LOD, Israel, July 28, 2015 /PRNewswire/
-- AudioCodes (NasdaqGS: AUDC), a leading provider
of converged voice solutions, which enables enterprises and service
providers to transition to all-IP voice networks, today announced
financial results for the second quarter ended June 30, 2015.
Second Quarter Highlights:
- Quarterly revenues decreased 13.7% year-over-year to
$32.4 million;
- Service revenues increased 13.7% year-over-year to $9.3 million from $8.2
million;
- Quarterly Non-GAAP gross margin was 59.9%, compared to 60.0% in
the prior year period;
- Quarterly Non-GAAP operating expenses decreased 4.2%
year-over-year to $20.2 million;
- Quarterly cash flow from operating activities remained positive
at $3.4 million;
- Quarterly Non-GAAP net loss was $537,000, or ($0.01) per diluted share, compared to net income
of $1.6 million, or $0.04 per diluted share, in the prior year
period;
- AudioCodes repurchased 1,449,000 of its ordinary shares at an
aggregate cost of $6.1 million during
the quarter.
Revenues for the second quarter of 2015 were $32.4 million, compared to $37.6 million for the second quarter of 2014.
Net loss was $1.9 million, or
($0.05) per diluted share, for the
second quarter of 2015, compared to a net loss of $46,000, or ($0.00)
per diluted share, for the second quarter of 2014.
On a Non-GAAP basis, the Company reported a quarterly net loss
of $537,000, or ($0.01) per diluted share, compared to net income
of $1.6 million, or $0.04 per diluted share, in the second quarter
last year.
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 second quarter
of 2015 totaled $3.4 million. Cash
and cash equivalents, bank deposits and marketable securities were
$78.6 million as of June 30, 2015 compared to $91.8 million as of June
30, 2014. The decrease in cash and cash equivalents, bank
deposits and marketable securities was the result of the use of
cash to repurchase the Company's ordinary shares pursuant to its
share repurchase program.
"We are disappointed with the financial results for the second
quarter of 2015, more so in view of our growing business activity
and the progress made in the second quarter in the unified
communications and the business services market segments. As
pre-announced on June 9th,
AudioCodes' second quarter results reflect weakness in our business
in Central and Latin America and
certain markets in Europe. In
addition, we experienced larger than expected weakness in the
contact center market, and lower gateway revenues in the areas of
low and mid capacity and legacy residential gateways," said
Shabtai Adlersberg, President and
Chief Executive Officer of AudioCodes. "On a more positive note, we
saw encouraging developments in our Microsoft Lync business and in
our service provider activity, reflected in increased success in
sales of CPE products into the hosted PBX market and projects
related to the All-IP transformation trend. In order to compensate
for the decline in revenues, we have initiated a cost reduction
plan. The plan is expected to generate an estimated annualized
savings of 5% to 10% of the Company's operating expenses and be
implemented over the next six to twelve months. We expect the
initial steps already taken to reduce our operating expenses by
approximately 5% below the level of expenses in the first quarter
as early as the fourth quarter of this year. In addition, we have
started a full review of our business line activities in order to
support our plan to return to profitability and growth in the
second half of 2015 and beyond," Mr. Adlersberg added.
"Our Skype for Business One Voice Solution, and the One Box 365
solution continue to gain market traction. We see great potential,
and saw good progress with our service provider activity, mainly as
a result of targeting our efforts towards the global trend of
migrating public telephony and voice services into All-IP networks.
In this space, we made progress towards winning two large
multi-year projects with leading tier-1 service providers.
Additionally, we continued to focus our efforts on developing and
selling more complete end-to-end solutions and software products to
end customers, which we believe will support further growth in
coming years. As we continue to adapt and align our offering
towards industry trends such as NFV and SDN, as well as the
migration to hybrid and pure Cloud environments, we are confident
in our ability to weather challenging market conditions and drive
growth and success in the future," concluded Mr. Adlersberg.
Share Buy Back Program
In August 2014, AudioCodes announced that its Board
of Directors had approved a program to repurchase up to
$3.0 million of its Ordinary Shares.
In November 2014, AudioCodes received
court approval to repurchase up to an additional $15.0 million of its Ordinary Shares and in
May 2015 the court approved an
additional $15.0 million in share
repurchases. During the quarter ended June
30, 2015, AudioCodes acquired 1,449,000 shares under this
program for a total consideration of approximately $6.1 million. As of June
30, 2015, AudioCodes had acquired an aggregate of 3,537,000
shares under this program for an aggregate consideration of
approximately $16.6 million.
