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Audiocodes Ltd. Interim / Quarterly Report 2018
6659_rns_2018-07-24_fc7391b9-9e11-4637-be57-6d546d314c69.pdf
Interim / Quarterly Report
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the Month of July 2018
Commission file number 0-30070
AUDIOCODES LTD.
(Translation of registrant's name into English)
1 Hayarden Street • Airport City, Lod 7019900 • 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 _ 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):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
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):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
On July 24, 2018, AudioCodes Ltd. (the "Registrant") issued a press release announcing financial results for the second quarter of 2018, and other matters. A copy of this press release is attached hereto as Exhibit 1 and incorporated by reference herein.
In addition, on July 24, 2018, the Registrant issued a press release announcing the declaration of an annual cash dividend to shareholders. A copy of this press release is attached hereto as Exhibit 2 and incorporated by reference herein.
The information set forth in (a) the first, second, third and sixth paragraphs following the heading "Details," the first paragraph following the caption "Appointment of Lior Aldema as director," the paragraph following the caption "Dividend," and the two paragraphs following the caption "Share Buy Back Program" of, and (b) the condensed consolidated balance sheets, condensed consolidated statements of operations and condensed consolidated statement of cash flows contained in, the press release attached as Exhibit 1 to this Report on Form 6-K, and (c) the press release attached as Exhibit 2 to this Report on Form 6-K, are hereby incorporated by reference into (i) the Registrant's Registration Statement on Form S-8, File No. 333-11894; (ii) the Registrant's Registration Statement on Form S-8, File No. 333-13268; (iii) the Registrant's Registration Statement on Form S-8, File No. 333-105473; (iv) the Registrant's Registration Statement on Form S-8, File No. 333-144825; (v) the Registrant's Registration Statement on Form S-8, File No. 333-160330; (vi) the Registrant's Registration Statement on Form S-8, File No. 333-170676; (vii) the Registrant's Registration Statement on Form S-8, File No. 333-190437; and (viii) the Registrant's Registration Statement on Form S-8, File No. 333-210438.
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.
AUDIOCODES LTD. (Registrant)
By: /s/ NIRAN BARUCH
Niran Baruch Vice President Finance and Chief Financial Officer
Dated: July 24, 2018
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 1 | Press release, dated July 24, 2018, announcing financial results for the second quarter of 2018, and other matters. |
| 2 | Press release, dated July 24, 2018, announcing declaration of an annual cash dividend to shareholders. |
Exhibit 1
AudioCodes Press Release
PRESS RELEASE
Company Contacts IR Agency Contact Niran Baruch, VP Finance & Chief Financial Officer AudioCodes Tel: +972-3-976-4000 [email protected]
Shirley Nakar, Director, Investor Relations AudioCodes Tel: +972-3-976-4000 [email protected]
Philip Carlson KCSA Strategic Communications Tel: +1-212-896-1233 [email protected]
AudioCodes Reports Second Quarter 2018 Results
Declares annual dividend of 20 Cents per Share
Lod, Israel – July 24, 2018 - AudioCodes (NASDAQ: AUDC) Press Release
Second Quarter Highlights
- x Quarterly revenues increased by 12.3% year-over-year to \$43.5 million;
- x Quarterly service revenues increased by 14.2% year-over-year to \$13.5 million;
- x Revenues related to UC-SIP business increased more than 30% compared to the second quarter of 2017;
- x Quarterly GAAP gross margin was 62.3%; quarterly Non-GAAP gross margin was 62.8%;
- x Quarterly GAAP operating margin was 7.6%; quarterly Non-GAAP operating margin was 10.2%;
- x Quarterly cash flow from operating activities was \$2.2 million;
- x Quarterly GAAP net income was \$2.4 million, or \$0.08 per diluted share; quarterly Non-GAAP net income was \$4.1 million, or \$0.14 per diluted share;
- x AudioCodes repurchased 452,000 of its ordinary shares during the quarter at an aggregate cost of \$3.3 million.
AudioCodes Reports Second Quarter 2018 Results Page 1 of 9
Details
AudioCodes, a leading vendor of advanced voice networking and media processing solutions for the digital workplace, today announced financial results for the second quarter ended June 30, 2018.
Revenues for the second quarter of 2018 were \$43.5 million compared to \$42.4 million for the first quarter of 2018 and \$38.7 million for the second quarter of 2017.
