Comverse Technology First Quarter Fiscal 2005 Results: Sales Of $272,801,000, Up 23% Year-Over-Year; GAAP Earnings Up 247% ($0.11 Per Diluted Share), Pro Forma Earnings Up 143% ($0.12 Per Diluted Share)
Comverse Technology, Inc. (NASDAQ: CMVT) announced sales of $272,801,000 for the first quarter of fiscal year 2005, ended April 30, 2005, an increase of 23.2% compared to sales of $221,395,000 for the first quarter of fiscal year 2004, ended April 30, 2004. Net income on a generally accepted accounting principles (“GAAP”) basis for the first quarter of fiscal 2005 was $24,261,000 ($0.11 per diluted share), up 247% compared to net income of $7,001,000 ($0.03 per diluted share) for the first quarter of fiscal 2004. Net income on a pro forma basis was $25,723,000 ($0.12 per diluted share) in the first quarter of fiscal 2005, up 143% compared to pro forma net income of $10,607,000 ($0.05 per diluted share) in the first quarter of fiscal 2004. A reconciliation between results on a GAAP basis and results on a pro forma basis is provided in a table immediately following the Pro Forma Consolidated Statements of Operations.
Kobi Alexander, Chairman and CEO of Comverse Technology, stated, “Each of our major operating units achieved year-over-year growth in both profitability and revenue in the first quarter, which represented our tenth consecutive quarter of sequential sales growth. Comverse, our network systems division, saw demand for its Total Communication portfolio, which enables a broad range of telecommunications applications, including call answering and call completion services, advanced messaging and other data applications such as wireless content delivery, and real-time billing. Our Verint Systems unit continued to expand its activities providing actionable intelligence for security and business intelligence applications.”
The Company ended the quarter with cash and cash equivalents, bank time deposits and short-term investments of $2,276,195,000, working capital of $2,197,691,000, total assets of $2,997,295,000 and stockholders' equity of $1,840,636,000, all of which represent record levels.
Contacts:
Paul D. Baker
Comverse Technology, Inc.
One Huntington Quadrangle
Melville, New York 11747
(516) 677-7226