RADCOM Reports $5.7M Revenues For Q4, 30% Increase Of Full-year Sales To $20.5M For 2013 - News, Weather and Sports for Lincoln, NE; KLKNTV.com

RADCOM Reports $5.7M Revenues For Q4, 30% Increase Of Full-year Sales To $20.5M For 2013

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SOURCE RADCOM Ltd.

- Breakthrough New MaveriQ Solution To Boost Gross Margin Over Time to >75% While Slashing Book-to-Revenue Period -

TEL-AVIV, Israel, Feb. 5, 2014 /PRNewswire/ -- RADCOM Ltd. (RADCOM) (NASDAQ: RDCM), a leading provider of service assurance and customer experience solutions, today reported $5.7 million in sales and a return to profitability for the fourth quarter of 2013, a 30% increase in sales for 2013, and a significant improvement in its bottom line results.

In $ thousands

Q4 2013

Q3 2013

Change

2013

2012

Change

Revenues

$5,707

$4,758

20%

$20,482

$15,786

30%

Operating expenses

$3,291

$3,460

(5%)

$13,721

$15,157

(9%)

Net income (loss) (GAAP)

$117

$(1,148)

--

$(1,420)

$(5,987)

(76%)

Net income (loss)
(non-GAAP)

$187

$(1,017)

--

$(921)

$(5,315)

(83%)

Results for the Full Year 2013
RADCOM's 2013 revenues increased by 30% to $20.5 million from $15.8 million in 2012, while operating expenses for the period declined by 9%. Net loss for 2013 decreased by 76% to $(1.4) million, or $(0.19) per ordinary share (basic and diluted), from $(6.0) million, or $(o.93) per ordinary share (basic and diluted), in 2012. Non-GAAP net loss for the year declined by 83% to $(0.9) million, or $(0.13) per share (basic and diluted), compared with $(5.3) million, or $(0.83) per share (basic and diluted) for 2012.

Results for the 4th Quarter of 2013
For the fourth quarter, revenues totaled $5.7 million, an increase of 20% compared with the third quarter of 2013 and 11% compared with $5.1 million in the fourth quarter of 2012. Operating expenses for the quarter declined to $3.3 million, down 6% compared with the fourth quarter of 2012 and 5% compared with the third quarter of 2013. With higher revenues and lower operating expenses, the Company generated net income for the quarter of $117,000, or $0.01 per ordinary share (basic and diluted). This compared with a net loss of $(332,000), or $(0.05) per ordinary share (basic and diluted), for the fourth quarter of 2012. On a non-GAAP basis, net income for the quarter totaled $187,000, or $0.02 per ordinary share (basic and diluted), compared with a non-GAAP net loss of $(58,000), or $(0.01) per ordinary share (basic and diluted), for the fourth quarter of 2012.

Comments of Management
"The fourth quarter was a strong end to a very good year for RADCOM – a year in which the successful performance of all our growth drivers enabled us to achieve a 30% increase in sales, a significant improvement in the bottom line, a strong backlog and an extremely healthy pipeline of new opportunities," commented David Ripstein, RADCOM's CEO.

"A number of factors make us optimistic as we move into 2014," continued Mr. Ripstein. "We are excited by positive market reaction to our breakthrough new MaveriQ solution – a software-based product with the potential to substantially shorten our book-to-revenue period while significantly boosting our gross margin. Based on our experience with initial MaveriQ deployments, we have re-set our long-term gross margin target to above 75%."

"In parallel, we continue to benefit from our global base of over 70 top-tier customers, as demonstrated by a number of significant new LTE-service assurance orders that we have received recently. We believe the combination of strong market needs, an extensive customer base, groundbreaking products and a streamlined software-based delivery will enable us to generate additional growth in 2014 and beyond."

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 February 6th on RADCOM's website.

