Comverse Technology Announces Record First Quarter Results:
Earnings Per Share - Diluted - of $0.51 Vs. $0.34
Sales Up 27 Percent, Net Income Up 55 Percent to Record Levels
WOODBURY, N.Y.--(BUSINESS WIRE)--May 26, 1998--Comverse Technology Inc. (NASDAQ: CMVT -
news) announced for the first quarter of fiscal year 1998, ended April 30, 1998, record net income after taxes of
$23,970,000 ($0.51 per diluted and $0.55 per basic share), an increase of 55 percent over the first quarter of fiscal
1997.
The company also posted record sales of $160,481,000 for the first quarter of fiscal 1998, an increase of 27
percent over the first quarter of fiscal 1997.
Kobi Alexander, chairman, president and CEO of Comverse, stated, ''We are very pleased with our performance in
what was our first full quarter of operations following our merger with Boston Technology. More than 250 wireless
and wireline telecommunications network operators now use Comverse Network Systems Division's enhanced
services platforms, which enable 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
communications services. In addition, our Comverse Information Systems Division, which markets digital recording
and monitoring systems, continues to benefit from a major global market transition, as customers such as call centers,
financial institutions, and law enforcement and intelligence agencies continue to replace their outdated analog
equipment with Comverse's advanced digital technology.''
The company ended the quarter with cash and cash equivalents, bank time deposits and short-term investments of
$246,227,000, working capital of $302,937,000, total assets of $576,142,000 and stockholders' equity of
$259,204,000.
Financial highlights at and for the three month period ended
April 30, 1998 and prior year comparisons are as follows:
Financial Highlights
(in thousands, except per share data)
Three Months Ended
March 31, April 30,
1997 1998
(unaudited)
Operations Data:
Sales $126,848 $160,481
Net Income $ 15,494 $ 23,970
Net income per share,
diluted $ 0.34 $ 0.51
Net income per share,
basic $ 0.37 $ 0.55
-0-
Note: Prior period information has been restated to reflect the
pooling of interests transaction between Comverse Technology Inc. and
Boston Technology Inc.
Balance Sheet Data: Jan. 31, April 30,
1998 1998
(unaudited)
Total Assets $ 527,652 $ 576,142
Working Capital $ 280,793 $ 302,937
Stockholders' Equity $ 231,390 $ 259,204
Comverse Technology Inc., headquartered in Woodbury, designs, develops, manufactures and markets computer
and telecommunications systems and software for communications and information processing applications.
Comverse's products include: multimedia enhanced services platforms marketed under the names Access NP(R) and
TRILOGUE(R) Infinity(tm), which are currently used by more than 250 wireless and wireline telecommunications
network operators to provide revenue-generating services such as call answering, voice/fax/text messaging, pre-paid
services, and other personal communications services; multiple channel, multimedia digital monitoring systems
marketed to law enforcement and intelligence agencies under the name AUDIODISK(tm); and multiple channel,
multimedia recording systems marketed to call centers, financial institutions and other organizations under the name
ULTRA(tm).
Contact:
Comverse Technology Inc., Woodbury
Kobi Alexander/Paul D. Baker, 516/677-7200 |
