Comverse Technology Announces Second Quarter Fiscal 2007 Preliminary Unaudited Selected Financial Information.GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Revenue of $446.5 Million; Adjusted (Non-GAAP) Revenue of $454.0 Million; Operating Loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. on a GAAP Basis of $73.6 Million; Adjusted (Non-GAAP) Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (A) of $32.2 Million; Adjusted (Non-GAAP) Operating Margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: Increases to 7.1% from 1.9% in First Quarter, with Sequential Expansion in Each of the Company's Major Operating Subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Comverse Technology Comverse Technology, Inc. (Pink Sheets: CMVT) is an American Technology company located in Woodbury, New York, which develops and markets telecommunications software. Founded in 1982, the company focuses on providing services to third party telecommunication service providers. , Inc. (Pink Sheets: CMVT CMVT Converse Technology .PK) today announced preliminary unaudited selected financial information for the second quarter of fiscal 2007 ended July 31, 2007. For the second quarter, GAAP revenue, which excludes $7.5 million in Witness Systems deferred maintenance and service revenue not recognizable through purchase accounting following its acquisition by Verint Systems Verint Systems (Pink Sheets: VRNT) is a leading provider of analytic software and hardware based solutions for the security and business intelligence markets. See also
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Comverse Technology, Inc. Andre Dahan, President and Chief Executive Officer of Comverse Technology, Inc. said, "We are making considerable progress toward our goal of significantly improved profitability, as each of our major operating subsidiaries achieved sequential expansion in adjusted (non-GAAP) operating margin, leading to an increase in consolidated adjusted (non-GAAP) operating margin to 7.1% in the second quarter, up from 1.9% in the first quarter. We are focused on realizing our opportunities for profitable growth in the future, and we are confident we will, as each of Comverse Technology's major subsidiaries holds a leading position in its key markets, providing valuable, differentiated products to a global customer base that derives considerable economic benefits and competitive advantages from the use of our products. "We are drawing closer to becoming current in our financial filings. At the same time, we are advancing and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar our planning with respect to the Comverse Technology portfolio, and its corporate and capital structure. In this process, our focus remains on the goal of maximizing shareholder value." Comverse, Inc. Mr. Dahan said, "Comverse increased its adjusted (non-GAAP) operating margin to 6.7% in the second quarter, from 3.0% in the first quarter, achieving both year-over-year and sequential revenue growth, and a significant sequential increase in product bookings. We have focused our efforts on building a Framework for Profitable Growth, and our early actions driving profitability and revenue enhancements revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. are clearly evident in second quarter results. Comverse is on track to achieve its near-term objective of achieving double-digit adjusted (non-GAAP) operating margin, and we believe this goal will be reached over the next couple of quarters. We are now focused on enhancing operational performance through horizontal process improvements and reinvigorating business momentum by better identifying and capitalizing on market growth drivers, and better leveraging our valuable product portfolio. Building on the foundation of industry-leading, high-value products enabling messaging and content services, converged IP communications A general term for networks that use the IP protocol for voice (VoIP) and video traffic. See IP telephony. , and real-time converged billing, customer care and revenue management, we believe our transformation framework will lead us into a new era of profitable growth." Verint Systems Inc. "During the quarter, Verint Systems completed its strategic acquisition of Witness Systems, and increased its adjusted (non-GAAP) operating margin to 10.7%, from 10% in the first quarter. The combination of Verint and Witness creates a new leader in workforce and enterprise optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. , and opens new opportunities for profitable growth. Verint has been focused on the integration of the two organizations and operations, and is now turning its attention to realizing the opportunities for growth synergies through cross-selling and up-selling what is now the market's most comprehensive and valuable portfolio of solutions," said Mr. Dahan. Ulticom, Inc. "Ulticom's revenue at key telecom OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers rebounded, and its next-generation IP/IMS-based nSignia product line is now beginning to contribute to performance, and as a result, Ulticom returned to double-digit adjusted (non-GAAP) operating margin," said Mr. Dahan. Starhome, B.V. "Strong revenue growth led Starhome to an adjusted (non-GAAP) operating margin of 2.7%, up from negative levels in the first quarter," said Mr. Dahan. Special Committee The company continues to make substantial progress toward the restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of past financial statements, after which its independent registered public accounting firm can begin the audit process. As projected last quarter, the company continues to expect it will become current in its filings with the Securities and Exchange Commission by the end of fiscal 2007. Also as projected, Special Committee investigation and related expenses