(Feb. 18, 2004) Herzliya, Israel – VCON (Nouveau Marché ISIN Code: IL 00 108 30540), a worldwide leader in audio and videoconferencing solutions, today reports financial results for the fourth quarter of 2003. Revenues for the forth quarter of 2003 were $4.6 million (€ 3.6 million) compared to $4.8 million (€ 3.8 million) in the fourth quarter of 2002, representing a 3% decrease. The company reports a loss from continuing operations of $1.3 million (€ 1.0 million) for the fourth quarter of 2003 compared to a net loss of $1.4 million (€ 1.1 million), excluding one-time write-offs, for the fourth quarter of 2002. (All USD$ amounts in this press release are, for convenience, converted to EUR amounts based on an exchange rate of 1 € = 1.264 US$). Yair Shamir, Chairman and CEO of VCON explained, “2003 was a year of transition. We invested in the development of our new product lines, accomplished two significant acquisitions and centralized our sales and marketing organizations”. Mr. Shamir continued, “We are excited by the market interest in our competitive new products and encouraged to see initial orders for solutions derived from of our recent technology acquisitions.” Jack Wakileh, Chief Financial Officer of VCON, elaborated, “The signing of our recent round of financing reflects the confidence of both new and existing shareholders representing leading venture capital firms.” He added, “The closing of this transaction will significantly bolster our balance sheets and strengthen our ability to execute our plans.” FINANCIAL TABLES FOLLOW: |
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About VCON
VCON develops and manufactures a variety of conferencing solutions that enable seamless communication and collaboration using all forms of interactive media. The company’s award-winning technology ensures the highest audio and video performance for organizations worldwide. VCON’s meeting and collaboration solutions include desktop and group videoconferencing products, audio conferencing products, data conferencing products and management systems. The company markets its products and services through a network of reseller partners, OEMS and value-added resellers around the world. VCON has worldwide headquarters in Israel and regional headquarters in Munich, Austin and Beijing. VCON is publicly traded on Le Nouveau Marché (ISIN Code: IL 00 108 30540). |
