The VoIP pioneer continues to delay its 2007 report.
VoIP technology company VocalTec Communications Ltd. (Nasdaq:VOCL) has announced it will restate its full-year results for 2007 and sell half its patents.
Vocaltec said yesterday that its results for 2007 will be lower than expected, and that it will recognize "a substantial impairment to its long-lived assets and goodwill for 2007." It will also defer part of its 2007 revenue to 2008 following a change in its recognition method. Vocaltec posted $6.9 million revenue for January-September, and now expects revenue for the whole year to total $5.8 million, less than half its original target of $12.5-14 million. The company said it would publish its full amended report for 2007 by the end of June.
Vocaltec had $6.4 million in cash at the end of September, and will now add to this following its latest announcement yesterday that it will sell 11 of its patents to Karo Millenium JP for $12.5 million. The company said that the patents to be sold consist of nine US patents, one Israel patent and one Australian patent. The sale is subject to regulatory approval following which Vocaltec said it would be "granted a license to use the sold patents and other patent-related rights in connection with the development and marketing of its products."
Published by Globes [online], Israel business news - www.globes-online.com - on May 28, 2008
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