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 January 2019

 

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 x     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 January 28, 2019, AudioCodes Ltd. (the “Registrant”) issued a press release announcing financial results for the fourth quarter and full year periods ended December 31, 2018, and other matters. A copy of the press release is attached hereto as Exhibit 1 and incorporated by reference herein.

 

In addition, on January 28, 2019, the Registrant issued a press release announcing the declaration of a semi-annual dividend. A copy of the press release is attached hereto as Exhibit 2 and incorporated by reference herein.

 

The information set forth in (1) (a) the first, second, third and sixth paragraphs following the heading “Details,” 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 statements of cash flows contained in, the press release attached as Exhibit 1 to this Report on Form 6-K and (2) the first four paragraphs of 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: January 28, 2019

 
 

 

EXHIBIT INDEX

 

Exhibit No.   Description
1   Press release, dated January 28, 2019, announcing financial results for the fourth quarter and full year periods ended December 31, 2018, and other matters. 
2   Press release, dated January 28, 2019, announcing the declaration of a semi-annual dividend.

  

 

 

 

 

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
Niran.baruch@audiocodes.com

Shirley Nakar,
Director, Investor Relations
AudioCodes

Tel: +972-3-976-4000

shirley@audiocodes.com

Philip Carlson

KCSA Strategic

Communications

Tel: +1-212-896-1233

audc@kcsa.com

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results

 

Lod, Israel – January 28, 2019 - AudioCodes (NASDAQ: AUDC) Press Release

 

Fourth Quarter and Full Year 2018 Highlights

 

· Quarterly revenues increased by 10.5% year-over-year to $45.8 million;

 

full 2018 year revenues increased by 12.4% to $176.2 million;

 

· Quarterly service revenues increased by 13.0% year-over-year to $15.1 million;

 

full 2018 year service revenues increased by 14.4% to $56.3 million;

 

· Quarterly UC-SIP revenues increased more than 30% year-over-year;

 

· Quarterly GAAP gross margin percentage was 62.6%; quarterly Non-GAAP gross margin percentage was 63.0%;

 

· Quarterly GAAP operating margin percentage was 11.2%; quarterly Non-GAAP operating margin percentage was 13.7%;

 

· Cash flow from operating activities was $11.6 million for the quarter and $25.6 million for the full year;

 

· Quarterly GAAP net income was $4.5 million, or $0.15 per diluted share;

 

Quarterly Non-GAAP net income was $6.3 million, or $0.20 per diluted share;

 

· Full 2018 year GAAP net income was $13.5 million, or $0.45 per diluted share;

 

full 2018 year Non-GAAP net income was $20.0 million, or $0.65 per diluted share;

 

· AudioCodes repurchased 250,000 of its ordinary shares during the quarter at an aggregate cost of $2.8 million.

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results   Page 1 of 9   
     

    AudioCodes Press Release

 

Details

 

AudioCodes, a leading vendor of advanced voice networking and media processing solutions for the digital workplace, today announced financial results for the fourth quarter and full year periods ended December 31, 2018.

 

Revenues for the fourth quarter of 2018 were $45.8 million, compared to $44.5 million for the third quarter of 2018 and $41.4 million for the fourth quarter of 2017. Revenues were $176.2 million in 2018 compared to $156.7 million in 2017.

 

Net income was $4.5 million, or $0.15 per diluted share, for the fourth quarter of 2018, compared to $672,000, or $0.02 per diluted share, for the fourth quarter of 2017. Net income in 2018 was $13.5 million, or $0.45 per diluted share, compared to $4.0 million, or $0.13 per diluted share, in 2017.

 

On a Non-GAAP basis, net income was $6.3 million, or $0.20 per diluted share, for the fourth quarter of 2018 compared to $3.8 million, or $0.12 per diluted share, in the fourth quarter last year. Non-GAAP net income in 2018 was $20.0 million, or $0.65 per diluted share, compared to $12.2 million, or $0.37 per diluted share, in 2017.

