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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
Pursuant to Section 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of April 2001
RADVISION LTD.
(Name of Registrant)
24 Raoul Wallenberg St., Tel Aviv 69719 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 whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
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RADVISION LTD.
6-K Items
1. RADVision Ltd. Press Release dated April 18, 2001 re RADVISION Appoints
Telecommunications Industry Veteran as Chief Executive Officer and Board
Director.
2. RADVision Ltd. Press Release dated April 18, 2001 re RADVISION Announces
First Quarter 2001 Results.
ITEM 1
Corporate Contacts: Investor Contacts:
David Seligman Jody Burfening/Sanjay Hurry
Chief Financial Officer Lippert/Heilshorn & Associates
RADVISION, Ltd. Tel: 212.838.3777
Tel: 972.3.645.5446 jbs@lhai.com
cfo@radvision.com
Sandra Fathi
Dir. Corporate Communications
RADVISION, Inc.
Tel: 201.529.4300 x301
Mobile: 201.406.6150
sfathi@radvision.com
RADVISION APPOINTS TELECOMMUNICATIONS INDUSTRY VETERAN AS
CHIEF EXECUTIVE OFFICER AND BOARD DIRECTOR
- New U.S.-Based CEO, Gadi Tamari Brings Extensive Operating and Managerial
Experience to RADVISION -
Tel Aviv, Israel, April 18, 2001 - RADVISION Ltd. (Nasdaq: RVSN), the
leading provider of award-winning, industry-standard products and technology for
real-time voice and video communication over IP (V2oIP (TM)), has appointed Gadi
Tamari chief executive officer and to the board of directors, effective today.
Tamari replaces Ami Amir who will remain with RADVISION on the board of
directors and as active member of the executive committee. With the appointment
of Tamari to the board of directors, the number of board seats increases to ten.
Tamari will be based at the Company's U.S. headquarters located in Mahwah, New
Jersey.
Amir, retiring chief executive officer of RADVISION, said, "As an
entrepreneur who has led RADVISION for the past nine years from inception,
through its start-up phase and initial public offering, I concluded that it was
time to bring in a professional manager with solid operational experience,
proven skills at managing growing companies
and with an in-depth understanding of the IP communications market. In addition,
Gadi has experience cultivating relationships with service providers, which is
an important growth opportunity for RADVISION. Gadi offers all these strengths
plus extensive international experience with technology companies, including
successful Israeli companies both in the Israel and the US. In handing the baton
to Gadi, I have the utmost confidence in his ability to lead RADVISION to the
next stage of the company's growth."
Tamari commented, "RADVISION's market leader reputation as the V2oIP
experts had a major influence on my decision to join the company. As a former
customer from my days at Excel Switching Corp., I am well acquainted with the
company. I look forward to working closely with the existing management team to
execute on RADVISION's near term business strategy and in helping guide the
company in broadening its product offering, and diversifying and expanding its
distribution channels."
Tamari joins RADVISION following a 30-year career in sales and operations,
having spent the past 15 years in senior management positions with a number of
telecommunications companies. Most recently, he was with Lucent Technologies
where he has served as vice president, international operations of the OpenNet
Softswitch organization. Prior to that, Tamari was chief operating officer of
Excel Switching Corporation responsible for international sales, operations,
marketing and customer support. Under his leadership, revenues grew from $60
million in 1996 to $200 million in 1999. Tamari was a member of the management
team that took Excel Switching public and sold the company to Lucent
Technologies in 1999 for $1.7 billion. His experience working with world class
companies includes successful telecommunications and Israeli technology
companies. Tamari holds a bachelor's degree in mechanical engineering and a
master's degree in industrial engineering from the Technion, Israel Institute of
Technology and attended Harvard University's Advanced Management Program.
RADVISION also announced that Zohar Zisapel replaces Yehuda Zisapel as
chairman of the board of directors, effective today. Zohar Zisapel has served as
a director of RADVISION since 1992 and was chairman of the board of directors
until August 1999. Yehuda Zisapel will remain as a member of the board of
directors.
