LOD, Israel, Jan. 26, 2016 /PRNewswire/ --
Fourth Quarter and Full Year 2015 Highlights:
- Quarterly revenues increased by 4.2% over the previous quarter
to $35.6 million; full year 2015
revenues totaled $139.8 million;
- Quarterly service revenues increased by 3.4% over the previous
quarter to $9.9 million; full year
2015 service revenues totaled $37.8
million.
- Quarterly Non-GAAP gross margin was a record 60.5%; Full Year
2015 Non-GAAP gross margin totaled 60.0%;
- Quarterly Non-GAAP operating margin grew to a record 8.9%;
- Quarterly Non-GAAP net income was $2.8
million, or $0.07 per diluted
share; full year 2015 Non-GAAP net income was $5.9 million, or $0.14 per diluted share;
- Cash flow from operating activities was $7.7 million for the quarter and $17.6 million for the full year 2015;
- AudioCodes repurchased 1.1 million shares of its ordinary
shares at an aggregate cost of $4.5
million during the quarter;
Details:
AudioCodes (NASDAQ: AUDC), a leading provider of
converged voice solutions that enable enterprises and service
providers to transition to all-IP voice networks, today announced
financial results for the fourth quarter and full year periods
ended December 31, 2015.
Revenues for the fourth quarter of 2015 were $35.6 million, compared to $34.2 million for the third quarter of 2015 and
$39.1 million for the fourth quarter
of 2014. Revenues were $139.8 million
in 2015 compared to $151.6 million in
2014.
Net income was $2.8 million, or
$0.07 per diluted share, for the
fourth quarter of 2015, compared to $946,000, or $0.02
per diluted share, for the fourth quarter of 2014. Full year 2015
net income was $366,000, or
$0.01 per diluted share, compared to
a net loss of $(86,000), or
$(0.00) per diluted share, in
2014.
On a Non-GAAP basis, quarterly net income was $2.8 million, or $0.07 per diluted share, compared to $2.5 million, or $0.06 per diluted share, in the fourth quarter
last year. Full year Non-GAAP net income was $5.9 million, or $0.14 per diluted share, compared to $6.8 million, or $0.16 per diluted share, in 2014.
Non-GAAP net income (loss) excludes: (i) stock-based
compensation expenses; (ii) amortization expenses related to
intangible assets; and (iii) non-cash deferred tax benefit or
expenses. 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.
Net cash provided by operating activities for the fourth quarter
of 2015 totaled $7.7 million and
$17.6 million for the full year 2015.
Cash and cash equivalents, bank deposits and marketable securities
were $80.4 million as of December 31, 2015 compared to $85.7 million as of December 31, 2014. The decrease in cash and cash
equivalents, bank deposits and marketable securities for the full
year 2015, was the result of the use of cash for the continued
repurchasing of the Company's ordinary shares pursuant to its share
repurchase program and the acquisition of Active Communications
Europe.
"We are pleased to report strong financial results for the
fourth quarter and solid progress in our key business lines for the
full year 2015," said Shabtai
Adlersberg, President and Chief Executive Officer of
AudioCodes. "AudioCodes' 2015 performance was underlined by
successful execution of our strategic plan to focus on the growing
needs of enterprises and service providers to realign their
operations towards unified communications (UC) and the transition
to an ALL-IP network. In the fourth quarter of 2015 we enjoyed
strong business momentum related to the Microsoft Skype for
Business (SfB) solution and in our session border controller (SBC)
activities, which provided sequential revenue growth of more than
20%. Enjoying a record gross margin of 60.5% in our sales, and good
control of operating expenses, we also achieved record performance
in operating margin which increased to 8.9% of revenues and strong
positive cash flow."
"We continued to invest in our UC and SIP-related
(UC-SIP) activities and announced an agreement to acquire
Active Communications Europe to further strengthen our ability to
provide advanced software solutions for the emerging Microsoft SfB
online application. We intend to further invest in the transition
to a world of All-IP networks and solidify our leading position in
connecting businesses to the emerging Cloud-Centric world.
Investments made in these areas over the past few years continue to
contribute to our sustained growth and leadership in the enterprise
voice business. These investments, coupled with increased focus on
software products, solutions and services, are expected to provide
further strength and support to our success in coming years,"
concluded Mr. Adlersberg.
Share Buy Back Program
During the quarter ended December 31,
2015, AudioCodes acquired 1.1 million shares under the
existing share repurchase program for a total consideration of
approximately $4.5 million. As of
December 31, 2015 and since beginning
the repurchase of its shares in August
2014, AudioCodes had acquired an aggregate of 5.8 million
shares for an aggregate consideration of approximately $24.8 million.
