SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended March 31, 2002
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from ____to ___
Commission file number: 000-29871
RADVISION LTD.
--------------
(Exact Name of Registrant as Specified in Its Charter)
Israel N/A
------ ---
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
--------------------------------------------------
(Address of Principal Executive Offices)
972-3-645-5220
--------------
(Registrant's Telephone Number, Including Area Code)
N/A
-----------------------------------
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
As of May 6, 2002 the Registrant had 19,936,030 Ordinary Shares, par value NIS
0.1 per share, outstanding.
Preliminary Notes: RADVision Ltd. is incorporated in Israel and is a
"foreign private issuer" as defined in Rule 3b-4 under the Securities Exchange
Act of 1934 (the "1934 Act") and in Rule 405 under the Securities Act of 1933.
As a result, it is eligible to file this quarterly report on Form 6-K (in lieu
of Form 10-Q) and to file its annual reports on Form 20-F (in lieu of Form
10-K). However, RADVision Ltd. elects to file its interim reports on Forms 10-Q
and 8-K and to file its annual reports on Form 10-K.
Pursuant to Rule 3a12-3 regarding foreign private issuers, the proxy
solicitations of RADVision Ltd. are not subject to the disclosure and procedural
requirements of Regulation 14A under the 1934 Act, and transactions in its
equity securities by its officers and directors are exempt from Section 16 of
the 1934 Act.
RADVISION LTD.
INDEX
Page
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Part I - Financial Information:
Item 1. Condensed Consolidated Balance Sheets as of
March 31, 2002 and December 31, 2001............................4
Condensed Consolidated Statements of Operations -
for the Three Months ended March 31, 2002 and 2001...............5
Condensed Consolidated Statements of Cash Flows -
for the Three Months ended March 31, 2002 and 2001...............6
Notes to Condensed Consolidated Financial Statements.................7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations................... 9
Item 3. Quantitative and Qualitative Disclosure About Market Risk...........13
Part II - Other Information:
Item 1. Legal Proceedings...................................................14
Item 2. Changes in Securities and Use of Proceeds...........................14
Item 3. Defaults Upon Senior Securities.....................................15
Item 4. Submission of Matters to a Vote of Security Holders.................15
Item 5. Other Information...................................................15
Item 6. Exhibits and Reports on Form 8-K....................................15
Signatures..........................................................16
RADVISION LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars except share data)
PART I - FINANCIAL INFORMATION
March 31, December 31,
2002 2001
(Unaudited) (Audited)
----------- ---------
Current assets
Cash and cash equivalents $ 6,305 $ 6,717
Short-term investments 35,043 52,785
Trade receivables, net of allowance for
doubtful accounts of $1,015 (2001 - $1,126) 5,133 5,078
Other receivables and prepaid expenses 1,872 1,259
Inventories 1,168 1,884
-------- --------
Total current assets 49,521 67,723
-------- --------
Long-term investments 43,485 26,326
-------- --------
Property and equipment, net 4,130 4,518
-------- --------
Deposits with insurance companies 1,265 1,200
-------- --------
Total assets $ 98,401 $ 99,767
======== ========
Current liabilities
Current maturities of long-term loans $ 12 $ 19
Trade payables 78 765
Other payables and accrued expenses 14,461 13,562
-------- --------
Total current liabilities 14,551 14,346
-------- --------
Long-term liabilities
Accrued severance pay 1,833 1,872
-------- --------
Total liabilities 16,384 16,218
-------- --------
Shareholders' equity
Ordinary shares of NIS 0.1 par value:
Authorized - 24,984,470 shares;
Issued and outstanding - 19,899,105 shares as
of March 31, 2002 (2001 - 19, 889,690 shares) 182 182
Additional paid-in capital 104,214 104,209
Deferred compensation (254) (299)
Accumulated deficit (10,368) (10,640)
-------- --------
93,774 93,452
Less cost of treasury stock - 1,866,115
ordinary shares as of March 31, 2002
(2001 - 1,585,446 shares) 11,757 9,903
-------- --------
Total shareholders' equity 82,017 83,549
-------- --------
Total liabilities and shareholders' equity $ 98,401 $ 99,767
======== ========
The accompanying notes form an integral part of these consolidated financial
statements.
