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RADCOM Returns To Positive Momentum In Q4: Revenues Of $5.2M Returns Company To Operating Profit (Non-GAAP); Strong Bookings Build Backlog To $20M

Stocks in this article: RDCM

RADCOM Ltd.

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,
                                 2012               2011         2012              2011
                              (Unaudited)        (Unaudited)  (Unaudited)        (Audited)

    Sales                        $ 5,152            $ 7,004     $ 15,786         $ 21,987
    Cost of sales                  1,842              2,110        6,182            6,680
    Gross profit                   3,310              4,894        9,604           15,307
    Research and 
      development, gross           1,500              1,534        6,102            5,866
    Less - royalty-bearing 
      participation                  427                229        1,567            1,235
    Research and development, 
      net                          1,073              1,305        4,535            4,631
    Sales and marketing            1,781              2,716        8,515            9,962
    General and administrative       657                513        2,107            2,234
    Total operating expenses       3,511              4,534       15,157           16,827
    Operating income (loss)         (201)               360       (5,553)          (1,520)
    Financing expenses, net         (131)              (296)        (314)            (384)
    Taxes on Income                    -                  -         (120)               -
    Net income (loss)               (332)                64       (5,987)          (1,904)
    Basic net income (loss) 
      per ordinary Share         $ (0.05)            $ 0.01      $ (0.93)         $ (0.30)
    Diluted net income 
      (loss) per ordinary share  $ (0.05)            $ 0.01      $ (0.93)         $ (0.30)
    Weighted average number of
    ordinary shares used in
    computing basic net income
    (loss) per ordinary share  6,449,780          6,398,885    6,442,068        6,367,560
    Weighted average number of
    ordinary shares used in
    computing diluted net income
    (loss) per ordinary share  6,449,780          6,708,515    6,442,068        6,367,560

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,
                      2012            2011         2012            2011
                   (Unaudited)     (Unaudited)  (Unaudited)     (Unaudited)
 
    GAAP net
    income (loss)       $(332)         $64         $(5,987)        $(1,904)
    Stock-based
    compensation
    (1)                   274          204             672             824
    Non-GAAP net
    income (loss)        $(58)        $268         $(5,315)        $(1,080)
    Non-GAAP
    earnings
    (loss) per
    share
    (diluted)          ($0.01)       $0.04          $(0.83)         $(0.17)
 
    Number of
    shares used in
    computing
    Non-GAAP
    earnings
    (loss) per
    share
    (diluted)        6,449,780    6,708,515       6,442,068      6,367,560
 
    (1)
    Stock-based
    compensation:
    Cost of sales            1           4               14             27
    Research and
    development             61          41              205            218
    Selling and
    marketing               33          34              167            231
    General and
    administrative         179         125              286            348
                           274         204              672            824
                                  RADCOM Ltd.
 
                          Consolidated Balance Sheets
 
                           (1000's of U.S. dollars)
                                                 As of            As of
                                              December 31,     December 31,
 
                                              2012             2011
                                              (Unaudited)       (Audited)
    Current Assets
    Cash and cash equivalents                        1,474            2,901
    Short term deposits                              1,452                -
    Trade receivables, net                           3,292            5,389
    Inventories                                      6,736            6,590
    Other receivables                                2,685            3,490
    Total Current Assets                            15,639           18,370
    Severance pay fund                               3,090            2,674
    Property and equipment, net                        268              301
    Total Assets                                    18,997           21,345
 
    Liabilities and Shareholders' Equity
    Current Liabilities
    Short term bank credit                           1,058                -
    Short term loans                                 1,527                -
    Trade payables                                   1,920            2,703
    Employee and payroll accruals                    2,018            2,087
    Deferred revenue and advances from
    customers                                        2,100              894
    Other payables and accrued expenses              1,822            2,016
    Total Current Liabilities                       10,445            7,700
    Long-Term Liabilities
    Deferred revenue                                    37              161
    Accrued severance pay                            3,518            3,092
    Total Long-Term Liabilities                      3,555            3,253
 
    Total Liabilities                               14,000           10,953
 
    Shareholders' Equity
    Share capital                                      251              250
    Additional paid-in capital                      61,469           60,754
    Accumulated other comprehensive loss              (322)            (197)
    Accumulated deficit                            (56,401)         (50,415)
    Total Shareholders' Equity                       4,997           10,392
 
    Total Liabilities and Shareholders'
    Equity                                          18,997           21,345

Contact: Gilad Yehudai CFO +1(972) 77-774-5060 gilady@radcom.com

SOURCE Radcom Ltd

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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