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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 August 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 July 27, 2000 re Second Quarter Results.
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ITEM 1
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FOR IMMEDIATE RELEASE
Contact:
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 Contact:
Jody Burfening/Sanjay Hurry
Lippert/Heilshorn & Assoc.
Tel: 212.838.3777
[email protected]
RADVISION ANNOUNCES RECORD SECOND QUARTER RESULTS WITH REVENUES UP 156%
- Company Broadens Market Penetration with Expanded IP Communications Product
Offering for Service Providers and Next Generation Carriers -
Tel Aviv, Israel, July 27, 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
second quarter ended June 30, 2000.
Revenues for the second quarter were $10.2 million compared with $4.0
million for the same period in 1999, representing a 156% increase. Net Income
for the quarter was $741,000, or $0.04 per share ($0.03 per share on a fully
diluted basis), compared with a net loss of $380,000, or $0.03 cents per share,
for the second quarter of 1999. Included in the net income for the quarter is
1.3 million of financial income.
Revenues for the six months ended June 30, 2000 reached $18.2 million,
compared with $7.4 million for the same period last year, representing a 145%
increase. Net income for the six months were $220,000, or $0.01 per share,
compared with a loss of $413,000, or ($0.03) per share, last year.
"By any measure, we have had an outstanding quarter," said Ami Amir,
chief executive officer of RADVision Ltd. "We added to our growing customer base
as
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companies around the world continue to rely on RADVision to provide them with
the core building blocks for their IP-based communications networks. We
increased our penetration of the global IP communications marketplace in Asia by
expanding our distribution partnership with NTT-ME and signing a new agreement
with Samsung. At the same time, the sales office we opened in Hong Kong last
quarter is already exceeding our expectations."
"Today, RADVision is a leader in providing IP-centric products and
technology for the enterprise marketplace," continued Amir. "This quarter, we
extended our leadership position into the service provider and next-generation
carrier marketplace with the introduction of new MGCP technology and a
Multipoint Processor platform. Providers of next generation communication
networks, as they deploy IP-based solutions, need these products to provide
their customers with scaleable, interoperable, and reliable applications and
services, all functioning within a multi-protocol environment."
"We are also on schedule to introduce our new SIP-based products for this
market later in the year. With SIP and other MGCP-based products in development,
we will further extend our penetration of the carrier marketplace. With this
expanded product offering we will deliver the most complete multi-protocol
family of IP communications technology available for service providers and next
generation carriers."
"Given the solid execution on our strategy to date, we believe we are well
on our way to achieving operating profitability by the end of the year,"
concluded Amir. "We intend to stay at the technological forefront of the IP
communications evolution by developing first-to-market solutions to meet the
technological demands of this evolving marketplace."
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.
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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)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
(Unaudited) (Unaudited)
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sales $10,201 $3,979 $18,028 $7,372
Cost of Sales 2,579 592 4,523 1,046
---------- ---------- ---------- ----------
Gross Profit 7,622 3,387 13,505 6,326
Research and Development, Net 2,967 1,599 5,261 2,799
Marketing and Selling, Net 4,523 1,844 8,134 3,505
General and Administration 670 291 1,285 531
---------- ---------- ---------- ----------
Operating Income (Loss) (538) (347) (1,175) (509)
Financial Income (net) 1,279 (1) 1,395 96
Net Income/(Loss) $ 741 $ (348) $ 220 $ (413)
---------- ---------- ---------- ----------
Earnings per Share (U.S. Dollars) $0.04 ($0.03) $0.01 ($0.03)
==== ==== ==== ====
Weighted Average Number of Shares
Outstanding During the Period - Basic 18,598,596 13,485,221 16,612,550 13,485,221
Diluted Earnings per Share (U.S. Dollars) $ 0.03 $ 0.01
==== ====
Weighted Average Number of Shares
Outstanding During the Period - Diluted 21,705,623 19,710,105
</TABLE>
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RADVision LTD.
Consolidated Balance Sheet
(U.S. Dollars in thousands)
June 30 December 31
2000 1999
Unaudited) (Audited)
Assets
Cash and Short Term Deposits $ 51,972 $ 2,605
Receivables - Trade 5,731 3,214
Receivables - Other 2,022 1,517
Inventories 4,766 2,433
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Current Assets 64,491 9,769
Long Term Investments 43,278 ---
-------- ---------
Severance Pay Fund 654 470
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Equipment
Cost 5,514 4,400
Less Accumulated Depreciation 1,889 1,379
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3,625 3,021
Total Assets 112,048 $ 13,260
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Liabilities and Equity
Short Term Debt $ 63 $ 64
Payable - Trade & Related Parties 1,073 2,558
Other Payables & Accrued Expenses 16,456 6,333
-------- ---------
Current Liabilities 17,592 8,955
Accrued Severance Pay 1,149 757
-------- ---------
Bank Loans 33 67
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Shareholder's Equity
Share Capital 147 21
Capital Surplus 103,151 13,789
Deferred compensation (967) (1,052)
Accumulated deficit (9,057) (9,277)
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93,274 3,481
Total Liabilities 112,048 $ 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: August 2, 2000
