AudioCodes swings to profit in first quarter on solid sales

NEW YORK—Israeli telecommunications equipment maker AudioCodes Ltd. said Tuesday it swung to a profit in the first quarter, fueled by strong sales growth due in part to new project wins.

For the three months ended March 31, the company reported income of $457,000, or a penny per share, compared with a loss of $3.4 million, or 8 cents per share, in the year-ago period.

On an adjusted basis, excluding stock-based compensation and amortization expenses, the company reported income 7 cents per share.

Revenue rose 20 percent to $43.7 million, from $36.5 million in the first quarter of 2007.

Analysts polled by Thomson Financial, on average, estimated earnings of 6 cents per share on sales of $41.9 million. Analyst estimates typically exclude one-time, unusual items.

The company said revenue was boosted in part by new customer project wins and joint sales activities with large enterprise system integrators.

Shares jumped 23 cents, or 6.2 percent, to $3.92 in after-hours trading, from their regular session close at $3.69.