In January 2016, AudioCodes
received court approval in Israel
to purchase up to an aggregate of $15
million of additional ordinary shares pursuant to this
program. The current court approval for share repurchases will
expire on May 19, 2016.
Acquisition of Active Communications Europe
On December 31, 2015 (the "Closing
Date"), AudioCodes entered into a definitive agreement to acquire
Active Communications Europe, a provider of communications
solutions that increase the effectiveness of departments,
individuals and organizations. Active Communications Europe is a
Microsoft Silver Partner specializing in Unified
Communications.
The consideration for this transaction consists of payment of
$3 million in cash to the
stockholders of Active Communications Europe, plus an earn-out
arrangement. The fair value of the earn-out was estimated at
$2.1 million and was recorded as a
liability in AudioCodes financial statements as of the Closing
Date. The Company allocated the acquired assets and liabilities
assumed based on a preliminary Purchase Price Allocation ("PPA")
performed by an independent financial advisor. Following the
transaction, Active Communications Europe became a wholly owned
subsidiary of AudioCodes.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:00 A.M., Eastern Time today to discuss the
Company's fourth quarter and full year 2015 operating performance,
financial results and outlook. Interested parties may participate
in the conference call by dialing one the following numbers:
United States Participants: +1-(877)407-0778
International Participants: +1-(201)689-8565
The conference call will also be simultaneously webcast.
Investors are invited to listen to the call live via webcast at the
AudioCodes investor website at
http://www.audiocodes.com/investors-lobby.
About AudioCodes
AudioCodes Ltd. (NASDAQ, TASE: AUDC) designs, develops and sells
advanced Voice-over-IP (VoIP) and converged VoIP and Data
networking products and applications to Service Providers and
Enterprises. AudioCodes is a VoIP technology market leader, focused
on converged VoIP and data communications, and its products are
deployed globally in Broadband, Mobile, Enterprise networks and
Cable. The Company provides a range of innovative, cost-effective
products including Media Gateways, Multi-Service Business Routers,
Session Border Controllers (SBC), Residential Gateways, IP Phones,
Media Servers, Value Added Applications and Professional Services.
AudioCodes' underlying technology, VoIPerfectHD™, relies on
AudioCodes' leadership in DSP, voice coding and voice processing
technologies. AudioCodes' High Definition (HD) VoIP technologies
and products provide enhanced intelligibility and a better end user
communication experience in Voice communications. For more
information on AudioCodes, visit http://www.audiocodes.com.
To download AudioCodes investor relations app, which offers
access to its SEC filings, press releases, videos, audiocasts and
more, please visit Apple's App Store for the iPhone and iPad or
Google Play for Android mobile devices.
Statements concerning AudioCodes' business outlook or future
economic performance; product introductions and plans and
objectives related thereto; and statements concerning assumptions
made or expectations as to any future events, conditions,
performance or other matters, are "forward-looking statements'' as
that term is defined under U.S. Federal securities laws.
Forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. These
risks, uncertainties and factors include, but are not limited to:
the effect of global economic conditions in general and conditions
in AudioCodes' industry and target markets in particular; shifts in
supply and demand; market acceptance of new products and the demand
for existing products; the impact of competitive products and
pricing on AudioCodes' and its customers' products and markets;
timely product and technology development, upgrades and the ability
to manage changes in market conditions as needed; possible need for
additional financing; the ability to satisfy covenants in the
Company's loan agreements; possible disruptions from acquisitions;
the ability of AudioCodes to successfully integrate the products
and operations of acquired companies into AudioCodes' business; and
other factors detailed in AudioCodes' filings with the U.S.
Securities and Exchange Commission. AudioCodes assumes no
obligation to update the information in this release.
©2016 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD
VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's
Inside Matters, OSN, SmartTAP, VMAS, VoIPerfect, VoIPerfectHD, Your
Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice and CloudBond
are trademarks or registered trademarks of AudioCodes Limited. All
other products or trademarks are property of their respective
owners. Product specifications are subject to change without
notice.
