AudioCodes Reports Record Revenues and Profit for the First Quarter of 2000.Business Editors YEHUD Yehud (Hebrew: יהוד) is a city in the Center District of Israel in Israel. The population of Yehud was in 2007 approximately 25,600 (not including Neve Monosson - see below). , Israel--(BUSINESS WIRE)--April 17, 2000 AudioCodes AudioCodes (NASDAQ: AUDC), is a leading manufacturer of VoIP (Voice Over IP) technologies and products. AudioCodes offers two main groups of products, the first is Enabling Technology Products. reports 25% sequential revenue growth and 200% year-over-year net income growth AudioCodes Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AUDC AUDC Austin Development Center AUDC Audio Converter AUDC Audio Codec ), a leading provider of IP Telephony The two-way transmission of voice over a packet-switched IP network, which is part of the TCP/IP protocol suite. The terms "IP telephony" and "voice over IP" (VoIP) are synonymous. and voice over packet technologies, today announced financial results for the quarter ended March 31, 2000. Net revenues for the quarter ended March 31, 2000 were US$12.7 million, an increase of25 percent compared with revenues of US$10.2 million for the previous quarter ended December December: see month. 31, 1999, and an increase of 119 percent compared with revenues of US$5.8 million for the quarter ended March 31, 1999. Net income for the first quarter of 2000 was US$5.0 million compared with a net income of US$4.1 million for the previous quarter and US$1.6 million for the same period last year, an increase of over 200 percent. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were US$0.23 compared with diluted earnings per share of US$0.19 for the previous quarter and US$0.11 for the quarter ended March 31, 1999. "We are pleased to report one of our strongest quarters ever," said Shabtai Adlersberg, Chief Executive Officer of AudioCodes Ltd. "Our continued strong financial performance coupled with substantially increased investment in the development of core technologies and innovative products further solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. AudioCodes' leading position in the Voice over Packet market. Our strong position in the market was also confirmed by a recent DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive market study by Forward Concepts, a leading market forecaster for digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). , which reported that AudioCodes achieved a 42% market share for VoIP communication boards for the IP telephony gateways market in 1999." "This quarter, we have enriched our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and product line offering by introducing a new product line, the Media Gateway on a PMC (1) See Portable Media Center. (2) (PCI Mezzanine Card) A PCI-based mezzanine card that is widely adapted to VMEbus, CompactPCI and PCI cards. module family, targeting to enable OEM's to speed the integration of VoIP and VTOA VTOA Voice and Telephony Over ATM into Gateways, Next-Gen Packet Switches, and Voice over DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary access equipment. We have enjoyed increased sales of our leading high density PCI (1) (Payment Card Industry) See PCI DSS. (2) (Peripheral Component Interconnect) The most widely used I/O bus (peripheral bus). and CompactPCI board products and an increase in the number of design wins with leading telecom OEMs, some of which we have announced during the quarter. To support this rapid growth, we have substantially increased our sales coverage worldwide, including a more than 50% increase in our US sales force." "We are witnessing continued strong growth of the Voice over Packet market as reflected by the higher volume of orders received from our customers and the additional demand for new product designs. In addition, we are seeing increasing demand for higher density and a more extensive variety of solutions at the sub-system level by new customers in the Voice over DSL and Voice over Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). markets. These trends further underline underline an animal's ventral profile; the shape of the belly when viewed from the side, e.g. pendulous, pot-belly, tucked up, gaunt. our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. commitment to the advancement of our core technologies and will enable us to maintain our leadership in the market." About AudioCodes AudioCodes Ltd. (NASDAQ: AUDC) designs, develops and markets enabling technologies and communication system components for voice over packet networks. AudioCodes is a voice compression Same as speech compression. technology leader and the key originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting of the ITU (International Telecommunication Union, Geneva, Switzerland, www.itu.ch) A telecommunications standards body that is under the auspices of the United Nations. Comprising more than 185 member countries, the ITU sets standards for global telecom networks. G.723.1 standard for the emerging IP Telephony market. AudioCodes' product line includes, VoIP communication boards, VoIP media gateway modules, voice over packet chip processors, media gateway subsystems and communications software (communications, software) communications software - Application programs, operating system components, and probably firmware, forming part of a communication system. These different software components might be classified according to the functions within the Open Systems . Our customers, the leading telecom and datacom OEM's such as: Alcatel S.A., Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Inc., Clarent Corporation, Lucent Technologies, Siemens and Vocaltec Communications are all featuring AudioCoded equipment. AudioCodes' international headquarters and R&D facilities are in Yehud, Israel with marketing and sales offices in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . For more information on AudioCodes, please visit the company web site at www.audiocodes.com. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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 The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. and other factors, which are detailed in AudioCodes' SEC filings. AudioCodes, the AudioCodes logo, AudioCoded, TrunkPack and MediaPack are trademarks or registered trademarks of AudioCodes, Ltd. All other trademarks are property of their respective owners.
AUDIOCODES LTD.
CONSOLIDATED BALANCE SHEET
U.S. dollars in thousands
December 31, March 31,
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1999 2000
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $60,500 $3,768
Short-term deposits 57,052 118,390
Trade receivables 5,863 7,211
Other receivables and prepaid
expenses 647 979
Inventories 3,565 5,551
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Total current assets 127,627 135,899
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SEVERANCE PAY FUND 626 735
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FIXED ASSETS, NET 1,269 1,518
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Total assets $129,522 $138,152
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LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES:
Trade payables $1,669 $2,805
Other payables and accrued
expenses 6,586 8,582
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Total current liabilities 8,255 11,387
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ACCRUED SEVERANCE PAY 942 1,116
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Total shareholders' equity 120,325 125,649
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Total liabilities and
shareholders' equity $129,522 $138,152
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AUDIOCODES LTD.
CONSOLIDATED STATEMENT OF OPERATIONS
U.S. dollars in thousands, except per share data
Three months ended
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March 31,
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1999 2000
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Revenues:
Product sales $5,302 $12,271
Technology development
and licensing 470 449
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Total revenues 5,772 12,720
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Cost of revenues:
Product sales 2,157 4,870
Technology development and
licensing 45 61
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Total cost of revenues 2,202 4,931
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Gross profit 3,570 7,789
Operating expenses:
Research and development, net 753 1,853
Sales and marketing 839 1,949
General and administrative 359 580
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Total operating expenses 1,951 4,382
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Operating income 1,619 3,407
Financial income (expenses), net -9 1,774
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Income before income taxes 1,610 5,181
Income taxes 38 156
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Net income $1,572 $5,025
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Diluted earnings per share $0.11 $0.23
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Number of shares for diluted
earnings per share 14,703,216 21,464,796
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