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MagicJack Reports Second Quarter 2013 Financial Results

  • Total Non-GAAP net revenues of $34.9 million
  • Access rights renewal revenues were $14.1 million, up 33% year-over-year
  • GAAP operating income of $9.6 million, Adjusted EBITDA of $13.8 million
  • GAAP diluted EPS of $0.35, Non-GAAP diluted EPS of $0.67
  • Estimated 3.36 million active subscribers as of quarter-end

WEST PALM BEACH, Fla. and NETANYA, ISRAEL, Aug. 8, 2013 (GLOBE NEWSWIRE) -- magicJack VocalTec Ltd. (Nasdaq:CALL), a leading cloud communications company, today announced financial results for the second quarter ended June 30, 2013.

"The second quarter marks the beginning of a new phase of the Company's growth. The market has responded enthusiastically to the release of the New magicJack Plus and early product sales have been strong," said magicJack VocalTec President and CEO Gerald Vento. "We have a strong balance sheet and a highly efficient business model that generates consistent cash flows. We are in the early stages of expanding our reach both internationally and in mobile. We are confident that the future for the Company looks bright."

Second Quarter 2013 Financial Highlights:
  • Net revenues: Total net GAAP revenues were $32.9 million. After adding back one-time revenue items of $2.0 million during the second quarter of 2013, total non-GAAP net revenues were $34.9 million. Net revenues from the sales of magicJack and magicJack PLUS were $11.2 million and access rights renewal revenues were $14.1 million, an increase of 33% on a year-over-year basis, and accounted for 43% 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 $2.9 million of total net revenues during the second quarter of 2013.
  • Operating income: GAAP operating income for the second quarter of 2013 was $9.6 million, compared to $10.3 million for the second quarter of 2012.
  • Adjusted EBITDA: Adjusted EBITDA was $13.8 million for the second quarter of 2013, an increase of 24% compared to $11.1 million for the second quarter of 2012.
  • Net income: GAAP net income for the second quarter of 2013 was $6.5 million, compared to $10.3 million for the same period last year. GAAP diluted income per share for the second quarter was $0.35, based on 18.6 million weighted-average diluted shares outstanding, compared to $0.50, based on 20.6 million weighted-average diluted shares outstanding, for the same period last year. GAAP net income during the second quarter of 2013 includes one-time items of $2.7 million. In addition, the second quarter of 2013 includes $3.3 million in tax expense compared to $19,000 during the second quarter of 2012, which reflects the company's current projected effective 2013 tax rate of approximately 34.6%.
  • Non-GAAP net income: Non-GAAP net income for the second quarter of 2013 was $12.4 million, compared to $10.6 million for the second quarter of 2012. Non-GAAP net income per diluted share for the second quarter was $0.67, based on 18.6 million weighted-average diluted shares outstanding, compared to $0.51 per diluted share, based on 20.6 million weighted-average diluted shares outstanding, for the same period last year.
  • Cash and free cash flow: As of June 30, 2013, magicJack VocalTec had cash, cash equivalents and marketable securities of $48.6 million. For the first six months the Company generated $18.4 million in free cash flow, after giving effect to estimated tax payments of $10.2 million, executive severance payments of approximately $0.8 million, and $0.9 million for the legal settlement of a patent issue.

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."

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