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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
Pursuant to Section 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October 2000
RADVISION LTD.
(Name of Registrant)
24 Raoul Wallenberg St., 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 whether the registrant by furnishing the information
contained in this Form 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
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RADVISION LTD.
6-K Items
1. RADVision Ltd. Press Release dated October 19, 2000 re Third Quarter
Results.
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ITEM 1
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FOR IMMEDIATE RELEASE
Corporate Contacts:
David Seligman Karen Gurwitz
Chief Financial Officer Dir. Corporate Communications
RADVision, Ltd. RADVision, Inc.
Tel: 972.3.645.5446 Tel: 201.529.4300, x305
[email protected] [email protected]
Investor Contacts:
Jody Burfening/Sanjay Hurry
Lippert/Heilshorn & Assoc.
Tel: 212.838.3777
[email protected]
RADVISION ANNOUNCES RECORD THIRD QUARTER RESULTS
AND ACHIEVES OPERATING PROFITABILITY
- New Technology Toolkit Introductions Position RADVision to Meet Emerging
Demand for Multi-Protocol Solutions -
Tel Aviv, Israel, October 19, 2000 -- RADVision Ltd. (NASDAQ: RVSN), the
leading provider of award-winning, industry-standard products and technology for
real-time voice and video communication over IP, today announced results for the
third quarter ended September 30, 2000.
Revenues for the third quarter reached $12.7 million compared with $4.6
million for the same period in 1999 and $10.2 million in the second quarter of
2000, representing a 175% and a 25% increase respectively. Operating income for
the quarter was $361,000 compared with a loss of $524,000 for the same period
last year. Net income for the quarter was $1,652,000 or $0.08 per diluted share,
compared with a net loss of $504,000 or $0.04 cents per diluted share, for the
third quarter of 1999.
Revenues for the nine months ended September 30, 2000 reached $30.7
million, compared with $12.0 million for the same period last year, representing
a 156% increase. Operating loss of the nine months reached $814,000 compared
with an operating loss of $1,033,000 for the same period last year. Net income
for the nine months was $1,871,000 or $0.09 per diluted share, compared with a
loss of $917,000 or $0.07 per diluted share, in the prior year.
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"We are reporting a very successful third quarter, culminating in record
revenues and operating profitability," said Ami Amir, chief executive officer of
RADVision Ltd. "Our performance this quarter was driven by wins from companies
such as NICE Systems, UniData, and ComGates, the expansion of several of our
existing OEM relationships, and an initial order from our new "big 5" telecom
equipment OEM customer. This customer is our first to take delivery of our new
Multipoint Processor (MP) unit. The MP is a critical component for voice
conferencing solutions for enterprise Voice over IP (VoIP) utilizing a
distributed architecture. The MP is another "first to market" product,
specifically designed for voice conferencing solutions over IP."
"In addition, we continued to execute on our strategy to build RADVision
into the premier provider of key enabling voice and video technologies,"
continued Amir. "We introduced our next generation H.323 and MGCP products,
began development of a MEGACO toolkit for large-scale, global, IP-centric
carrier class networks, and are on schedule to deliver SIP software toolkits in
the fourth quarter. These introductions are critical components of our strategy
to sustain our market leadership position as a "one-stop-shop" for Voice and
Video over IP technology. We believe this suite clearly differentiates RADVision
from the competition today and will be a leading contributor to our success in
the future as demand from service providers for multi-protocol solutions for the
converged network increases."
During the quarter, RADVision reorganized its operations into two business
units, a Networking Business Unit and a Technology Business Unit, each with its
own product marketing and product development, and headed by a general manager.
Commenting on the new organizational structure, Amir stated, "By organizing the
Company along market lines, we are creating an agile company, one that is even
more responsive to market changes, with improved time to market for new products
and quicker decision making. We believe this new structure will enable us to
capture additional market share and sustain our leadership position in these two
market segments."
