Radvision misses loss guidance

Fri. October 31, 2008; Posted: 12:47 PM

The company posted $21.6 million revenue for the third quarter, 4 percent more than the $20.7 million for the corresponding quarter of 2007. The GAAP-based net loss was $4.5 million ($0.22 per share), compared with a net profit of $200,000 for the corresponding quarter. The non-GAAP net loss was $1.7 million ($0.09 per share), compared with a non-GAAP net profit of $1.6 million ($0.07 per share) for the corresponding quarter.

The difference between the GAAP and the non-GAAP losses are due to a $1.7 million stock-based compensation expense and a $1.1 million non-temporary write down for available-for-sale auction rate securities (ARS). Radvision stated that turmoil in the credit markets in September resulted in a further decline in the valuation of the ARS in its portfolio and led to the unexpected addition to its impairment charge in the third quarter.

Radvision had predicted a GAAP-based net loss of $3.6 million ($0.18 per share) and a non-GAAP net loss of $1.3 million ($0.07 per share) on $21.5 million for the third quarter.

Radvision also cut its guidance for the fourth quarter. It now predicts a GAAP-based net loss of $1.9 million ($0.09 per share) and a non-GAAP net loss of $600,000 ($0.03 per share) on $22.5 million revenue, compared with a loss per share of $0.05 on $23.1 million revenue.

Radvision fell 1 percent in early trading on Nasdaq to $4.75, giving a market cap of $96 million. The share fell 0.1 percent on the TASE to NIS 18.02.

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