TEL-AVIV, Israel, May 10, 2016 /PRNewswire/ -- RADCOM Ltd.
(NASDAQ: RDCM) today reported its financial results for the
first quarter ended March 31,
2016.
In $
thousands
|
Q1
2016
|
Q1
2015
|
YOY
Change
|
Q4
2015
|
Revenues
|
$6,547
|
$6,354
|
3.0%
|
$2,715
|
Gross
margin
|
74.1%
|
82.2%
|
-
|
58.1%
|
Net profit
(loss) (non-GAAP)
|
$1,340
|
$821
|
63%
|
$(1,606)
|
Net profit
(loss) (GAAP)
|
$903
|
$437
|
107%
|
$(2,124)
|
Cash &
equivalents
|
$25,527
|
$3,974
|
542%
|
$8,727
|
Financial Results
Revenues for the first quarter
totaled $6.5 million, up 141%
compared with the fourth quarter of 2015 and 3% compared with
$6.4 million in the first quarter of
2015. On a non-GAAP basis, net profit for the period totaled
$1.3 million, or $0.14 (diluted) and $0.15 (basic) per ordinary share, up 63% compared
with $821,000, or $0.09 (diluted) and $0.10 (basic) per ordinary share, for the first
quarter of 2015. On a GAAP basis, net profit for the quarter
totaled $903,000, or $0.10 (basic and diluted) per ordinary share, up
107% compared with $437,000, or
$0.05 (basic and diluted) per
ordinary share, for the first quarter of 2015.
The Company's balance of cash and cash equivalents as of the end
of the first quarter of 2016 totaled a record $25.5 million compared with $8.7 million at the end of 2015.
Comments of Management
"After one quarter into my
tenure as CEO, in this new era of growth for the company, I'm
pleased to report that we are on track with our plans. We are
focused on tight delivery of all our customer commitments and in
leveraging our first-mover advantage within the NFV space as we
engage additional top-tier accounts," commented Mr. Yaron Ravkaie, RADCOM's CEO.
"Given our backlog and funnel of opportunities, we project that
our revenues for 2016 will reach $28-$29.5
million, representing 50%-58% growth over 2015."
Earnings Conference Call
RADCOM's management will hold
an interactive conference call today at 9:00
AM Eastern Time (16:00 Israel Time) to discuss the results
and to answer participants' questions. To join the call, please
call one of the following numbers approximately five minutes before
the call is scheduled to begin:
From the US (toll-free): + 1-888-668-9141
From other locations: +972-3-918-0609
For those unable to listen to the call at the time, a replay
will be available from May 11th on
RADCOM's website.
About RADCOM
RADCOM (NASDAQ: RDCM) is a first-mover
and leading provider of NFV-ready service assurance and customer
experience management solutions for Communications Service
Providers (CSPs). RADCOM's software - MaveriQ - continuously
monitors network performance and quality of services, to optimize
user experience for CSPs' subscribers. RADCOM specializes in
solutions for next-generation mobile and fixed networks, including
LTE, VoLTE, IMS and others. MaveriQ enables CSPs to smoothly
migrate their networks to NFV by assuring physical, NFV-based and
hybrid networks. For more information, please visit
www.radcom.com
Non-GAAP Information
Certain non-GAAP financial
measures are included in this press release. These non-GAAP
financial measures are provided to enhance the reader's overall
understanding of our financial performance. By excluding non-cash
stock-based compensation that has been expensed in accordance with
ASC Topic 718, our non-GAAP results provide information to both
management and investors that is useful in assessing our core
operating performance and in evaluating and comparing our results
of operations on a consistent basis from period to period. These
non-GAAP financial measures are also used by management to evaluate
financial results and to plan and forecast future periods.
The presentation of this additional information is not meant to be
considered a substitute for the corresponding financial measures
prepared in accordance with GAAP.
Risks Regarding Forward-Looking Statements
Certain
statements made herein that use words such as "estimate,"
"project," "intend," "expect," "'believe", "may", "might",
"predict", "potential", "anticipate", "plan" or similar expressions
are intended to identify forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other securities laws. For example, statements about the Company's
projected growth, consistency and revenue in 2016 and securing
additional business all constitute forward-looking
statements. These forward-looking statements involve known
and unknown risks and uncertainties that could cause the actual
results, performance or achievements of the Company to be
materially different from those that may be expressed or implied by
such statements, including, among others, changes in general
economic and business conditions and specifically, decline in the
demand for the Company's products, inability to timely develop and
introduce new technologies, products and applications, and loss of
market share and pressure on prices resulting from competition. For
additional information regarding these and other risks and
uncertainties associated with the Company's business, reference is
made to the Company's reports filed from time to time with the
United States Securities and Exchange Commission. The Company does
not undertake to revise or update any forward-looking statements
for any reason.
