Verint Systems Inc. (NASDAQ: VRNT), announced record sales of
$74,709,000 for the second quarter of fiscal 2005, ended July 31,
2005, a 24% increase compared with $60,167,000 for the second
quarter of fiscal 2004. Verint's sales increased approximately 4%
sequentially, compared with $72,039,000 for the first quarter of
fiscal 2005. Net income on a generally accepted accounting
principles ("GAAP") basis was a record $7,137,000 for the second
quarter of fiscal 2005, ($0.22 per diluted share), compared with
net income of $6,533,000 ($0.20 per diluted share) for the first
quarter of fiscal 2005, and net income of $5,671,000 ($0.17 per
diluted share) for the second quarter of fiscal 2004. Net income on
a pro forma basis was a record $8,359,000 for the second quarter of
fiscal 2005, ($0.25 per diluted share), compared with a pro forma
net income of $7,707,000 ($0.23 per diluted share) for the first
quarter of fiscal 2005, and pro forma net income of $6,438,000
($0.20 per diluted share) for the second quarter of fiscal 2004. A
reconciliation between results on a GAAP and pro forma basis is
provided in a table immediately following the Pro Forma
Consolidated Statement of Operations. Dan Bodner, President and CEO
of Verint, stated, "Our record second quarter sales were due to
demand for our actionable intelligence solutions in the security
and business intelligence markets. Pro forma income from operations
of $9.1 million, which was also a record, grew 46.5%
year-over-year." The Company ended the quarter with record cash,
cash equivalents, bank time deposits and short-term investments of
$264,944,000, working capital of $214,933,000, total assets of
$428,555,000, and stockholders' equity of $302,244,000. Conference
Call Information The Company will be conducting a conference call
to review its fiscal 2005 second quarter results today at 4:30 PM
EDT. An on-line, real-time Web cast of the conference call will be
available on our website at www.verint.com. The conference call can
also be accessed live via telephone at 706-634-7052. Please dial in
5-10 minutes prior to the scheduled start time. A replay of the
conference call will be available on our website at www.verint.com
until October 31, 2005. Financial highlights at and for the six and
three month periods ended July 31, 2005 and prior year comparisons
are as follows: -0- *T Consolidated Statements of Income (GAAP
Basis) (In thousands, except per share data) (Unaudited)
----------------------------------------------------------------------
Six Months Three Months Ended July 31, Ended July 31,
----------------- ---------------- 2004 2005 2004 2005 --------
-------- ------- -------- Sales $116,805 $146,748 $60,167 $74,709
Cost of sales 52,863 65,500 27,106 33,231 -------- -------- -------
-------- Gross Profit 63,942 81,248 33,061 41,478 Operating
Expenses Research and development, net 14,680 18,996 7,889 9,622
Selling, general and administrative 38,414 47,945 19,820 24,190
In-process research and development 3,154 - - - Write-down of
capitalized software 1,481 - - - -------- -------- ------- --------
Income from operations 6,213 14,307 5,352 7,666 Interest and other
income, net 1,447 3,379 865 1,689 -------- -------- -------
-------- Income before income tax provision 7,660 17,686 6,217
9,355 Income tax provision 475 4,016 546 2,218 -------- --------
------- -------- Net income $7,185 $13,670 $5,671 $7,137 ========
======== ======= ======== Earnings per share: Basic $0.24 $0.43
$0.18 $0.23 ======== ======== ======= ======== Diluted $0.22 $0.41
$0.17 $0.22 ======== ======== ======= ======== Weighted average
shares: Basic 30,567 31,558 30,732 31,611 Diluted 32,331 33,044
32,457 33,029 *T Verint Systems provides pro forma net income and
pro forma earnings per share data as additional information of its
operating results. These measures are not in accordance with, or an
alternative for, GAAP and may be different from pro forma measures
used by other companies. The company believes that this
presentation of pro forma data provides useful information to
management and investors regarding certain additional financial and
business trends relating to its financial condition and result of
operations. In addition, the Company's management uses these
measures for reviewing the financial results of the Company and for
budget purposes: -0- *T Consolidated Statements of Income (Pro
Forma Basis) (In thousands, except per share data) (Unaudited)
----------------------------------------------------------------------
Six Months Three Months Ended July 31, Ended July 31,
----------------- ---------------- 2004 2005 2004 2005 --------
-------- ------- -------- Sales $116,805 $146,748 $60,167 $74,709
Cost of sales 52,222 63,785 26,620 32,374 -------- -------- -------
-------- Gross Profit 64,583 82,963 33,547 42,335 Operating
Expenses Research and development, net 14,680 18,996 7,889 9,622
Selling, general and administrative 37,806 46,897 19,474 23,656
-------- -------- ------- -------- Income from operations 12,097
17,070 6,184 9,057 Interest and other income, net 1,447 3,411 865
1,721 -------- -------- ------- -------- Income before income tax
provision 13,544 20,481 7,049 10,778 Income tax provision 1,187
4,416 611 2,419 -------- -------- ------- -------- Net income
$12,357 $16,065 $6,438 $8,359 ======== ======== ======= ========
Earnings per share: Basic $0.40 $0.51 $0.21 $0.26 ======== ========
