Shares of magicJack VocalTec, Ltd. (Nasdaq: CALL) are on the move higher this morning on two bits of data, which the second is likely a result of cause and effect. The company is the owner of the magicJack you see advertised on television from time to time with the dirt-cheap pricing to replace your telephone at home (or work).
The company announced that it has now sold over eight million magicJacks in total and more importantly it sold over 365,000 magicJack PLUS devices in the last 30 days alone. The CEO said that this was the most magicJacks that the company has ever shipped out in a 30-day period.
The company is now projecting that its fourth quarter 2011 sales will be in a range of $55 million to $60 million.
Perhaps the biggest news is that the share float is not about to grow massively. As a result of pricing and dilution concerns, the company announced that it has decided to cancel its plans of an anticipated underwritten stock offering.
The company’s market cap as of last night was $219 million and it now expects to have the most cash and cash equivalents on its balance sheet with more than $50 million next month.
Shareholders will also be receiving double the amount of shares they presently hold starting next week and the CEO also noted that the company is looking forward to resuming its stock repurchase program.
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