VocalTec Announces Results for the First Six-Months of 2008

Thu Aug 21, 4:01 PM

HERZLIA, Israel--(BUSINESS WIRE)--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.

www.vocaltec.com

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
 

VocalTec
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