Net income was \$2.4 million, or \$0.08 per diluted share, for the second quarter of 2018 compared to \$1.0 million, or \$0.03 per diluted share, for the comparable period last year.
On a Non-GAAP basis, net income was \$4.1 million, or \$0.14 per diluted share, for the second quarter of 2018 compared to \$2.5 million, or \$0.08 per diluted share, for the comparable period last year.
Non-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses related to deferred payments and expenses due to revaluation of an earn-out liability, each in connection with the acquisition of Active Communications Europe; and (iv) non-cash deferred tax benefit or expenses. A reconciliation of net income on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.
Net cash provided by operating activities was \$2.2 million for the second quarter of 2018. Cash and cash equivalents, long- and short-term bank deposits and long- and short-term marketable securities were \$58.1 million as of June 30, 2018 compared to \$58.7 million as of December 31, 2017. The decrease in cash and cash equivalents, long- and short-term bank deposits and long- and short-term marketable securities was the result of the use of cash for the continued repurchasing of the Company's ordinary shares pursuant to its share repurchase program offset, in part, by cash from operating activities.
"We are pleased to report strong financial results for the second quarter of 2018," said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.
"Continuing the strong trend of previous quarters, our Enterprise Voice business continued to evolve as we enhanced our leadership position in the UC and the contact center market segments. Revenues in the first half of 2018 grew 12.9% compared to the first half of 2017. We now project revenue growth of about 10% for the full 2018 year, compared to growth of 7.7% in 2017 and 4.2% in 2016. At the core of this growth is the UC-SIP business which performed well across all business lines and achieved growth of over 30% from the year ago quarter. On the financial front, we achieved substantial improvement in our operating margins which reached 10% in the second quarter of 2018. Taking into account our investment in the new initiative of Voice.AI, which we expect to amount to more than \$3 million this year, we now project operating margins of approximately 12% in 2018 for the mainstream networking business, now comprising about 99% of the Company revenues. Cash flow from operations in the first half 2018 continued to be strong, following similar performance in the past three years. We remain confident for the second half of 2018 and beyond as we continue to enjoy good business momentum in winning enterprise voice deployments and service provider network transformation projects. We also experienced continued evolution of new opportunities in our Voice.AI business," concluded Mr. Adlersberg.
AudioCodes Reports Second Quarter 2018 Results Page 2 of 9
Appointment of Lior Aldema as director
The Board of Directors has appointed Lior Aldema as a director of the Company. Mr Aldema is the Company's Chief Business Officer and has been with the Company since 1998. Mr Aldema will fill a vacancy as a Class I director and will therefore stand for re-election at the Annual General Meeting in 2019.
"I am delighted that Lior will be joining our Board of Directors," said Shabtai Adlersberg, President and CEO, founder and director of AudioCodes. "Lior and I have been working closely for many years, and his contributions to the Company are significant. Lior's unique and deep understanding of AudioCodes' products and markets will benefit the Board and the Company. I wish him success in his new role."
Dividend
The Company's Board of Directors has decided to declare an annual cash dividend of 20 cents per share payable on August 20, 2018 to shareholders of record on August 6, 2018. The Company is issuing a separate press release that contains additional information with respect to the dividend.
Share Buy Back Program
As of June 30, 2018, AudioCodes had acquired an aggregate of 17.2 million of its ordinary shares since August 2014 for an aggregate consideration of \$90.3 million. During the quarter ended June 30, 2018, AudioCodes acquired 452,000 of its ordinary shares under its share repurchase program for a total consideration of approximately \$3.3 million.
In June 2018, AudioCodes received court approval in Israel to purchase up to an additional \$20 million ("Permitted Amount") of its ordinary shares. The court approval also permits AudioCodes to declare a dividend of any part of the Permitted Amount during the approved validity period. As of June 30, 2018, \$19.5 million remained available to the Company under this court approval. The current court approval will expire on December 14, 2018.
AudioCodes Reports Second Quarter 2018 Results Page 3 of 9
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:00 A.M., Eastern Time today to discuss the Company's second quarter operating performance, financial results and outlook. Interested parties may participate in the conference call by dialing one the following numbers:
United States Participants: +1 (877) 407-0778
International Participants: +1 (201) 689-8565
The conference call will also be simultaneously webcast. Investors are invited to listen to the call live via webcast at the AudioCodes investor website at http://www.audiocodes.com/investors-lobby
Follow AudioCodes' social media channels:
AudioCodes invites you to join our online community and follow us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and YouTube.