 

Non-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses related to deferred payments and income 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 $11.6 million for the fourth quarter of 2018 and $25.6 million for 2018. Cash and cash equivalents, long- and short-term bank deposits and long- and short-term marketable securities were $65.4 million as of December 31, 2018 compared to $58.7 million as of December 31, 2017. The increase in cash and cash equivalents, long- and short-term bank deposits and long- and short-term marketable securities was the result of cash provided by operating activities offset, in part, by the use of cash in 2018 for the continued repurchasing of the Company’s ordinary shares pursuant to its share repurchase program and for the payment of a cash dividend.

 

"We are pleased to report record financial results for the fourth quarter and full year 2018,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.

 

“2018 was a very strong year for us, our most successful year ever, and a very important milestone in our mission of building a strong and successful voice networking business for years to come. Growing our top line revenue by 12.4% year-over-year, improving non-GAAP annual operating income to 11.7% from 8.2% in the prior year, and growing non-GAAP annual net income by 64.9% compared to 2017, all demonstrate the strength of our Company’s performance.  A key factor driving this significant growth is the strength in our UC-SIP business which increased more than 30% year-over-year. Our success in growing our UC-SIP business is intertwined with the continued trend of digital transformation and transition towards a digital workplace. Our continued investment in building a solid foundation for the Company is echoed in a strong industry position and successful execution in the markets we serve.”

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results   Page 2 of 9   
     

    AudioCodes Press Release

 

"In 2018, we continued to lead the Enterprise Voice segment with voice connectivity solutions, and continued to invest in the recently announced voice.ai business unit, an investment which is already bearing fruit. Looking forward, and based on current business momentum, we are confident in our ability to continue to expand our business in 2019 and beyond. We plan to continue our investment in future offerings, and focus on the return on investment to our shareholders."

 

Share Buy Back Program

 

As of December 31, 2018, AudioCodes had acquired an aggregate of 17.6 million of its ordinary shares since August 2014 for an aggregate consideration of $94.1 million. During the quarter ended December 31, 2018, AudioCodes acquired 250,000 of its ordinary shares under its share repurchase program for a total consideration of $2.8 million. During 2018, AudioCodes acquired 1.8 million of its ordinary shares for a total consideration of $14.3 million.

 

In January 2019, AudioCodes received court approval in Israel to purchase up to an aggregate of $12 million (“Permitted Amount”) of additional ordinary shares pursuant to its share repurchase program. The court approval also permits AudioCodes to declare a dividend of any part of the Permitted Amount during the approved validity period. The current court approval will expire on July 1, 2019.

 

Conference Call & Web Cast Information

 

AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the Company's fourth quarter and full year of 2018 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.

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results   Page 3 of 9   
     

    AudioCodes Press Release

 

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.

 

©2019 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 Fourth Quarter and Full Year 2018 Results   Page 4 of 9   
     

    AudioCodes Press Release

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 

    December 31,     December 31,  
    2018     2017  
    (Unaudited)     (Audited)  
ASSETS                
                 
CURRENT ASSETS:                
Cash and cash equivalents   $ 31,503     $ 24,235  
Short-term and restricted bank deposits     11,181       2,739  
Short-term marketable securities and accrued interest     19,602       7,087  
Trade receivables, net     19,080       22,059  
Other receivables and prepaid expenses     5,203       4,693  
Inventories     23,302       16,563  
                 
Total current assets     109,871       77,376  
                 
LONG-TERM ASSETS:                
Long-term and restricted bank deposits   $ 3,094     $ 4,207  
Long-term marketable securities     -       20,475  
Deferred tax assets     4,350       6,685  
Severance pay funds     17,518       20,138  
                 
Total long-term assets     24,962       51,505  
                 
PROPERTY AND EQUIPMENT, NET     3,865       3,835  
                 
GOODWILL, INTANGIBLE ASSETS AND OTHER, NET     37,475       38,222  
                 
Total assets   $ 176,173     $ 170,938  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
                 
CURRENT LIABILITIES:                
Current maturities of long-term bank loans   $ 2,487     $ 2,519  
Trade payables     6,188       5,639  
Other payables and accrued expenses     20,269       20,786  
Deferred revenues     22,800       16,417  
                 
Total current liabilities     51,744       45,361  
                 
LONG-TERM LIABILITIES:                
Accrued severance pay   $ 18,728     $ 21,228  
Long-term bank loans     3,687       6,237  
Deferred revenues and other liabilities     7,466       5,731  
                 
