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Orckit Communications Ltd ORCT
Q3 2010 Earnings Call Transcript

Transcript Call Date 11/08/2010

Operator: Good morning. My name is Wes, and I will be your conference operator today. At this time, I would like to welcome everyone to the Orckit Communications Third Quarter 2010 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

Thank you. I would now like to turn the conference over to Ms. Marybeth Csaby with KCSA Strategic Communications. Please go ahead.

Marybeth Csaby - KCSA, IR: Thank you very much Wes and good day to everyone. This is Marybeth Csaby with KCSA's Strategic Communications, Orckit's Investor Relations Counsel in the United States. Joining me on the call today are Mr. Izhak Tamir, Chairman and President of Orckit and Uri Shalom, the Company's CFO.

By now you should have all received a copy of the Company's third quarter 2010 earnings press release, which was issued prior to the start of the trading day. If you haven't received it, please refer to the Company's website at www.orckit.com

Before we begin, I'd like to remind you that certain matters discussed on this conference call are forward-looking statements, which involve a number of risks and uncertainties included but not limited to risks in product development plans and schedules, rapid technology change, changes and delays in product approvals and introductions, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, exchange rate fluctuation, fluctuation in order size, proprietary rights of the Company and its competitors, the risk of operations in Israel, government regulation dependent on third-parties to manufacture products, general economic conditions, and other risk factors as detailed in the Company's filings with United States Securities and Exchange Commission. Orckit assumes no obligation to update the information presented on this call.

With that said I'd like to turn the call over to Izhak and Uri who will provide an update on the business, including a review of third quarter financials. Following the call, we will have a question-and-answer session. Gentlemen, you may proceed.

Uri Shalom - CFO: Thank you, Marybeth and good morning everyone. This is Uri Shalom, Chief Financial Officer of Orckit. I would like to start with the financial results for the third quarter and nine months ended September 30, 2010.

The revenues in the third quarter of 2010 were $4.7 million compared to $1.7 million in the previous quarter ended June 30, 2010 and $1.5 million in the comparable quarter last year.

Net loss for the quarter ended September 30, 2010 was $6.0 million, or $0.31 per share, compared to $7.7 million, or $0.40 per share, for the previous quarter ended June 30, 2010 and $6.8 million, or $0.41 per diluted share for the third quarter of 2009.

Adjustments related to the valuation of the conversion terms of the Company's convertible subordinated notes issued in March 2007 resulted in financial expense of $440,000 in the quarter ended September 30, 2010, $91,000 in the prior quarter ended June 30, 2010, and $453,000 in the quarter ended September 30, 2009.

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