RADVISION Reports Better Than Expected First Quarter 2012 Results

RADVISION® (Nasdaq: RVSN), a leading technology and end-to-end solution provider for unified visual communications, reported today that revenues for the first quarter of 2012 were $17.4 million. This compares with revenues of $20.8 million in the first quarter of 2011.

The operating loss for the first quarter of 2012 was $7.5 million on a GAAP basis and $5.5 million on a non-GAAP basis. For the first quarter of 2011, the operating loss was $3.5 million on a GAAP basis, and $2.6 million on a non-GAAP basis.

The net loss for the first quarter of 2012 was $6.7 million, or $0.36 per diluted share, on a GAAP basis, and $5.4 million, or $0.29 per diluted share, on a non-GAAP basis. In the first quarter of 2011, the net loss was $3.3 million, or $0.18 per diluted share, on a GAAP basis, and $2.4 million, or $0.13 per diluted share, on non-GAAP basis.

The non-GAAP amounts in the first quarter of 2012 exclude $1.2 million of merger costs related to the acquisition of RADVISION by Avaya, which was approved by RADVISION shareholders on April 30, 2012. Also excluded are income of $0.6 million for prior year’s tax adjustments, $0.4 million of amortization of purchased intangibles, $0.4 million for the effects of stock-based compensation expense in accordance with ASC 718, and income of $0.1 million due to the other than temporary impairment of certain Auction Rate Securities. The total amount excluded for non-GAAP purposes was $1.2 million, equivalent to $0.07 per diluted share.

The non-GAAP amounts in the first quarter of 2011 exclude $0.5 million of expense for amortization of purchased intangibles, $0.5 million for the effects of stock-based compensation expense, and a loss of $0.01 million due to the other than temporary impairment of certain Auction Rate Securities. The total amount excluded for non-GAAP purposes was $1.0 million, equivalent to $0.05 per diluted share.

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