About AudioCodes
AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a leading vendor of advanced voice networking and media processing solutions for the digital workplace. AudioCodes enables enterprises and service providers to build and operate all-IP voice networks for unified communications, contact centers, and hosted business services. AudioCodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.
For more information on AudioCodes, visit http://www.audiocodes.com.
Statements concerning AudioCodes' business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements'' as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes' and its customers' products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company's loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes' business; and other factors detailed in AudioCodes' filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.
©2018 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice and CloudBond are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.
Summary financial data follows
AudioCodes Reports Second Quarter 2018 Results Page 4 of 9
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
| June 30, 2018 |
December 31, 2017 |
|||
|---|---|---|---|---|
| (Unaudited) | (Audited) | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | \$ | 22,038 | \$ | 24,235 |
| Short-term and restricted bank deposits | 6,639 | 2,739 | ||
| Short-term marketable securities and accrued interest Trade receivables, net |
25,709 24,954 |
7,087 22,059 |
||
| Other receivables and prepaid expenses | 5,943 | 4,693 | ||
| Inventories | 18,649 | 16,563 | ||
| Total current assets | ||||
| 103,932 | 77,376 | |||
| LONG-TERM ASSETS: | ||||
| Long-term and restricted bank deposits | 3,700 | 4,207 | ||
| Long-term marketable securities | - | 20,475 | ||
| Deferred tax assets | 5,517 | 6,685 | ||
| Severance pay funds | 18,867 | 20,138 | ||
| Total long-term assets | 28,084 | 51,505 | ||
| PROPERTY AND EQUIPMENT, NET | 3,734 | 3,835 | ||
| GOODWILL, INTANGIBLE ASSETS AND OTHER, NET | 37,834 | 38,222 | ||
| Total assets | \$ | 173,584 | \$ | 170,938 |
| LIABILITIES AND EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current maturities of long-term bank loans | \$ | 2,500 | \$ | 2,519 |
| Trade payables | 6,097 | 5,639 | ||
| Other payables and accrued expenses | 21,821 | 20,786 | ||
| Deferred revenues | 21,780 | 16,417 | ||
| Total current liabilities | 52,198 | 45,361 | ||
| LONG-TERM LIABILITIES: | ||||
| Accrued severance pay | 19,818 | 21,228 | ||
| Long-term bank loans | 4,949 | 6,237 | ||
| Deferred revenues and other liabilities | 6,757 | 5,731 | ||
| Total long-term liabilities | 31,524 | 33,196 | ||
| Total shareholders' equity | 89,862 | 92,381 | ||
| Total liabilities and shareholders' equity | \$ | 173,584 | \$ | 170,938 |
| AudioCodes Reports Second Quarter 2018 Results | Page 5 of 9 |
|---|---|
AUDIOCODES LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share and per share data
| Six months ended June 30, |
Three months ended June 30, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues: | ||||||||
| Products | \$ | 58,775 | \$ | 52,928 | \$ | 30,012 | \$ | 26,920 |
| Services | 27,152 | 23,185 | 13,490 | 11,816 | ||||
| Total Revenues | \$ | 85,927 | \$ | 76,113 | \$ | 43,502 | \$ | 38,736 |
| Cost of revenues: | ||||||||
| Products | 25,014 | 23,332 | 13,119 | 12,173 | ||||
| Services | 6,658 | 5,667 | 3,287 | 2,765 | ||||
| Total Cost of revenues | 31,672 | 28,999 | 16,406 | 14,938 | ||||
| Gross profit | 54,255 | 47,114 | 27,096 | 23,798 | ||||