4
RADVISION LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands of U.S. Dollars except per share and share data)
Three months ended
March 31,
----------------------------
2002 2001
------------- -----------
(Unaudited)
Revenues $ 11,558 $ 14,895
Cost of revenues 2,559 3,725
---------- ----------
Gross profit 8,999 11,170
---------- ----------
Operating expenses
Research and development expenses 4,041 4,757
Marketing and selling expenses 4,469 4,840
General and administrative expenses 969 1,169
---------- ----------
Total operating expenses 9,479 10,766
---------- ----------
Operating income (loss) (480) 404
Financial income, net 752 1,404
Net income $ 272 $ 1,808
========== ==========
Basic earnings per ordinary share $ 0.01 $ 0.09
========== ==========
Weighted average number of ordinary shares
used in calculation 18,168,617 19,196,316
========== ==========
Diluted earnings per ordinary share $ 0.01 $ 0.09
========== ==========
Weighted average number of ordinary shares
used in calculation 19,400,949 20,750,146
========== ==========
The accompanying notes form an integral part of these consolidated financial
statements.
5
RADVISION LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands of U.S. Dollars except per share and share data)
For the three months
ended March 31,
--------------------
2002 2001
-------- --------
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 272 $ 1,808
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Income and expenses not affecting operating
cash flows:
Depreciation 685 346
Severance pay, net (104) 174
Amortization of deferred compensation 45 87
Changes in operating assets and liabilities:
Increase in trade receivables, net (55) (269)
Increase in other receivables and prepaid expenses (613) (77)
Decrease in inventories 716 1,604
Decrease in trade payables (687) (1,705)
Increase (decrease) in other payables and accrued
expenses 899 (4,433)
------- -------
Net cash provided by (used in) operating activities 1,158 (2,465)
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in investments, net 583 1,005
Purchase of property and equipment (297) (430)
------- -------
Net cash provided by investing activities 286 575
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of share capital 5 106
Purchase of treasury stock (1,854) -
Payment of issuance expenses - (550)
Repayment of long-term loans (7) (14)
------- -------
Net cash used in financing activities (1,856) (458)
------- -------
DECREASE IN CASH AND CASH EQUIVALENTS (412) (2,348)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 6,717 41,617
------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 6,305 $39,269
======= =======
The accompanying notes form an integral part of these consolidated financial
statements.
6
RADVISION LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1 - BASIS OF PRESENTATION
The condensed consolidated balance sheet as of March 31, 2002,
the condensed consolidated statements of operations for the three
months periods ended March 31, 2001 and 2002 and the condensed
consolidated statements of cash flows for the three month periods
ended March 31, 2001 and 2002 have been prepared by the Company
without audit. The condensed consolidated balance sheet data as
of December 31, 2001 has been derived from the Company's audited
financial statements as of that date.
The preparation of financial statements in conformity with
generally accepted accounting principles in the United States
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses
during the reported period. Actual results could differ from
those estimates. In the opinion of management, all adjustments,
which include only normal recurring adjustments, necessary to
present fairly the financial position, results of operations and
cash flows at March 31, 2001 and for all periods presented have
been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to the Securities and Exchange Commission rules and
regulations. These condensed financial statements should be read
in conjunction with the audited financial statements and notes
thereto included in the Company's Annual Report on Form 10-K for
the year ended December 31, 2001 filed with the Securities and
Exchange Commission.
The condensed consolidated financial statements of the Company
have been prepared in U.S. dollars, as the currency of the
primary economic environment in which the operations of the
Company are conducted is the U.S. dollar. All of the Company's
sales are in U.S. dollars or are dollar-linked. Most purchases of
materials and components and most marketing costs are denominated
in U.S. dollars. Therefore, the functional currency of the
Company is the U.S. dollar.