About RADVISION
RADVISION is a leading provider of products and technology for real-time voice,
video, and data communications over packet networks; this includes the Internet
and other Internet Protocol (IP) based networks. Recognized universally as the
experts in real-time Voice and Video over IP (V(2)oIP), RADVISION offers the
broadest and most complete set of enabling technology and networking systems
needed to enable enterprises and service providers to migrate their voice and
video communications from traditional telephone networks to new converged
networks. Today, hundreds of thousands of end-users around the world communicate
over next-generation networks, using IP-centric products and solutions built
around RADVISION products and technology. RADVISION's multi-protocol software
toolkits for IP communications include: SIP, MEGACO, MGCP, and H.323;
RADVISION's V(2)oIP networking products include: gateways, conferencing bridges,
and gatekeeper applications. 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 and Exchange Commission, including
RADVISION's Form F-1 registration statement.
All trademarks recognized
###
ITEM 2
Corporate Contacts: Investor Contacts:
David Seligman Jody Burfening/Sanjay Hurry
Chief Financial Officer Lippert/Heilshorn & Associates
RADVISION, Ltd. Tel: 212.838.3777
Tel: 972.3.645.5446 jbs@lhai.com
cfo@radvision.com
Sandra Fathi
Dir. Corporate Communications
RADVISION, Inc.
Tel: 201.529.4300 x301
Mobile: 201.406.6150
sfathi@radvision.com
RADVISION ANNOUNCES FIRST QUARTER 2001 RESULTS
- EPS of $0.09 on Revenues of $14.9 Million -
Tel Aviv, Israel, April 18, 2001 -- RADVISION Ltd. (NASDAQ: RVSN), the
leading provider of award-winning, industry-standard products and technology for
real-time voice and video communication over IP (V2oIP(TM)), today announced
results for the first quarter ended March 31, 2001.
Revenues for the first quarter reached $14.9 million, compared with $7.8
million for the same period in 2000, representing a 90% increase. Operating
income for the quarter was $404,000, compared with a loss of $636,000 for the
same period last year. Net income for the quarter was $1.8 million, or $0.09 per
diluted share, compared with a net loss of $521,000, or $0.04 cents per diluted
share, for the first quarter of 2000.
"Our performance this quarter reflects a slow down in U.S. enterprise
spending for our networking products, offset by continued growth from our
enabling technologies business," said Ami Amir, retiring chief executive officer
of RADVISION. "Our non-U.S.-based networking business remains strong, as
enterprises and service providers continue to deploy enhanced communications
services such as voice and video conferencing to meet the demands of their
customers and increase the productivity of their organizations. We are also
seeing ongoing demand for our enabling technologies, and at the same time, are
starting to see the benefits of our strategy to leverage our H.323 customer base
for
additional sales of other protocols. This quarter, for instance, a number of
our H.323 customers also purchased SIP."
Continued Mr. Amir, "Over the past several weeks, we have taken steps to
bring the Company's cost structure in line with expected revenues by reducing
overall expenses and implementing a 10% workforce reduction on April 2nd. Our
goal is to maintain positive earnings for fiscal 2001.
"Going forward, we are concentrating our resources on sales-driven
activities such as expanding our distribution presence outside of the United
States and introducing new products that expand our addressable market.
"We continue to see opportunities for increased sales of our networking
products in Europe and Asia Pacific and are positioning ourselves to further
penetrate these relatively untapped markets. We recently opened a new office in
London, as a base for establishing new partnerships throughout Europe, and
expanded our office in Beijing to sell our networking products into the
fast-growing Chinese market. We are also establishing closer relationships with
existing partners and seeking new partners as we further diversify our
networking products customer base. At the same time, we will also introduce
enhancements to our existing product offering and new IP-centric products, such
as voice-bridging, to remain ahead of our competitors."