======= ======== Diluted $0.38 $0.49 $0.20 $0.25 ======== ========
======= ======== Weighted average shares: Basic 30,567 31,558
30,732 31,611 Diluted 32,331 33,044 32,457 33,029
----------------------------------------------------------------------
Reconciliation of GAAP net income to pro forma net income
----------------------------------------------------------------------
GAAP net income 7,185 13,670 5,671 7,137 Amortization of purchased
intangibles assets: Included in gross profit 641 1,715 486 857
Included in operating expenses 400 558 241 285 Included in interest
and other income - 32 - 32 Amortization of stock based compensation
208 490 105 249 Acquisation-related charges: In-process research
and development 3,154 - - - Write-down of capitalized software
1,481 - - - Income tax effect (712) (400) (65) (201) -------
--------- ------ ------- Pro forma net income 12,357 16,065 6,438
8,359 ======= ========= ====== ======= *T -0- *T Balance Sheet
Highlights (In thousands)
----------------------------------------------------------------------
ASSETS January 31, July 31, 2005 2005 (Unaudited)
----------------------------------------------------------------------
CURRENT ASSETS: Cash, cash equivalents, bank time deposits and
short-term investments $240,414 $264,944 Accounts receivable, net
39,072 40,171 Inventories 17,267 21,041 Prepaid expenses and other
current assets 9,880 10,326 ------------ ---------- TOTAL CURRENT
ASSETS $306,633 $336,482 PROPERTY AND EQUIPMENT, net 17,540 18,307
INTANGIBLE ASSETS, net 12,026 9,638 GOODWILL 49,625 49,630 OTHER
ASSETS 13,154 14,498 ------------ ---------- TOTAL ASSETS $398,978
$428,555 ============ ========== LIABILITIES AND STOCKHOLDERS'
EQUITY ------------------------------------ CURRENT LIABILITIES:
Accounts payable and accrued expenses $68,399 $78,936 Advance
payments from customers 41,853 42,613 ------------ ---------- TOTAL
CURRENT LIABILITIES 110,252 121,549 LONG-TERM LIABILITIES 5,351
4,762 ------------ ---------- TOTAL LIABILITIES 115,603 126,311
STOCKHOLDERS' EQUITY 283,375 302,244 ------------ ---------- TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $398,978 $428,555 ============
========== *T About Verint Systems Inc. Verint Systems Inc.,
headquartered in Melville, New York, is a leading provider of
analytic software-based solutions for communications interception,
digital video security and surveillance, and enterprise business
intelligence. Verint software, which is used by over 1,000
organizations in over 50 countries worldwide, generates actionable
intelligence through the collection, retention and analysis of
voice, fax, video, email, Internet and data transmissions from
multiple communications networks. Verint is a subsidiary of
Comverse Technology Inc. (NASDAQ: CMVT). Visit us at our website
www.verint.com. Note: Certain statements concerning Verint's future
revenues, earnings per share, results or prospects are
"forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. There can be no assurances that
forward-looking statements will be achieved, and actual results
could differ materially from forecasts and estimates. Important
risks, uncertainties and other important factors that could cause
actual results to differ materially include, among others: risk
associated with integrating the business and employees of
MultVision and Opus; risks associated with integrating the assets
and business acquired from ECtel Ltd. and RP Sicherheissysteme
GMBH; risks associated with Verint's ability to retain existing
personnel and recruit and retain qualified personnel in all
geographies in which Verint operates; introducing quality products
on a timely basis that satisfy customer requirements and achieve
market acceptance; decline in information technology spending;
changes in the demand for Verint's products; challenges in
increasing gross margins; lengthy and variable sales cycles create
difficulty in forecasting the timing of revenue; aggressive
competition in all of Verint's markets, which creates pricing
pressure; risks associated with changes in the competitive or
regulatory environment in which Verint operates; dependence on
government contracts; expected increase in Verint's effective tax
rate; risks that Verint's intellectual property rights may not be
adequate to protect its business or that others may claim that
Verint infringes upon their intellectual property rights;
perception that Verint improperly handles sensitive or confidential
information; inability to maintain relationships with value added
resellers and systems integrators; difficulty of improving Verint's
infrastructure in order to be able to continue to grow;; risks
associated with significant foreign operations, including
fluctuations in foreign currency exchange rates; risks associated
with Comverse Technology, Inc. controlling Verint's business and
affairs; and other risks described in filings with the Securities
and Exchange Commission. All documents are available through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov or from Verint's website at www.verint.com.
Verint makes no commitment to revise or update any forward-looking
statements. Verint, the Verint word mark, Actionable Intelligence,
Powering Actionable Intelligence, STAR-GATE, RELIANT, LORONIX,
NEXTIVA, SmartSight, Lanex and ULTRA are trademarks of Verint
Systems Inc. Other names may be trademarks of their respective
owners.
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