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Concluded Amir, "Going forward, we will continue to focus on product
introductions that support our multi-protocol product strategy and expand our
addressable market. Over the next several quarters, we will release products
based on ViaIP, our new platform specifically architected to address the needs
of the service provider marketplace, introduce products based on SIP and MEGACO
that broaden our product offering, and expand our penetration of the nascent
European marketplace by adding two offices. We believe that these steps, taken
together, will further our penetration of the rapidly expanding marketplace for
Voice and Video over IP."
About RADVision
RADVision is a leading provider of products and technology that enable real-time
voice, video, and data communications over packet networks, including the
Internet and other networks based on the Internet protocol or IP. RADVision's
products and technology are used by RADVision customers to develop systems that
enable enterprises and service providers to use next generation packet networks
for real-time IP communications. RADVision is actively involved in the
development of the industry standards that are driving the emergence and growth
of the use of packet networks for real-time communications, and was the
first-to-market with enabling technology and the products required for the
transmission of real-time voice, video and data over packet networks. As a
result, RADVision is well positioned to lead the market with products and
technology that enable enterprises and service providers to migrate their voice
and video communications from traditional telephone networks to next generation
packet networks. The company's products and technology include standards-based
gateways, conferencing bridges, gatekeepers and software toolkits. 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 and Exchange Commission, including
RADVision's Form F-1 registration statement.
All trademarks recognized
-- Tables to Follow --
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RADVision LTD.
Consolidated Statements of Income
(U.S. Dollars in thousands)
Three Months Ended Nine Months Ended
September 30 September 30
(Unaudited) (Unaudited)
2000 1999 2000 1999
---- ---- ---- ----
Sales $ 12,708 $ 4,623 $ 30,736 $ 11,995
Cost of Sales 3,102 642 7,625 1,688
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Gross Profit 9,606 3,981 23,111 10,307
Research and Development, Net 3,996 1,879 9,257 4,678
Marketing and Selling, Net 4,470 2,327 12,604 5,832
General and Administration 779 299 2,064 830
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Operating Income (Loss) 361 (524) (814) (1,033)
Financial Income (net) 1,291 20 2,685 116
Net Income/(Loss) $ 1,652 $ (504) $ 1,871 $ (917)
-------- -------- -------- --------
Earnings per Share $0.09 ($0.04) $0.11 ($0.07)
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Weighted Average Number of
Shares Outstanding During
the Period - Basic 18,661,155 13,485,221 17,300,401 13,485,221
Diluted Earnings per Share $0.08 $0.09
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Weighted Average Number of
Shares Outstanding During
the Period - Diluted 21,835,771 20,610,753
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RADVision LTD.
Consolidated Balance Sheet
(U.S. Dollars in thousands)
September 30 December 31
2000 1999
(Unaudited) (Audited)
Assets
Cash and Short Term Deposits $ 67,442 $ 2,605
Receivables - Trade 5,982 3,214
Receivables - Other 1,279 1,517
Inventories 4,997 2,433
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Current Assets 79,700 9,769
Long Term Investments 29,660 --
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Severance Pay Fund 834 470
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Equipment
Cost 6,839 4,400
Less Accumulated Depreciation 2,282 1,379
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4,557 3,021
Total Assets 114,751 $ 13,260
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Liabilities and Equity
Short Term Debt $ 55 $ 64
Payable - Trade & Related Parties 989 2,558
Other Payables & Accrued Expenses 16,873 6,333
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Current Liabilities 17,917 8,955
Accrued Severance Pay 1,279 757
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Bank Loans 25 67
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Shareholder's Equity
Share Capital 154 21
Capital Surplus 103,576 13,789
Deferred compensation (795) (1,052)
Accumulated deficit (7,405) (9,277)
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95,530 3,481
Total Liabilities 114,751 $ 13,260
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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.
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(Registrant)
By /s/David Seligman
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David Seligman
Chief Financial Officer
Dated: October 23, 2000