Total long-term liabilities     29,881       33,196  
                 
Total shareholders’ equity     94,548       92,381  
                 
Total liabilities and shareholders' equity   $ 176,173     $ 170,938  

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results   Page 5 of 9   
     

    AudioCodes Press Release

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands, except share and per share data

 

    Year ended     Three months ended  
    December 31,     December 31,  
    2018     2017     2018     2017  
    (Unaudited)     (Audited)     (Unaudited)  
Revenues:                                
Products   $ 119,887     $ 107,482     $ 30,650     $ 28,032  
Services     56,336       49,257       15,127       13,386  
                                 
Total Revenues     176,223       156,739       45,777       41,418  
                               
Cost of revenues:                                
Products     51,878       47,445       13,450       12,204  
Services     13,739       11,449       3,668       3,090  
                                 
Total Cost of revenues     65,617       58,894       17,118       15,294  
                               
Gross profit     110,606       97,845       28,659       26,124  
                                 
Operating expenses:                                
Research and development, net     34,661       30,348       9,035       8,126  
Selling and marketing     49,335       48,954       11,958       12,405  
General and administrative     10,251       8,893       2,538       2,356  
                                 
Total operating expenses     94,247       88,195       23,531       22,887  
                                 
Operating income     16,359       9,650       5,128       3,237  
Financial income (expenses), net     228       (10 )     42       (4 )
                                 
Income before taxes on income     16,587       9,640       5,170       3,233  
Taxes on income, net     (3,094 )     (5,610 )     (640 )     (2,561 )
                                 
Net income   $ 13,493     $ 4,030     $ 4,530     $ 672  
                                 
Basic net earnings per share   $ 0.47     $ 0.13     $ 0.16     $ 0.02  
                                 
Diluted net earnings per share   $ 0.45     $ 0.13     $ 0.15     $ 0.02  
                                 
Weighted average number of shares used in computing basic net earnings per share (in thousands)     28,928       31,104       29,147       29,915  
                                 
Weighted average number of shares used in computing diluted net earnings per share (in thousands)     30,220       32,168       30,525       31,071  

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results   Page 6 of 9   
     

    AudioCodes Press Release

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

 

U.S. dollars in thousands, except per share data

 

    Year ended     Three months ended  
    December 31,     December 31,  
    2018     2017     2018     2017  
    (Unaudited)     (Audited)     (Unaudited)  
                   
GAAP net income   $ 13,493     $ 4,030     $ 4,530     $ 672  
                                 
GAAP net earnings per share   $ 0.45     $ 0.13     $ 0.15     $ 0.02  
                                 
Cost of revenues:                                
Share-based compensation (1)     186       84       48       25  
Amortization expenses (2)     667       696       145       174  
      853       780       193       199  
Research and development, net:                                
Share-based compensation (1)     651       383       206       105  
Deferred payments expenses (3)     -       198       -       62  
      651       581       206       167  
Selling and marketing:                                
Share-based compensation (1)     1,238       1,024       377       245  
Amortization expenses (2)     60       116       15       26  
      1,298       1,140       392       271  
General and administrative:                                
Share-based compensation (1)     1,212       816       358       251  
Revaluation of earn-out liability (4)     200       (118 )     -       (118 )
      1,412       698       358       133  
Income taxes:                                
Deferred tax (5)     2,334       4,922       582       2,362  
                                 
Non-GAAP net income   $ 20,041     $ 12,151     $ 6,261     $ 3,804  
Non-GAAP diluted net earnings per share   $ 0.65     $ 0.37     $ 0.20     $ 0.12  

 

(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 (benefit).