2015 Full Year Outlook update
AudioCodes is updating
its full year guidance. The Company's outlook is based on current
indications for its business, which are subject to change.
We now expect revenues for 2015 to be in the range of $137 million to $143 million compared with the
prior forecast of a range of $158 million to
$162 million. We are now forecasting non-GAAP net
income per diluted share to be in the range of $0.09 to $0.12 compared with the prior forecast
of $0.24 to $0.28.
AudioCodes management believes that Non-GAAP financial guidance
provides the best comparative basis for investors to understand the
Company's on-going operations and prospects for the future.
Non-GAAP net income per diluted share should be evaluated in light
of the Company's financial results prepared in accordance with U.S.
GAAP.
Conference Call & Web Cast Information
AudioCodes
will conduct a conference call at 8:00 A.M.,
Eastern Time today to discuss the Company's second quarter
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. (NasdaqGS, 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 the 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.
©2015 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 and One Box 365 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
|
|
|
June
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
$ 15,307
|
|
$ 14,797
|
|
Short-term and
restricted bank deposits
|
4,361
|
|
7,630
|
|
Short-term marketable
securities and accrued interest
|
4,100
|
|
543
|
|
Trade receivables,
net
|
28,059
|
|
31,056
|
|
Other receivables and
prepaid expenses
|
8,279
|
|
9,564
|
|
Inventories
|
15,132
|
|
14,736
|
|
Total current
assets
|
75,238
|
|
78,326
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
Long-term and
restricted bank deposits
|
2,733
|
|
4,066
|
|
Long-term marketable
securities
|
52,107
|
|
58,684
|
|
Deferred tax
assets
|
-
|
|
872
|
|
Severance pay
funds
|
18,579
|
|
17,835
|
|
Total long-term
assets
|
73,419
|
|
81,457
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
4,226
|
|
3,856
|
|
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
36,080
|
|
36,745
|
|
|
|
|
|
|
Total
assets
|
$ 188,963
|
|
$ 200,384
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Current maturities of
long-term bank loans
|
$ 4,686
|
|
$ 4,686
|
|
Trade
payables
|
6,442
|
|
10,111
|
|
|
|
|
|
|
Other payables and
accrued expenses
|
16,401
|
|
15,758
|
|
Deferred
revenues
|
12,166
|
|
10,233
|
|
Total current
liabilities
|
39,695
|
|
40,788
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Accrued severance
pay
|
18,731
|
|
17,908
|
|
Long-term bank
loans
|
2,763
|
|
5,105
|
|
Deferred revenues and
other liabilities
|
3,896
|
|
2,862
|
|
Total long-term
liabilities
|
25,390
|
|
25,875
|
|
|
|
|
|
|
Total
equity
|
123,878
|
|
133,721
|
|
Total liabilities and
equity
|
$ 188,963
|
|
$ 200,384
|
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 51,673
|
|
$ 57,917
|
|
$ 23,089
|
|
$ 29,369
|
Services
|
18,212
|
|
15,600
|
|
9,316
|
|
8,197
|
Total
Revenues
|
69,885
|
|
73,517
|
|
32,405
|
|
37,566
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
23,821
|
|
26,193
|
|
10,678
|
|
13,276
|
Services
|
4,823
|
|
3,961
|
|
2,577
|
|
2,036
|
Total Cost of
revenues
|
28,644
|
|
30,154
|
|
13,255
|
|
15,312
|
Gross
profit
|
41,241
|
|
43,363
|
|
19,150
|
|
22,254
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net
|
14,676
|
|
16,228
|
|
7,097
|
|
8,416
|
Selling and
marketing
|
22,637
|
|
22,895
|
|
11,340
|
|
11,669
|
General and
administrative
|
4,655
|
|
3,716
|
|
2,493
|
|
1,802
|
