SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2005
RADVISION LTD.
(Name of Registrant)
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): 82-________
This Form 6-K is being incorporated by reference into the Registrant's Form S-8
Registration Statements File Nos. 333-45422, 333-53814, 333-55130, 333-66250,
333-82488, 333-104377, 333-116964 and 333-127013.
RADVision Ltd.
6-K Items
1. Press release re RADVISION Reports Record Results for 2005 Third Quarter
dated November 1, 2005.
ITEM 1
Press Release Source: RADVISION Ltd.
RADVISION Reports Record Results for 2005 Third Quarter
Tuesday November 1, 7:00 am ET
Revenues of $19.1 Million and EPS of $0.18 Exceed Forecast
FAIR LAWN, N.J.--(BUSINESS WIRE)--Nov. 1, 2005--RADVISION (Nasdaq: RVSN - News)
today announced that revenues for the third quarter of 2005 reached a record
$19.1 million. This represents a 14% increase from the third quarter of 2004. It
was $600,000 above the Company's forecast of $18.5 million.
Operating income for the third quarter of 2005 increased to $3.2 million. That
compares with $881,000 in the 2004 third quarter.
Net income for the 2005 third quarter more than doubled to a record $3.9 million
or $0.18 per diluted share, compared with $1.4 million or $0.07 per diluted
share reported in the 2004 third quarter. The Company had forecast that net
income would be $3.4 million or $0.15 per diluted share.
Business Unit revenues for the third quarter of 2005 consisted of $13.5 million
in Networking Business Unit (NBU) sales and $5.6 million in Technology Business
Unit (TBU) sales, representing increases of 19% and 4%, respectively, over the
third quarter of 2004.
For the first nine months of 2005, revenues were $52.8 million, operating income
was $7.3 million and net income was $9.3 million or $0.42 per diluted share. For
the first nine months of 2004, revenues were $46.7 million, operating income was
$1.9 million and net income was $3.2 million or $0.15 per share.
The Company ended the third quarter of 2005 with approximately $115.8 million in
cash and liquid investments, an increase of $3.4 million over the 2005 second
quarter, and equivalent to $5.46 per basic share. The increase reflects cash
flow of $2.8 million from operations and income of $1.1 million from the
exercise of options, offset by $500,000 in capital expenditures.
Gadi Tamari, Chief Executive Officer, commented: "Our third quarter revenues
reached a record level and exceeded our forecast mainly because of the strong
performance of our NBU in the Americas. This was driven by substantial sales in
the U.S. federal market of both Click to Meet(TM) and of our hardware, and
better than expected growth in sales to our channel partner Cisco.
"We made important progress in the third quarter towards one of our primary
goals - expanding the potential of our Click to Meet technology by integrating
it within Microsoft solutions. Click to Meet for Live Communications Server
became generally available in September and we made our first shipments in the
third quarter. We expect Click to Meet for Live Meeting to ship later in the
current quarter."
"We had strong performance in Europe including three 3G hardware deals in the
third quarter not all of which have been recognized as revenues yet. They
included a large follow-on order from one of our earliest 3G customers, a
significant new deal with a major cellular operator and a project with an
applications services provider for an innovative pilot.
"Our TBU continued its solid performance in the quarter as well. We were pleased
to see the adoption by the ITU of WNSRP, the first standard for fast-call setup
on 3G-324M multimedia systems, which was strongly supported by a consortium of
3G equipment solution providers. Our TBU introduced a new version of the 3G-324M
toolkit earlier this year to support WNSRP and we won an important new handset
customer in APAC who chose our toolkit over the competition. We were also the
editors of the standard for firewall NAT traversal that was adopted by the ITU.
This standard was the first agreed to by all the leading providers in the
market.
Mr. Tamari concluded: "Our strong performance this quarter is further evidence
that we are executing on our plan and that it is the right one for the personal
and business multimedia communications market. The video-based market continues
to make important strides and we expect further growth in the fourth quarter and
beyond."
Guidance
The following statements are forward-looking, and actual results may differ
materially.
The Company expects fourth quarter 2005 revenues to be approximately $20.5
million and net income to approximate $4.5 million or $0.20 per diluted share.
This compares to fourth quarter 2004 revenues of $17.6 million and net income of
$2.8 million or $0.13 per diluted share. (Full details are available on the
Company's web site at www.radvision.com.)
Third Quarter 2005 Earnings Conference Call/Webcast
RADVISION will hold a conference call to discuss its third quarter 2005 results
and fourth quarter outlook, today, Tuesday, November 1, 2005 at 9:00 a.m.
(Eastern). To access the conference call, please dial 1-888-455-9744
(International dialers can call +1-210-234-0002) by 8:45 a.m. The passcode
"RADVISION" will be required to access the live conference call. A live webcast
of the conference call also will be available in the Investor Relations section
of the company's website at www.radvision.com and archived on the site until the
next quarter. Simply point to Corporate Information and click on Investors.
