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|CONTACT:||Paul D. Baker|
|Comverse Technology, Inc.|
Comverse Technology Announces Second Quarter Results;
Conference Call to Discuss Selected Financial Information to be Held Today at 8:00 AM
NEW YORK, NY, September 8, 2011 Comverse Technology, Inc. (CTI; Pink Sheets: CMVT.PK) today announced its results for the three months ended July 31, 2011.
Consolidated Highlights: Below is selected financial information for the three months ended July 31, 2011 and 2010 prepared in accordance with generally accepted accounting principles (GAAP) and not in accordance with GAAP (non-GAAP).
Revenue decreased 5.8% to $386.4 million.
GAAP net loss attributable to CTI increased 64.2% to $39.7 million.
GAAP basic and diluted loss per share attributable to CTIs shareholders increased from $0.12 to $0.19.
Non-GAAP net income attributable to CTI¹ increased 61.8% to $22.5 million.
Basic and diluted non-GAAP earnings per share attributable to CTIs shareholders increased from $0.07 to $0.11.
CTI is a holding company that conducts business through its subsidiaries, principally its wholly-owned subsidiary, Comverse, Inc. (Comverse), and its majority-owned subsidiaries, Verint Systems Inc. (Verint), Starhome B.V. (Starhome) and, prior to its sale during fiscal 2010, Ulticom, Inc. For the current fiscal periods, CTIs reportable segments were Comverse, Verint and All Other.
Comverse Segment: Below is selected financial information for the three and six months ended July 31, 2011 and 2010 for the Comverse segment.
|Three Months Ended July 31,||Six Months Ended July 31,|
|(Dollars in thousands)||2011||2010||2011||2010|
GAAP income (loss) from operations
GAAP Operating margin
Segment performance margin
Charles Burdick, Chairman and Chief Executive Officer of CTI said, We are pleased to present our second quarter results on a timely basis. We have now provided all current financial information providing our investors, customers and employees with greater transparency into our results and we will seek to relist on NASDAQ as soon as possible, enabling broader investor participation. Importantly, our Comverse segment achieved positive GAAP operating income, strong segment performance margin and positive cash flow from operations through a more focused business strategy emphasizing operating efficiency and profitability. In addition, our majority-owned Verint and Starhome subsidiaries continued to deliver growth and strong operating performance.
Non-GAAP net income (loss) attributable to Comverse Technology, Inc. and Non-GAAP earnings (loss) per share attributable to Comverse Technology, Inc.s shareholders have not been prepared in accordance with GAAP. See Presentation of Non-GAAP Financial Measures and Comverse Technology, Inc. and Subsidiaries Consolidated Reconciliation of GAAP to Non-GAAP Financial Measures below.
For additional information concerning the computation of segment performance and the reasons for using this financial measure, see Segment Performance below. Segment performance margin reflects segment performance as a percentage of segment revenue.
The following information was filed by Comverse Technology Inc (CMVT) on Thursday, September 8, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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