Total operating
expenses
|
41,968
|
|
42,839
|
|
20,930
|
|
21,887
|
Operating income
(loss)
|
(727)
|
|
524
|
|
(1,780)
|
|
367
|
Financial income,
net
|
606
|
|
102
|
|
541
|
|
15
|
Income (loss) before
taxes on income
|
(121)
|
|
626
|
|
(1,239)
|
|
382
|
Taxes on income,
net
|
(2,179)
|
|
(950)
|
|
(683)
|
|
(428)
|
Net loss
|
$ (2,300)
|
|
$ (324)
|
|
$ (1,922)
|
|
$ (46)
|
Basic net loss per
share
|
$ (0.06)
|
|
$ (0.01)
|
|
$ (0.05)
|
|
$ (0.00)
|
Diluted net loss per
share
|
$ (0.06)
|
|
$ (0.01)
|
|
$ (0.05)
|
|
$ (0.00)
|
Weighted average
number of shares used in computing basic net loss per share (in
thousands)
|
41,391
|
|
41,600
|
|
40,813
|
|
43,230
|
Weighted average
number of shares used in computing diluted net earnings loss per
share (in thousands)
|
41,391
|
|
41,600
|
|
40,813
|
|
43,230
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
NON-GAAP PROFORMA STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 51,673
|
|
$ 57,917
|
|
$ 23,089
|
|
$ 29,369
|
Services
|
18,212
|
|
15,600
|
|
9,316
|
|
8,197
|
Total
Revenues
|
69,885
|
|
73,517
|
|
32,405
|
|
37,566
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
23,422
|
|
25,762
|
|
10,484
|
|
13,063
|
Services
|
4,677
|
|
3,845
|
|
2,497
|
|
1,976
|
Total Cost of
revenues (1) (2)
|
28,099
|
|
29,607
|
|
12,981
|
|
15,039
|
Gross
profit
|
41,786
|
|
43,910
|
|
19,424
|
|
22,527
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net (1)
|
14,438
|
|
15,922
|
|
6,980
|
|
8,253
|
Selling and marketing
(1) (2)
|
21,906
|
|
22,167
|
|
10,992
|
|
11,278
|
General and
administrative (1)
|
4,203
|
|
3,303
|
|
2,266
|
|
1,595
|
Total operating
expenses
|
40,547
|
|
41,392
|
|
20,238
|
|
21,126
|
Operating income
(loss)
|
1,239
|
|
2,518
|
|
(814)
|
|
1,401
|
Financial income,
net
|
606
|
|
102
|
|
541
|
|
15
|
Income (loss) before
taxes on income
|
1,845
|
|
2,620
|
|
(273)
|
|
1,416
|
Taxes on income, net
(3)
|
(432)
|
|
11
|
|
(264)
|
|
153
|
Net income
(loss)
|
$ 1,413
|
|
$ 2,631
|
|
$ (537)
|
|
$ 1,569
|
Diluted net earnings
(loss) per share
|
$ 0.03
|
|
$ 0.06
|
|
$ (0.01)
|
|
$ 0.04
|
Weighted average
number of shares used in computing basic net earnings (loss) per
share (in thousands)
|
42,172
|
|
43,175
|
|
41,453
|
|
44,616
|
(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.
|
|
|
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 LOSS TO NON-GAAP NET INCOME (LOSS)
|
U.S. dollars in
thousands, except per share data
|
|
|
|
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
GAAP net
loss
|
$ (2,300)
|
|
$ (324)
|
|
$ (1,922)
|
|
$ (46)
|
|
GAAP net loss per
share
|
$ (0.06)
|
|
$ (0.01)
|
|
$ (0.05)
|
|
$ (0.00)
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
49
|
|
51
|
|
26
|
|
25
|
|
Amortization expenses
(2)
|
496
|
|
496
|
|
248
|
|
248
|
|
|
545
|
|
547
|
|
274
|
|
273
|
|
Research and
development, net:
|
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
238
|
|
306
|
|
117
|
|
163
|
|
Selling and
marketing:
|
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
568
|
|
546
|
|
276
|
|
300
|
|
Amortization expenses
(2)
|
163
|
|
182
|
|
72
|
|
91
|
|
|
731
|
|
728
|
|
348
|
|
391
|
|
General and
administrative:
|
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
452
|
|
413
|
|
227
|
|
207
|
|
Income
taxes:
|
|
|
|
|
|
|
|
|
Deferred tax
(3)
|
1,328
|
|
961
|
|
419
|
|
581
|
|
Non-GAAP net income
(loss)
|
$ 994
|
|
$ 2,631
|
|
$ (537)
|
|
$ 1,569
|
|
Non-GAAP diluted net
earnings (loss) per share
|
$ 0.03
|
|
$ 0.06
|
|
$ (0.01)
|
|
$ 0.04
|
|
|
(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.