A PowerPoint presentation highlighting key financial metrics as well as the
fourth quarter 2005 estimate also will be available in the Investor Relations
section of the company's website. The presentation will be available beginning
at 8:00 a.m. (Eastern) on November 1st and will be archived on the website until
the end of the fourth quarter. A replay of the call will be available beginning
approximately one hour after the conclusion of the call through 11:00 p.m.
(Eastern) on November 8th. To access the replay, please dial 1-866-465-2115
(International dialers can call +1-203-369-1432).
About RADVISION
RADVISION Ltd. (Nasdaq: RVSN - News) is the industry's leading provider of high
quality, scalable and easy-to-use products and technologies for
videoconferencing, video telephony, and the development of converged voice,
video and data over IP and 3G networks. For more information, please visit our
website at www.radvision.com
This press release contains forward-looking statements that are subject to risks
and uncertainties. Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited to, general
business conditions in the industry, changes in demand for products, the timing
and amount or cancellation of orders and other risks detailed from time to time
in RADVISION's filings with the Securities Exchange Commission, including
RADVISION's Form 20-F Annual Report. These documents contain and identify other
important factors that could cause actual results to differ materially from
those contained in our projections or forward-looking statements. Stockholders
and other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. We undertake no obligation to update publicly or revise any
forward-looking statement.
RADVISION LTD.
Consolidated Statements of Income
(U.S. Dollars in thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
------------------------- -------------------------
2005 2004 2005 2004
----------- ----------- ----------- ------------
Unaudited
---------------------------------------------------
Revenues $ 19,089 $ 16,708 $ 52,842 $ 46,675
Cost of revenues 3,401 3,426 9,280 9,921
---------- ----------- ----------- -----------
Gross profit 15,688 13,282 43,562 36,754
---------- ----------- ----------- -----------
Operating costs
and expenses:
Research and
development 5,171 4,883 14,880 12,945
Marketing and
selling 6,165 6,305 17,928 18,270
General and
administrative 1,165 1,213 3,476 3,663
---------- ----------- ----------- -----------
Total operating
costs and expenses 12,501 12,401 36,284 34,878
---------- ----------- ----------- -----------
Operating profit 3,187 881 7,278 1,876
Financial income,
net 774 500 2,103 1,344
---------- ----------- ----------- -----------
Income before taxes 3,961 1,381 9,381 3,220
Taxes on income 11 - 41 -
---------- ----------- ----------- -----------
Net income $ 3,950 $ 1,381 $ 9,340 $ 3,220
========== =========== =========== ===========
Basic net earnings
per Ordinary share $ 0.19 $ 0.07 $ 0.45 $ 0.16
========== =========== =========== ===========
Weighted Average
Number of Shares
Outstanding During
the Period - Basic 21,220,854 19,853,872 20,976,682 19,682,936
========== =========== =========== ===========
Diluted net earnings
per Ordinary share $ 0.18 $ 0.07 $ 0.42 $ 0.15
========== =========== =========== ===========
Weighted Average
Number of Shares
Outstanding During
the Period -
Diluted 22,065,259 21,149,001 22,039,798 21,372,063
========== =========== =========== ===========
RADVISION LTD.
Consolidated Balance Sheet
(U.S. Dollars in thousands)
September 30, December 31,
2005 2004
(Unaudited) (Audited)
------------- ------------
Assets
Cash and cash equivalents (* see below) $ 23,453 $ 20,206
Short-term securities and bank deposits
(* see below) 64,655 51,411
Trade receivables, net 13,740 10,063
Other receivables 3,843 3,900
Inventories 1,817 1,220
----------- ------------
Total current assets 107,508 86,800
----------- ------------
Severance pay fund 2,790 2,733
Long-term securities and bank deposits
(* see below) 27,683 38,749
----------- ------------
Total long-term assets 30,473 41,482
----------- ------------
Property and Equipment
Cost 16,135 14,584
Less accumulated depreciation 12,967 11,937
----------- ------------
3,168 2,647
----------- ------------
Other assets, net 6,834 953
----------- ------------
Total Assets 147,983 131,882
=========== ============
Liabilities and Equity
Trade payable 2,988 1,939
Other payables and accrued expenses 19,791 19,466
----------- ------------
Current liabilities 22,779 21,405
----------- ------------
Accrued severance pay 3,706 3,701
----------- ------------
Total liabilities 26,485 25,106
----------- ------------
Shareholders' Equity
Share capital 207 196
Additional paid in capital 112,638 107,267
Accumulated deficit 8,653 (687)
----------- ------------
Total shareholders' equity 121,498 106,776
----------- ------------
Total Liabilities and Shareholders'
Equity 147,983 131,882
=========== ============
(*)Total cash and liquid investments 115,791 110,366
=========== ============
-----------------
Contact:
RADVISION
Tsipi Kagan, 201-689-6340
cfo@radvision.com
or
Investor Relations:
Comm-Partners LLC
June Filingeri, 203-972-0186
junefil@optonline.net
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
RADVISION LTD.
(Registrant)
By /s/Arnold Taragin
-----------------
Arnold Taragin
Corporate Vice President and General Counsel
Date: November 1, 2005