AudioCodes Reports Record Third Quarter and Nine-Months Results.YEHUD, Israel--(BUSINESS WIRE)--October 12, 1999-- 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 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 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 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 (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 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders may be obtained, when available, from CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. , 200 Liberty Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 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 (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 and custom modules for OEM customers. AudioCodes is a voice compression Same as speech compression. leader and the key originator 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' customer base includes leading telecom and datacom manufacturers, including 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, HyperCom Corp., Lucent Technologies, Inc., Multitech Systems, Siemens AG Siemens AG German electrical-equipment manufacturer. The first Siemens company, Siemens & Halske, was founded in Berlin in 1847 to build telegraph installations. 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 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 -0- 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. -0-
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
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