Comverse Technology Announces Record Fourth Quarter and Fiscal 1997 Results
Fourth Quarter Sales Up 33%, Net Income Up 41% Fourth Quarter Diluted EPS of $0.44 vs. $0.33
WOODBURY, N.Y.--(BUSINESS WIRE)--Feb. 18, 1998-- Comverse Technology Inc. (NASDAQ: CMVT - news) announced for the fourth quarter ended Dec. 31, 1997 record net income after taxes of $11,805,000 ($0.44 per diluted and $0.47 per basic share), an increase of 41% over the corresponding period in 1996. The results reported for the fourth quarter ended Dec. 31, 1997 do not include the results of Boston Technology Inc., which was merged with Comverse effective Jan. 14, 1998.
The company also reported record sales and total revenues of $77,600,000 and $81,836,000 respectively, for the fourth quarter of 1997, an increase of 33% and 31%, respectively, over the fourth quarter of 1996.
For the fiscal year ended Dec. 31, 1997, Comverse posted record net income of $43,500,000 ($1.61 per diluted share; $1.74 per basic share), an increase of 55% over fiscal 1996. For 1997, the company reported record sales and total revenues of $280,281,000 and $296,490,000, respectively, an increase of 42% and 43%, respectively, over 1996.
Kobi Alexander, chairman, president and CEO of Comverse, stated, ''Our products continue to be used by a growing number of customers. Currently, our Access NP(R) and TRILOGUE(R) INfinity(TM) enhanced services platforms are used by more than 225 wireless and wireline telephone companies around the world, enabling the provision of revenue-generating value-added services, including call answering, voice/fax/text messaging, pre-paid wireless services, one-touch call return, information services and other personal communication services. Our AUDIODISK(TM) and ULTRA(TM) digital monitoring and recording systems continue to take advantage of a major global market transition, as customers such as law enforcement and intelligence agencies, call centers and financial institutions continue to replace their outdated analog, tape recorder-based equipment with Comverse's advanced digital technology.''
Comverse ended the year with cash and cash equivalents, bank time deposits and short-term investments of $275,018,000, working capital of $330,303,000, total assets of $457,563,000 and stockholders' equity of $261,482,000, all of which represent record levels.
Financial highlights at and for the three months and year ended
Dec. 31, 1997 and prior year comparisons are as follows:
Financial Highlights
(in thousands, except per share data)
Three Months Ended
Dec. 31,
1996 1997
Operations Data:
Sales $58,250 $77,600
Interest & other income $ 4,050 $ 4,236
Total revenues $62,300 $81,836
Gain on issuance of
subsidiary shares $ - $ -
Net income $ 8,395 $11,805
Net income per share,
diluted $ 0.33 $ 0.44
Net income per share,
basic $ 0.36 $ 0.47
-0-
Year Ended December 31,
1995 1996 1997
Sales $137,149 $197,181 $280,281
Interest & other income $ 8,747 $ 10,130 $ 16,209
Total revenues $145,896 $207,311 $296,490
Gain on issuance of
subsidiary shares $ - $ 535 $ -
Net income $ 17,050 $ 27,988 $ 43,500
Net income per share,
diluted $ 0.75 $ 1.16 $ 1.61
Net income per share,
basic $ 0.81 $ 1.28 $ 1.74
-0-
Year Ended December 31,
1996 1997
(In thousands of dollars)
Balance Sheet Data:
Total Assets $ 390,901 $ 457,563
Working Capital $ 292,249 $ 330,303
Stockholders' Equity $ 212,058 $ 261,482
Comverse Technology Inc., headquartered in Woodbury, designs, develops, manufactures and markets computer and telecommunications systems for a variety of communications and information processing applications. Comverse's products include: multimedia enhanced services platforms marketed under the names Access NP and TRILOGUE INfinity, which are currently used by more than 225 wireless and wireline telecommunications network operators to provide revenue-generating services such as voice/fax/text messaging, pre-paid services, single number services and other personal communications services; multiple channel, multimedia digital monitoring systems marketed to law enforcement and intelligence agencies under the name AUDIODISK; and multiple channel, multimedia digital recording systems marketed to call centers, financial institutions and other organizations under the name ULTRA.
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Contact:
Comverse Technology Inc., Woodbury
Kobi Alexander/Paul D. Baker, 516/677-7200
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