{"id":1693,"date":"2016-08-03T17:07:50","date_gmt":"2016-08-03T17:07:50","guid":{"rendered":"https:\/\/radcom.com\/?post_type=latest-news&p=1693"},"modified":"2024-04-15T11:32:34","modified_gmt":"2024-04-15T11:32:34","slug":"radcom-reports-q2-h1-2016-financial-results","status":"publish","type":"latest-news","link":"https:\/\/radcom.com\/latest-news\/radcom-reports-q2-h1-2016-financial-results\/","title":{"rendered":"RADCOM REPORTS Q2 & H1 2016 FINANCIAL RESULTS"},"content":{"rendered":"\n
ADCOM REPORTS Q2 & H1 2016 FINANCIAL RESULTS<\/strong><\/p>\n\n\n\n Q2 Revenues Up 49% YOY to $7.2M<\/em><\/strong><\/p>\n\n\n\n Announces Relationship with AT&T<\/em><\/strong><\/p>\n\n\n\n Strengthened Balance Sheet Supports Execution of Growth Initiatives<\/em><\/strong><\/p>\n\n\n\n TEL-AVIV, Israel \u2013 August 3, 2016– RADCOM Ltd. (NASDAQ: RDCM)<\/strong> today reported its financial results for the second quarter and first half ended June 30, 2016.<\/p>\n\n\n\n Financial Results<\/strong><\/p>\n\n\n\n Second Quarter: <\/em><\/strong>Revenues for the second quarter were $7.2 million, up 49% compared to $4.8 million in the second quarter of 2015, and up 10% compared to $6.5 million in the first quarter of 2016.<\/p>\n\n\n\n Net income for the period, determined in accordance with U.S. GAAP, totaled $1.7 million, or $0.17 per diluted share, compared to $203,000, or $0.02 per diluted share for the second quarter of 2015, and $0.10 per diluted share in the first quarter of 2016. On a non-GAAP basis, net income totaled $2.0 million, or $0.20 per diluted share, compared to $605,000, or $0.07 per diluted share for the second quarter of 2015, and $0.14 per diluted share in the first quarter of 2016. Both GAAP and non-GAAP results for the second quarter of 2016 included a $0.8 million or $0.07 per diluted share, benefit related to grants from the Office of the Chief Scientist compared to $0.2 million or $0.02 per diluted share in the second quarter of 2015.<\/p>\n\n\n\n As of June 30, 2016, the Company\u2019s balance of cash and cash equivalents totaled a record $46.5 million compared to $8.7 million at the end of 2015 and $25.5 million at the end of the first quarter. <\/p>\n\n\n\n First Half of 2016: <\/em><\/strong>Revenues for the first six months of 2016 increased by 23% to $13.7 million compared to $11.2 million in the first half of 2015.<\/p>\n\n\n\n GAAP net income for the period totaled $2.6 million, or $0.27 per diluted share, compared to $640,000, or $0.07 per diluted share in the first half of 2015. On a non-GAAP basis, net income for the period totaled $3.3 million, or $0.34 per diluted share compared to $1.4 million, or $0.16 per diluted share recorded in the first half of 2015.<\/p>\n\n\n\n Comments of Management<\/strong><\/p>\n\n\n\n \u201cAT&T\u2019s recent public announcement that it is using RADCOM\u2019s innovative technology to support its shift to network virtualization highlights the strong technological leadership of our game-changing MaveriQ product suite. We are on track in implementing the current contract and have recently signed a product expansion, as well as a multi-year maintenance agreement that further strengthens our long-term relationship,\u201d commented Mr. Yaron Ravkaie, RADCOM\u2019s CEO. \u201cAs a vital component of AT&T\u2019s NFV transformation, we are positioned to continue innovating and extending our technologies, in line with our strategic plan, and have already added cutting-edge new capabilities to our MaveriQ solution. We believe this new functionality will be critical for the success of any large-scale network virtualization, further positioning RADCOM as the go-to NFV service assurance vendor. With this recent public announcement and AT&T\u2019s endorsement, we are accelerating our engagements with additional top-tier carriers.\u201d<\/p>\n\n\n\n Mr. Yaron Ravkaie concluded, \u201cWe are reiterating our 2016 revenue guidance range of $28-$29.5 million, up 50%-58% compared with 2015. The combination of our best-of-breed MaveriQ suite, growing pipeline of opportunities and significantly strengthened balance sheet positions the Company to scale and grow to a whole new level.\u201d<\/p>\n\n\n\n Earnings Conference Call<\/strong> From the US (toll-free): + 1-888-668-9141<\/p>\n\n\n\n From other locations: +972-3-918-0609<\/p>\n\n\n\n For those unable to listen to the call at the time, a replay will be available from August 4th<\/sup> on RADCOM’s website.<\/p>\n\n\n\n ##<\/p>\n\n\n\nIn $ thousands<\/em><\/td> Q2 2016<\/em><\/strong><\/td> Q2 2015<\/em><\/strong><\/td> H1 2016<\/em><\/strong><\/td> H1 2015<\/em><\/strong><\/td><\/tr> Revenues<\/em><\/strong><\/strong><\/td> $7,200<\/strong><\/td> $4,837<\/strong><\/td> $13,747<\/strong><\/td> $11,191<\/strong><\/td><\/tr> Gross margin<\/em><\/strong><\/strong><\/td> 70%<\/strong><\/td> 75%<\/strong><\/td> 72%<\/strong><\/td> 79%<\/strong><\/td><\/tr> Net profit <\/em><\/strong><\/strong><\/td> $1,747<\/strong><\/td> $203<\/strong><\/td> $2,650<\/strong><\/td> $640<\/strong><\/td><\/tr> Net profit <\/em><\/strong>(non-GAAP)<\/em><\/strong><\/td> $1,997<\/strong><\/td> $605<\/strong><\/td> $3,337<\/strong><\/td> $1,426<\/strong><\/td><\/tr> Cash & equivalents<\/em><\/strong><\/td> $46,468<\/strong><\/td> $9,916<\/strong><\/td> $46,468<\/strong><\/td> $9,916<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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:<\/p>\n\n\n\nAbout RADCOM<\/strong><\/h3>\n\n\n\n