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AudioCodes posted $32.1 million revenue for the third quarter, down from $46.6 million for the corresponding quarter of 2008, but higher than the $30.4 million for the second quarter. Analysts had expected about $31.2 million revenue.
GAAP-based net profit was $139,000 ($0.01 per share) for the third quarter, less than the $2.3 million for the corresponding quarter, but better than the net loss of $891,000 for the second quarter.
Non-GAAP net profit was $1.6 million ($0.04 per share) for the third quarter, down from $4.8 million for the corresponding quarter, but more than double the $614,000 for the preceding quarter. The company beat the analysts' consensus of earnings per share of $0.03.
AudioCodes cash flow from operations rose to $5.6 million for the third quarter from $193,000 for the corresponding quarter and $3.5 million for the preceding quarter.
AudioCodes had $116.4 million in cash and cash equivalents at the end of September, down from $158.7 million a year earlier, mainly because of the company's program to buy back convertible notes.
AudioCodes chairman, president and CEO Shabtai Adlersberg noted the sequential improvement in revenue and profit, as well as the company's growing cash flow and orders backlog. "Throughout the third quarter and into the beginning of the fourth quarter of 2009, we have witnessed a healthy VoIP market and increased partner and customer activities in both the enterprise and service provider markets," he said.
AudioCodes' share rose 4.7 percent on Nasdaq yesterday to $2.69, giving a market cap of $108 million. The share rose 5.7 percent by mid-afternoon on the TASE today to NIS 10.05.
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