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RADCOM'S Strong Momentum Continues: Q1 2010 Revenues up 120% Year-Over-Year to $4.4M With Non-GAAP EPS of $0.05

Sales Rising in Wake of Smart Phone-Driven Network Challenges


News provided by

RADCOM Ltd

Apr 26, 2010, 06:59 ET

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TEL-AVIV, Israel, April 26, 2010 /PRNewswire-FirstCall/ -- RADCOM Ltd. (RADCOM) (NASDAQ: RDCM) today announced its unaudited financial results for the first quarter ended March 31, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090331/342930 )

Financial Results

Revenues for the first quarter of 2010 were $4.4 million, a 120% increase compared with $2.0 million for the first quarter of 2009, and a 5% increase compared with $4.2 million for the fourth quarter of 2009. The Company also achieved strong bookings for the quarter.

Net income for the quarter according to U.S. generally accepted accounting principles (GAAP) was $51,000, or $0.01 per ordinary share (basic and diluted) compared to a net loss of $(1.5) million, or $(0.30) per ordinary share (basic and diluted), for the first quarter of 2009, and net income of $102,000, or $0.02 per share (basic and diluted), for the fourth quarter of 2009. Net income was impacted by a $200,000 financial expense which derived from the mark-to-market of outstanding warrants, an activity triggered by the significant appreciation of RADCOM's share price during the quarter.

To provide investors with insight into the Company's underlying operating results, financial results are also being presented on a non-GAAP basis excluding share-based compensation expenses and change in fair value of warrants from all periods. According to this non-GAAP basis, the Company recorded net income of $284,000, or $0.05 per ordinary share (diluted) for the first quarter of 2010, compared with a net loss of $(1.4) million, or $(0.27) per ordinary share (diluted) for the first quarter of 2009. This represented a 16% increase compared with the Company's net income for the fourth quarter of 2009, which totaled $245,000, or $0.05 per ordinary share (diluted).

Comments of Management

Commenting on the results, Mr. David Ripstein, RADCOM's President and CEO, said, "We are very pleased to report another period of strong positive momentum in line with our work plan. During the quarter, we delivered another sequential increase in revenues and non-GAAP profits, while also achieving strong bookings that enhanced an already healthy backlog."

Mr. Ripstein continued, "Demand for our solutions is increasing, primarily due to rising usage of smart phone devices, like the iPhone, and its effect on network performance. In this environment, operators are investing in RADCOM solutions. Our optimization tools decrease the need for operators to make substantial additional capital expenditures while still enabling them to maintain the same high level of customer service and satisfaction."

Mr. Ripstein concluded, "We believe this positive momentum confirms our long-term strategies and our 'read' of the market. With rising demand, a healthy backlog, a growing list of top-tier reference accounts and market-leading solutions, we feel well-positioned to generate further growth in 2010."

About RADCOM

RADCOM develops, manufactures, markets and supports innovative network test and service monitoring solutions for communications service providers and equipment vendors. The Company specializes in next-generation Cellular as well as IMS, Voice, Data and VoIP networks. Its solutions are used in the development and installation of network equipment and in the maintenance of operational networks. The Company's products facilitate fault management, network service performance monitoring and analysis, troubleshooting and pre-mediation. RADCOM's shares are listed on the NASDAQ Capital Market under the symbol RDCM. For more information, please visit http://www.RADCOM.com.

Non-GAAP Information

Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader's overall understanding of our financial performance. By excluding non-cash equity based compensation that has been expensed in accordance with ASC Topic 718 and change in fair value of warrants that has been expensed in accordance with ASC 815-40, our non-GAAP results provide information to both management and investors that is useful in assessing our core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.

Risks Regarding Forward-Looking Statements

Certain statements made herein that use the words "estimate," "project," "intend," "expect," "'believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in the demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company's business, reference is made to the Company's reports filed from time to time with the United States Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.

