NICE Systems announced results for the first quarter ending March 31, 2012.
First Quarter 2012 non-GAAP Financial and Business Highlights Include:
-Record revenues of $215 million, up 15% year over year
-Fully diluted earnings per share of $0.57, an increase of 21.3% year over year
-Record $70 million of cash from operations
-Company paid approximately $35 million for repurchasing shares
“We reported strong results for the first quarter of 2012, highlighted by continued revenue and EPS growth and excellent cash generation,” said Zeevi Bregman, President and CEO of NICE Systems. “Our pipeline is strong and we continue to see strong growth of our analytics based advanced applications in all areas of our business.”
Non-GAAP Financial Highlights for the First Quarter Ended March 31, 2012:
Revenues: First quarter 2012 non-GAAP total revenues were a record $215.2 million, up 15.1% from $187.0 million for the first quarter of 2011.
Gross Profit: First quarter 2012 non-GAAP gross profit and non-GAAP gross margin were $139.5 million and 64.8%, respectively, compared to $123.2 million and 65.9%, respectively, for the first quarter of 2011.
Operating Income: First quarter 2012 non-GAAP operating profit and non-GAAP operating margin increased to $39.3 million and 18.3%, respectively, from $34.1 million and 18.2%, respectively, for the first quarter of 2011.
Net Income: First quarter 2012 non-GAAP net income and non-GAAP net margin increased to $35.6 million and 16.6%, respectively, from $30.3 million and 16.2%, respectively, for the first quarter of 2011.
Fully Diluted Earnings Per Share: First quarter 2012 non-GAAP fully diluted earnings per share increased to $0.57, up 21.3% from $0.47 for the first quarter of 2011.
GAAP Financial Highlights for the First Quarter Ended March 31, 2012:
Revenues: First quarter 2012 total revenues increased 13.5% to $210.4 million compared to $185.3 million for the first quarter of 2011.
Gross Profit: First quarter 2012 gross profit and gross margin were $122.8 million and 58.4%, respectively, compared to $114.1 million and 61.6%, respectively, for the first quarter of 2011.
Operating Income: First quarter 2012 operating income and operating margin were $4.6 million and 2.2%, respectively, compared to $8.4 million and 4.5%, respectively, for the first quarter of 2011.
Net Income: First quarter 2012 net income and net margin were $7.8 million and 3.7%, respectively, compared to $8.1 million and 4.4%, respectively, for the first quarter of 2011.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the first quarter 2012 was $0.12 compared to $0.13 for the first quarter of 2011.
Operating Cash Flow and Cash Balance: First quarter 2012 operating cash flow was $70.2 million. In the first quarter, approximately $136 million was used for acquisitions and $35 million was used for share repurchases. As of March 31, 2012, total cash and cash equivalents, short term investments and marketable securities were $470.7 million, with no debt.
Second Quarter and Full Year 2012 Guidance:
Second Quarter 2012: Second quarter non-GAAP total revenues for 2012 are expected to be in a range of $215 million to $223 million. Second quarter non-GAAP fully diluted earnings per share for 2012 is expected to be in a range of $0.55 to $0.60.
Full Year 2012: The Company reaffirmed full year 2012 non-GAAP total revenues and raised full year 2012 non-GAAP fully diluted earnings per share. Full year 2012 non-GAAP total revenues are expected to be in a range of $930 million to $950 million. Full year non-GAAP fully diluted earnings per share for 2012 is expected to be in a range of $2.32 to $2.50.