UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
July 15, 2003
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Date of Report
(Date of earliest event reported)
RADVISION LTD.
(Exact name of registrant as specified in its charter)
Israel 000-29871 N/A
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
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(Address of principal executive offices and zip code)
011-972-3-645-5220
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
c. Exhibits
99.1 Press release issued by RADVision Ltd. dated July 15, 2003.
ITEM 9. REGULATION FD DISCLOSURE.
On July 15, 2003, RADVision Ltd. (Nasdaq: RVSN) issued a press release
announcing its second quarter earnings. A copy of the press release is attached
as Exhibit 99.1 and incorporated herein by reference.
SIGNATURE
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.
Date: July 15, 2003 RADVISION LTD.
(Registrant)
By: /s/David Seligman
David Seligman
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Chief Financial Officer
Exhibit 99.1
Press Release Source: RADVISION Ltd.
RADVISION Reports Second Quarter 2003 Results in Line with Guidance
Tuesday July 15, 7:07 am ET
Accomplishes Turnaround in U.S. Networking Unit
GLEN ROCK, N.J.--(BUSINESS WIRE)--July 15, 2003--RADVISION (NASDAQ: RVSN - News)
today announced that revenues for the second quarter of 2003 were $11.6 million
and net income was $142,000 or $0.01 per basic and diluted share, in line with
its previous guidance. This compares to revenues of $11.7 million and net income
of $292,000, or $0.02 per basic and diluted share reported in the 2002 second
quarter.
As expected, the Company narrowed its operating loss for the 2003 second quarter
to $418,000 from $551,000 in the first quarter of 2003. These losses were offset
by financial income of $560,000 and $566,000, respectively, enabling the Company
to report positive net income for both periods. In the second quarter of 2002,
the operating loss was $394,000 and financial income was $686,000 due to higher
interest rates during 2002.
Total second quarter 2003 revenues of $11.6 million consisted of $8.5 million in
Networking Business Unit (NBU) revenues and $3.1 million in Technology Business
Unit (TBU) revenues.
For the six months ended June 30, 2003, revenues were $22.7 million and net
income was $157,000 or $0.01 per basic and diluted share, compared with revenues
of $23.3 million and net income of $564,000 or $0.03 per basic and diluted share
in the prior year period.
The Company ended the quarter with approximately $92.8 million in cash and
liquid investments, an increase of $2.4 million over the prior quarter, and
equivalent to $5.03 per basic share. The increase reflects operating cash flow
of $2.1 million and the addition of $644,000 due to the exercise of options,
offset by $336,000 of capital expenditures.
Gadi Tamari, Chief Executive Officer of RADVISION, commented: "Our actions last
quarter to address the execution issue in our U.S. networking business are
taking effect and enabled us to achieve a substantial recovery in its sales in
the second quarter. To further our progress company-wide, we are continuing to
strengthen our leadership team and have added a highly experience general
manager in London to head our networking sales effort in Europe and Africa. We
also remain focused on our technology leadership and introduced breakthrough
infrastructure and developer products in the second quarter offering solutions
for the rapidly emerging market based on SIP protocol.
"We also are seeing tangible benefits from our revised channel strategy as our
relationship with our reseller partners continues to deepen and we are finding a
new level of engagement as we develop our markets together."
Mr. Tamari concluded: "Videoconferencing today remains mainly in the conference
room and we are entering the second half of the year fully engaged in that
market. Yet, it is increasingly clear that the future is personal visual
communication and we are dedicated to making that opportunity happen."
2Q03 Earnings Conference Call/Webcast
RADVISION will hold a conference call to discuss its second quarter results and
2003 outlook today, Tuesday, July 15, 2003 at 9:00 a.m. (EDT). To access the
conference call, please dial 1-888-390-9070 (International dialers can call
+1-773-756-4622) by 8:45 a.m. The passcode "RADVISION" will be required to
access the live conference call. A live webcast of the conference call will also
be available in the investor relations section of the company's website at
www.radvision.com.
