LOD, Israel, Jan. 31, 2017
/PRNewswire/ --
Fourth Quarter and Full Year 2016 Highlights:
- Quarterly revenues were $37.8
million, 5.9% over last year's comparable quarter; full 2016
year revenues totaled $145.6 million
compared to $139.8 million in
2015;
- Quarterly service revenues were $11.4
million, 14.6% over last year's comparable quarter; full
2016 year service revenues totaled $43.3
million compared to $37.8
million in 2015;
- Revenues related to UC-SIP business increased more than 20%
compared to the fourth quarter of 2015;
- Quarterly GAAP gross margin was 60.9%, Quarterly Non-GAAP gross
margin was 61.5%;
- Quarterly GAAP operating margin was 9.5%, Quarterly Non-GAAP
operating margin was 7.7%;
- Quarterly GAAP net income was $14.8
million, or $0.44 per diluted
share, Quarterly Non-GAAP net income was $2.6 million, or $0.08 per diluted share;
- Full 2016 year GAAP net income was $16.2
million, or $0.45 per diluted
share, full 2016 year Non-GAAP net income was $9.4 million, or $0.26 per diluted share;
- Cash flow from operating activities was $6.7 million for the quarter and $18.3 million for the full 2016 year;
- AudioCodes repurchased 1,261,555 of its ordinary shares at an
aggregate cost of $7.7 million during
the fourth quarter of 2016.
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, 2016.
Revenues for the fourth quarter of 2016 were $37.8 million, compared to $37.2 million for the third quarter of 2016 and
$35.6 million for the fourth quarter
of 2015. Revenues were $145.6 million
in 2016 compared to $139.8 million in
2015.
During the fourth quarter of 2016, the Company made sales to
Avaya of $645,000 which remained
unpaid. On January 19, 2017, Avaya
Inc. announced that it had filed a voluntary petition under Chapter
11 of the U.S. Bankruptcy Code. As a result, the revenues
related to these sales were recorded by the Company as unpaid
deferred revenues and were not included in revenues reported for
the fourth quarter. These unpaid revenues were also not included in
trade receivables in the Company's balance sheet as of December 31, 2016.
Net income was $14.8 million, or
$0.44 per diluted share, for the
fourth quarter of 2016 compared to $2.8
million, or $0.07 per diluted
share, for the fourth quarter of 2015. Net income in 2016 was
$16.2 million or $0.45 per diluted share, compared to $366,000, or $0.01
per diluted share, in 2015.
Net income per diluted share included $0.34 in the fourth quarter of 2016 and
$0.32 in the full 2016 year as a
result of the tax benefit described below.
On a Non-GAAP basis, quarterly net income was $2.6 million, or $0.08 per diluted share, compared to $2.8 million, or $0.07 per diluted share, in the fourth quarter
last year. Non-GAAP net income in 2016 was $9.4 million, or $0.26 per diluted share, compared to $5.9 million, or $0.14 per diluted share, in 2015.
Non-GAAP net income (loss) excludes: (i) stock-based
compensation expenses; (ii) amortization expenses related to
intangible assets; (iii) expenses related to deferred payments and
income due to revaluation of an Earn-Out liability, each in
connection with the acquisition of Active Communications Europe and
(iv) non-cash deferred tax benefit or expenses. A reconciliation of
net income 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.
During the fourth quarter of 2016, the Company fully utilized
the remaining amount of the deferred tax asset recorded in
2013. Based on its earnings history and expected future
operating results, the Company recorded another deferred tax asset
in the amount of $11.6 million as of
December 31, 2016. This deferred tax
asset represents the approximate amount of the Company's net
operating losses and temporary tax differences that the Company
estimates it will utilize over the next few years. GAAP net income
for the fourth quarter and full 2016 year reflect the effect of the
tax benefit associated with the creation of this deferred tax
asset. Non-GAAP net income excludes this non-cash deferred tax
benefit.
Net cash provided by operating activities was $6.7 million for the fourth quarter of 2016 and
$18.3 million for 2016. Cash and cash
equivalents, long- and short-term bank deposits and long- and
short-term marketable securities were $69.5
million as of December 31,
2016 compared to $80.4 million
as of December 31, 2015. The decrease
in cash and cash equivalents, long- and short-term bank deposits
and long- and short-term marketable securities was the result of
the use of cash for the continued repurchasing of the Company's
ordinary shares pursuant to its share repurchase program.
