Dialogic Names Kevin Cook CEO, Q2 Loss Widens - Update

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8/10/2012 9:05 AM ET

Dialogic Inc. (DLGC: Quote), a provider of communications platforms and technology, Friday said its Board of Directors appointed current President and COO Kevin Cook as President and CEO of the company. Separately, the company reported a wider loss for the second quarter, as a slowdown in global telecom spending hurt revenues.

Cook became President and COO of Dialogic in December 2011. In this role, he has directed global operations for more than 700 employees in 30 countries. Previously, he served as Executive Vice President of Worldwide Field Operations from 2010 until 2011. Cook joined Dialogic as Senior Vice President of Worldwide Sales and Support in 2008.

Commenting on his appointment Cook said, ''I am excited to take the helm of Dialogic given the depth of our management team and our shared commitment to the company's future.''

Dialogic's former CEO Nick Jensen resigned on Thursday. He remains a member of the board and will assume the role of non-executive Vice Chairman. Jensen stepped down after being CEO for 10 years with Dialogic and affiliated companies.

Patrick Jones, who was recently named to the Board, was elected to succeed Jensen as the new non-executive Chairman of the Board.

Separately, Dialogic said that net loss for the second quarter widened to $18.03 million or $0.57 per share from $11.27 million or $0.36 per share last year.

Revenue declined to $38.56 million from $55.79 million in the prior year with a sharp decline in product revenue amid a slowdown in global telecom spending.

On a non-GAAP basis revenue totaled $39.3 million, down from $58.7 million in the previous year.

Dialogic also said that on August 8, its stockholders voted to approve the previously announced debt exchange, whereby the company converted $39.7 million of convertible notes into around 40.1 million shares of Dialogic common stock.

DLGC closed on Thursday at $0.63.

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by RTT Staff Writer

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