Profit triples at AudioCodes

Wed. July 30, 2008; Posted: 03:45 PM

Jul 30, 2008 (Globes - McClatchy-Tribune News Service via COMTEX) -- AUDC | Quote | Chart | News | PowerRating -- Jul. 30--VoIP products maker AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC | Quote | Chart | News | PowerRating) last night published its financial report for the second quarter of 2008. GAAP-based net profit totaled $1.6 million ($0.04 per share) more than triple the $457,000 for the preceding quarter and compared with a net loss of $1.4 million for the corresponding quarter of 2007.

The company reported record $45.7 million revenue for the second quarter, up 18.7 percent on the $38.4 million for the corresponding quarter of 2007.

Non-GAAP net profit totaled $3.6 million ($0.09 per share), triple the $1.4 million ($0.03 per share) for the corresponding quarter. Analysts had expected earnings per share to come in at $0.08.

AudioCodes chairman, president and CEO Shabtai Adlersberg said that the company reported its fifth consecutive quarter of sequential growth. "We enjoyed continued momentum in our networking business which grew 10 percent sequentially and over 25 percent year-over-year."

Looking ahead, Adlersberg added that the company's Mediant 1000 Multi-Service Business Gateway (MSBG) gives the company a new market segment. Market researcher In-Stat estimates at $500 million this year and predicted to grow 30 percent annually to above $1 billion by 2011.

AudioCodes had $147.3 million in cash and cash equivalents at the end of June, up from $130.5 million a year earlier, even after buying back 2.8 million for $11.4 million in the first half of 2008.

Before reporting its results, AudioCodes rose 6.9 percent yesterday on Nasdaq to $4.17, giving a market cap of $179 million. The share rose 3.6 percent at the opening on the TASE today.

To see more of Globes or to subscribe to the newspaper, go to http://www.globes.co.il. Copyright (c) 2008, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

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