 

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 Fourth Quarter and Full Year 2018 Results   Page 7 of 9   
     

    AudioCodes Press Release

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

 

    Year ended     Three months ended  
    December 31,     December 31,  
    2018     2017     2018     2017  
    (Unaudited)     (Audited)     (Unaudited)  
Cash flows from operating activities:                                
Net income   $ 13,493     $ 4,030     $ 4,530     $ 672  
Adjustments required to reconcile net income to net cash provided by operating activities:                                
Depreciation and amortization     2,309       2,438       643       579  
Amortization of marketable securities premiums and accretion of discounts, net     353       570       82       95  
Increase (decrease) in accrued severance pay, net     120       (31 )     77       (263 )
Share-based compensation expenses     3,287       2,307       989       626  
Decrease in long-term deferred tax assets, net     2,251       4,838       562       2,341  
Decrease (increase) in accrued interest and exchange rate effect of loans, marketable securities and bank deposits     (32 )     403       47       152  
Decrease in trade receivables, net     2,979       3,389       7,374       2,538  
Decrease (increase) in other receivables and prepaid expenses     (330 )     (1,316 )     2,803       473  
Increase in inventories     (6,991 )     (230 )     (1,491 )     (132 )
Increase (decrease) in trade payables     549       (2,071 )     (439 )     244  
Increase (decrease) in other payables and accrued expenses     (835 )     1,798       (3,596 )     204  
Increase in deferred revenues     8,427       1,640       35       831  
                                 
Net cash provided by operating activities     25,580       17,765       11,616       8,360  
                                 
Cash flows from investing activities:                                
Investment in short-term deposits     (8,436 )     -       (4,936 )     -  
Proceeds from short-term deposits     -       662       -       166  
Proceeds from long-term deposits     1,107       1,200       300       300  
Proceeds from redemption of marketable securities     7,577       8,116       6,000       2,766  
Purchase of property and equipment     (1,340 )     (1,574 )     (362 )     (533 )
Net cash provided by (used in) investing activities     (1,092 )     8,404       1,002       2,699  

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results   Page 8 of 9   
     

    AudioCodes Press Release

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

 

    Year ended     Three months ended  
    December 31,     December 31,  
    2018     2017     2018     2017  
    (Unaudited)     (Audited)     (Unaudited)  
                   
Cash flows from financing activities:                                
Purchase of treasury share     (14,321 )     (25,563 )     (2,752 )     (9,015 )
Repayment of long-term bank loans     (2,508 )     (3,504 )     (621 )     (626 )
Cash dividends paid to shareholders     (5,761 )     -       -       -  
Payment related to the acquisition of ACS     (151 )     -       -       -  
Proceeds from issuance of shares upon exercise of options and warrants     5,521       2,789       938       777  
                                 
Net cash used in financing activities     (17,220 )     (26,278 )     (2,435 )     (8,864 )
                                 
Increase (decrease) in cash and cash equivalents     7,268       (109 )     10,183       2,195  
Cash and cash equivalents at the beginning of the period     24,235     $ 24,344       21,320     $ 22,040  
                                 
Cash and cash equivalents at the end of the period   $ 31,503     $ 24,235     $ 31,503     $ 24,235  

 

AudioCodes Reports Fourth Quarter and Full Year 2018 Results   Page 9 of 9   
     

 

 

 

 

Exhibit 2

 

    AudioCodes Press Release

 

 

PRESS RELEASE

 

Company Contacts   IR Agency Contact

Niran Baruch,
VP Finance & Chief Financial Officer

AudioCodes

Tel: +972-3-976-4000
Niran.baruch@audiocodes.com

Shirley Nakar,
Director, Investor Relations
AudioCodes

Tel: +972-3-976-4000

shirley@audiocodes.com

Philip Carlson

KCSA Strategic

Communications

Tel: +1-212-896-1233

audc@kcsa.com

 

AudioCodes Declares Semi-Annual Dividend of 11 Cents per Share

 

Lod, Israel – January 28, 2019 - 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 a semi-annual dividend. The Board of Directors declared a cash dividend in the amount of 11 Cents per share and in the aggregate amount of approximately US $3.2 million. Subject to receipt of any necessary court approvals, the Company expects to declare an additional dividend later in the year. The amount and timing of any additional dividend will be determined by the Board.

 

The dividend is payable on February 19, 2019 to all of the Company’s shareholders of record at the close of trading on the NASDAQ Global Select Market on February 7, 2019. 

 

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 divide nd 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.

 

AudioCodes Declares Semi-Annual Dividend of 11 Cents per Share   Page 1 of 2   
     

    AudioCodes Press Release

 

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.

 

©2019 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 Semi-Annual Dividend of 11 Cents per Share   Page 2 of 2