| Operating expenses: | ||||||||
| Research and development, net | 17,343 | 14,536 | 8,710 | 7,382 | ||||
| Selling and marketing | 25,357 | 24,398 | 12,369 | 12,363 | ||||
| General and administrative | 5,311 | 4,361 | 2,730 | 2,200 | ||||
| Total operating expenses | 48,011 | 43,295 | 23,809 | 21,945 | ||||
| Operating income | 6,244 | 3,819 | 3,287 | 1,853 | ||||
| Financial income (expenses), net | 223 | (103) | (20) | (34) | ||||
| Income before taxes on income | 6,467 | 3,716 | 3,267 | 1,819 | ||||
| Income tax expense, net | (1,639) | (1,407) | (873) | (805) | ||||
| Net income | \$ | 4,828 | \$ | 2,309 | \$ | 2,394 | \$ | 1,014 |
| Basic earnings per share | \$ | 0.17 | \$ | 0.07 | \$ | 0.08 | \$ | 0.03 |
| Diluted earnings per share | \$ | 0.16 | \$ | 0.07 | \$ | 0.08 | \$ | 0.03 |
| Weighted average number of shares used in computing basic earnings per share (in thousands) |
28,884 | 31,791 | 28,609 | 31,596 | ||||
| Weighted average number of shares used in computing diluted earnings per share (in thousands) |
30,041 | 32,822 | 29,733 | 32,608 | ||||
AudioCodes Reports Second Quarter 2018 Results Page 6 of 9
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
U.S. dollars in thousands, except per share data
| Six months ended June 30, |
Three months ended June 30, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |||||
| (Unaudited) | (Unaudited) | |||||||
| GAAP net income | \$ 4,828 |
\$ | 2,309 | \$ | 2,394 | \$ | 1,014 | |
| GAAP earnings per share | \$ 0.16 |
\$ | 0.07 | \$ | 0.08 | \$ | 0.03 | |
| Cost of revenues: | ||||||||
| Share-based compensation (1) | 87 | 42 | 48 | 17 | ||||
| Amortization expenses (2) | 348 | 348 | 174 | 174 | ||||
| 435 | 390 | 222 | 191 | |||||
| Research and development, net: | ||||||||
| Share-based compensation (1) | 264 | 181 | 151 | 86 | ||||
| Deferred payments expenses (3) | - | 74 | - | 63 | ||||
| 264 | 255 | 151 | 149 | |||||
| Selling and marketing: | ||||||||
| Share-based compensation (1) | 554 | 540 | 280 | 277 | ||||
| Amortization expenses (2) | 30 | 60 | 15 | 30 | ||||
| 584 | 600 | 295 | 307 | |||||
| General and administrative: | ||||||||
| Share-based compensation (1) | 540 | 346 | 271 | 191 | ||||
| Revaluation of earn-out liability (4) | 200 | - | 200 | - | ||||
| 740 | 346 | 471 | 191 | |||||
| Income taxes: | ||||||||
| Deferred tax (5) | 1,168 | 1,064 | 584 | 634 | ||||
| Non-GAAP net income | \$ 8,019 |
\$ | 4,964 | \$ | 4,117 | \$ | 2,486 | |
| Non-GAAP diluted earnings per share | \$ 0.26 |
\$ | 0.15 | \$ | 0.14 | \$ | 0.08 |
(1) Share-based compensation expenses related to options and restricted share units granted to employees and others.
(2) Excluding amortization of intangible assets related to the acquisitions of Mailvision and Active Communications Europe assets.
(3) Excluding expenses related to deferred payments in connection with the acquisition of Active Communications Europe.
(4) Revaluation of earn-out liability in connection with the acquisition of Active Communications Europe.
(5) Non-cash deferred tax expenses.
Note: Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. The Company believes that non-GAAP information is useful because it can enhance the understanding of its ongoing economic performance and therefore uses internally this non-GAAP information to evaluate and manage its operations. The Company has chosen to provide this information to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results and because many comparable companies report this type of information.