"We are pleased to report strong financial results for the
fourth quarter and the full 2016 year," said Shabtai Adlersberg, President and Chief
Executive Officer of AudioCodes. "In 2016, we continued to execute
on our strategic goal of growing the UC-SIP business. We are
pleased to report that we grew UC-SIP revenues to more than
$55 million in 2016, an increase of
more than 20% compared to 2015. We are confident in our ability to
continue this growth and are planning to reach $100 million in annual revenues from this
business within the next three years. Additionally, the global
trend to move to All-IP between now and 2025 has increased demand
for gateways. In line with this trend, our gateway revenues
increased in the second half of 2016 compared to the first half of
the year. We are encouraged by the momentum of these two business
lines which now comprise above 90% of our quarterly revenues."
"We are focused on growing and positioning AudioCodes to become
the leader in the Enterprise Voice market, applying our superior
voice platform in the areas of unified communications (UC), contact
centers (CC) and SIP trunking (SIPT). We achieved growth of our
business with leading application partners such as Microsoft,
Genesys and Broadsoft. We have emerged a most successful and valued
vendor of CPE gear to our partners and customers, and were able to
increase our penetration of the Service Providers market. In
addition, we made important steps in evolving our business to the
Cloud era with growing deployments of Cloud products and solutions
in the areas of virtualized SBC and Skype for Business online.
Finally, as we are confident in the long-term strength of our
business, we continued to buy back shares in the fourth quarter of
2016 with the aim of increasing value to our shareholders,"
concluded Mr. Adlersberg.
Share Buy Back Program
During the quarter ended December 31,
2016, AudioCodes acquired 1,261,555 of its ordinary shares
under its share repurchase program for a total consideration of
approximately $7.7 million. As of
December 31, 2016, AudioCodes had
acquired an aggregate of 12.0 million of its ordinary shares since
August 2014 for an aggregate
consideration of approximately $54.2
million.
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 of 2016 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.
Follow AudioCodes' social media channels:
AudioCodes invites you to join our online community and follow
us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and
YouTube.
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.
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.
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.
©2017 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD
VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's
Inside Matters, OSN, SmartTAP, User Management Pack, 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.
Summary financial data follows
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$ 24,344
|
|
$ 18,908
|
Short-term and
restricted bank deposits
|
3,401
|
|
5,661
|
Short-term marketable
securities and accrued interest
|
6,778
|
|
2,480
|
Trade receivables,
net
|
25,448
|
|
25,622
|
Other receivables and
prepaid expenses
|
3,377
|
|
4,405
|
Inventories
|
16,333
|
|
16,778
|
Total current
assets
|
79,681
|
|
73,854
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
Long-term and
restricted bank deposits
|
$ 5,407
|
|
$ 3,034
|
Long-term marketable
securities
|
29,540
|
|
50,294
|
Deferred tax
assets
|
11,607
|
|
2,216
|
Severance pay
funds
|
17,820
|
|
16,086
|
Total long-term
assets
|
64,374
|
|
71,630
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
3,867
|
|
4,090
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
39,054
|
|
40,246
|
|
|
|
|
Total
assets
|
$ 186,976
|
|
$ 189,820
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current maturities of
long-term bank loans
|
$ 3,451
|
|
$ 5,338
|
Trade
