VoIP solutions developer AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) has told "Globes" that it is raising its guidance for 2013, after publishing a net profit and higher revenue for the second quarter of 2013.
AudioCodes says that it will exceed its previous guidance of $133-137 million revenue, and it raised its earnings per share forecast from $0.10-0.14 to $0.12-0.15 ($4.6-5.8 million). The guidance represents 7.5% growth over 2012, and a swing to profit from a net loss last year. The guidance indicates that the company forecasts a stronger second half than first half.
"VoIP is moving forward. In the US, only 12% of businesses have VoIP hook-up, which means that there is strong potential for our products," AudioCodes CFO Guy Avidan told "Globes".
Revenue rose to $33.7 million for the second quarter from $31 million for the corresponding quarter of 2012. GAAP-based net profit was $441,000 ($0.01 per share) for the second quarter, compared with a net loss of $2 million for the corresponding quarter, and non-GAAP net profit was $1 million ($0.03 per share) compared with a net loss of $1.4 million.
Net cash flow from operations was $4.1 million in the second quarter, compared with cash outflow of $4.6 million for the corresponding quarter, and boosting net cash reserves to $39.6 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 30, 2013
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