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RADCOM Accelerates Momentum In Q4: Q4 Sales Reach $7M, 2011 Sales Reach $22M

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.


                                      Condensed Consolidated Statements of Operations
                                (1000's of U.S. dollars, except share and per share data)   
                                      Three months ended        Twelve months ended
                                         December 31,               December 31,
                                      2011         2010         2011          2010
                                  (unaudited)  (unaudited)  (unaudited)   (unaudited)
    Sales                           $ 7,004      $ 5,363     $ 21,987       $ 19,173
    Cost of sales                     2,110        1,901        6,680          6,486
    Gross profit                      4,894        3,462       15,307         12,687
    Research and development,
    gross                             1,534        1,111        5,866          4,310
    Less - royalty-bearing 
    participation                       229          283        1,235          1,424
    Research and development, net     1,305          828        4,631          2,886
    Sales and marketing               2,716        2,048        9,962          6,971
    General and administrative (1)      513          547        2,234          1,538
    Total operating expenses          4,534        3,423       16,827         11,395
    Operating income (loss)             360           39       (1,520)         1,292
    Financing income (expenses), net   (296)          39         (384)          (722)
    Net income (loss)                    64           78       (1,904)           570
    Basic net income (loss) per 
    ordinary                         $ 0.01       $ 0.01      $ (0.30)        $ 0.11
    Diluted net income (loss) per 
    ordinary share                   $ 0.01       $ 0.01      $ (0.30)        $ 0.10
    Weighted average number of
    ordinary shares used in
    computing basic net income
    (loss) per ordinary share     6,398,885    6,049,678    6,367,560      5,373,515
    Weighted average number of
    ordinary shares used in
    computing diluted net income
    (loss) per ordinary share     6,708,515    6,592,961    6,367,560      5,947,310

(1) Includes a decrease of $269,000 and $595,000 in allowance for doubtful accounts for the three month period and for the twelve month period ended December 31, 2010, respectively.


                                               RADCOM Ltd.
                        RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
                        (1000's of U.S. dollars, except share and per share data)


                            Three Months Ended           Twelve Months Ended
                                December 31,                 December 31,
                           2011            2010         2011            2010
                       (unaudited)     (unaudited) (unaudited)     (unaudited)
 
    GAAP net
    income (loss)          $64             $78      $(1,904)            $570
    Stock-based
    compensation
    (1)                    204             422          824              564
    Change in fair
    value of
    warrants                 -               -            -              524
    Non-GAAP net
    income (loss)         $268            $500      $(1,080)          $1,658
    Non-GAAP
    earnings
    (loss) per
    share
    (diluted)            $0.04           $0.08       $(0.17)           $0.28
 
    Number of
    shares used in
    computing
    Non-GAAP
    earnings
    (loss) per
    share
    (diluted)        6,708,515       6,592,961    6,367,560        5,947,310
 
    (1)
    Stock-based
    compensation:
    Cost of sales            4               1           27                5
    Research and
    development             41               2          218               10
    Selling and
    marketing               34               4          231               36
    General and
    administrative         125             415          348              513
                           204             422          824              564
                                  RADCOM Ltd.
                          Consolidated Balance Sheets
                           (1000's of U.S. dollars) 

                                                     As of            As of
                                                December 31,      December 31,
 
                                                      2011             2010
                                                 (unaudited)
    Current Assets
    Cash and cash equivalents                        2,901            5,744
    Trade receivables, net                           5,389            6,851
    Inventories                                      6,590            3,949
    Other receivables                                3,490            1,708
    Total Current Assets                            18,370           18,252
    Severance pay fund                               2,674            2,796
    Property and equipment, net                        301              338
    Total Assets                                    21,345           21,386
 
    Liabilities and Shareholders' Equity
    Current Liabilities
    Trade payables                                   2,703            2,759
    Deferred revenue                                   623              451
    Other payables and accrued expenses              4,374            3,898
    Total Current Liabilities                        7,700            7,108
    Long-Term Liabilities
    Deferred revenue                                   161              221
    Accrued severance pay                            3,092            3,154
    Total Long-Term Liabilities                      3,253            3,375
 
    Total Liabilities                               10,953           10,483
 
    Shareholders' Equity
    Share capital                                      250              234
    Additional paid-in capital                      60,557           59,180
    Accumulated deficit                            (50,415)         (48,511)
    Total Shareholders' Equity                      10,392           10,903
 
    Total Liabilities and Shareholders'
    Equity                                          21,345           21,386

Contact: Gilad Yehudai CFO +972-77-774-5060 gilady@radcom.com

SOURCE RADCOM Ltd

Stock quotes in this article: RDCM 
Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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