payables
|
7,710
|
|
7,304
|
Other payables and
accrued expenses
|
18,618
|
|
17,951
|
Deferred
revenues
|
14,951
|
|
12,885
|
Total current
liabilities
|
44,730
|
|
43,478
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
Accrued severance
pay
|
$ 18,941
|
|
$ 16,377
|
Long-term bank
loans
|
8,493
|
|
6,032
|
Deferred revenues and
other liabilities
|
6,153
|
|
6,480
|
Total long-term
liabilities
|
33,587
|
|
28,889
|
|
|
|
|
Total
equity
|
108,659
|
|
117,453
|
Total liabilities and
equity
|
$ 186,976
|
|
$ 189,820
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except share and per share data
|
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$
102,279
|
|
$ 101,990
|
|
$
26,359
|
|
$ 25,704
|
Services
|
43,292
|
|
37,769
|
|
11,401
|
|
9,945
|
Total
Revenues
|
145,571
|
|
139,759
|
|
37,760
|
|
35,649
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
46,935
|
|
47,227
|
|
12,039
|
|
11,879
|
Services
|
10,295
|
|
9,744
|
|
2,717
|
|
2,470
|
Total Cost of
revenues
|
57,230
|
|
56,971
|
|
14,756
|
|
14,349
|
Gross
profit
|
88,341
|
|
82,788
|
|
23,004
|
|
21,300
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net
|
29,139
|
|
27,996
|
|
7,682
|
|
6,664
|
Selling and
marketing
|
45,084
|
|
43,360
|
|
11,369
|
|
10,260
|
General and
administrative
|
6,364
|
|
8,726
|
|
366
|
|
1,913
|
Total operating
expenses
|
80,587
|
|
80,082
|
|
19,417
|
|
18,837
|
Operating
income
|
7,754
|
|
2,706
|
|
3,587
|
|
2,463
|
Financial income
(expenses), net
|
(160)
|
|
442
|
|
(127)
|
|
(158)
|
Income before taxes
on income
|
7,594
|
|
3,148
|
|
3,460
|
|
2,305
|
Taxes on income,
net
|
8,644
|
|
(2,782)
|
|
11,308
|
|
491
|
Net income
|
$ 16,238
|
|
$ 366
|
|
$ 14,768
|
|
$ 2,796
|
Basic net earnings
per share
|
$ 0.46
|
|
$ 0.01
|
|
$ 0.45
|
|
$ 0.07
|
Diluted net earnings
per share
|
$ 0.45
|
|
$ 0.01
|
|
$ 0.44
|
|
$ 0.07
|
Weighted average
number of shares used in computing basic net earnings per share (in
thousands)
|
35,174
|
|
40,178
|
|
32,956
|
|
38,443
|
Weighted average
number of shares used in computing diluted net earnings per share
(in thousands)
|
35,779
|
|
40,565
|
|
33,859
|
|
38,771
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
RECONCILIATION OF
GAAP NET INCOME TO NON-GAAP NET INCOME
|
U.S. dollars in
thousands, except per share data
|
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
GAAP net
income
|
$ 16,238
|
|
$ 366
|
|
$ 14,768
|
|
$ 2,796
|
GAAP net earnings per
share
|
$ 0.45
|
|
$ 0.01
|
|
$ 0.44
|
|
$ 0.07
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
118
|
|
101
|
|
31
|
|
27
|
Amortization expenses
(2)
|
1,052
|
|
992
|
|
174
|
|
248
|
|
1,170
|
|
1,093
|
|
205
|
|
275
|
Research and
development, net:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
459
|
|
429
|
|
113
|
|
76
|
Deferred payments
expenses (3)
|
752
|
|
-
|
|
188
|
|
-
|
|
1,211
|
|
429
|
|
301
|
|
76
|
Selling and
marketing:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
1,101
|
|
1,061
|
|
264
|
|
242
|
Amortization expenses
(2)
|
120
|
|
193
|
|
30
|
|
15
|
|
1,221
|
|
1,254
|
|
294
|
|
257
|
General and
administrative:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
736
|
|
782
|
|
182
|
|
103
|
Revaluation of
Earn-out liability (4)
|
(1,674)
|
|
-
|
|
(1,674)
|
|
-
|
|
(938)
|
|
782
|
|
(1,492)
|
|
103
|
Income
taxes:
|
|
|
|
|
|
|
|
Deferred tax
(5)
|
(9,475)
|
|
1,977
|
|
(11,468)
|
|
(669)
|
Non-GAAP net
income
|
$ 9,427
|
|
$ 5,901
|
|
$ 2,608
|
|
$ 2,838
|
Non-GAAP diluted net
earnings per share
|
$ 0.26
|
|
$ 0.14
|
|
$ 0.08
|
|
$ 0.07
|
|
|
|
|
|
|
|
|
(1) 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 Netrake,
Mailvision and Active Communications Europe assets.
(3) Excluding expenses related to
deferred payments in connection with the acquisition of Active
Communications Europe.
(4) Revaluation of Earn-out
liability in connection with the acquisition of Active
Communications Europe.
(5) Non-cash deferred tax expenses
(benefit).