Continued Mr. Amir, "We intend to maintain our leadership position in
enabling technologies through continuous technology introductions and
improvements for all key IP communication protocols. During the second quarter
we will introduce next generation H.323 technology for robust, carrier-class,
high availability VoIP solutions."
The Company reiterated its financial guidance for the second quarter to be
in the range of $11.5 to $12.5 million, with a fully diluted earnings per share
of $0.01 to $0.02.
"The steps we have taken this quarter give us confidence that we will be
able to sustain our market leadership during this economic downturn and build
for the future," concluded Mr. Amir. "With cash and cash equivalents of $94
million and no debt, we have the financial strength to execute on new product
and market development, while at the same time, solidifying our position as the
recognized experts in V2oIP."
About RADVISION
RADVISION is a leading provider of products and technology for real-time voice,
video, and data communications over packet networks; this includes the Internet
and other Internet Protocol (IP) based networks. Recognized universally as the
experts in real-time Voice and Video over IP (V(2)oIP), RADVISION offers the
broadest and most complete set of enabling technology and networking systems
needed to enable enterprises and service providers to migrate their voice and
video communications from traditional telephone networks to new converged
networks. Today, hundreds of thousands of end-users around the world communicate
over next-generation networks, using IP-centric products and solutions built
around RADVISION products and technology. RADVISION's multi-protocol software
toolkits for IP communications include: SIP, MEGACO, MGCP, and H.323;
RADVISION's V(2)oIP networking products include: gateways, conferencing bridges,
and gatekeeper applications. 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 and Exchange Commission, including
RADVISION's Form F-1 registration statement.
All trademarks recognized
- tables to follow -
RADVISION LTD.
Consolidated Statements of Income
(U.S. Dollars in thousands)
Three Months Ended
March 31
(Unaudited)
2001 2000
---- ----
Sales $14,895 $7,827
Cost of Sales 3,725 1,944
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Gross Profit 11,170 5,883
Research and Development, Net 4,757 2,294
Marketing and Selling, Net 4,840 3,610
General and Administration 1,169 615
------- ------
Operating Income (Loss) 404 (636)
Financial Income, net 1,403 115
Net Income/(Loss) $1,807 ($521)
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Earnings per Share $0.09 ($0.04)
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Weighted Average Number of Shares
Outstanding During the Period - Basic 19,196,316 14,626,504
Diluted Earnings per Share $0.09 ($0.04)
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Weighted Average Number of Shares
Outstanding During the Period - Diluted 20,750,146 14,626,504
-- more --
RADVISION LTD.
Consolidated Balance Sheet
(U.S. Dollars in thousands)
March 31, December 31,
2001 2000
(Unaudited) (Audited)
Assets
Cash and Liquid Investments $ 93,711 $ 97,064
Receivables - Trade 7,294 7,025
Receivables - Other 1,128 1,051
Inventories 3,352 4,956
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Current Assets including
Long Term Liquid Investments 105,485 110,096
Severance Pay Fund 1,082 1,055
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Equipment
Cost 8,784 8,353
Less Accumulated Depreciation 3,500 3,153
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5,284 5,200
Total Assets 111,851 116,351
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Liabilities and Equity
Short Term Debt $ 38 $ 46
Payable - Trade & Related Parties 2,012 3,716
Other Payables & Accrued Expenses 12,344 16,777
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Current Liabilities 14,394 20,539
Accrued Severance Pay 1,649 1,448
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Bank Loans 12 19
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Shareholder's Equity
Share Capital 168 165
Capital Surplus 103,402 103,849
Deferred compensation (554) (641)
Accumulated deficit (7,220) (9,028)
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95,796 94,345
Total Liabilities 111,851 116,351
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SIGNATURES
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.
RADVISION LTD.
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(Registrant)
By /s/David Seligman
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David Seligman
Chief Financial Officer
Dated: April 18, 2001