Doug....more on CMVT.....watching it move along.....
Wednesday May 31, 4:01 pm Eastern Time
Company Press Release
Comverse Technology Announces Record Results For First Quarter Of Fiscal
2000
First Quarter Earnings Per Share (Diluted) Of $0.33 Vs. $0.24; First Quarter Sales Up 30%, Net Income Up 54% To Record
Levels, Excluding Q1 1999 One-Time Acquisition Costs Of $0.01 Per Share
WOODBURY, N.Y.--(BUSINESS WIRE)--May 31, 2000-- Comverse Technology, Inc. (NASDAQ:CMVT - news) announced for the first quarter of fiscal year 2000, ended April
30, 2000, net income growth of 54%, to a record $56,405,000 ($0.33 per diluted share), compared with $36,571,000 ($0.24 per diluted share) for the first quarter of fiscal
1999.
The Company posted record sales of $261,282,000 for the first quarter of fiscal 2000, an increase of 30% over the first quarter of fiscal 1999.
The first quarter of fiscal 1999 included a one-time after tax charge of $934,000, or $0.01 per diluted share, for acquisition-related costs. Net income for the first quarter
of fiscal 1999, including the above-mentioned write-off for acquisition-related costs, was $35,637,000 ($0.23 per diluted share).
Kobi Alexander, Chairman, President and CEO of Comverse, stated, ``The acceleration in our sales growth in the first quarter, reflects continued strong demand for
Comverse's products, particularly among wireless network operators, which account for the majority of our sales. More than 330 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 email 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 $841,095,000, working capital of $967,581,000, total
assets of $1,498,617,000 and stockholders' equity of $837,337,000, all of which represent record levels. |
