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Technology Stocks : Comverse Technology -- Ignore unavailable to you. Want to Upgrade?

To: Mark Ambrose who wrote (1059)	3/7/2000 6:42:00 PM
From: Mark Ambrose	Read Replies (1) \| Respond to of 1331

Comverse Technology Earnings Up, Splits Stock Tuesday March 7 5:25 PM ET WOODBURY, N.Y. (Reuters) - Comverse Technology Inc. (NasdaqNM:CMVT - news) on Tuesday said its fourth quarter profit rose a better-than-expected 56 percent on strong demand for its communications software systems. Comverse also said it would split its red-hot stock on a two-for-one basis. Comverse shares closed Tuesday at 222 1/8, down 13 1/2 on the day, but not before briefly touching a new all-time high of 247 3/4. The stock has risen nearly five-fold in the past 12 months. Comverse's profit for the period ended Jan. 31 rose to $50.5 million, or 60 cents per share, from $32.4 million, or 44 cents per share, a year earlier. Analysts had been expecting a profit of 57 cents per share, according to research firm First Call/Thomson Financial. Revenue rose 27 percent to $240.6 million from $190.1 million, it said. ``The 27 percent increase in fourth quarter sales and the 37 percent increase in our fiscal year-end orders backlog ... reflects continued strong demand for Comverse products,' Comverse Chairman, President and Chief Executive Officer Kobi Alexander said. ``More than 320 wireless and wireline telecommunications network operators have selected Comverse network systems division's enhanced services systems and software,' Alexander said. Comverse said the stock split would be paid April 3 to shareholders of record as of March 27. In after hours trading, Instinet electronic brokerage system, Comverse shares were rose to 229 63/64, up 7 55/64 from its Tuesday close. dailynews.yahoo.com