Transactions and balances originally denominated in U.S. dollars
are presented at their original amounts. Transactions and
balances in other currencies are remeasured into U.S. dollars in
accordance with the principles set forth in Statement No. 52 of
the Financial Accounting Standards Board of the United States
("FASB"). Accordingly, items have been remeasured as follows:
- Monetary items - at the exchange rate in effect on the
balance sheet date.
7
- Non monetary items - at historical exchange rates.
- Revenue and expense items - at the exchange rates in
effect as of the date of recognition of those items,
excluding depreciation and other items deriving from
non-monetary items.
All exchange gains and losses from the remeasurement mentioned
above, which are immaterial for all periods presented are
reflected in the statement of operations. The representative rate
of exchange at March 31, 2002 was U.S.$1.00 = New Israeli Shekel
(NIS) 4.668 and at March 31, 2001 = NIS 4.192.
Note 2 - RECENTLY ISSUED NEW ACCOUNTING STANDARDS
In July 2001, the Financial Accounting Standards Board issued
Statements of Financial Accounting Standards No. 141, Business
Combinations ("SFAS 141") and No. 142, Goodwill and Other
Intangible Assets ("SFAS 142"). SFAS 141 requires all business
combinations initiated after September 30, 2001 to be accounted
for using the purchase method. Under SFAS 142, goodwill and
intangible assets with indefinite lives are no longer amortized
but are reviewed annually (or more frequently if impairment
indicators arise) for impairment. All other intangible assets will
continue to be amortized over their estimated useful lives. The
amortization provisions of SFAS 142 apply to goodwill and
intangible assets acquired after March 31, 2002. With respect to
goodwill and intangible assets acquired prior to July 1, 2001, the
Company is required to adopt SFAS 142 effective January 1, 2002.
The Company believes that the adoption of SFAS 141 and SFAS 142
will not have an effect on its financial statements.
Note 3 - INVENTORIES
March 31, 2002 December 31, 2001
-------------- -----------------
Materials and components $ 472 $ 991
Work in process 428 391
Finished products 268 502
--- ---
$1,168 $1,884
====== ======
Note 4 - REPURCHASE OF ORDINARY SHARES
On February 28, 2001, the Company announced that its Board of
Directors authorized the repurchase of up to 10% of its
outstanding ordinary shares in the open market from time to time
at prevailing market prices. No time limit was given with respect
to the duration of the share repurchase program. As of March 31,
2002 the Company had repurchased 1,866,115 ordinary shares at a
cost of $11.8 million. The Company may use the repurchased shares
for issuance upon exercise of employee stock options or other
corporate purposes.
8
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The following is management's discussion and analysis of certain significant
factors which have affected our financial position and operating results during
the periods included in the accompanying condensed consolidated financial
statements.
The discussion and analysis which follows in this quarterly report may contain
trend analysis and other forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 which reflect our current
views with respect to future events and financial results. These include
statements regarding our earnings, projected growth and forecasts, and similar
matters that are not historical facts. We remind shareholders that
forward-looking statements are merely predictions and therefore are inherently
subject to uncertainties and other factors that could cause the future results
to differ materially from those described in the forward-looking statements.
These uncertainties and other factors include, but are not limited to, the
uncertainties and factors included in the "Risk Factors" contained in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2001.
Overview
We are a leading designer, developer and supplier of products and technology
that enable real-time voice, video and data communications over packet networks,
including the Internet and other IP networks.
We were incorporated in January 1992, commenced operations in October 1992 and
commenced sales of our products in the fourth quarter of 1994. Before that time,
our operations consisted primarily of research and development and recruiting
personnel. In 1995, we established a wholly owned subsidiary in the United
States, RADVision Inc., which conducts our sales and marketing activities in
North America. In 2000, we established a wholly owned subsidiary in the Hong
Kong, RADVision HK Ltd, which conducts our marketing activities in Asia Pacific.
