Verint Systems Reports Record Fiscal 2003 Second Quarter Results(email this article)

MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 8, 2003--Verint Systems Inc. (Company Profile, Past Stories, Case Studies) (NASDAQ:VRNT - News), announced record sales of $46,892,000 for the second quarter of fiscal 2003, ended July 31, 2003, a 22% increase compared with $38,470,000 for the second quarter of fiscal 2002.
The Company posted record net income of $3,977,000 for the second quarter of fiscal 2003 ($0.14 per diluted share), compared with net income of $2,222,000 ($0.09 per diluted share) for the second quarter of fiscal 2002.

Dan Bodner, President and CEO of Verint, stated, "Our record second quarter results, which also represent our seventh consecutive quarter of sequential growth, were primarily due to strong sales of our actionable intelligence solutions in the security market. Our margins continued to improve during the quarter, and combined with our sales growth, resulted in a 18% sequential increase in income from operations."

The Company ended the quarter with record cash and cash equivalents of $216,711,000, working capital of $193,864,000, total assets of $309,072,000, and stockholders' equity of $231,382,000.

Conference Call Information

The Company will be conducting a conference call to review its fiscal 2003 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 703-871-3092. 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 and by telephone at 703-925-2533, passcode 245704.

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 - News). Visit us at our website www.verint.com.

Note: Certain statements concerning Verint's future 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 factors that could cause actual results to differ materially include: changes in the demand for Verint's products; further decline in information technology spending; the uncertainty of customer acceptance of Verint's products; Verint's lengthy and variable sales cycle makes it difficult to predict operating results; dependence on contracts with governments for a significant portion of Verint's revenues; markets for Verint's products failing to develop; risks that Verint's intellectual property rights may not be adequate to protect its business; risks associated with rapidly changing technology and the ability of Verint to introduce new products on a timely and cost-effective basis; inability to maintain relationships with value added resellers and systems integrators; risks associated with Verint's ability to retain existing personnel and recruit and retain qualified personnel; risks associated with changes in the competitive or regulatory environment in which Verint operates; 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. These risks and uncertainties, as well as others, are discussed in greater detail in the filings of Verint 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, STAR-GATE, RELIANT, LORONIX and ULTRA are trademarks of Verint Systems Inc. Other names may be trademarks of their respective owners.