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AudioCodes Reports Second Quarter 2010 Financial Results

LOD, Israel, July 28, 2010 (GLOBE NEWSWIRE) -- AudioCodes Ltd. (Nasdaq:AUDC), a leading provider of Voice over IP (VoIP) technologies and Voice Network products, today announced financial results for the second quarter 2010, ended June 30, 2010.

Revenues for the second quarter 2010 were $36.5 million compared to $34.8 million for the first quarter of 2010 and $30.4 million for the second quarter of 2009.

Net income in accordance with U.S. generally accepted accounting principles (GAAP) was $2.1 million, or $0.05 per share, for the second quarter of 2010 compared to GAAP net income of $1.7 million, or $0.04 per share, for the first quarter of 2010, and a GAAP net loss of $1.1 million, or ($0.03) per share, for the second quarter of 2009.

Non-GAAP net income for the second quarter of 2010 was $2.8 million, or $0.07 per diluted share, compared to $2.5 million, or $0.06 per diluted share, for the first quarter of 2010 and $614,000, or $0.02 per diluted share, for the second quarter of 2009.

Non-GAAP net income excludes (i) stock-based compensation expenses, (ii) amortization expenses related to intangible assets, and (iii) an adjustment to expenses related to the Company's Senior Convertible Notes due to implementation of FASB Staff Position APB 14-1. A reconciliation between net income on a GAAP basis and non-GAAP net income is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.

During the second quarter of 2010, AudioCodes generated $1.6 million in cash from operating activities compared to $3.4 million in the second quarter of 2009.

Cash and cash equivalents, short-term and long-term deposits and short-term marketable securities were $54.5 million as of June 30, 2010, compared to $54.7 million as of March 31, 2010 and $114.9 million as of June 30, 2009. The year-over-year decline in this amount was attributable to the repurchase of approximately $73.1 million in principal amount of the Company's Senior Convertible Notes in the fourth quarter of 2009, offset, in part, by cash provided by operating activities.

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