Lod, Israel – October 30, 2013 – AudioCodes (NasdaqGS: AUDC), a leading provider of converged voice solutions that enable enterprises and service providers to transition to all-IP voice networks, today announced financial results for the third quarter ended September 30, 2013.
Third Quarter Highlights:
Revenues totaled $35.0 million, an 11.7% increase over the year ago quarter 13.4% increase in revenues from the networking business over the year ago quarter GAAP net income was $935,000 or $0.02 per diluted share Non-GAAP net income was $1.8 million or $0.04 per diluted share Net cash provided by operating activities was $1.6 million Revenues for the third quarter of 2013 were $35.0 million, compared to $33.7 million for the second quarter of 2013 and $31.4 million for the third quarter of 2012.
Net income in accordance with U.S. generally accepted accounting principles (GAAP) was $935,000, or $0.02 per diluted share, for the third quarter of 2013, compared to GAAP net income of $441,000, or $0.01 per diluted share, for the second quarter of 2013, and a GAAP net loss of $1.1 million, or ($0.03) per diluted share, for the third quarter of 2012.
Non-GAAP net income for the third quarter of 2013 was $1.8 million, or $0.04 per diluted share, compared to non-GAAP net income of $1.0 million, or $0.03 per diluted share, for the second quarter of 2013, and a non-GAAP net loss of $419,000, or ($0.01) per diluted share, for the third quarter of 2012.
Non-GAAP net income (loss) excludes: (i) stock-based compensation expenses; and (ii) amortization expenses related to intangible assets. A reconciliation of net income (loss) on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.
Net cash provided by operating activities for the third quarter of 2013 totaled $1.6 million. Cash and cash equivalents, bank deposits and marketable securities were $58.0 million as of September 30, 2013 compared to $57.5 million as of June 30, 2013 and $54.1 million as of September 30, 2012.
“We are very pleased to report another quarter of growing revenues and earnings, our fifth consecutive quarter of growth and expansion in our markets for unified communications and business services,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes. “This series of successful quarters illustrates our ability to deliver consistent growth and success that we expect will continue in future years.”
Mr. Adlersberg continued, “In the third quarter of 2013, we made important strides with our One Voice strategic initiative to become a leader in full service, end-to-end voice solutions in our industry. Our ‘One Voice for Lync’ program announced in early 2013 has proven to be effective and successful, and has contributed to our performance in the third quarter. Early in the fourth quarter we have made further progress in the One Voice Initiative by announcing a second program, AudioCodes One Voice for Hosted Services, a program which targets the fast developing market for Hosted PBX Services and SIP Trunking for service providers’ business services market.
Overall, innovation remains the foundation of our growth strategy. Our recent demonstration of the world’s first WebRTC HD call between an internet browser and an IP phone is expected to accelerate the adoption of browser-based real-time voice and video communications. Our ability to tap these opportunities among global carrier and enterprise customers is strengthened by our robust network of international partners which is further enhancing our ability to grow.”