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VocalTec Announces Results for the First Six-Months of 2008HERZLIA, Israel --(Business Wire)-- VocalTec Communications Ltd. (Nasdaq: VOCL) (the "Company" or "VocalTec"), a global provider of carrier-class multimedia and voice-over-IP solutions for communication service providers, today reported results for the first half ended June 30, 2008. Revenues for the first half of 2008 were $3.2 million. Gross margin, excluding the effect of amortization of intangible assets, was 55% in the first half of 2008. Operating expenses for the first half of 2008 were $5.2 million, including $2.1 million for research and development and $1.7 million for sales and marketing. Excluding the effect of share-based compensation expense and amortization of intangible assets, operating expenses in the first six months of 2008 were $4.4 million. Net loss for the first six months of 2008 was $3.8 million, or $0.51 per share. Excluding the effect of share-based compensation expense and amortization of intangible assets, net loss for the first six months of 2008 was $2.8 million, or $0.38 per share. As of June 30, 2008, the Company had cash and cash equivalents in the amount of $2.0 million. The cash position reported as of June 30 does not include the proceeds received on July 18, 2008 from the sale of 11 patents, as announced in a press release on July 21, 2008. About VocalTec VocalTec Communications (Nasdaq: VOCL) is a global provider of carrier-class multimedia and voice-over-IP solutions for communication service providers. A pioneer in VoIP technology since 1994, VocalTec provides proven trunking, peering and residential/enterprise VoIP application solutions that enable flexible deployment of next-generation networks (NGNs). Partnering with prominent system integrators and equipment manufacturers, VocalTec serves an installed base of dozens of leading carriers including Deutsche Telekom , Telecom Italia San Marino and Mobifon. VocalTec is led by a management team comprised of respected industry veterans. www.vocaltec.com
VOCALTEC COMMUNICATIONS LTD.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
All data in thousands of U.S. dollars
Six months ended
June 30
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2008
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Sales
Product 2,026
Services 1,142
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3,168
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Cost of sales
Product 1,115
Services 299
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1,415
Amortization of intangible assets 188
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1,603
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Gross profit 1,565
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Operating Expenses
Research and development, net. 2,146
Selling and marketing 1,706
General and administrative 1,261
Amortization of acquired intangibles 90
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Total Operating Expenses 5,203
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Operating Loss (3,638)
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Other Income (expense), net
Financial Income (expense), net (139)
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Net Loss (3,777)
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VOCALTEC COMMUNICATIONS LTD.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
All data in thousands of U.S. dollars
June 30
2008
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Current Assets
Cash and Cash equivalents 1,956
Short term deposit 0
Restricted cash 547
Trade receivables, net 317
Other receivables 808
Severance pay funds 287
Inventories 282
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Total Current Assets 4,197
Severance pay funds 996
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Equipment, net 531
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Intangible assets, net 2,203
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Goodwill 2,297
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Total Assets 10,224
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Current Liabilities
Trade payable 755
Accrued expenses 3,332
Accrued severance pay 484
Deferred revenues 1,809
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Total Current Liabilities 6,380
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Long Term Liabilities
Long-term other liabilities -
Accrued severance pay 1,236
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Total Long Term 1,236
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Total Liabilities 7,616
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Shareholders Equity
Share capital 213
Additional paid-in capital 94,289
Accumulated deficit (91,894)
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Total Shareholders Equity 2,608
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Total Liabilities and Shareholders Equity 10,224
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