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AudioCodes Reports Fourth Quarter And Full Year 2010 Results

LOD, Israel, Jan. 26, 2011 (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 fourth quarter and full year 2010, ended December 31, 2010.

Revenues for the fourth quarter of 2010 were $40.5 million compared to $38.3 million for the third quarter of 2010 and $34.2 million for the fourth quarter of 2009. Revenues were $150.0 million in 2010 compared to $125.9 million in 2009.

Net income in accordance with U.S. generally accepted accounting principles (GAAP) was $5.4 million, or $0.13 per diluted share, for the fourth quarter of 2010 compared to GAAP net income of $2.9 million, or $0.07 per diluted share, for the third quarter of 2010, and GAAP net income of $1.2 million, or $0.03 per diluted share, for the fourth quarter of 2009. During 2010, the Company recorded a non-cash tax benefit of $2.3 million, equivalent to $0.06 per diluted share, due to deferred tax.

The Company reported GAAP net income of $12.0 million, or $0.30 per diluted share, in 2010 compared to a GAAP net loss of $3.3 million, or ($0.07) per share, in 2009.

Non-GAAP net income for the fourth quarter of 2010 was $4.5 million, or $0.11 per diluted share, compared to non-GAAP net income of $3.6 million, or $0.09 per diluted share, for the third quarter of 2010, and non-GAAP net income of $2.5 million, or $0.06 per diluted share, for the fourth quarter of 2009.

Non-GAAP net income excludes (i) stock-based compensation expenses, (ii) amortization expenses related to intangible assets, (iii) for the 2009 period, an adjustment to expenses related to the Company's Senior Convertible Notes due to application of FASB Staff Position APB 14-1, and (iv) a non-cash deferred tax income. Almost all of the Company's Senior Convertible Notes were repurchased in November 2009. 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.

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