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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 January 2001
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 January 3, 2001 re announcement of its
fourth quarter and fiscal 2000 earnings results on February 6, 2001 and
election to make $3,750,000 prepayment of future royalty to Israeli Chief
Scientist to maximize operating flexibility.
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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'S PRELIMINARY RESULTS IN LINE WITH
EXPECTATIONS, EXCLUDING ONE-TIME DISCRETIONARY
PREPAYMENT
- Company Elects to Make $3,750,000 Prepayment Of Future Royalty to Israeli
Chief Scientist to Maximize Operating Flexibility -
Tel Aviv, Israel, January 3, 2001 -- RADVision Ltd. (NASDAQ: RVSN), the
leading provider of award-winning, industry-standard products and technology for
real-time voice and video communication over IP, expects fourth quarter revenue
to reach approximately $15.0 million to $15.2 million. Revenue was $5.6 million
for the same period in 1999 and $12.7 million in the third quarter of 2000.
Excluding the prepayment, the Company expects to report operating income for the
fourth quarter of approximately $600,000 and net income, of approximately
$2,000,000 or $0.09 - $0.10 per diluted share. For the same period last year,
the Company had an operating loss of $1,768,000 and a net loss of $1,779,000 or
$0.13 cents per diluted share.
RADVision will announce its fourth quarter and fiscal 2000 earnings
results, as well as detailed guidance for the first quarter and full year of
fiscal 2001, on February 6, 2001.
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RADVision has elected to prepay in full its future royalty payments to the
Israeli Chief Scientist as a means of ensuring maximum operating flexibility and
reducing future costs. The royalty payments are the result of financing provided
by the Chief Scientist for the Company's research and development efforts. Under
Israeli law, royalties based on certain percentages of revenues derived from
products funded by the Chief Scientist must be paid to the Treasury of the State
of Israel. As a result of the prepayment, the Company will report a $3,750,000
one-time charge as part of its fourth quarter results and will be released from
its royalty obligations and the associated interest expense in the future.
Including the one-time prepayment, the Company expects to report an
operating loss for the quarter of approximately $3,150,000 and net loss of
approximately $1,750,000 or $0.07 - $0.08 per diluted share.
RADVision expects to report revenue for fiscal 2000 of $45.7 million to
$45.9 million compared to $17.6 million for fiscal 1999 and net income,
excluding the prepayment, of approximately $3.8 million to $3.9 million compared
to net loss of $2.7 million for fiscal 1999.
Fourth Quarter And Fiscal 2000 Earnings Conference Call
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Conference call and audio webcast information will be posted to the RADVision
web site, www.radvision.com, as of January 26, 2001. Please check the web site
thereafter for additional details.
About RADVision
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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.
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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.
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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: January 5, 2001
