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AudioCodes Reports Second Quarter 2013 Results

LOD, Israel, July 30, 2013 (GLOBE NEWSWIRE) -- AudioCodes (Nasdaq:AUDC), a leading provider of Voice over IP (VoIP) technologies, products and services, today announced financial results for the second quarter ended June 30, 2013.

Second Quarter Highlights:
  • Revenues for the quarter were $33.7 million, 4.4% increase over the previous quarter
  • 8% sequential increase in our networking business
  • Non-GAAP gross margin was 57.5% (57.0% on a GAAP basis)
  • Non-GAAP net margin was 3% (1% net margin on a GAAP basis)
  • Net cash provided by operating activities were 4.1 million and net cash at the end of the quarter increased to 39.6 million

Revenues for the second quarter of 2013 were $33.7 million, compared to $32.3 million for the first quarter of 2013 and $31.0 million for the second quarter of 2012.

Net income in accordance with U.S. generally accepted accounting principles (GAAP) was $441,000, or $0.01 per diluted share, for the second quarter of 2013, compared to GAAP net income of $71,000, or $0.002 per diluted share, for the first quarter of 2013, and a GAAP net loss of $2.0 million, or ($0.05) per diluted share, for the second quarter of 2012.

Non-GAAP net income for the second quarter of 2013 was $1.0 million, or $0.03 per diluted share, compared to non-GAAP net income of $691,000, or $0.02 per diluted share, for the first quarter of 2013, and a non-GAAP net loss of $1.4 million, or ($0.04) per diluted share, for the second quarter of 2012.

Non-GAAP net income (loss) excludes: (i) stock-based compensation expenses; and (ii) amortization expenses related to intangible assets. A reconciliation of net income (loss) on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.

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