declined substantially, from $32.8 million in the first quarter, to $17.0 million in the second fiscal quarter of 2007. Any additional information that may be discovered in the subsequent reviews or procedures performed by the company's finance and accounting staff or any additional adjustments proposed in the subsequent reviews and audits by the company's independent registered public accounting firm could result in delays to the restatement and filing process, and in adjustments to the financial information presented herein, and such adjustments could be material. The timing of the company's restatements and filings may be dependent on the timing of the completion of similar activities at its Verint Systems Inc. and Ulticom, Inc. subsidiaries. The company continues to believe that the aggregate historical sales and total cash flows as previously reported are not likely to materially change. Presentation of Non-GAAP Financial Measures Comverse Technology provides adjusted (non-GAAP) revenue and income from operations as additional information for its operating results. These measures are not in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with, or an alternative for, GAAP financial measures and may be different from, or not comparable to similarly titled or other non-GAAP financial measures used by other companies. The company believes that this presentation of adjusted (non-GAAP) revenue and adjusted (non-GAAP) income from operations provides useful information to investors regarding certain additional financial and business trends relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its financial condition and results of operations as viewed by management in monitoring the company's businesses. In addition, management uses these non-GAAP financial measures for reviewing the financial results of the company and for budget-planning purposes. [TABLE OMITTED] Second Quarter 2007 Financial and Operational Review Revenue and Operations Comverse Technology, Inc. reported consolidated GAAP revenue, which excludes $7.5 million in Witness Systems deferred revenue not recognizable through purchase accounting following its acquisition by Verint Systems, of $446.5 million, a $52.4 million, or 13%, increase over revenue of $394.1 million for the prior-year period, and a $40.8 million, or 10%, increase from revenue of $405.7 million for the first quarter. Consolidated adjusted (non-GAAP) revenue of $454.0 million for the second quarter of 2007 was a $59.9 million, or 15%, increase over revenue for the prior-year period, and a $48.2 million, or 12%, increase from the first quarter. Witness Systems, which was acquired by Verint Systems on May 25, 2007, contributed $37 million in GAAP revenue, and $44.5 million in adjusted (non-GAAP) revenue, in the second quarter of fiscal 2007. Revenue at the company's Comverse, Inc. subsidiary was $288.2 million for the second quarter of 2007, a $13.2 million, or 5%, increase over revenue of $275.0 million for the prior-year period, and a $3.7 million, or 1%, increase over revenue of $284.5 million for the first quarter. Comverse achieved a significant sequential increase in product bookings, and end-user adoption of wireless value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. and VoIP-based services, two major demand drivers for Comverse, Inc.'s products and services, remains healthy, as does demand for next-generation billing and customer care solutions for service, content, and e-commerce providers. These solutions are designed to reduce customers' operating costs operating costs npl → gastos mpl operacionales , while enabling services that foster customer loyalty and satisfaction. During the second quarter, Comverse, Inc. enhanced its leadership position in messaging, content delivery, converged IP communications, and converged real-time billing and customer care. Comverse announced new product launches and enhancements including: IMS (1) See IP Multimedia Subsystem. (2) (Information Management System) An early IBM hierarchical DBMS for IBM mainframes. IMS was widely implemented throughout the 1970s under MVS and continues to be used under z/OS. Application Suite 2.0, allowing operators to offer a superior service value and end-user experience, by blending voice and video telephony See videophone. services with converged messaging, conferencing See teleconferencing. , presence, and network-based address book capabilities, for seamless multimedia communications; and the launch of a next-generation MyCall Converged Communications suite, an integrated solution for the delivery of converged consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, over fixed broadband and mobile networks. This new fixed-mobile convergence (FMC See fixed mobile convergence. ) solution was recently selected to support "quad play" (fixed and mobile communications, IPTV (Internet Protocol TV) Also called "TV over IP," IPTV delivers scheduled TV programs and video-on-demand (VOD) via the IP protocol and digital streaming techniques used to watch video on the Internet. , and Internet) services in Norway. Comverse also announced new customer selections or deployments across a range of products, including converged billing and customer care in the telecom, travel, and benefit card processing industries, wireless content delivery, including ringback tone A Ring-back Tone (RBT), or Audible Ringing Tone or Ring-back Signal, is the audible ringing that is heard on the telephone line by the calling party after dialing and prior to the call being answered at the receiving end. service, SMS (1) (Storage Management System) Software used to routinely back up and archive files. See HSM. (2) (Systems Management Server) Systems management software from Microsoft that runs on Windows NT Server. "texting," and the Insight IP Open Services Environment for messaging and other