In 2001, we established a wholly owned subsidiary in the United Kingdom,
RADVision (UK) Ltd, which conducts our marketing activities in England.
Revenues
We generate revenues from sales of our networking products that are primarily
sold in the form of stand-alone products, and our technology products that are
primarily sold in the form of software development kits, as well as related
maintenance and support services. We generally recognize revenues from the sale
of our products upon shipment and when collection is probable. Revenues
generated from maintenance and support services are deferred and recognized
ratably over the period of the term of service. We price our networking products
on a per unit basis, and grant discounts based upon unit volumes. We price our
software development kits on the basis of a fixed-fee plus royalties from
products developed using the software development kits. We sell our products and
technology through direct sales and various indirect distribution channels in
North America, Europe, the Far East and Israel.
9
Results of Operations
The following table presents, as a percentage of total revenues, condensed
statements of operations data for the periods indicated:
Three months ended
March 31,
------------------
2002 2001
---- ----
% %
Revenues
Networking products.................. 72.1 67.2
Technology products.................. 27.9 32.8
Total revenues....................... 100.0 100.0
Cost of revenues
Networking products.................. 21.8 23.2
Technology products.................. 0.3 1.8
Total cost of revenues............... 22.1 25.0
Gross profit............................ 77.9 75.0
Operating expenses
Research and development............. 35.0 31.9
Marketing and selling................ 38.7 32.5
General and administrative........... 8.4 7.9
Total operating expenses................ 82.1 72.3
Operating income (loss)................. (4.2) 2.7
Financial income........................ 6.5 9.4
Net income.............................. 2.3 12.1
Three Months Ended March 31, 2002 Compared with Three Months Ended March 31,
2001
Revenues. Revenues decreased from $14.9 million for the three months ended March
31, 2001 to $11.6 million for the three months ended March 31, 2002, a decrease
of $3.3 million, or 22.1%. This decrease was due to a $1.7 million, or 34.7%,
decrease in sales of our technology products and a decrease of $1.6 million, or
16%, in sales of our networking products.
Revenues from networking products decreased from $10.0 million for the three
months ended March 31, 2001 to $8.4 million for the three months ended March 31,
2002. The decrease is attributable to an ongoing softness in enterprise spending
all over the world.
Revenues from technology products decreased from $4.9 million for the three
months ended March 31, 2001 to $3.2 million for the three months ended March 31,
2002. This decrease is primarily attributable to decreased market demand as
budgets for these products declined due to the worldwide economic downturn.
Revenues from sales to customers in the United States decreased from $10.9
million, or 73.2% of revenues, for the three months ended March 31, 2001, to
$7.3 million, or 62.9% of revenues, for the three months ended March 31, 2002, a
decrease of $3.6 million, or 33.0%. This decrease in sales to customers in the
United States was primarily attributable to the ongoing softness in enterprise
spending in the United States.
10
Revenues from sales to customers in Europe remained constant at $1.7 million,
or, for the three month periods ended March 31, 2001 (11.4% of revenues), and
March 31, 2002 (14.7% of revenues). Revenues from sales to customers in the Far
East increased from $1.6 million, or 10.7% of revenues, for the three months
ended March 31, 2001, to $2.0 million, or 17.2% of revenues, for the three
months ended March 31, 2002, an increase of $400,000, or 25.0%. This increase in
sales to customers in the Far East was primarily attributable to increased
market demand for our products in this region.
Revenues from sales to customers in Israel decreased from $629,000, or 4.2% of
revenues, for the three months ended March 31, 2001, to $ 537,000, or 4.6% of
revenues, for the three months ended March 31, 2002, a decrease of $92,000, or
14.6%.
Cost of Revenues. Cost of revenues decreased from $3.7 million for the three
month period ended March 31, 2001 to $2.6 million for the three months ended
March 31, 2002, a decrease of $1.1 million, or 29.7%. Gross profit as a
percentage of revenues increased from 75.0% for the three months ended March 31,
2001 to 77.9% for the three months ended March 31, 2002, due to the increased
proportion of sales of new networking products with higher profit margins.
