. dollars in thousands)
September 30, December 30,
1999 1998
Assets
Currents Assets:
Cash & cash equivalents $34,406 $2,581
Short term deposits 21,729 1,029
Marketable securities --- 360
Trade receivables 3,966 2,002
Other receivables and
prepaid expenses 915 405
Inventories 2,810 1,239
Total current assets 63,826 7,616
Severance pay fund 419 286
Net property and equipment 1,128 811
Total assets $65,373 $8,713
LIABILITIES AND
SHAREHOLDERS' EQUITY
Total current liabilities $5,973 $3,050
Accrued severance pay 836 518
Total shareholders' equity 58,564 5,145
Total liabilities and
shareholders' equity $65,373 $8,713
CONTACT: AudioCodes Ltd.
V.P. Finance & CFO
Mike Lilo
972 (3) 539-4000
mikel@audiocodes.com
or
IR Agency Contact:
Ruder Finn, Inc.
Robert Ferris
(212) 593-6319
ferrisb@ruderfinn.com
|
