AudioCodes, an Israel-based provider of VoIP technologies and voice network products, has reported a GAAP net loss of $86.7m, or $2.16 per diluted share, for the fourth quarter of 2008 ended December 31, 2008, compared to a GAAP net income of $1m, or $0.02 per diluted share, for the corresponding fourth quarter of 2007.
The company revenues for the fourth quarter of 2008 were $38.8m compared to $42.8m for the fourth quarter of 2007.
Revenues for the full year 2008 were $174.7m compared to $158.2m in 2007, a year-over-year increase of $16.5m, or 10.4%. The company reported a GAAP net loss of $81.3m, or $1.97 per diluted share, for 2008 compared to a GAAP net loss of $3.9m, or $0.09 per diluted share, for 2007.
Shabtai Adlersberg, chairman of the board, president and CEO of AudioCodes, said: While we are disappointed with the decrease in revenues and earnings during the fourth quarter of 2008 and the uncertain outlook for 2009 due to the global economic crisis, we are encouraged with the increased level of customer activity and our ability to continue to generate positive operating cash flow.