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$ 18,908
|
|
$ 14,797
|
Short-term and
restricted bank deposits
|
5,661
|
|
7,630
|
Short-term marketable
securities and accrued interest
|
2,480
|
|
543
|
Trade receivables,
net
|
25,622
|
|
31,056
|
Other receivables and
prepaid expenses
|
4,405
|
|
6,244
|
Inventories
|
16,778
|
|
14,736
|
Total current
assets
|
73,854
|
|
75,006
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
Long-term and
restricted bank deposits
|
$ 3,034
|
|
$ 4,066
|
Long-term marketable
securities
|
50,294
|
|
58,684
|
Deferred tax
assets
|
1,659
|
|
4,192
|
Severance pay
funds
|
16,086
|
|
17,835
|
Total long-term
assets
|
71,073
|
|
84,777
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
4,090
|
|
3,856
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
40,246
|
|
36,745
|
|
|
|
|
Total
assets
|
$ 189,263
|
|
$ 200,384
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current maturities of
long-term bank loans
|
$ 5,338
|
|
$ 4,686
|
Trade
payables
|
7,304
|
|
10,111
|
Other payables and
accrued expenses
|
20,060
|
|
15,758
|
Deferred
revenues
|
12,885
|
|
10,233
|
Total current
liabilities
|
45,587
|
|
40,788
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
Accrued severance
pay
|
$ 16,377
|
|
$ 17,908
|
Long-term bank
loans
|
6,032
|
|
5,105
|
Deferred revenues and
other liabilities
|
3,814
|
|
2,862
|
Total long-term
liabilities
|
26,223
|
|
25,875
|
|
|
|
|
Total
equity
|
117,453
|
|
133,721
|
Total liabilities and
equity
|
$ 189,263
|
|
$ 200,384
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 101,990
|
|
$ 118,561
|
|
$ 25,704
|
|
$ 30,012
|
Services
|
37,769
|
|
33,018
|
|
9,945
|
|
9,105
|
Total
Revenues
|
139,759
|
|
151,579
|
|
35,649
|
|
39,117
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
47,227
|
|
54,349
|
|
11,879
|
|
13,582
|
Services
|
9,744
|
|
8,243
|
|
2,470
|
|
2,370
|
Total Cost of
revenues
|
56,971
|
|
62,592
|
|
14,349
|
|
15,952
|
Gross
profit
|
82,788
|
|
88,987
|
|
21,300
|
|
23,165
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net
|
27,996
|
|
32,275
|
|
6,664
|
|
7,938
|
Selling and
marketing
|
43,360
|
|
45,534
|
|
10,260
|
|
11,278
|
General and
administrative
|
8,726
|
|
7,677
|
|
1,913
|
|
1,986
|
Total operating
expenses
|
80,082
|
|
85,486
|
|
18,837
|
|
21,202
|
Operating
income
|
2,706
|
|
3,501
|
|
2,463
|
|
1,963
|
Financial income
(expenses), net
|
442
|
|
(196)
|
|
(158)
|
|
(28)
|
Income before taxes
on income
|
3,148
|
|
3,305
|
|
2,305
|
|
1,935
|
Income tax benefit
(expense), net
|
(2,782)
|
|
(3,391)
|
|
491
|
|
(989)
|
Net income
(loss)
|
$ 366
|
|
$ (86)
|
|
$ 2,796
|
|
$ 946
|
Basic net earnings
(loss) per share
|
$ 0.01
|
|
$ (0.00)
|
|
$ 0.07
|
|
$ 0.02
|
Diluted net earnings
(loss) per share
|
$ 0.01
|
|
$ (0.00)
|
|
$ 0.07
|
|
$ 0.02
|
Weighted average
number of shares used in computing basic net earnings (loss) per
share (in thousands)
|
40,178
|
|
42,286
|
|
38,443
|
|
42,738
|
Weighted average
number of shares used in
computing diluted net earnings (loss) per share
(in thousands)
|
40,565
|
|
42,286
|
|
38,771
|
|
43,205
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
NON-GAAP PROFORMA
STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 101,990
|
|
$ 118,561
|
|
$ 25,704
|
|
$ 30,012
|
Services
|
37,769
|
|
33,018
|
|
9,945
|
|
9,105
|
Total
Revenues
|
139,759
|
|
151,579
|
|
35,649
|
|
39,117
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
46,422
|
|
53,503
|
|
11,675
|
|
13,379
|
Services
|
9,456
|
|
8,008
|
|
2,399
|
|
2,309
|
Total Cost of
revenues (1) (2)
|
55,878
|
|
61,511
|
|
14,074
|
|
15,688
|
Gross
profit
|
83,881
|
|
90,068
|
|
21,575
|
|
23,429
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net (1)
|
27,567
|
|
31,690
|
|
6,588
|
|
7,816
|
Selling and marketing
(1) (2)
|
42,106
|
|
44,065
|
|
10,003
|
|
10,911
|
General and
administrative (1)
|
7,944
|
|
6,910
|
|
1,810
|
|
1,818
|
Total operating
expenses
|
77,617
|
|
82,665
|
|
18,401
|
|
20,545
|
Operating
income
|
6,264
|
|
7,403
|
|
3,174
|
|
2,884
|
Financial income
(expenses), net
|
442
|
|
(196)
|
|
(158)
|
|
(28)
|
Income before taxes
on income
|
6,706
|
|
7,207
|
|
3,016
|
|
2,856
|
Taxes on income, net
(3)
|
(805)
|
|
(453)
|
|
(178)
|
|
(314)
|
Net income
|
$ 5,901
|
|
$ 6,754
|
|
$ 2,838
|
|
$ 2,542
|
Diluted net earnings
per share
|
$ 0.14
|
|
$ 0.16
|
|
$ 0.07
|
|
$ 0.06
|
Weighted average
number of shares used in computing diluted net earnings per share
(in thousands)
|
40,809
|
|
43,568
|
|
39,035
|
|
43,524
|
(1)
|
Excluding stock-based
compensation expenses related to options and restricted stock units
granted to employees and others.