Research and Development. Research and development expenses decreased from $4.8
million for the three months ended March 31, 2001 to $4.0 million for the three
months ended March 31, 2002, a decrease of $800,000 or 16.7%. This decrease was
primarily attributable to a decrease in the number of research and development
personnel whom we employed.
Marketing and Selling. Marketing and selling expenses decreased from $4.8
million for the three months ended March 31, 2001 to $4.5 million for the three
months ended March 31, 2002, a decrease of $300,000 or 6.3%. We decreased our
marketing and selling expenses in the period in response to the current and
expected continued softness in the market for our products. Marketing and
selling expenses as a percentage of revenues increased from 32.5% for the three
months ended March 31, 2001 to 38.7% for the three months ended March 31, 2002.
General and Administrative. General and administrative expenses decreased from
$1.2 million for the three months ended March 31, 2001 to $1.0 million for the
three months ended March 31, 2002, a decrease of $200,000 or 16.7%. This
decrease was primarily attributable to a decrease in personnel expenses. General
and administrative expenses as a percentage of revenues was 7.9% for the three
months ended March 31, 2001 and 8.4% for the three months ended March 31, 2002.
Operating Income (Loss). We had operating income of $404,000 for the three
months ended March 31, 2001 compared to an operating loss of $480,000 for the
three months ended March 31, 2002, principally as a result of the decrease in
revenues.
Financial Income. We had financial income of $1.4 million for the three months
ended March 31, 2001 compared to $752,000 for the three months ended March 31,
2002. This income was principally derived from the investment of the proceeds of
our March 2000 initial public offering and private placement. Our financial
income declined principally as a result of lower interest rates and the use of a
portion of our invested funds in connection with our stock repurchase program.
11
Net Income. Net income for the quarter was $272,000 compared with net income of
$1.5 million for the first quarter of 2001.
Liquidity and Capital Resources
From our inception until our initial public offering in March 2000, we financed
our operations through cash generated by operations and a combination of private
placements of our share capital and borrowings under lines of credit. Through
December 31, 1999, we raised a total of approximately $12.2 million in aggregate
net proceeds in four private placements. In March 2000, we sold 4,370,000 of our
ordinary shares in an initial public offering and 590,822 ordinary shares in a
private placement. We received net proceeds of $89.2 million from the public
offering and private placement. As of March 31, 2002, we had approximately $6.3
million in cash and cash equivalents, $35.0 million in short term investments
and our working capital was approximately $35.0 million. Taking into account
long-term liquid investments, we had $84.8 million in cash and liquid
investments as of March 31, 2002.
Net cash provided by operating activities was approximately $1.2 million for the
three months ended March 31, 2002. This amount was primarily attributable to a
decrease of $716,000 in inventories, depreciation of $685,000 and a $687,00
decrease in trade payables. These increases in cash provided by operating
activities were offset in part by an increase in other receivables and prepaid
expenses of $613,000 and an increase in other payables and accrued expenses of
$899,000.
The decrease in inventories for the three months ended March 31, 2002 was
primarily due to our efforts to manage our inventory to correspond with our
revenues. The slight increase in accounts receivable at March 31, 2002 was
primarily the result of increase in our revenues compared to the last quarter of
2001.
Net cash provided by investing activities was $286,000 for the three months
ended March 31, 2002. During the three months ended March 31, 2002, $297,000 of
cash used in investing activities was for purchases of property and equipment.
Net cash used in financing activities was $1.9 million for the three months
ended March 31, 2002, which funds were primarily used for stock repurchases.
As of March 31, 2002, we had $12,000 outstanding under an equipment term loan
facility and an unused $2.5 million line of credit.
Our capital requirements are dependent on many factors, including market
acceptance of our products and the allocation of resources to our research and
development efforts, as well as our marketing and sales activities. We
anticipate that our cash resources will be used primarily to fund our operating
activities, as well as for capital expenditures. We do not believe that our
capital expenditures and lease commitments will increase for the foreseeable
future due to the anticipated slowdown in the growth of our operations,
infrastructure and personnel. Nevertheless, we may establish additional
operations as we expand globally.
