Verint announces May to July financials

Verint announces May to July financials

Verint Systems, a global Actionable Intelligence solutions and value-added services, announced results for the quarter ended July 31, 2012.

pleased with our second quarter revenue of $215 million, representing approximately 10% year-over-year growth with growth in both the enterprise intelligence and security intelligence markets. We are also pleased to have signed the merger agreement with Comverse which will make Verint an independent company, and we currently expect closing on or about February 1, 2013,” said Dan Bodner, CEO and President.

Financial Highlights
Below is selected unaudited financial information for the three and six months ended July 31, 2012 prepared in accordance with generally accepted accounting principles (“GAAP”) and not in accordance with GAAP (“non-GAAP”).

Three Months Ended July 31, 2012 – GAAP
-Revenue: $212.4 million
-Operating Income: $26.3 million
-Diluted EPS: $0.22

Three Months Ended July 31, 2012 – Non-GAAP
-Revenue: $215.1 million
-Operating Income: $43.0 million
-Diluted EPS: $0.58

Six Months Ended July 31, 2012 – GAAP
-Revenue: $409.1 million
-Operating Income: $47.2 million
-Diluted EPS: $0.38

Six Months Ended July 31, 2012 – Non-GAAP
-Revenue: $415.3 million
-Operating Income: $82.5 million
-Diluted EPS: $1.11

Financial Outlook
Below is Verint's Non-GAAP outlook for the Year Ending January 31, 2013.
- e expect revenue in the range of $850 to $870 million
- e expect diluted earnings per share in the range of $2.50 to $2.65

Update on Timing of Verint/CTI Merger
Verint currently expects the previously announced merger with Comverse Technology, Inc. (“CTI”) to close on or about February 1, 2013. The closing of the merger is subject to certain conditions including, among other things, the disposition by CTI of Comverse, Inc. and substantially all of its other assets, other than its interest in Verint, the filing by Verint and effectiveness of a Form S-4 registration statement, and receipt of the approvals of Verint and CTI shareholders, and there can be no assurance as to when or if the transactions contemplated by the merger agreement will be consummated.

About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Tables 2 and 3 as well as "Supplemental Information About Non-GAAP Financial Measures" at the end of this press release. Because we do not predict special items that might occur in the future, and our outlook is developed at a level of detail different than that used to prepare GAAP financial measures, we are not providing a reconciliation to GAAP of our forward-looking financial measures for the year ending January 31, 2013.

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