|
|
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
|
|
|
|
Six months
ended
|
|
Three months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(
Unaudited)
|
|
(
Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ (2,300)
|
|
$ (324)
|
|
$ (1,922)
|
|
$ (46)
|
Adjustments required
to reconcile net income or
loss to net cashprovided by or used
in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,627
|
|
1,629
|
|
803
|
|
773
|
Amortization of
marketable securities premiums
and accretion of discounts,
net
|
|
552
|
|
195
|
|
239
|
|
156
|
Increase (decrease)
in accrued severance pay, net
|
|
79
|
|
(186)
|
|
(82)
|
|
26
|
Stock-based
compensation expenses
|
|
1,307
|
|
1,316
|
|
646
|
|
695
|
Decrease in long-term
deferred tax assets, net
|
|
872
|
|
967
|
|
253
|
|
496
|
Amortization of
senior convertible notes discount
and deferred charges
|
|
-
|
|
(15)
|
|
-
|
|
-
|
Decrease (increase)
in accrued interest on
marketable securities, bank deposits
and
structured notes
|
|
29
|
|
174
|
|
177
|
|
(4)
|
Decrease (increase)
in trade receivables, net
|
|
2,997
|
|
(4,363)
|
|
2,853
|
|
(3,751)
|
Decrease (increase)
in other receivables and
prepaid expenses
|
|
2,810
|
|
(2,370)
|
|
2,519
|
|
(231)
|
Increase in
inventories
|
|
(396)
|
|
(234)
|
|
(528)
|
|
(277)
|
Increase (decrease)
in trade payables
|
|
(3,669)
|
|
546
|
|
(1,145)
|
|
(1,515)
|
Increase (decrease)
in deferred revenues
|
|
3,212
|
|
3,273
|
|
(1,010)
|
|
17
|
Increase in other
payables and accrued expenses
|
|
950
|
|
953
|
|
554
|
|
3,275
|
Net cash provided by
(used in) operating activities
|
|
8,070
|
|
1,561
|
|
3,357
|
|
(386)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of
marketable securities
|
|
-
|
|
(60,170)
|
|
-
|
|
(60,170)
|
Decrease (increase)
in short-term deposits, net
|
|
3,269
|
|
1,000
|
|
(7)
|
|
-
|
Proceeds from
redemption of long-term bank
deposits
|
|
1,365
|
|
1,381
|
|
850
|
|
851
|
Proceeds from
redemption of marketable securities
upon maturity
|
|
2,711
|
|
15,390
|
|
2,711
|
|
4,000
|
Purchase of property
and equipment
|
|
(1,332)
|
|
(719)
|
|
(490)
|
|
(308)
|
Net cash provided by
(used in) investing activities
|
|
6,013
|
|
(43,118)
|
|
3,064
|
|
(55,627)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
Six months
ended
|
|
Three months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(
Unaudited)
|
|
(
Unaudited)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Purchase of treasury
stock
|
|
(11,329)
|
|
-
|
|
(6,080)
|
|
-
|
Repayment of senior
convertible notes
|
|
-
|
|
(285)
|
|
-
|
|
-
|
Repayment of
long-term bank loans
|
|
(2,342)
|
|
(2,343)
|
|
(1,366)
|
|
(1,367)
|
Consideration related
to payment of acquisition of
Mailvision
|
|
(233)
|
|
(233)
|
|
(233)
|
|
(233)
|
Proceeds from
issuance of shares upon exercise of
options and warrants
|
|
331
|
|
2,112
|
|
59
|
|
388
|
Proceeds from
issuance of shares, net
|
|
-
|
|
29,744
|
|
-
|
|
-
|
Payment of issuance
costs
|
|
-
|
|
-
|
|
-
|
|
(111)
|
Net cash provided by (used in) financing activities
|
|
(13,573)
|
|
28,995
|
|
(7,620)
|
|
(1,323)
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
510
|
|
(12,562)
|
|
(1,199 )
|
|
(57,336)
|
Cash and cash
equivalents at the beginning of
the
period
|
|
14,797
|
|
30,763
|
|
16,506
|
|
75,537
|
Cash and cash
equivalents at the end of the period
|
|
$ 15,307
|
|
$ 18,201
|
|
$ 15,307
|
|
$ 18,201
|
Company Contacts
|
|
IR Agency Contact
|
Niran Baruch,
|
Shirley Nakar,
|
Philip Carlson/Collin Dennis
|
VP Finance & Chief Accounting
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-second-quarter-2015-results-300119553.html
SOURCE AudioCodes