About RADCOM
RADCOM provides innovative service assurance and customer experience management solutions for leading telecom operators and communications service providers. RADCOM specializes in solutions for next-generation mobile and fixed networks, including LTE, VoLTE, IMS, VoIP, UMTS/GSM and mobile broadband. RADCOM's comprehensive, carrier- grade solutions are designed for big data analytics on terabit networks, and are used to prevent service provider revenue leakage and to enhance customer care management. RADCOM's products interact with policy management to provide self-optimizing network solutions. RADCOM's shares are listed on the NASDAQ Capital Market under the symbol RDCM. 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. 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

(1000's of U.S. dollars, except share and per share data)






Three months ended
 December 31,


Twelve months ended
 December 31,


2013


2012


2013


2012


(unaudited)


(unaudited)


(unaudited)


(audited)

Sales

$     5,707


$     5,152


$    20,482


$    15,786

Cost of sales

2,213


1,842


7,890


6,182

Gross profit

3,494


3,310


12,592


9,604

Research and development, gross

1,480


1,500


5,615


6,102

Less - royalty-bearing participation

597


427


1,537


1,567

Research and development, net

883


1,073


4,078


4,535

Sales and marketing

1,882


1,781


7,592


8,515

General and administrative

526


657


2,051


2,107

Total operating expenses

3,291


3,511


13,721


15,157

Operating income (loss)

203


(201)


(1,129)


(5,553)

Financing expenses, net

(86)


(131)


(291)


(314)

Income (loss) before taxes

117


(332)


(1,420)


(5,867)

Taxes

-


-


-


(120)

Net income (loss)

$   117


$  (332)


$   (1,420)


$   (5,987)

Basic net income (loss) per

ordinary share

$    0.01


$    (0.05)


$    ( 0.19)


$    ( 0.93)

Diluted net income (loss) per

ordinary  share

$    0.01


$    (0.05)


$    ( 0.19)


$    ( 0.93)

Weighted average number of 
    ordinary shares used in
    computing basic net income  (loss) per ordinary share

7,936,829


6,449,780


7,340,056


6,442,068

Weighted average number of 
    ordinary shares used in
    computing diluted net income  (loss) per ordinary share

8,318,024


6,449,780


7,340,056


6,442,068

 

RADCOM Ltd.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(1000's of U.S. dollars, except share and per share data)






Three Months Ended


Twelve Months Ended


December 31,


December 31,


2013


2012


2013


2012


(unaudited)


(unaudited)


(unaudited)


(audited)









GAAP net income (loss)

$117


$(332)


$(1,420)


$(5,987)

Stock-based compensation (1)

70


274


499


672

Non-GAAP net income (loss)

$187


$(58)


$(921)


$(5,315)

Non-GAAP income (loss) per
share (diluted)

$0.02


$(0.01)


$(0.13)


$(0.83)









Number of shares used in
computing Non-GAAP
income (loss) per share
(diluted)

8,318,024


6,449,780


7,340,056


6,442,068









(1) Stock-based
compensation:








   Cost of sales

1


1


7


14

   Research and development

10


61


117


205

   Sales and marketing

7


33


82


167

   General and administrative

52


179


293


286


70


274


499


672

 

RADCOM Ltd.

Consolidated Balance Sheets

(1000's of U.S. dollars)


As of


As of


December 31,

2013


December 31,

2012


(unaudited)


(audited)

Current Assets




     Cash and cash equivalents

1,185


1,474

     Restricted Cash

1,505


1,452

     Trade receivables, net

5,723


3,292

     Inventories

4,352


6,736

     Other receivables

3,092


3,555

Total Current Assets

15,857


16,509

Severance pay fund

3,535


3,090

Property and equipment, net

253


268

Total Assets

19,645


19,867





Liabilities and Shareholders' Equity




Current Liabilities




     Short term bank credit

629


1,058

     Short term loans

-


1,527

     Trade payables

2,257


1,920

     Deferred revenue and advances from customers

1,305


2,970

     Employees and payroll accruals

2,109


1,996

     Other payables and accrued expenses

1,795


1,844

Total Current Liabilities

8,095


11,315

Long-Term Liabilities




     Deferred revenue

107


37

     Accrued severance pay       

3,944


3,518

Total Long-Term Liabilities

4,051


3,555





Total Liabilities

12,146


14,870





Shareholders' Equity




     Share capital

335


251

     Additional paid-in capital

65,791


61,470

     Accumulated other comprehensive loss

(805)


(322)

     Accumulated deficit

(57,822)


(56,402)

Total Shareholders' Equity

7,499


4,997





Total Liabilities and Shareholders' Equity

19,645


19,867

 

Contact:
Gilad Yehudai
CFO
(972) 77-774-5060
gilady@radcom.com

©2012 PR Newswire. All Rights Reserved.

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