VoIP solutions developer AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) boosted its second quarter revenue and profit compared with both the preceding quarter and corresponding quarter of 2009, beating analysts' forecasts.
Revenue rose 20% to $36.5 million for the second quarter from $30.4 million for the corresponding quarter and $34.8 million for the preceding quarter. The analysts' revenue consensus estimate was $35.5 million.
GAAP-based net profit was $2.1 million ($0.05 per share) for the second quarter compared with a net loss of $1.1 million for the corresponding quarter and a net profit of $1.7 million for the preceding quarter.
Non-GAAP net profit more than tripled on a per share basis, to $2.8 million ($0.07 per share) for the second quarter from $614,000 ($0.02 per share) for the corresponding quarter and $2.5 million for the preceding quarter. The company beat the analysts' consensus estimate of $0.06.
Cash flow from operations, however, was halved to $1.6 million for the second quarter from $3.4 million for the corresponding quarter. The company's cash and cash equivalents was also halved to $54.5 million at the end of June from $114.9 million a year earlier, due to a bond buyback. The company bought back $73.1 million in principle value of convertible notes in the fourth quarter of 2009.
Audiocodes chairman, president and CEO Shabtai Adlersberg said, "While we generally enjoyed good industry activity across our core networking business, we also experienced increased activity in the Mobile VoIP area and in SIP Trunking and Session Border Controller applications for the enterprise market segment where we achieved more wins and success compared to previous quarters. These market activities are expanding our addressable markets and should support continued growth in 2010 and beyond."
Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2010
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