|
(2)
|
Excluding
amortization of intangible assets related to the acquisitions of
Nuera, Netrake, and Mailvision assets.
|
(3)
|
Excluding non-cash
deferred tax expenses (benefits).
|
|
|
Note: Non-GAAP
measures should be considered in addition to, and not as a
substitute for, the results prepared in accordance with GAAP. The
Company believes that non-GAAP information is useful because it can
enhance the understanding of its ongoing economic performance and
therefore uses internally this non-GAAP information to evaluate and
manage its operations. The Company has chosen to provide this
information to investors to enable them to perform comparisons of
operating results in a manner similar to how the Company analyzes
its operating results and because many comparable companies report
this type of information.
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
RECONCILIATION OF
GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
|
U.S. dollars in
thousands, except per share data
|
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
GAAP net income
(loss)
|
$ 366
|
|
$ (86)
|
|
$ 2,796
|
|
$ 946
|
GAAP net earnings
(loss) per share
|
$ 0.01
|
|
$ (0.00)
|
|
$ 0.07
|
|
$ 0.02
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
101
|
|
89
|
|
27
|
|
16
|
Amortization expenses
(2)
|
992
|
|
992
|
|
248
|
|
248
|
|
1,093
|
|
1,081
|
|
275
|
|
264
|
Research and
development, net:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
429
|
|
585
|
|
76
|
|
122
|
Selling and
marketing:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
1,061
|
|
1,105
|
|
242
|
|
276
|
Amortization expenses
(2)
|
193
|
|
364
|
|
15
|
|
91
|
|
1,254
|
|
1,469
|
|
257
|
|
367
|
General and
administrative:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
782
|
|
767
|
|
103
|
|
168
|
|
|
|
|
|
|
|
|
Income
taxes:
|
|
|
|
|
|
|
|
Deferred tax
(3)
|
1,977
|
|
2,938
|
|
(669)
|
|
675
|
Non-GAAP net
income
|
$ 5,901
|
|
$ 6,754
|
|
$ 2,838
|
|
$ 2,542
|
Non-GAAP diluted net
earnings per share
|
$ 0.14
|
|
$ 0.16
|
|
$ 0.07
|
|
$ 0.06
|
|
|
|
|
|
|
|
|
(1)
|
Stock-based
compensation expenses related to options and restricted stock units
granted to employees and others.
|
(2)
|
Amortization of
intangible assets related to the acquisitions of Nuera, Netrake,
and Mailvision assets.
|
(3)
|
Non-cash deferred tax
expenses (benefits).
|
|
|
Note: Non-GAAP
measures should be considered in addition to, and not as a
substitute for, the results prepared in accordance with GAAP. The
Company believes that non-GAAP information is useful because it can
enhance the understanding of its ongoing economic performance and
therefore uses internally this non-GAAP information to evaluate and
manage its operations. The Company has chosen to provide this
information to investors to enable them to perform comparisons of
operating results in a manner similar to how the Company analyzes
its operating results and because many comparable companies report
this type of information.
