RADVISION Ltd., a leading provider of video and wireless communications solutions, recently posted its third quarter 2010 financial results, exceeding previous company forecasts.
“Our third-quarter results were better-than-expected due to the very strong performance of our Video Business Unit. Our VBU revenues grew 32 percent over the third quarter of 2009, more than overcoming the as-expected 21 percent step-down in revenues from Cisco,” Boaz Raviv, CEO of RADVISION stated in the press release. “Driving our VBU growth was the continued market success of our SCOPIA infrastructure platform, which we continue to advance, combined with our successful introduction of endpoints at the beginning of this year, which has transformed RADVISION into an end-to-end video solution provider.”
Third-quarter revenues for 2010 were $24.5 million, an increase of 20 percent from $20.4 million in the third quarter of 2009, surpassing the company’s revenue forecast.
The company recorded operating income of $0.5 million on a GAAP basis and $1.6 million on a non-GAAP basis, as compared to operating income of $1.4 million on a GAAP basis and $2.5 million on a non-GAAP basis for the third quarter of 2009.
RADVISION reported third-quarter net income of $0.3 million, or $0.02 per diluted share, as compared to third quarter 2009 net income of $1.2 million, or $0.06 per diluted share.
The company reported that total revenues for the quarter consisted of $20.7 million for the VBU and $3.9 million for the Technology Business Unit (TBU), as compared third quarter 2009 results of $15.6 million for the VBU and $4.8 million for the TBU.
As of June 30, 2010, RADVISION reported approximately $115.5 million in cash and liquid investments, equivalent to $5.99 per basic share, a decrease of $6.8 million from June 30, 2010.
The company said expects to report revenues for the fourth quarter of 2010 of approximately $26.0 million and net income of approximately $1.2 million or $0.06 per diluted share. CEO Raviv said the company’s ability to strengthen its established relationships leverage its anticipations for the future.
“Our new position as an end-to-end video solution provider has enabled us to deepen our relationships with current reseller partners as well as expand and diversify our channel in both developed and emerging markets globally,” Raviv stated. “The continued execution of our strategy in the third quarter of 2010 produced important and tangible results. This is a time of enormous opportunity in the video market. We remain fully focused on moving quickly to seize it.”
For more information visit www.radvision.com
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