(Nasdaq:VOCL) today reported that its first quarter revenues slid compared with the fourth quarter of 2000. But they grew against the comparable quarter of 2000 by 34%.
First-quarter 2001 revenues of $11.2 million, representing a decrease of 9% from $12.3 million in the fourth quarter of 2000, and an increase of 34% over $8.3 million in the first quarter of 2000.
Vocaltec lost a net $6.7 million, or 55 cents per share, compared with losing $6.1 million in the first quarter of 2000, or 51 cents per share.
Its net loss excludes an after-tax gain of $48.7 million, or $3.55 per basic and $3.04 per diluted share, resulting from the sale of ITXC Corp. shares.
Vocaltec business president Ira Palti described ordering patterns by certain customers, mainly in the United States, as "cautious". Certain deals slid into the second quarter, he said.
But Vocaltec said that sales to Asia increased substantially in the first quarter, and that Europe remained a good contributor.
On the future, the company turns cagey. Visilibity is extremely low, it said, but the company has taken cost-reduction measures that will result in a restructuring charge in the second quarter of approximately $1.7 million to $2.2 million. Its restructuring effort includes reducing its workforce by 16%, or 63 people.