TEL AVIV, May 14, 2012 – RADVISION (Nasdaq: RVSN), a leading
technology and end-to-end solution provider for unified visual communications,
reported today that revenues for the first quarter of 2012 were $17.4 million.
This compares with revenues of $20.8 million in the first quarter of 2011.
The operating loss for the first quarter of 2012 was $7.5
million on a GAAP basis and $5.5 million on a non-GAAP basis. For the first quarter of 2011, the operating
loss was $3.5 million on a GAAP basis, and $2.6 million on a non-GAAP basis.
The net loss for the first quarter of 2012 was $6.7 million,
or $0.36 per diluted share, on a GAAP basis, and $5.4 million, or $0.29 per
diluted share, on a non-GAAP basis. In
the first quarter of 2011, the net loss was $3.3 million, or $0.18 per diluted
share, on a GAAP basis, and $2.4 million, or $0.13 per diluted share, on
non-GAAP basis.
The non-GAAP amounts in the first quarter of 2012 exclude
$1.2 million of merger costs related to the acquisition of RADVISION by Avaya,
which was approved by RADVISION shareholders on April 30, 2012. Also excluded are income of $0.6 million for
prior year’s tax adjustments, $0.4 million of amortization of purchased
intangibles, $0.4 million for the effects of stock-based compensation expense
in accordance with ASC 718, and income of $0.1 million due to the other than
temporary impairment of certain Auction Rate Securities. The total amount
excluded for non-GAAP purposes was $1.2 million, equivalent to $0.07 per
diluted share.
The non-GAAP amounts in the first quarter of 2011 exclude
$0.5 million of expense for amortization of purchased intangibles, $0.5 million
for the effects of stock-based compensation expense, and a loss of $0.01
million due to the other than temporary impairment of certain Auction Rate
Securities. The total amount excluded for non-GAAP purposes was $1.0 million,
equivalent to $0.05 per diluted share.
For the first quarter of 2012, total revenues consisted of
$15.2 million for the Video Business Unit (VBU) and $2.2 million for the
Technology Business Unit (TBU). This
compares with $15.9 million for the VBU and $4.8 million for the TBU reported
in the first quarter of 2011.
The Company’s guidelines for the first quarter of 2012 as
reported on February 8, 2012 and updated on April 4, 2012 were for revenues of
approximately $17.0 million, a non-GAAP operating loss of $6.9 million, and a
net loss of $0.47 to $0.49 per diluted share on a GAAP basis, and $0.37 per
diluted share on a non-GAAP basis.
The reconciliation between GAAP net income and Non-GAAP net
income is provided in the tables at the end of this press release.
The Company ended the first quarter of 2012 with
approximately $89.5 million in cash and liquid investments, equivalent to $4.82
per basic share, a decrease of $1.1 million from December 31, 2011. The
decrease reflects $2.3 million used in operating activities and $0.3 million
for capital expenditures offset by $1.5 million received from the exercise of
options.
Boaz Raviv, Chief Executive Officer, commented: “Our Video
Business Unit exceeded our expectations in the first quarter due to higher than
expected sales of both our infrastructure and endpoint products. This strong performance more than offset
lower Technology Business Unit revenues.
“Over the past two years we have been successfully
transforming RADVISION into an end-to-end videoconferencing solution provider
with leading technology. That
transformation has continued in 2012. In
March, we debuted the first and the flagship product of our next generation
video system, the SCOPIA XT5000. Designed for the high end market, the SCOPIA
XT5000 is the most powerful HD video conferencing system in its class available
on the market. In April, we expanded our
next generation HD video conferencing room system portfolio with the SCOPIA
XT4200, which offers outstanding value and cost-effective HD video
communications, especially suited for the smaller and mid-sized conference
room. We are gratified by the market
response to our new portfolio.
“Since our founding in 1992, RADVISION has been a leading
innovator in video communications technology.
We are excited to continue that tradition as part of Avaya, a leading
global provider of business collaboration and communications solutions. By
joining forces, we plan to create a very powerful force in the unified
communications marketplace.”
The Company noted that RADVISION and Avaya expect their
merger to be completed in the second quarter of 2012.
GAAP versus NON-GAAP Presentation
To supplement the consolidated financial statements
presented in accordance with generally accepted accounting principles in the
United States ("GAAP"), the Company uses non-GAAP measures of
operating results, net income and earnings per share, which are adjusted from
results based on GAAP to exclude other than temporary impairment of available
for sale marketable securities, the expenses recorded for stock compensation in
accordance with ASC 718, amortization of purchased intangibles, prior year’s
tax adjustments and merger-related costs. These non-GAAP financial measures are
provided to enhance overall understanding of the current financial performance
and prospects for the future. Specifically, the Company believes the non-GAAP
results provide useful information to both management, and investors as these
non-GAAP results exclude other than temporary impairment of available for sale
marketable securities, the expenses recorded for stock compensation in
accordance with ASC 718, amortization of purchased intangibles, prior year’s
tax adjustments and merger-related costs that the Company believes are not
indicative of the core operating results. Further, these non-GAAP results are
one of the primary indicators management uses for assessing the Company's performance,
allocating resources and planning and forecasting future periods. These
measures should be considered in addition to results prepared in accordance
with GAAP, but should not be considered a substitute for or superior to GAAP
results. These non-GAAP measures may be different from the non-GAAP measures
used by other companies.
About RADVISION
Founded in 1992, RADVISION (Nasdaq: RVSN) is a leading
provider of video conferencing and telepresence technologies over IP and
wireless networks. RADVISION teams with its channel and service provider
partners to offer end-to-end visual communications that help businesses
collaborate more efficiently. RADVISION propels the unified communications
evolution forward with unique technologies that harness the power of video,
voice, and data over any network.
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