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Radcom Reports Financial Results for Q1 2012

TEL-AVIV, Israel April 23, 2012

RADCOM Ltd. (RADCOM) (NASDAQ: RDCM) March 31, 2012

Financial Results

$5,614,000 $5,607,000 $1 million Africa Latin America

$4.5 million $500,000 Singapore Brazil India Central America

($825,000) ($0.13) $123,000 $0.02 ($650,000) ($0.1) $311,000 $0.05

Comments of Management

David Ripstein

Earnings Conference Call

9:00 AM Eastern Time

January 27 th


Non-GAAP Information

Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader’s overall understanding of our financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, our non-GAAP results provide information to both management and investors that is useful in assessing our core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods.  The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.

Risks Regarding Forward-Looking Statements

Certain statements made herein that use words such as "estimate," "project," "intend," "expect," "’believe", "may", "might", "predict", "potential", "anticipate", "plan" or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in the demand for the Company’s products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the United States Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.

                                                        Three months ended                                                            March 31,                                                     2012               2011                                                  (unaudited)        (unaudited)     Sales                                            $ 5,614            $ 5,607     Cost of sales                                      1,774              1,559     Gross profit                                       3,840              4,048     Research and development, gross                    1,670              1,350     Less - royalty-bearing participation                 225                501     Research and development, net                      1,445                849     Sales and marketing                                2,509              2,508     General and administrative                           519                612     Total operating expenses                           4,473              3,969     Operating income (loss)                            (633)                 79     Financing income (expenses), net                    (72)                 44     Net income (loss) before taxes on Income           (705)                123     Taxes on Income                                    (120)                  -     Net income (loss)                                  (825)                123     Basic net income (loss) per ordinary Share      $ (0.13)             $ 0.02     Diluted net income (loss) per ordinary share    $ (0.13)             $ 0.02     Weighted average number of     ordinary shares used in     computing basic net income     (loss) per ordinary share                      6,425,013          6,324,298     Weighted average number of     ordinary shares used in     computing diluted net income     (loss) per ordinary share                      6,425,013          6,907,424 



(1000’s of U.S. dollars, except share and per share data)

                                               Three Months Ended                                                   March 31,                                              2012           2011                                           (unaudited)    (unaudited)       GAAP net income (loss)                     $(825)           $123     Stock-based compensation (1)                  175            188     Non-GAAP net income (loss)                 $(650)           $311     Non-GAAP earnings (loss) per share     (diluted)                                 $(0.13)          $0.05       Number of shares used in computing     Non-GAAP earnings (loss) per share     (diluted)                               6,425,013      6,907,424       (1) Stock-based compensation:     Cost of sales                                   6              8     Research and development                       68             50     Selling and marketing                          58             66     General and administrative                     43             64                                                   175            188 
                                  RADCOM Ltd.                            Consolidated Balance Sheets                              (1000's of U.S. dollars)                                                  As of           As of                                               March 31,       December 31,                                                 2012            2011                                               (unaudited)     Current Assets     Cash and cash equivalents                       1,786            2,901     Restricted cash                                   726                -     Trade receivables, net                          6,229            5,389     Inventories                                     6,346            6,590     Other receivables                               3,423            3,490     Total Current Assets                           18,510           18,370     Severance pay fund                              2,827            2,674     Property and equipment, net                       286              301     Total Assets                                   21,623           21,345       Liabilities and Shareholders' Equity     Current Liabilities     Trade payables                                  1,995            2,703     Deferred revenue                                1,064              623     Other payables and accrued expenses             5,282            4,374     Total Current Liabilities                       8,341            7,700     Long-Term Liabilities     Deferred revenue                                  240              161     Accrued severance pay                           3,282            3,092     Total Long-Term Liabilities                     3,522            3,253       Total Liabilities                              11,863           10,953       Shareholders' Equity     Share capital                                     251              250     Additional paid-in capital                     60,749           60,557     Accumulated deficit                          (51,240)         (50,415)     Total Shareholders' Equity                      9,760           10,392       Total Liabilities and Shareholders'     Equity                                         21,623           21,345 

Gilad Yehudai

SOURCE Radcom Ltd

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