UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
April 1, 2003
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Date of Report
(Date of earliest event reported)
RADVISION LTD.
(Exact name of registrant as specified in its charter)
Israel 000-29871 N/A
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
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(Address of principal executive offices and zip code)
011-972-3-645-5220
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
c. Exhibits
99.1 Press release issued by RADVision Ltd. dated April 1, 2003.
ITEM 9. REGULATION FD DISCLOSURE.
On April 1, 2003, RADVision Ltd. (Nasdaq: RVSN) issued a press release
announcing a reduction in its first quarter earnings estimate and outlook for
the year. A copy of the press release is attached as Exhibit 99.1 and
incorporated herein by reference.
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.
Date: April 1, 2003 RADVISION LTD.
(Registrant)
By: /s/David Seligman
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David Seligman
Chief Financial Officer
Exhibit 99.1
Press Release Source: RADVISION
Radvision Reduces First Quarter 2003 Estimate, Outlook For Year
Tuesday April 1, 6:59 am ET
Conference Call and Web Cast Scheduled at 9 a.m. EST Today
GLEN ROCK, N. J.--(BUSINESS WIRE)--April 1, 2003--RADVISION (Nasdaq: RVSN -
News) today announced that it now expects to report first quarter 2003 revenue
of approximately $11.0 million and breakeven net income and EPS for the period.
Based on the revised revenue amount, the Company will record an operating loss
for the 2003 first quarter, which will be offset by financial income from its
substantial cash position, resulting in the breakeven net income. The Company
will remain cash flow positive. The Company's initial projection for the first
quarter ended March 31, 2003 was for revenue of $12.8 million, net income of
$620,000 and EPS of $0.03. In the first quarter of 2002, the Company reported
revenue of $11.6 million, net income of $272,000 and EPS of $0.01. Final first
quarter 2003 results will be reported on April 15.
The Company attributed the reduction in its first quarter estimate to lower than
expected sales of its Networking Business Unit (NBU) products in the U.S. First
quarter 2003 international NBU sales and sales at its Technology Business Unit
(TBU) were on target.
The Company expects growth to resume in the second half of the year, with full
year TBU sales projected to increase 7%, and NBU sales to increase 3% including
approximately $5 million of 'Other Revenue' from continuing and new business
with broadband service providers.
The Company has adjusted its quarterly projections for the balance of the year,
and has revised its full year 2003 revenue forecast to $51 million, net income
to $2.9 million and EPS to $0.15. The initial forecast was for 2003 full year
revenue of $56.6 million and net income of $4.2 million or $0.21 per diluted
share. For the full year 2002, the Company reported revenue of $49.1 million,
net income of $2.8 million and EPS of $0.15. Detailed information about the
revised 2003 quarterly business plan is available in the Investor Relations
section of the Company's web site.
Gadi Tamari, Chief Executive Officer, commented: "We are disappointed that our
performance in the U.S. market impeded our first quarter and full year
expectations. In fact, we have already taken steps to realign our U.S.
operations and refocus our U.S. channel strategy and we believe that it will
have a positive impact on our results in the following quarters. We also have
made important progress in pursuing our global opportunities both in traditional
videoconferencing and in the emerging personal video communication market, as
demonstrated by our FastWeb and 3G projects."
Mr. Tamari concluded: "While sales are forecast to pick-up in the second half of
the year, we expect to resume stronger growth momentum beginning in 2004. That
is based on our new channel strategy, planned product introductions and
deepening relationships with our partners. It is also based on growing evidence
that video conferencing is moving beyond the maturing room system market to the
personal video application, which we will continue to capitalize on and foster."
Preliminary First Quarter 2003 Earnings Conference Call/Webcast
RADVISION will hold a conference call to discuss its revised 2003 first quarter
and full year outlook today, Tuesday, April 1, 2003 at 9:00 a.m. (EST). To
access the conference call, please dial 1-877-601-4718. (International dialers
can call +1-212-519-0801) by 8:45 a.m. The passcode "RADVISION" will be required
to access the live conference call. A live webcast of the conference call will
also be available in the investor relations section of the company's website at
www.radvision.com.
A PowerPoint presentation highlighting key financial metrics as well as the
revised quarterly estimates for 2003 will be available in the Investor Relations
section of the company's website, www.radvision.com. The presentation will be
available beginning at 8:00 a.m. (EST) on April 1st and remain on the site
through April 15. A replay of the call will be available beginning approximately
one hour after the conclusion of the call through 12:00 midnight (EST) on April
8, 2003. To access the replay, please dial 1-800-234-3897 (International dialers
can call +1-402-220-9689), reservation #3422615.
About RADVISION
RADVISION (Nasdaq: RVSN - News) is the industry's leading provider of high
quality, scalable and easy-to-use products and technologies for
videoconferencing, video telephony, and the development of converged voice,
video and data over IP and 3G networks. For more information please visit our
website at www.radvision.com.
This press release contains forward-looking statements that are subject to risks
and uncertainties. Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited to, general
business conditions in the industry, changes in demand for products, the timing
and amount or cancellation of orders and other risks detailed from time to time
in RADVISION's filings with the Securities Exchange Commission, including
RADVISION's Form 10-K Annual Report. These documents contain and identify other
important factors that could cause actual results to differ materially from
those contained in our projections or forward-looking statements. Stockholders
and other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. We undertake no obligation to update publicly or revise any
forward-looking statement.
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Contact:
RADVISION
David Seligman, 201/689-6333
cfo@radvision.co
Peter Benedict, 201/689-6311
pr@radvision.com
or
Comm-Partners LLC
June Filingeri, 203/972-0186
junefil@optonline.net