A PowerPoint presentation highlighting key financial metrics as well as the
quarterly estimates for 2003 will be available in the Investor Relations section
of the company's website, www.radvision.com. The presentation will be available
beginning at 8:00 a.m. (EDT) on July 15th and will be archived on the website
thereafter. A replay of the call will be available beginning approximately one
hour after the conclusion of the call through 12:00 midnight (EDT) on July 22,
2003. To access the replay, please dial 1-800-947-5189 (International dialers
can call +1-402-220-3478), conference #5421118.
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. RADVISION has two distinct business
units. RADVISION's Networking Business Unit (NBU) offers one of the broadest and
most complete sets of videoconferencing network solutions for IP- and ISDN-based
networks, supporting all end points in the industry. The company also provides
businesses and service providers with integrated solutions that deliver
converged IP-based video telephony applications to employee computer desktops
and residential broadband homes worldwide. The Company's Technology Business
Unit (TBU) provides protocol development tools and platforms, enabling equipment
vendors and service providers to develop and deploy new converged networks,
services, and technologies. 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 10-K 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 share and per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
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(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $11,605 $11,707 $22,658 $23,264
Cost of Revenues 2,598 2,571 4,959 5,129
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Gross Profit 9,007 9,136 17,699 18,135
Operating expenses:
Research and
Development 3,596 3,870 7,160 7,911
Marketing and
Selling 4,853 4,587 9,584 9,056
General and
Administration 976 1,073 1,924 2,042
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Operating Income
(Loss) (418) (394) (969) (874)
Financial Income,
Net 560 686 1,126 1,438
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Net Income (Loss) 142 292 157 564
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Basic Earnings
(Loss) per Share $0.01 $0.02 $0.01 $0.03
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Weighted Average
Number of Shares
Outstanding During
the Period - Basic 18,473,504 18,063,334 18,409,399 18,274,259
Diluted Earnings
(Loss) per Share $0.01 $0.02 $0.01 $0.03
=========== =========== =========== ===========
Weighted Average
Number of Shares
Outstanding During
the Period -
Diluted 19,218,782 18,864,264 19,055,293 19,342,119
RADVISION LTD.
Consolidated Balance Sheet
(U.S. Dollars in thousands)
June 30, December 31,
2003 2002
(Unaudited) (Audited)
Assets
Cash and cash equivalents (* see below) $27,752 $13,825
Short-term bank deposits (* see below) 32,960 29,591
Trade Receivables, Net 4,856 9,505
Other Receivables 2,813 2,836
Inventories 813 996
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Total Current Assets 69,194 56,753
Severance Pay Fund 2,071 1,641
Long-term securities and bank deposits (* see
below) 32,126 44,942
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Total long-term assets 34,197 46,583
Property and Equipment
Cost 11,963 11,179
Less Accumulated Depreciation 9,031 7,844
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2,932 3,335
Total Assets $106,323 $106,671
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Liabilities and Equity
Trade Payable $918 $3,347
Other Payables & Accrued Expenses 15,712 15,248
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Current Liabilities 16,630 18,595
Accrued Severance Pay 3,587 3,061
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Total Liabilities 20,217 21,656
Shareholders' Equity
Share Capital 187 187
Additional Paid in Capital 104,601 104,586
Treasury Stock (9,802) (11,757)
Deferred Compensation ------ (117)
Accumulated Deficit (8,880) (7,884)
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Total Shareholders' Equity 86,106 85,015
Total Liabilities and Shareholders' Equity $106,323 $106,671
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(*)Total Cash and Liquid Investments 92,838 88,358
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Contact:
RADVISION
David Seligman, 201-689-6333
cfo@radvision.com
Peter Benedict, 201-689-6311
pr@radvision.com
or
Investor Relations:
Comm-Partners LLC
June Filingeri, 203-972-0186
junefil@optonline.net