RADVISION Reports Third Quarter 2011 Results
RADVISION® (Nasdaq: RVSN), a leading technology and end-to-end solution provider for unified visual communications, reported today that revenues for the third quarter of 2011 were $17.3 million, in line with the Company’s revised forecast. This compares with $24.5 million in the third quarter of 2010.
For the third quarter of 2011, the operating loss was $7.4 million on a GAAP basis and $5.8 million on a non-GAAP basis. For the third quarter of 2010, the Company reported operating income of $0.5 million on a GAAP basis and $1.6 million on a non-GAAP basis.
The net loss for the third quarter of 2011 was $7.4 million, or $0.40 per diluted share, on a GAAP basis, and $5.8 million, or $0.31 per diluted share, on a non-GAAP basis. This compares with net income of $0.3 million, or $0.02 per diluted share, on a GAAP basis, and $1.6 million, or $0.08 per diluted share, on non-GAAP basis, in the third quarter of 2010.
The non-GAAP amounts in the third quarter of 2011 exclude a payment of $0.8 million to close the Aethra asset acquisition following Italian Court approval and in accordance with the purchase agreement of February 2010. The non-GAAP amounts also exclude $0.4 million for the effects of stock-based compensation expense in accordance with ASC 718, and $0.4 million of expense for amortization of purchased intangibles. The total amount excluded for non-GAAP purposes was $1.6 million, equivalent to $0.09 per diluted share.The non-GAAP amounts in the third quarter of 2010 exclude $0.6 million for the effects of stock-based compensation expense, $0.5 million of expense for amortization of purchased intangibles related to the Aethra acquisition, and a loss of $0.2 million due to the other than temporary impairment of certain Auction Rate Securities. The total amount excluded for non-GAAP purposes was $1.3 million, equivalent to $0.06 per diluted share.
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