AudioCodes reports record yearly earnings, but a net loss for 2008.

Announcing mixed results, AudioCodes said it recorded a record $174.7 million in revenues for 2008, over a 10 percent rise year-over-year. On the other hand, they posted a GAAP net loss of $81.3 million for the year as they wrote down various things

Revenues in Q408 declined around 9.5 percent to $38.8 million, down from $42.8 million in Q407. Revenues for the full year smoked, however, as the company brought in $174.7 million in 2008. That's a $16.5 million increase from AudioCodes's $158.2 million haul in 2007 - and it's not even counting $1.7 million of unpaid revenues that Nortel owed AudioCodes before it went Chapter 11 in January.

During Q4 the company wrote off (non-cash) around $86 million in goodwill assets and an investment in an affiliate, giving the company a GAAP net loss of $86.7 million and $2.26 per diluted share for the quarter, compared to net income of $1 million and $0.02 per share for Q407. For the year, AudioCodes reported a GAAP net loss of $81.3 million and $1.97 per share, as compared to a GAAP net loss of $3.9 million and $0.09 per share in 2007.

Digging deeper, AudioCodes repurchased $51.5 million of its senior convertible notes due in 2024 for $50.2 million. The company issued $125 million worth of the notes in November 2004, so being able to retire the debt early is always a good thing. At the end of the year, the company had around $115 million between cash and equivalents, deposits, and securities to tap into.

For more:
- AudioCodes official word. Release

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