On February 28, 2001, we announced that our Board of Directors authorized the
repurchase of up to 10% of our outstanding ordinary shares in the open market
from time to time at prevailing
12
market prices. No time limit was given with respect to the duration of the share
repurchase program. As of March 31, 2002 we had repurchased 1,866,115 ordinary
shares at a cost of $1.8 million. We may use the repurchased shares for issuance
upon exercise of employee stock options or other corporate purposes.
Item 3. Quantitative and Qualitative Disclosure About Market Risk
We currently do not invest in, or hold for trading or other purposes, any
financial instruments subject to market risk. We invest our cash surplus in time
deposits, cash deposits, U.S. federal agency securities and corporate bonds with
an average credit rating of A2. We currently pay interest on our equipment term
loan facility based on the London interbank offered rate. As a result, changes
in the general level of interest rates directly affect the amount of interest
payable by us under this facility. However, because our outstanding debt under
this facility has been insignificant, we do not expect our exposure to market
risk from changes in interest rates to be material.
We cannot assure you that we will not be materially and adversely affected in
the future if inflation in Israel exceeds the devaluation of the NIS against the
dollar or if the timing of the devaluation lags behind inflation in Israel.
13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
We are not involved in any legal proceedings that are material to our
business or financial condition.
Item 2. Changes in Securities and Use of Proceeds
-----------------------------------------
Use of Proceeds. The following information required by Item 701(f) of
Regulation S-K relates to our initial public offering of ordinary
shares of our company on March 14, 2000. The following table sets
forth, with respect to the ordinary shares registered, the amount of
securities registered, the aggregate offering price of amount
registered, the amount sold and the aggregate offering price of the
amount sold, for both the account of our company and the account of
any selling security holder.
For the
For the account of
account of the selling
the company shareholder
----------- -----------
Number of ordinary shares registered .......... 4,370,000 N/A
Aggregate offering price of shares registered.. $87,400,000 N/A
Number of ordinary shares sold ................ 4,370,000 N/A
Aggregate offering price of shares sold ....... $87,400,000 N/A
The following table sets forth the expenses incurred by us in
connection with our public offering during the period commencing the
effective date of the Registration Statement and ending March 31,
2002. None of such expenses were paid directly or indirectly to
directors, officers, persons owning 10% or more of any class of equity
securities of our company or to our affiliates.
Direct or indirect
payments to
persons other than
affiliated persons
------------------
$6,118,000
Underwriting discounts and commissions ......
Finders' fees ............................... 550,000
Expenses paid to or for underwriters......... 41,290
Other expenses .............................. 2,241,113
---------
Total expenses .............................. $8,950,403
=========
The net public offering proceeds to us, after deducting the total
expenses (set forth in the table above), were $78,449,597.
The following table sets forth the amount of net public offering
proceeds used by us for the purposes listed below. None of such
payments were paid directly or indirectly to directors, officers,
persons owning 10% or more of any class of our equity securities or to
our affiliates.
14
Direct or indirect
payments to
persons other than
Purpose affiliated persons
------------------------------------------------------ ------------------
Acquisition of other companies and business(es) .... N/A
Construction of plant, building and facilities...... N/A
Purchase and installation of machinery
and equipment .................................... N/A
Purchase of real estate ............................ N/A
Repayment of indebtedness .......................... N/A
Working capital .................................... $34,970,000
Temporary investments .............................. N/A
Other purposes ..................................... N/A
Item 3. Defaults Upon Senior Securities
-------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
None
Item 5. Other Information
-----------------
None
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Reports on Form 8-K filed during the last quarter of the period covered by
this report:
None
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RADVISION LTD.
(Registrant)
/s/Gad Tamari
-------------
Gad Tamari
Chief Executive Officer
/s/David Seligman
-----------------
David Seligman
Chief Financial Officer
Date: May 9, 2002
16