AudioCodes Reports Second Quarter 2018 Results Page 7 of 9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
| Six months ended June 30, |
Three months ended June 30, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | \$ | 4,828 | \$ | 2,309 | \$ | 2,394 | \$ | 1,014 |
| Adjustments required to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization | 1,105 | 1,260 | 565 | 605 | ||||
| Amortization of marketable securities premiums and accretion of | ||||||||
| discounts, net | 188 | 329 | 85 | 168 | ||||
| Decrease in accrued severance pay, net | (139) | (52) | (186) | (248) | ||||
| Share-based compensation expenses | 1,445 | 1,109 | 750 | 571 | ||||
| Decrease (increase) in accrued interest and exchange rate effect of | ||||||||
| loans, marketable securities and bank deposits | (15) | 215 | (30) | 218 | ||||
| Decrease in long-term deferred tax assets | 1,126 | 1,022 | 563 | 613 | ||||
| Increase in trade receivables, net | (2,895) | (109) | (3,284) | (1,165) | ||||
| Decrease (increase) in other receivables and prepaid expenses | (1,070) | (4,181) | 664 | (729) | ||||
| Decrease (increase) in inventories | (2,086) | 390 | (1,115) | 497 | ||||
| Increase (decrease) in trade payables | 458 | (2,701) | 296 | (137) | ||||
| Increase in other payables and accrued expenses | 881 | 1,657 | 1,962 | 1,711 | ||||
| Increase (decrease) in deferred revenues | 6,656 | 1,969 | (468) | (761) | ||||
| Net cash provided by operating activities | 10,482 | 3,217 | 2,196 | 2,357 | ||||
| Cash flows from investing activities: | ||||||||
| Investment in short-term deposits, net | (399) | - | (399) | - | ||||
| Proceeds from redemption of marketable securities | 1,577 | 850 | 850 | 850 | ||||
| Purchase of property and equipment | (616) | (646) | (336) | (183) | ||||
| Net cash provided by investing activities | 562 | 204 | 115 | 667 |
AudioCodes Reports Second Quarter 2018 Results Page 8 of 9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
| Six months ended June 30, |
Three months ended June 30, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from financing activities: | ||||||||
| Purchase of treasury shares | (10,511) | (10,182) | (3,287) | (2,850) | ||||
| Repayment of bank loans | (1,262) | (1,925) | (626) | (940) | ||||
| Payment related to the acquisition of ACS | (151) | - | - | - | ||||
| Proceeds from issuance of shares upon exercise of options and | ||||||||
| warrants | 1,677 | 1,533 | 231 | 247 | ||||
| Net cash used in financing activities | (10,247) | (10,574) | (3,682) | (3,543) | ||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 797 | (7,153) | (1,371) | (519) | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 31,181 | 33,152 | 33,349 | 26,518 | ||||
| Cash, cash equivalents and restricted cash at end of period | \$ | 31,978 | \$ | 25,999 | \$ 31,978 |
\$ | 25,999 |
AudioCodes Reports Second Quarter 2018 Results Page 9 of 9
PRESS RELEASE
Company Contacts IR Agency Contact Niran Baruch, VP Finance & Chief Financial Officer AudioCodes Tel: +972-3-976-4000 [email protected]
Shirley Nakar, Director, Investor Relations AudioCodes Tel: +972-3-976-4000 [email protected]
Philip Carlson KCSA Strategic Communications Tel: +1-212-896-1233 [email protected]
AudioCodes Declares Annual Dividend of 20 Cents per Share
Lod, Israel - July 24, 2018 - AudioCodes (NASDAQ: AUDC) Press Release
AudioCodes, a leading vendor of advanced voice networking and media processing solutions for the digital workplace, today announced that its Board of Directors has decided on an annual dividend. The Board of Directors declared a cash dividend in the amount of 20 Cents per share and in the aggregate amount of approximately US \$5.7 million. The Company expects to continue declaring annual dividends in the coming years.
The dividend is payable on August 20, 2018 to all of the Company's shareholders of record at the close of trading on the NASDAQ Global Select Market on August 6, 2018.
In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 30% (if the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company's share capital) or 25% (for all other dividend recipients) of the dividend amount payable to each shareholder of record, subject to applicable exemptions.
The dividend will be paid in US dollars on the ordinary shares of AudioCodes Ltd. that are traded on the Nasdaq Global Select Market or the Tel-Aviv Stock Exchange.
Follow AudioCodes' social media channels:
AudioCodes invites you to join our online community and follow us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and YouTube.
About AudioCodes
AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a leading vendor of advanced voice networking and media processing solutions for the digital workplace. AudioCodes enables enterprises and service providers to build and operate all-IP voice networks for unified communications, contact centers, and hosted business services. AudioCodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.
AudioCodes Declares Annual Dividend of 20 Cents per Share Page 1 of 2
AudioCodes Press Release
For more information on AudioCodes, visit http://www.audiocodes.com.
Statements concerning AudioCodes' business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements'' as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes' and its customers' products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company's loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes' business; and other factors detailed in AudioCodes' filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.
©2018 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice and CloudBond are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.
AudioCodes Declares Annual Dividend of 20 Cents per Share Page 2 of 2