Here's the text (of my previous post) in easier to read format:
Tuesday March 7, 4:03 pm Eastern Time
Company Press Release
Comverse Technology Announces Record Fourth Quarter And Fiscal 1999 Results And Declares 2-For-1 Stock Split: Fourth Quarter Earnings Per Share --Diluted-- Of $0.60 Vs. $0.44
Fourth Quarter Sales Up 27%, Net Income Up 56% To Record Levels
WOODBURY, N.Y.--(BUSINESS WIRE)--March 7, 2000--Comverse Technology, Inc. (NASDAQ: CMVT - news)
Comverse Technology, Inc. (NASDAQ: CMVT - news) announced for the fourth quarter of fiscal year 1999, ended January 31, 2000, net income growth of 56%, to a record $50,534,000 ($0.60 per diluted share), compared with $32,369,000 ($0.44 per diluted share) for the fourth quarter of fiscal 1998.
The Company posted record sales of $240,589,000 for the fourth quarter of fiscal 1999, an increase of 27% over the fourth quarter of fiscal 1998.
For the fiscal year 1999, ended January 31, 2000, Comverse posted net income of $172,115,000, or $2.17 per diluted share (excluding one-time acquisition charges, net of tax, of $1,854,000, or $0.03 per diluted share), an increase of 54% over fiscal 1998. Sales for fiscal 1999 were $872,190,000, an increase of 25% over fiscal 1998.
The Company's Board of Directors also declared a two-for-one stock split, to be paid as a 100% stock dividend on its common stock. The stock dividend will entitle each stockholder of record at the close of business on March 27, 2000 to two shares for every one share of Comverse Technology common stock held on that date. Shares resulting from the split are expected to be distributed by Comverse's transfer agent on April 3, 2000.
Kobi Alexander, Chairman, President and CEO of Comverse, stated, ``The 27% increase in fourth quarter sales, and the 37% increase in our fiscal year-end orders backlog, to a record $225.5 million, reflects continued strong demand for Comverse's products. More than 320 wireless and wireline telecommunications network operators have selected Comverse Network Systems Division's enhanced services systems and software, which enable the provision of revenue-generating value-added services including call answering, wireless data and Internet-based information services, prepaid wireless services, Internet-based unified messaging (voice, fax, and e-mail in a single mailbox), one-touch call return, voice-controlled web portal and other speech recognition-based services, and additional 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 $777,692,000, working capital of $848,826,000, total assets of $1,352,368,000 and stockholders' equity of $711,340,000, all of which represent record levels. |
