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RADVISION Reports Third Quarter 2011 Results - RADVISION® (Nasdaq: RVSN), a leading technology and end-to-end solution provider for unified visual communications, reported that revenues for the third quarter of 2011 were $17.3 million, in line with the Company’s revised forecast - RADVISION.com
RADVISION Reports Third Quarter 2011 Results

 

NewswireToday - /newswire/ - Tel Aviv, Israel, 2011/10/27 - RADVISION® (Nasdaq: RVSN), a leading technology and end-to-end solution provider for unified visual communications, reported that revenues for the third quarter of 2011 were $17.3 million, in line with the Company’s revised forecast - RADVISION.com. NASDAQ: RVSN

   
 
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- Revenues Are $17.3 Million;
- GAAP Net Loss Is $0.40 per Diluted Share;
- Non-GAAP Net Loss Is $0.31 per Diluted Share.

This compares with $24.5 million in the third quarter of 2010.

For the third quarter of 2011, the operating loss was $7.4 million on a GAAP basis and $5.8 million on a non-GAAP basis. For the third quarter of 2010, the Company reported operating income of $0.5 million on a GAAP basis and $1.6 million on a non-GAAP basis.

The net loss for the third quarter of 2011 was $7.4 million, or $0.40 per diluted share, on a GAAP basis, and $5.8 million, or $0.31 per diluted share, on a non-GAAP basis. This compares with net income of $0.3 million, or $0.02 per diluted share, on a GAAP basis, and $1.6 million, or $0.08 per diluted share, on non-GAAP basis, in the third quarter of 2010.

The non-GAAP amounts in the third quarter of 2011 exclude a payment of $0.8 million to close the Aethra asset acquisition following Italian Court approval and in accordance with the purchase agreement of February 2010. The non-GAAP amounts also exclude $0.4 million for the effects of stock-based compensation expense in accordance with ASC 718, and $0.4 million of expense for amortization of purchased intangibles. The total amount excluded for non-GAAP purposes was $1.6 million, equivalent to $0.09 per diluted share.

The non-GAAP amounts in the third quarter of 2010 exclude $0.6 million for the effects of stock-based compensation expense, $0.5 million of expense for amortization of purchased intangibles related to the Aethra acquisition, and a loss of $0.2 million due to the other than temporary impairment of certain Auction Rate Securities. The total amount excluded for non-GAAP purposes was $1.3 million, equivalent to $0.06 per diluted share.

For the third quarter of 2011, total revenues consisted of $13.4 million for the Video Business Unit (VBU) and $3.9 million for the Technology Business Unit (TBU). This compares with $20.6 million for the VBU and $3.9 million for the TBU reported in the third quarter of 2010.

The Company’s revised forecast for the third quarter of 2011, reported on October 5, 2011, was for revenues of approximately $17.0 million to $17.5 million and a net loss of $0.35 to $0.39 per diluted share on a GAAP basis, and $0.30 to $0.34 per diluted share on a non-GAAP basis.

The reconciliation between GAAP net income and Non-GAAP net income is provided in the tables at the end of this release.

The Company ended the third quarter of 2011 with approximately $92.4 million in cash and liquid investments, equivalent to $5.01 per basic share, a decrease of $8.9 million from June 30, 2011. The decrease reflects $5.5 million used in operating activities, a payment of $2.4 million for the purchase of the assets of Aethra of which $0.8 million was expensed, the use of $0.4 million to repurchase 75,146 Company shares, and $0.7 million for capital expenditures offset by $0.1 million received from the exercise of options.

Boaz Raviv, Chief Executive Officer, commented: “Our third quarter revenues were in line with our revised forecast, but below our original plan. While our TBU had a solid quarter, the performance of our VBU was lower than expected as the demand for video is being impacted more than expected by the weakening macro conditions and a very competitive environment. Despite these challenges, our VBU achieved major competitive wins in the quarter based on the advantages of our technology and of our end-to-end solution.

“Over the past year, we have executed a strategic plan built on advancing our technology leadership, expanding the market penetration of our end-to-end solution and growing our channel network. We have made progress in all these areas, but we are committed to doing more in order to replace former-OEM revenues and return to growth. An important next step in our plan is to resume sequential top-line growth. Our target is to do so as soon as possible.”

