VocalTec Communications Ltd. (Nasdaq: VOCL) (the “Company” or “VocalTec”), a global provider of carrier-class multimedia and voice-over-IP solutions for communication service providers, today reported results for the first half ended June 30, 2008.
Revenues for the first half of 2008 were $3.2 million. Gross margin, excluding the effect of amortization of intangible assets, was 55% in the first half of 2008.
Operating expenses for the first half of 2008 were $5.2 million, including $2.1 million for research and development and $1.7 million for sales and marketing. Excluding the effect of share-based compensation expense and amortization of intangible assets, operating expenses in the first six months of 2008 were $4.4 million.
Net loss for the first six months of 2008 was $3.8 million, or $0.51 per share. Excluding the effect of share-based compensation expense and amortization of intangible assets, net loss for the first six months of 2008 was $2.8 million, or $0.38 per share.
As of June 30, 2008, the Company had cash and cash equivalents in the amount of $2.0 million. The cash position reported as of June 30 does not include the proceeds received on July 18, 2008 from the sale of 11 patents, as announced in a press release on July 21, 2008.
About VocalTec
VocalTec Communications (Nasdaq: VOCL) is a global provider of carrier-class multimedia and voice-over-IP solutions for communication service providers. A pioneer in VoIP technology since 1994, VocalTec provides proven trunking, peering and residential/enterprise VoIP application solutions that enable flexible deployment of next-generation networks (NGNs). Partnering with prominent system integrators and equipment manufacturers, VocalTec serves an installed base of dozens of leading carriers including Deutsche Telekom , Telecom Italia San Marino and Mobifon. VocalTec is led by a management team comprised of respected industry veterans.
| VOCALTEC COMMUNICATIONS LTD. | ||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||
| Unaudited | ||
| All data in thousands of U.S. dollars | ||
Six months ended June 30 | ||
| 2008 | ||
| Sales | ||
| Product | 2,026 | |
| Services | 1,142 | |
| 3,168 | ||
| Cost of sales | ||
| Product | 1,115 | |
| Services | 299 | |
| 1,415 | ||
| Amortization of intangible assets | 188 | |
| 1,603 | ||
| Gross profit | 1,565 | |
| Operating Expenses | ||
| Research and development, net. | 2,146 | |
| Selling and marketing | 1,706 | |
| General and administrative | 1,261 | |
| Amortization of acquired intangibles | 90 | |
| Total Operating Expenses | 5,203 | |
| Operating Loss | (3,638) | |
| Other Income (expense), net | ||
| Financial Income (expense), net | (139) | |
| Net Loss | (3,777) | |
| VOCALTEC COMMUNICATIONS LTD. | ||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||
| Unaudited | ||
| All data in thousands of U.S. dollars | ||
| June 30 | ||
| 2008 | ||
| Current Assets | ||
| Cash and Cash equivalents | 1,956 | |
| Short term deposit | 0 | |
| Restricted cash | 547 | |
| Trade receivables, net | 317 | |
| Other receivables | 808 | |
| Severance pay funds | 287 | |
| Inventories | 282 | |
| Total Current Assets | 4,197 | |
| Severance pay funds | 996 | |
| Equipment, net | 531 | |
| Intangible assets, net | 2,203 | |
| Goodwill | 2,297 | |
| Total Assets | 10,224 | |
| Current Liabilities | ||
| Trade payable | 755 | |
| Accrued expenses | 3,332 | |
| Accrued severance pay | 484 | |
| Deferred revenues | 1,809 | |
| Total Current Liabilities | 6,380 | |
| Long Term Liabilities | ||
| Long-term other liabilities | - | |
| Accrued severance pay | 1,236 | |
| Total Long Term | 1,236 | |
| Total Liabilities | 7,616 | |
| Shareholders Equity | ||
| Share capital | 213 | |
| Additional paid-in capital | 94,289 | |
| Accumulated deficit | (91,894) | |
| Total Shareholders Equity | 2,608 | |
| Total Liabilities and Shareholders Equity | 10,224 | |
Contacts:
Gali Porat, +972-9-9703805
gali@vocaltec.com
or
KCSA
Marybeth
Csaby, 212-896-1236
mcsaby@kcsa.com
or
David
Burke, 212-896-1258
dburke@kcsa.com
