EmailRADVision (RVSN $7.29 -0.56) lowered second quarter non-GAAP EPS
guidance to ($0.27)-(0.30) from ($0.12) vs. ($0.12) Capital IQ two Estimates. On
the top line, the company lowered its revenue forecast to the range of $18.0
million to $18.5 million from $22.0 million versus $21.79 million Capital IQ
Consensus Estimate.
The revised second quarter outlook is primarily the result of lower than
anticipated revs in the company's Video Business Unit (VBU), which are expected
to approx. $14.5 million to $15.0 million.
This includes revs from CSCO of approx. $1.5 million, which is in line with
forecast but substantially below the $9.5 million of revenues from Cisco in
2Q10. Despite its revised forecast, the companies core VBU revenues are expected
to increase by more than 30% year-over-year, after excluding revenues from Cisco
from both periods. The company noted further that revenues from its Technology
Business Unit are expected to approx. $3.5 million, which is also below its
original forecast for the second quarter of 2011.
"While we knew the second quarter would be challenging because of the
anticipated substantial drop in Cisco revenues from the second quarter last
year, the quarter was more difficult than expected. While our revenues in EMEA,
APAC and CALA continued to grow year over year, revenues in our VBU in North
America did not meet our plan. Our company is currently in the midst of becoming
an end-to-end video conferencing provider but getting full traction is taking
longer than originally expected. Getting back on track with our plan is our
priority. We have overcome challenges in the past and we are taking all
necessary actions to ensure we return to growth company-wide as quickly as
possible."
than one year.
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