AudioCodes Declares Semi-Annual Dividend of 14 Cents per Share

Rhea-AI Summary

AudioCodes (NASDAQ: AUDC) announced a semi-annual cash dividend of 14 cents per share, totaling approximately US$4.6 million. The dividend will be paid on September 1, 2020, to shareholders on record as of August 17, 2020. The company received Israeli court approval to declare dividends up to US$10 million through February 3, 2021. The dividend is subject to a 25% withholding tax, with a 30% rate for substantial shareholders. The Board will determine future dividends.

Positive

• Declaration of a semi-annual dividend of 14 cents per share, totaling approximately US$4.6 million.
• Approval to declare dividends of up to US$10 million through February 3, 2021.

Negative

• Dividend subject to 25% withholding tax, 30% for substantial shareholders.

LOD, Israel, Aug. 5, 2020 /PRNewswire/ -- AudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced that its Board of Directors has decided on a semi-annual dividend. The Board of Directors declared a cash dividend in the amount of 14 cents per share. The aggregate amount of the dividend is approximately US$4.6 million. The amount and timing of any other dividends will be determined by the Board.

The dividend is payable on September 1, 2020 to all of the Company's shareholders of record at the close of trading on the NASDAQ Global Select Market on August 17, 2020. 

In accordance with Israeli tax law, the dividend is subject to a withholding tax at the source at the rate of 25% of the dividend amount payable to each shareholder of record, subject to applicable exemptions. If the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company's share capital, the withholding rate is 30%. The dividend will be paid in US dollars on the ordinary shares of AudioCodes Ltd. that are traded on the Nasdaq Global Select Market or the Tel-Aviv Stock Exchange.

The Board of Directors decision follows receipt by the Company of Israeli court approval to declare one or more dividends in the aggregate amount of up to $10 million at any time through February 3, 2021.

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About AudioCodes

AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a leading vendor of advanced communications software, products and productivity solutions for the digital workplace. AudioCodes enables enterprises and service providers to build and operate all-IP voice networks for unified communications, contact centers, and hosted business services. AudioCodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.

For more information on AudioCodes, visit http://www.audiocodes.com.

Statements concerning AudioCodes' business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements'' as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes' and its customers' products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company's loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes' business; possible adverse impact of the COVID-19 pandemic on our business and results of operations; and other factors detailed in AudioCodes' filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.

©2020 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice, AudioCodes Meeting Insights, AudioCodes Room Experience and CloudBond are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.

Company Contact
Shirley Nakar - Orgad
Director, Investor Relations
AudioCodes
Tel: +972-3-976-4000
shirley@audiocodes.com

IR Agency Contact
Brett Maas, Managing Partner Hayden IR
Tel: +1-646-536-7331
Brett@haydenir.com   

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SOURCE AudioCodes

FAQ

What is the dividend amount declared by AudioCodes?

AudioCodes has declared a cash dividend of 14 cents per share.

When is the dividend payable?

The dividend is payable on September 1, 2020.

What is the record date for receiving the dividend?

The record date for the dividend is August 17, 2020.

What is the total amount of the declared dividend?

The total amount of the declared dividend is approximately US$4.6 million.

Is the dividend subject to taxes?

Yes, the dividend is subject to a 25% withholding tax, and 30% for substantial shareholders.

What is the maximum dividend amount AudioCodes can declare through February 3, 2021?

AudioCodes can declare dividends of up to US$10 million through February 3, 2021.