                                RADCOM Ltd.
                  Consolidated Statements of Operations
             (1000's of U.S. dollars, except per share data)

                                                      Three months ended
                                                           March 31,
                                                   2010               2009
                                               (unaudited)        (unaudited)
    Sales (1)                                    $ 4,438            $ 2,018
    Cost of sales                                  1,502                790
    Gross profit                                   2,936              1,228
    Research and development, gross                1,048              1,062
    Less - royalty-bearing participation             419                400
    Research and development, net                    629                662
    Sales and marketing                            1,501              1,514
    General and administrative                       414                416
    Total operating expenses                       2,544              2,592
    Operating income (loss)                          392            (1,364)
    Financing loss, net                             (341)              (137)
    Net income (loss)                                 51            (1,501)
    Net income (loss) per ordinary share
    (basic and diluted)                           $ 0.01           $ (0.30)
    Weighted average number of
    ordinary shares used in
    computing basic net (loss) income
    per ordinary share                         5,087,209          5,081,426
    Weighted average number of
    ordinary shares used in
    computing diluted net (loss)
    income per ordinary share                  5,285,455          5,081,426

(1) The Company elected to adopt ASU No. 2009-14, "Certain Revenue Arrangements That Include Software Elements." This ASU changes the accounting model for revenue arrangements that include both tangible products and software elements that are "essential to the functionality," and scopes these products out of previous software revenue guidance. The Company also elected to adopt ASU No. 2009-13, "Multiple-Deliverable Revenue Arrangements." This ASU establishes the accounting and reporting guidance for arrangements including multiple revenue-generating activities. This ASU provides amendments to the criteria for separating deliverables, and measuring and allocating arrangement consideration to one or more units of accounting. The Company has elected early adoption of these standards, beginning January 1, 2010. Had the Company adopted these standards in Q1 2009 it would not have had a material effect on the Company's condensed consolidated financial statements for that period.

                                   RADCOM Ltd.
            RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
            (1000's of U.S. dollars, except share and per share data)

                                  Three Months Ended
                                      March 31,
                                 2010           2009
                              (unaudited)    (unaudited)

    GAAP net income (loss)            $51       ($1,501)
    Stock-based compensation
    (1)                                33            87
    Change in fair value of
    warrants                          200            21
    Non-GAAP net income
    (loss)                           $284       ($1,393)
    Non-GAAP earnings
    (losses) per share
    (diluted)                       $0.05        ($0.27)

    Number of shares used in
    computing Non-GAAP
    earnings (losses) per
    share (diluted)             5,285,455     5,081,426

    (1) Stock-based
    compensation:
    Cost of sales                       2             3
    Research and development            4            23
    Selling and marketing               5            31
    General and
    administrative                     22            30
                                       33            87



                                  RADCOM Ltd.
                          Consolidated Balance Sheets
                           (1000's of U.S. dollars)

                                                  As of           As of
                                               March 31,       December 31,

                                               2010            2009
                                               (unaudited)     (unaudited)
    Current Assets
    Cash and cash equivalents                        2,142            3,274
    Trade receivables, net                           4,795            3,610
    Inventories                                      2,635            2,879
    Other current assets                               916              607
    Total Current Assets                            10,488           10,370

    Severence Pay Fund                               2,457            2,495

    Property and equipment, net                        479              575

    Total Assets                                    13,424           13,440

    Liabilities and Shareholders' Equity
    Current Liabilities
    Trade payables                                   1,327            1,117
    Deferred revenue                                   811              478
    Current maturities of long-term loan               510            1,022
    Other payables and accrued expenses              4,444            4,781
    Total Current Liabilities                        7,092            7,398

    Long-Term Liabilities
    Deferred revenue                                   249               85
    Long-term loan net of current maturities            43              170
    Warrants related to long term loan                 448              248
    Accrued severance pay                            2,867            2,899
    Total Long-Term Liabilities                      3,607            3,402

    Total Liabilities                               10,699           10,800

    Shareholders' Equity
    Share capital                                      178              177
    Additional paid-in capital                      51,577           51,544
    Accumulated deficit                            (49,030)         (49,081)
    Total Shareholders' Equity                       2,725            2,640

    Total Liabilities and Shareholders' Equity      13,424           13,440



    Contact:
    Jonathan Burgin
    CFO
    +972-3-645-5004
    [email protected]

SOURCE RADCOM Ltd

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