AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) president and Shabtai Adlersberg predicts strong growth in 2014, after the company reported its sixth consecutive quarter of growth today.
AudioCodes' share price jumped 6.1% in premarket trading on Nasdaq today, following the publication of the financial results, to $7.32, giving a market cap of $270 million. The share price rose 2.6% by mid-afternoon on the TASE to NIS 25.60.
Fourth quarter revenue rose 10.5% to $36.3 million from $32.8 million for the corresponding quarter of 2012. GAAP-based net profit rose fivefold to $2.8 million ($0.07 per share) for the fourth quarter from $524,000 for the corresponding quarter, and non-GAAP net profit rose to $1.9 million ($0.05 per share) from $1.1 million.
Full-year revenue rose to $137.2 million in 2013 compared to $127.5 million in 2012. GAAP-based net profit was $4.2 million ($0.11 per share) in 2013, compared with a net loss $4.2 million in 2012, and non-GAAP net profit was $5.3 million ($0.14 per share), compared with a net loss of $1.5 million.
Cash flow from operations was $5.6 million in the fourth quarter, and cash and cash equivalents rose to $62.2 million at the end of 2013 from $58.5 million a year earlier.
"AudioCodes fourth quarter 2013 performance was underlined by strong sequential growth of sales in the Microsoft Lync voice segment and growth in sales of session border controller products," said Adlersberg. "We also achieved better than anticipated increase in our services revenues in 2013. This business momentum drove better fourth quarter operating margin and cash flow contribution from operations. Investments made with our global partners over the past few years continue to contribute to our sustained growth and leadership in the voice networking business. These investments, coupled with increased focus on software products, solutions and services, are expected to provide further strength and support to our expected success in coming years."
Adlersberg added, "As we look ahead to 2014, AudioCodes stands well positioned to extend its leadership in wide-area voice networking solutions and services for the fast growing segments of unified communications, business services and contact centers."
Published by Globes [online], Israel business news - www.globes-online.com - on January 29, 2014
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