COMVERSE TECHNOLOGY ANNOUNCES RECORD SECOND QUARTER RESULTS
Business Wire
August 31, 1999, 1:15 p.m. PT
WOODBURY, NY--(BUSINESS WIRE)--August 31, 1999--Earnings Per Share (Diluted) Of $0.52 Vs. $0.36; Sales Up 25%, Net Income Up 55% To Record Levels
Comverse Technology, Inc. (NASDAQ:CMVT) announced for the second quarter of fiscal year 1999, ended July 31, 1999, record net income after taxes of $40,401,000 ($0.52 per diluted share), an increase of 55% over the second quarter of fiscal 1998.
The Company also posted record sales of $209,280,000 for the second quarter of fiscal 1999, an increase of 25% over the second quarter of fiscal 1998.
Kobi Alexander, Chairman, President and CEO of Comverse, stated, "The increase in second quarter sales reflects continued strong demand for Comverse's products. More than 300 wireless and wireline telecommunications network operators have selected Comverse Network Systems Division's enhanced services platforms, which enable the provision of revenue-generating value-added services including call answering, unified messaging (voice, fax, and e-mail in a single mailbox), prepaid wireless services, short text messaging, one-touch call return, and other personal communication services. In addition, our Comverse Infosys Division, which markets digital multimedia recording and monitoring systems, continues to benefit from the increased use of monitoring as a quality assurance tool for call centers and financial institutions."
The Company ended the quarter with cash and cash equivalents, bank time deposits and short-term investments of $712,828,000, working capital of $787,467,000, total assets of $1,147,586,000 and stockholders' equity of $481,976,000, all of which represent record levels. |