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
Year
ended
|
|
Three months
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$ 366
|
|
$ (86)
|
|
$ 2,796
|
|
$ 946
|
Adjustments required
to reconcile net income or loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,963
|
|
3,230
|
|
613
|
|
800
|
Amortization of
marketable securities premiums and accretion of discounts,
net
|
|
1,107
|
|
820
|
|
256
|
|
312
|
Increase (decrease)
in accrued severance pay, net
|
|
218
|
|
(223)
|
|
(59)
|
|
(108)
|
Stock-based
compensation expenses
|
|
2,373
|
|
2,546
|
|
448
|
|
582
|
Decrease (increase)
in long- term deferred tax assets
|
|
1,975
|
|
2,940
|
|
(671)
|
|
676
|
Decrease in accrued
interest on loans, marketable securities, convertible notes and
bank deposits
|
|
55
|
|
152
|
|
113
|
|
141
|
Decrease (increase)
in trade receivables, net
|
|
5,575
|
|
(4,625)
|
|
598
|
|
(955)
|
Decrease
(increase) in other receivables and prepaid
expenses
|
|
1,777
|
|
(2,249)
|
|
1,277
|
|
1926
|
Decrease (increase)
in inventories
|
|
(2,013)
|
|
(925)
|
|
(481)
|
|
319
|
Increase (decrease)
in trade payables
|
|
(2,987)
|
|
2,896
|
|
(183)
|
|
(434)
|
Increase (decrease)
in deferred revenues
|
|
3,758
|
|
3,595
|
|
702
|
|
(447)
|
Increase (decrease)
in other payables and accrued expenses
|
|
2,395
|
|
(2,114)
|
|
2,297
|
|
(1,391)
|
Net cash provided by
operating activities
|
|
17,562
|
|
5,957
|
|
7,706
|
|
2,367
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of
marketable securities
|
|
-
|
|
(60,286)
|
|
-
|
|
-
|
Proceeds from sale of
marketable securities
|
|
2,557
|
|
-
|
|
-
|
|
-
|
Decrease in
short-term deposits, net
|
|
1,969
|
|
1,471
|
|
(105)
|
|
571
|
Decrease (increase)
in long-term bank deposits
|
|
1,032
|
|
2,685
|
|
(1,994)
|
|
851
|
Proceeds from
redemption of marketable securities
|
|
2,711
|
|
15,390
|
|
-
|
|
-
|
Purchase of property
and equipment
|
|
(1,976)
|
|
(2,539)
|
|
(299)
|
|
(1,089)
|
Purchase of
intangible asset
|
|
-
|
|
(100)
|
|
-
|
|
(100)
|
Net cash paid in
acquisition of subsidiary
|
|
(1,960)
|
|
-
|
|
(1,960)
|
|
-
|
Net cash provided by
(used in) investing activities
|
|
4,333
|
|
(43,379)
|
|
(4,358)
|
|
233
|
|
|
|
|
|
|
|
|
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
Year
ended
|
|
Three months
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Purchase of treasury
stock
|
|
(19,523)
|
|
(5,267)
|
|
(4,532)
|
|
(2,534)
|
Repayment of senior
convertible notes
|
|
-
|
|
(338)
|
|
-
|
|
(53)
|
Repayment of
long-term bank loans
|
|
(4,685)
|
|
(4,686)
|
|
(1,366)
|
|
(1,367)
|
Proceeds from bank
loans
|
|
6,264
|
|
-
|
|
6,264
|
|
-
|
Consideration related
to payment of
acquisition of Mailvision
|
|
(233)
|
|
(233)
|
|
-
|
|
-
|
Proceeds from
issuance of shares upon
exercise of options and warrants
|
|
393
|
|
2,236
|
|
57
|
|
85
|
Proceeds from
issuance of shares, net
|
|
-
|
|
29,744
|
|
-
|
|
-
|
Net cash provided by
(used in) financing
activities
|
|
(17,784)
|
|
21,456
|
|
423
|
|
(3,869)
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash
equivalents
|
|
4,111
|
|
(15,966)
|
|
3,771
|
|
(1,269)
|
Cash and cash
equivalents at the beginning of
the period
|
|
14,797
|
|
30,763
|
|
15,137
|
|
16,066
|
Cash and cash
equivalents at the end of the
period
|
|
$ 18,908
|
|
$ 14,797
|
|
$ 18,908
|
|
$ 14,797
|
|
|
|
|
|
|
|
|
|
|
Company
Contacts
|
Niran
Baruch
|
VP Finance &
Chief Accounting Officer
|
AudioCodes
|
Tel:
+972-3-976-4000
|
niran.baruch@audiocodes.com
|
Shirley
Nakar
|
Director, Investor
Relations
|
AudioCodes
|
Tel:
+972-3-976-4000
|
shirley@audiocodes.com
|
IR Agency
Contact
|
Philip Carlson/Collin
Dennis
|
KCSA Strategic
Communications
|
Tel:
+1-212-896-1233
|
audc@kcsa.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/audiocodes-reports-fourth-quarter-and-full-year-2015-results-300209625.html
SOURCE AudioCodes