Risks Regarding Forward-Looking Statements
Certain statements made herein that use words such as "estimate," "project," "intend," "expect," "'believe", "may", "might", "predict", "potential", "anticipate", "plan" or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in the demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company's business, reference is made to the Company's reports filed from time to time with the United States Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.
Consolidated Statements of Operations (1000's of U.S. dollars, except share and per share data)
Three months ended Nine months ended September 30, September 30, 2011 2010 2011 2010 (unaudited) (unaudited) (unaudited) (unaudited) Sales $ 3,449 $ 4,812 $ 14,983 $ 13,810 Cost of sales 1,366 1,573 4,570 4,585 Gross profit 2,083 3,239 10,413 9,225 Research and development, gross 1,457 1,114 4,332 3,199 Less - royalty-bearing participation 257 380 1,006 1,141 Research and development, net 1,200 734 3,326 2,058 Sales and marketing 2,346 1,827 7,246 4,923 General and administrative (1) 520 358 1,721 991 Total operating expenses 4,066 2,919 12,293 7,972 Operating income (loss) (1,983) 320 (1,880) 1,253 Financing income (expenses), net (186) 41 (88) (761) Net income (loss) (2,169) 361 (1,968) 492 Basic net income (loss) per ordinary share $ (0.34) $ 0.07 $ (0.31) $ 0.10 Diluted net income (loss) per ordinary share $ (0.34) $ 0.06 $ (0.31) $ 0.09 Weighted average number of ordinary shares used in computing basic net income (loss) per ordinary share 6,373,675 5,218,847 6,357,003 5,145,651 Weighted average number of ordinary shares used in computing diluted net income (loss) per ordinary share 6,373,675 5,837,570 6,357,003 5,594,547
(1) Includes a decrease of $120,000 in allowance for doubtful accounts for the three month period ended September 30, 2010, and a decrease of $326,000 in allowance for doubtful accounts for the nine month period ended September 30, 2010.
RADCOM Ltd.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
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