Cash reserves up by 29%
Radcom, an Israel-based developer of network test and service monitoring services, has posted a GAAP net loss $1.5m, or $0.3 per basic and diluted share, for the first quarter ended March 31, 2009, compared to a net loss of $855,000, or $0.18 per basic and diluted share, for the same period in 2008.
According to the company, revenues for the first quarter of 2009 were $2m compared with $4.5m for the first quarter of 2008. Gross profit for the first quarter of 2009 declined to $1.23m from $2.97m in the same quarter of 2008.
On a non-GAAP basis, Radcom’s net loss for the first quarter of 2009 was $1.4m, or $0.28 per ordinary share (basic and diluted). This compares to a non-GAAP net loss of $0.7m, or $0.17 per ordinary share (basic and diluted), for the first quarter of 2008.
David Ripstein, president and CEO at Radcom, said: During the first quarter, we achieved a strong level of bookings and increased our cash reserves by 29%, accomplishments which we believe indicate the company’s current stability and future potential.
Our current backlog includes a number of large, high-quality deals from Tier 1 customers whose revenues we expect to recognize later in the year, and we continue to book business with both repeat and new customers.
Radcom develops, manufactures, markets and supports network test and service monitoring solutions for communications service providers and equipment vendors. The company specializes in next-generation Cellular as well as IMS, Voice, Data and VoIP networks.