"We are emerging from the slowdown that has impacted the telecom industry. This is evidenced in our Q3 bookings which have almost doubled compared to the previous quarter," commented David Ripstein, RADCOM's chief executive officer "however, our product mix has been weighted more heavily towards larger contracts with longer completion cycles and that has delayed revenue recognition. We were unable to recognize the recently announced, $3 million Tier-1 contract in Q3, due to revenue recognition accounting guidelines. This recognition would have significantly improved the quarter results, and also inhibits our goal of being operationally profitable for the second half of this year, however, it will be recognized in the coming quarters. The improved trends in the telecom industry witnessed in the last few months has led to a higher bookings rate. Our customers satisfaction with our products also result in a higher volume of repeat orders from our install base. This will help us attain our goal of moving to profitability, complete work more rapidly and hopefully experience less fluctuation. Our backlog continued to grow, now at $18.5 million, and we are encouraged that we'll deliver a better Q4 to close the year."
Earnings conference call RADCOM's management will hold an interactive conference call today at 9:00 a.m. Eastern Time (15:00 Israel Time) to discuss the results and to answer participants' questions. To join the call, please call one of the following numbers approximately five minutes before the call is scheduled to begin:
From the US (toll-free): + 1-888-668-9141
From other locations: +972-3-918-0609For those unable to listen to the call at the time, a replay will be available from October 24 th on RADCOM's website. About RADCOM RADCOM provides innovative service assurance solutions for communications service providers and equipment vendors. RADCOM specializes in solutions for next-generation networks, both wireless and wireline. RADCOM's comprehensive, carrier-strength solutions are used to prevent service provider revenue leakage and to enable management of customer care. RADCOM's products facilitate fault management, network service performance analysis, troubleshooting and pre-mediation with an OSS/BSS. RADCOM's shares are listed on the NASDAQ Capital Market under the symbol RDCM. For more information, please visit http://www.RADCOM.com. Non-GAAP Information