RADCOM
Ltd.
|
Consolidated
Statements of Operations
|
(1000s of U.S.
dollars, except share and per share data)
|
|
|
Three months
ended
March 31,
|
|
|
2016
|
|
2015
|
|
|
(unaudited)
|
|
(unaudited)
|
|
Sales
|
$ 6,547
|
|
$ 6,354
|
|
Cost of
sales
|
1,693
|
|
1,138
|
|
Gross
profit
|
4,854
|
|
5,216
|
|
Research and
development
|
1,836
|
|
1,638
|
|
Sales and marketing,
net
|
1,527
|
|
2,041
|
|
General and
administrative
|
871
|
|
641
|
|
Total operating
expenses
|
4,234
|
|
4,320
|
|
Operating
profit
|
620
|
|
896
|
|
Financing income
(expenses), net
|
289
|
|
(452)
|
|
Income before
taxes
|
909
|
|
444
|
|
Taxes
|
6
|
|
7
|
|
Net profit
|
$ 903
|
|
$ 437
|
|
Basic and diluted net
income per ordinary Share
|
$ 0.10
|
|
$ 0.05
|
|
|
|
|
|
|
Weighted average
number of
ordinary shares used in
computing basic net income
per ordinary share
|
8,729,891
|
|
8,464,565
|
|
Weighted average
number of
ordinary shares used in
computing diluted net income per ordinary
share
|
9,307,539
|
|
9,039,676
|
|
RADCOM
Ltd.
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
|
(1000s of U.S.
dollars, except share and per share data)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
GAAP net
income
|
|
$903
|
|
$437
|
Stock-based
compensation (1)
|
|
437
|
|
384
|
Non-GAAP net income
|
|
$1,340
|
|
$821
|
Non-GAAP net income
per share (basic)
|
|
$0.15
|
|
$0.10
|
Non-GAAP net income
per share (diluted)
|
|
$0.14
|
|
$0.09
|
|
|
|
|
|
Number of shares used
in computing Non-GAAP net income per share (basic)
|
|
8,729,891
|
|
8,464,565
|
Number of shares used
in computing Non-GAAP net income per share (diluted)
|
|
9,307,539
|
|
9,039,676
|
|
|
|
|
|
(1) Stock-based
compensation:
|
|
|
|
|
Cost of
sales
|
|
14
|
|
9
|
Research
and development
|
|
171
|
|
165
|
Sales
and marketing
|
|
20
|
|
91
|
General
and administrative
|
|
232
|
|
119
|
|
|
437
|
|
384
|
RADCOM
Ltd.
|
Consolidated
Balance Sheets
|
(1000s of U.S.
dollars)
|
|
|
As
of
|
|
As
of
|
|
March 31,
2016
|
|
December
31,
2015
|
|
(unaudited)
|
|
(audited)
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
25,527
|
|
8,727
|
Restricted bank
deposits
|
32
|
|
32
|
Trade receivables
|
2,674
|
|
3,684
|
Inventories
|
1,411
|
|
1,532
|
Other account receivables and prepaid
expenses
|
2,043
|
|
2,087
|
Total current
assets
|
31,687
|
|
16,062
|
Severance pay
fund
|
3,341
|
|
3,181
|
Other long-term
receivables
|
589
|
|
508
|
Property and
equipment, net
|
616
|
|
384
|
Total
Assets
|
36,233
|
|
20,135
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Trade payables
|
1,223
|
|
1,465
|
Deferred revenue and
advances from customers
|
13,935
|
|
931
|
Employees and payroll
accruals
|
3,034
|
|
2,533
|
Other payables and accrued
expenses
|
1,501
|
|
1,490
|
Total current
liabilities
|
19,693
|
|
6,419
|
Long-term
liabilities
|
|
|
|
Deferred revenue and
advances from customers
|
72
|
|
197
|
Accrued severance
pay
|
4,001
|
|
3,656
|
Total long-term
liabilities
|
4,073
|
|
3,853
|
|
|
|
|
Total
liabilities
|
23,766
|
|
10,272
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Share capital
|
377
|
|
372
|
Additional paid-in
capital
|
71,451
|
|
70,270
|
Receipts on account of
shares
|
417
|
|
|
Accumulated other
comprehensive loss
|
(2,662)
|
|
(2,760)
|
Accumulated
deficit
|
(57,116)
|
|
(58,019)
|
Total shareholders'
equity
|
12,467
|
|
9,863
|
|
|
|
|
Total liabilities
and shareholders' equity
|
36,233
|
|
20,135
|
Contact:
Uri
Birenberg, CFO
(972) 77-774-5060
urib@radcom.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/radcom-reports-financial-results-for-q1-2016-300265804.html
SOURCE RADCOM Ltd.