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GAAP Operating income of $15.2 million, Adjusted EBITDA of $15.6 million
GAAP Diluted EPS of $0.51, non-GAAP Diluted EPS of $0.78
FY 2013 net revenues projected to be in the range of $155 and $160 million
FY 2013 Adjusted EBITDA projected to be in the range of $52 and $55 million
Currently has an estimated 3.27 million active subscribers
WEST PALM BEACH, Fla. and NETANYA, Israel, May 9, 2013 (GLOBE NEWSWIRE) -- magicJack VocalTec Ltd. (Nasdaq:CALL), a cloud communications leader that invented voice over IP (VoIP) technology, today announced financial results for the first quarter ended March 31, 2013.
"We had a strong first quarter highlighted by substantial increase in our profitability and free cash flow," said magicJack VocalTec President and CEO Gerald Vento. "We ended the quarter with a strong balance sheet evidenced by the $48.9 million in cash and marketable securities and no debt. We remain on track to launch the new magicJack PLUS as scheduled toward the latter half of the second quarter, and are issuing strong financial guidance for the full year. Looking forward, we remain committed to product innovation and continue to believe that our technology advantage and efficient cost structure position us well to grow market share."
First Quarter 2013 Financial Highlights:
Net revenues: Total net revenues was $36.9 million. After adjusting for one-time revenue items in Q1 2012 totaling $4.0 million, total net revenues increased 10% year-over-year. Net revenues from the sales of magicJack and magicJack PLUS were $15.0 million and access rights renewal revenues were $13.5 million, an increase of 32% on a year-over-year basis, and accounted for 37% of total net revenues. Prepaid minute revenues were $3.2 million and access and wholesale charges were $1.5 million during the quarter. Other revenue contributed the remaining $3.6 million of total net revenues during the first quarter of 2013.
Operating income: GAAP operating income for the first quarter was $15.2 million, compared to $5.8 million for the first quarter of 2012.
Adjusted EBITDA: Adjusted EBITDA was $15.6 million for the first quarter, an increase of 323% compared to $3.7 million for the first quarter of 2012.
Net income: GAAP net income for the first quarter was $9.6 million, compared to $8.2 million for the same period last year. GAAP diluted income per share for the first quarter was $0.51, based on 18.7 million weighted-average diluted shares outstanding, compared to $0.39, based on 21.2 million weighted-average diluted shares outstanding, for the same period last year.
Non-GAAP Net income: Non-GAAP net income for the first quarter was $14.5 million, compared to $3.2 million for the first quarter of 2012. Non-GAAP net income per diluted share for the first quarter was $0.78 compared to $0.15 per diluted share for the same period last year.
Cash and Free cash flow: As of March 31, 2013, magicJack VocalTec had cash, cash equivalents and marketable securities of $48.9 million, an increase of $10.5 million from the end of the prior quarter. During the first quarter of 2013, the company generated $16.5 million in free cash flow, which was offset by the use of $5.7 million in cash for the repurchase of ordinary shares.
A reconciliation of GAAP to non-GAAP financial measures, as well as the calculation of free cash flow has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."