Commenting on the results, David Ripstein, RADCOM's CEO, said, "We are pleased to report that we have returned to significant forward momentum, with our results benefitting from the market's strong need for Customer Experience solutions in an era of unprecedented network congestion."
"The quarter was another period of exceedingly strong bookings, especially from existing Tier-One customers, who have already received significant value from our Customer Experience solutions. In fact, we now have an active customer base of over 60 customers, many of whom continue to build new capabilities into their RADCOM deployments as they roll out new LTE networks and next-generation services. We are particularly excited by their initial reaction to our new QiSolve offering, a powerful SON (Self Organizing Network)-type solution that automatically identifies cell congestion in real time and intelligently helps to optimize network efficiency. This emerging market area has recently received confirmation through a major acquisition carried out by one of the industry's largest networks players, and we believe it can become a future growth driver to RADCOM as well."
Mr. Ripstein continued, "Equally important, our business continues to migrate to quality. With a higher proportion of sales from top-tier and repeat customers, we have been able to achieve better payment terms on average, and to accelerate the revenue recognition process in many cases. This, together with the cost reductions that we have achieved over the past three quarters, enables us to project accelerated growth in the year to come."
"As such, we are very optimistic as we move into 2013. With a near-record backlog, high-potential new products, stronger-than-ever interest in our solutions, a smooth-working global organization and a lean operating model, we are positioned to generate significant top-line and bottom-line growth in 2013 and beyond."Results for the Full Year 2012: For the full year 2012, the Company's revenues totaled $15.8 million compared with $22.0 million for 2011. The decline reflected the effect of the market slowdown on the Company's performance throughout 2012, countered partially by its return to growth during the fourth quarter. The Company reported a net loss for 2012 of $(6.0 million), or $(o.93) per ordinary share (basic and diluted), compared with $(1.9 million), or $(o.30) per ordinary share (basic and diluted), for 2011. Non-GAAP net loss for 2012 was $(5.3 million), or $(0.83) per diluted share, compared with $(1.1 million), or ( $(0.17) diluted per share for 2011. The Company revised its operating results for the quarter ended March 31, 2012, reducing the revenues related primarily to a sale to a distributor which was subsequently put on hold by the distributor's end-customer for reasons unrelated to RADCOM. The effect of the adjustment was to reduce the revenue for the first quarter of the year by $1.4 million to $4.2 million and to increase the period's net loss by $1.2 million to $2.0 million. All comparative information in this release is on a revised basis. Earnings Conference Call RADCOM's management will hold an interactive conference call today at 9:00 AM Eastern Time (16:00 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