Guidance
The following statements are forward-looking, and actual results may differ materially.
The Company expects to report revenues for the fourth quarter of 2011 of approximately $18.0 million and a net loss of approximately $6.8 million, or $0.37 per diluted share, on a GAAP basis, and $5.7 million, or $0.31 per diluted share, on a non-GAAP basis. The non-GAAP amount excludes stock-based compensation expense of about $0.7 million in accordance with ASC 718 and amortization of purchased intangible assets of $0.4 million. That compares to revenues in the fourth quarter of 2010 of $26.6 million and net income of $1.4 million, or $0.07 per diluted share, on a GAAP basis, and $2.9 million, or $0.16 per diluted share, on a non-GAAP basis. The non-GAAP amount in the 2010 fourth quarter excludes stock-based compensation expense of $0.8 million, $0.5 million of expense for amortization of purchased intangibles and $0.3 million of restructuring expenses both related to the acquisition of certain assets of the Aethra group, and a loss of $0.03 million due to the other than temporary impairment of certain Auction Rate Securities. (Full details of the Company’s forecast are available on the Company’s website.)

GAAP versus NON-GAAP Presentation
To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company uses non-GAAP measures of operating results, net income and earnings per share, which are adjusted from results based on GAAP to exclude the Aethra assets purchase agreement payment, net profit and loss from other than temporary impairment of available-for-sale marketable securities, the expenses recorded for stock compensation in accordance with ASC 718, an increase in valuation allowance for tax assets, net, amortization of purchased intangibles, acquisition-related costs and acquisition-related restructuring expenses, net. These non-GAAP financial measures are provided to enhance overall understanding of the current financial performance and prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management, and investors as these non-GAAP results exclude the Aethra assets purchase agreement payment, other than temporary impairment of available-for-sale marketable securities, the expenses recorded for stock compensation in accordance with ASC 718, an increase in valuation allowance for tax assets, net, amortization of purchased intangibles, acquisition-related costs and acquisition-related restructuring expenses, net that the Company believes are not indicative of the core operating results. Further, these non-GAAP results are one of the primary indicators management uses for assessing the Company's performance, allocating resources and planning and forecasting future periods. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. These non-GAAP measures may be different from the non-GAAP measures used by other companies.

Third Quarter 2011 Earnings Conference Call/Webcast
RADVISION will hold a conference call to discuss its third quarter 2011 results and fourth quarter 2011 outlook, today, Thursday, October 27, at 9:00 am. (Eastern). To access the conference call, please dial 1-877-601-3546 (International dialers may call +1-210-839-8500) by 8:50 am. (Eastern). The passcode “RADVISION” will be required to access the live conference call. A live webcast of the conference call also will be available on the Company's website and archived on the site until the next quarter. Simply click on the following link or copy it onto your browser: radvision.com/Corporate/Investors/FinancialReports/. A replay of the call will be available beginning approximately one hour after the conclusion of the call through 11:00 pm. (Eastern) on November 3rd. To access the replay, please dial 1-866-373-4994 (International dialers may call +1-203-369-0274).
The PowerPoint presentation highlighting key financial metrics as well as the fourth quarter 2011 estimate also will be available in the Investor Relations section of the Company’s website. The presentation will be available beginning at 8:00 am. (Eastern) on October 27th and will be archived on the website until the end of the fourth quarter.

About RADVISION
RADVISION (radvision.com) is the industry’s leading provider of market-proven products and technologies for unified Visual Communications over IP, 3G and IMS networks. With its complete set of standards-based video communications solutions and developer toolkits for voice, video, data and wireless communications, RADVISION is driving the Unified Communications evolution by combining the power of video, voice, data and wireless – for high definition Video Conferencing Systems, innovative converged mobile services, and highly scalable video-enabled desktop platforms on IP, 3G and emerging next-generation IMS networks. To gain additional insights into our products, technology and opinions, visit blog.radvision.com/.

This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, our ability to integrate the Aethra video assets into our product offerings, general business conditions in the industry, changes in demand for products, the timing and amount or cancellation of orders and other risks detailed from time to time in RADVISION’s filings with the Securities Exchange Commission, including its Annual Report on Form 20-F. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

 
 
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Written by / Agency / Source: Radvision Ltd

 
 

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RADVISION Reports Third Quarter 2011 Results

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Publisher Contact: RADVISION.com 
+972-3-767-9300 info[.]radvision.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Radvision Ltd securities in any jurisdiction including any other companies listed or named in this release.

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