AudioCodes Reports Fourth Quarter And Full Year 2012 Results

LOD, Israel, Jan. 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 fourth quarter and full year ended December 31, 2012.

Revenues for the fourth quarter of 2012 were $32.8 million, compared to $31.4 million for the third quarter of 2012, and $37.2 million for the fourth quarter of 2011. Revenues were $127.5 million in 2012 compared to $155.8 million in 2011.

Net income in accordance with U.S. generally accepted accounting principles (GAAP) was, $524,000, or $0.01 per diluted share, for the fourth quarter of 2012, compared to a GAAP net loss of $1.1 million, or ($0.03) per diluted share, for the third quarter of 2012, and GAAP net income of $670,000, or $0.02 per diluted share, for the fourth quarter of 2011.

The Company reported a GAAP net loss of $4.2 million, or ($0.11) per diluted share, in 2012 compared to GAAP net income of $7.2 million, or $0.17 per diluted share, in 2011.

Non-GAAP net income for the fourth quarter of 2012 was $1.1 million, or $0.03 per diluted share, compared to a non-GAAP net loss of $419,000, or ($0.01) per diluted share, for the third quarter of 2012, and non-GAAP net income of $1.4 million, or $0.04 per diluted share, for the fourth quarter of 2011.

The Company reported a non-GAAP net loss of $1.5 million, or ($0.04) per diluted share, in 2012 compared to non-GAAP net income of $10.8 million, or $0.26 per diluted share, in 2011.

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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