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,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
(Unaudited)
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 16,238
|
|
$ 366
|
|
$ 14,768
|
|
$ 2,796
|
|
Adjustments required
to reconcile net income or loss to net cash provided by or used in
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,892
|
|
2,963
|
|
630
|
|
613
|
|
Amortization of
marketable securities premiums and accretion of discounts,
net
|
|
973
|
|
1,107
|
|
296
|
|
256
|
|
Increase in accrued
severance pay, net
|
|
830
|
|
218
|
|
247
|
|
(59)
|
|
Stock-based
compensation expenses
|
|
2,414
|
|
2,373
|
|
590
|
|
448
|
|
Decrease (increase)
in long-term deferred tax assets, net
|
|
(9,391)
|
|
1,975
|
|
(11,446)
|
|
(671)
|
|
Decrease (increase)
in accrued interest and exchange rate effect of loans, marketable
securities and bank deposits
|
|
114
|
|
55
|
|
(73)
|
|
113
|
|
Decrease in trade
receivables, net
|
|
174
|
|
5,575
|
|
385
|
|
598
|
|
Decrease in other
receivables and prepaid expenses
|
|
732
|
|
1,777
|
|
1,390
|
|
1,277
|
|
Decrease (increase)
in inventories
|
|
445
|
|
(2,013)
|
|
(666)
|
|
(481)
|
|
Increase (decrease)
in trade payables
|
|
406
|
|
(2,987)
|
|
93
|
|
(183)
|
|
Increase (decrease)
in other payables and accrued expenses
|
|
(680)
|
|
2,395
|
|
(2,318)
|
|
2,297
|
|
Increase in deferred
revenues
|
|
3,195
|
|
3,758
|
|
2,795
|
|
702
|
|
Net cash provided by
operating activities
|
|
18,342
|
|
17,562
|
|
6,691
|
|
7,706
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
marketable securities
|
|
12,429
|
|
2,557
|
|
-
|
|
-
|
|
Decrease (increase)
in short-term deposits, net
|
|
2,260
|
|
1,969
|
|
531
|
|
(105)
|
|
Decrease (increase)
in long-term bank deposits
|
|
(2,367)
|
|
1,032
|
|
(2,844)
|
|
(1,994)
|
|
Proceeds from
redemption of marketable securities
|
|
3,215
|
|
2,711
|
|
2,315
|
|
-
|
|
Purchase of property
and equipment
|
|
(1,477)
|
|
(1,976)
|
|
(288)
|
|
(299)
|
|
Net cash paid in
acquisition of subsidiary
|
|
-
|
|
(1,960)
|
|
-
|
|
(1,960)
|
|
Net cash provided by
(used in) investing activities
|
|
14,060
|
|
4,333
|
|
(286)
|
|
(4,358)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of treasury
stock
|
|
(29,392)
|
|
(19,523)
|
|
(7,666)
|
|
(4,532)
|
|
Repayment of
long-term bank loans
|
|
(5,353)
|
|
(4,685)
|
|
(1,078)
|
|
(1,366)
|
|
Proceeds from bank
loans
|
|
6,000
|
|
6,264
|
|
6,000
|
|
6,264
|
|
Consideration related
to payment of acquisition of Mailvision
|
|
(233)
|
|
(233)
|
|
-
|
|
-
|
|
Proceeds from
issuance of shares upon exercise of options and warrants
|
|
2,012
|
|
393
|
|
1,451
|
|
57
|
|
Net cash provided by
(used in) financing activities
|
|
(26,966)
|
|
(17,784)
|
|
(1,293)
|
|
423
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
5,436
|
|
4,111
|
|
5,112
|
|
3,771
|
|
Cash and cash
equivalents at the beginning of the period
|
|
18,908
|
|
14,797
|
|
19,232
|
|
15,137
|
|
Cash and cash
equivalents at the end of the period
|
|
$ 24,344
|
|
$ 18,908
|
|
$24,344
|
|
$ 18,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
Contacts
|
|
IR Agency
Contact
|
Niran
Baruch,
|
Shirley
Nakar,
|
Philip
Carlson
|
Chief Financial
Officer
|
Director, Investor
Relations
|
KCSA
Strategic
|
AudioCodes
|
AudioCodes
|
Communications
|
Tel:
+972-3-976-4000
|
Tel:
+972-3-976-4000
|
Tel:
+1-212-896-1233
|
Niran.baruch@audiocodes.com
|
shirley@audiocodes.com
|
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-2016-results-300399309.html
SOURCE AudioCodes