Radcom Ltd. (Nasdaq: RDCM) today published its financial report for the third quarter of 2009. The company boosted revenue compared with the first half of the year, although it has not yet returned to the levels of 2008, and it further narrowed its losses. Radcom develops test and service monitoring solutions for communications service providers and equipment vendors.
Radcom posted $3.1 million revenue for the third quarter, down from $4.4 million for the corresponding quarter of 2008, but 19% more than the $2.6 million for the preceding quarter and 54% more than for the first quarter of 2009.
GAAP based net loss narrowed 64% to $394,000 ($0.08 per share) for the third quarter from $1.1 million for the corresponding quarter, and was 54% less than the $856,000 net loss for the preceding quarter. The company attributed the decline in net loss to cost-cutting measures and higher sales.
Non-GAAP net loss was down two-thirds to $317,000 ($0.06 per share) for the third quarter from $1 million for the corresponding quarter, and down less than half the $783,000 for the preceding quarter.
Radcom president and CEO David Ripstein said, "Despite slow sales cycles that continue to characterize our target markets, we continue to build forward momentum. This, together with the significant backlog that we built over the past year, confirms that we are working from a stable basis and according to a sound strategy." He added, "We are confident that our strategy of ongoing investment in developing regions, technology and customer satisfaction will enable us to continue improving our results as global telecommunication markets recover and develop."
Radcom's share closed at $2.45 on Nasdaq on Friday, giving a market cap of $10 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2009
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