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RADCOM Announces Financial Results For Third Quarter And First Nine Months Of 2012

Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader's overall understanding of our financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, our non-GAAP results provide information to both management and investors that is useful in assessing our core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.

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.

 

 
   
                         RADCOM Ltd.
                  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,
                                          2012          2011         2012          2011
                                      (unaudited)    (unaudited)  (unaudited)  (unaudited)
    Sales                               $ 3,030       $ 3,449     $ 12,068      $ 14,983
    Cost of sales                         1,303         1,366        4,566         4,570
    Gross profit                          1,727         2,083        7,502        10,413
    Research and development, gross       1,539         1,457        4,602         4,332
    Less - royalty-bearing participation    411           257        1,141         1,006
    Research and development, net         1,128         1,200        3,461         3,326
    Sales and marketing                   1,964         2,346        6,734         7,246
    General and administrative              438           520        1,449         1,721
    Total operating expenses              3,530         4,066       11,644        12,293
    Operating loss                       (1,803)       (1,983)      (4,142)       (1,880)
    Financing expenses, net                  (7)         (186)        (184)          (88)
    Loss before taxes                    (1,810)       (2,169)      (4,326)       (1,968)
    Taxes                                     -             -        (120)             -
    Net loss                             (1,810)       (2,169)    $ (4,446)       (1,968)
    Basic and Diluted net loss per 
      ordinary share                    $ (0.28)      $ (0.34)    $ ( 0.69)      $ (0.31)
    Weighted average number of
    ordinary shares used in
    computing basic and diluted 
     net loss per ordinary share      6,450,465     6,373,675    6,439,478     6,357,003
                                    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            Nine Months Ended
                          September 30,                September 30,
                      2012            2011         2012            2011
                   (unaudited)     (unaudited)  (unaudited)     (unaudited)
 
    GAAP net loss     $(1,810)        $(2,169)     $(4,446)        $(1,968)
    Stock-based
    compensation(1)       126             195          397             620
    Non-GAAP net
    loss              $(1,684)        $(1,974)     $(4,049)        $(1,348)
    Non-GAAP loss
    per share
    (diluted)          $(0.26)         $(0.31)      $(0.63)         $(0.21)
 
    Number of
    shares used in
    computing
    Non-GAAP loss
    per share
    (diluted)        6,450,465       6,373,675    6,439,478       6,357,003
 
    (1)Stock-based
    compensation:
    Cost of sales            3               6           12              23
    Research and
    development             46              70          144             177
    Selling and
    marketing               41              52          133             197
    General and
    administrative          36              67          108             223
                           126             195          397             620
                                         RADCOM Ltd.
 
                                 Consolidated Balance Sheets
 
                                    (1000's of U.S. dollars)                                                  As of         As of
                                              September 30,  December 31,
 
                                                      2012           2011
                                                (unaudited)
    Current Assets
    Cash and cash equivalents                       $ 1,076       $ 2,901
 
    Restricted cash                                     724             -
 
    Trade receivables, net                            5,035         5,389
    Inventories                                       6,555         6,590
    Other receivables                                 3,858         3,490
    Total Current Assets                             17,248        18,370
    Severance pay fund                                2,885         2,674
    Property and equipment, net                         272           301
    Total Assets                                     20,405        21,345
 
    Liabilities and Shareholders' Equity
    Short term loan and bank credit                     847             -
    Trade payables                                    2,676         2,703
    Deferred revenue                                    817           623
    Other payables and accrued expenses               6,396         4,374
    Total Current Liabilities                        10,736         7,700
    Long-Term Liabilities
    Deferred revenue                                     74           161
    Accrued severance pay                             3,303         3,092
    Total Long-Term Liabilities                       3,377         3,253
 
    Total Liabilities                                14,113        10,953
 
    Shareholders' Equity
 
    Share capital                                       251           250
    Additional paid-in capital                       61,195        60,754
    Accumulated other comprehensive loss               (293)         (197)
    Accumulated deficit                             (54,861)      (50,415)
    Total Shareholders' Equity                        6,292        10,392
 
    Total Liabilities and Shareholders'
    Equity                                         $ 20,405      $ 21,345

 

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