AudioCodes Reports 11 Cent Adjusted EPS (AUDC)

Lod, Israel-based AudioCodes Ltd. AUDC announced on Wednesday morning that its financial results were in line with consensus Wall Street estimates. AudioCodes Ltd reported that its 4th quarter net income climbed to $5.4 million, or 13 cents per share, up from $1.2 million, or 3 cents per share, a year earlier. Excluding special items, the company's earnings came in at 11 cents per share. AudioCodes Ltd reported revenue of $40.5 million, up from $34.2 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 11 cents per share, on revenue of $39.75 million. Chairman, President and CEO Shabtai Adlersberg said, "I am pleased to announce strong results for the fourth quarter and full year 2010. This is the seventh consecutive quarter of improved performance and momentum gain in our networking business. Year-over-year, revenues grew 19% and proforma net income grew more than 330%." AudioCodes Ltd. (AUDC) closed the previous trading day at $6.89 per share. Analysts covering the company's stock give it a consensus price target of $6.67 per share. AudioCodes Ltd designs, develops and sells advanced Voice over IP (VoIP) and converged VoIP and Data networking products and applications to Service Providers and Enterprises. AudioCodes High Definition (HD) VoIP technologies and products provide enhanced intelligibility and a better end user communication experience in Voice communications. Read more from Benzinga's Company news.