Value-Added Services. In addition, customer interest in visual voicemail Visual Voicemail or Random Access Voicemail is the process of adding a visual aspect to mobile phone voicemail and allowing users to listen to their messages in the order of their choice. has seen a notable increase, with some initial bookings, and Comverse expects commercial launches in the coming months. Overall, Comverse, Inc. products and applications are used by hundreds of millions of people, through more than 500 service providers in more than 130 countries, presenting significant opportunities for the company to expand its market presence by leveraging its broad product portfolio. Verint Systems' GAAP revenue, which excludes $7.5 million in Witness Systems deferred revenue not recognizable through purchase accounting following its acquisition by Verint on May 25, 2007, was $129.6 million for the second quarter of 2007, a $37.3 million, or 40%, increase over revenue of $92.3 million for the prior-year period, and a $28.3 million, or 28%, increase over revenue of $101.3 million for the first quarter. Verint's revenue on an adjusted (non-GAAP) basis was $137.0 million for the second quarter of 2007, a $44.8 million, or 49%, increase over revenue for the prior-year period, and a $35.8 million, or 35%, increase over revenue for the first quarter. Witness Systems contributed $37 million in GAAP revenue, and $44.5 million in adjusted (non-GAAP) revenue, in the second quarter of fiscal 2007. Verint experienced continued demand for its solutions for security and business interaction intelligence, and through the combination of Verint and Witness, in workforce and enterprise optimization solutions, with the broadest portfolio of solutions in the market for contact centers, back-offices, and branch operations. The growth in unstructured data Data that does not reside in fixed locations. Free-form text in a word processing document is a typical example. Contrast with structured data. See free-form database. , in the form of captured voice, video, and text, has created opportunities for Verint's analytic an·a·lyt·ic or an·a·lyt·i·cal adj. 1. Of or relating to analysis or analytics. 2. Expert in or using analysis, especially one who thinks in a logical manner. 3. Psychoanalytic. software to deliver timely actionable intelligence Having the necessary information immediately available in order to deal with the situation at hand. With regard to call centers, it refers to agents having customer history and related product data available on screen before the call is taken. to enhance security and improve business performance. Verint is focused on the successful integration of Witness, and now expects to begin realizing growth synergies through the cross-selling, up-selling, and strategic bundling of their combined complementary products. Verint also announced new customer selections in both workforce performance optimization, and video security. Revenue at the company's Ulticom, Inc. subsidiary was $17.4 million for the second quarter of 2007. This represents a $0.2 million, or 1%, increase over revenue of $17.1 million for the prior-year period, and a $5.9 million, or 52%, increase over revenue of $11.4 million for the first quarter. Revenue from large telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. OEM customers rebounded, and Ulticom began to realize revenue from its next-generation nSignia IP/IMS-based products, in addition to its established SS7/Sigtran signaling products. Revenue at the company's Starhome B.V. subsidiary was $12.7 million for the second quarter of 2007, a $2.5 million, or 24%, increase over revenue of $10.2 million for the prior-year period, and a $3.0 million, or 31%, increase over revenue of $9.7 million for the first quarter. Starhome's leading solution helps carriers maximize their subscribers' wireless roaming The ability to use a communications device such as a cellphone or PDA and be able to move from one cell or access point to another without losing the connection. network usage. Backlog Backlog represents signed purchase orders or customer commitments deemed to be firm that have not yet been recognized as revenue as of the balance sheet date but are expected to be recognized in the next 12 months. Consolidated 12-month orders backlog of $848.6 million at July 31, 2007 was 12.2% above the $756.2 million backlog at the prior-year period, and 11.8% above the $758.7 million backlog at April 30, 2007. The majority of the year-over-year and sequential backlog increase was attributable to Verint's acquisition of Witness on May 25, 2007. Operating Income/Margin GAAP Basis -- Loss from operations on a GAAP basis was $73.6 million for the second fiscal quarter of 2007, compared to a loss from operations of $24.7 million for the second quarter of fiscal 2006. This decline reflects a number of items delineated de·lin·e·ate tr.v. de·lin·e·at·ed, de·lin·e·at·ing, de·lin·e·ates 1. To draw or trace the outline of; sketch out. 2. To represent pictorially; depict. 3. in the GAAP to adjusted (non-GAAP) reconciliation table, and described in the "Special Items" section that follows. Operating margin on a GAAP basis for the second fiscal quarter of 2007 was negative 16.5%, compared with negative 6.3% for the prior-year period, and negative 15.1% for the first quarter of 2007. Second quarter 2007 loss from operations on a GAAP basis increased by $12.3 million compared to the $61.3 million GAAP loss from operations for the first quarter of 2007. This change reflects a number of items delineated in the GAAP to adjusted (non-GAAP) reconciliation table, and described in the "Special Items" section that follows. Adjusted (Non-GAAP) Basis -- Adjusted (non-GAAP) income from operations was $32.2 million for the second quarter of fiscal 2007, compared to adjusted (non-GAAP) income from operations of $40.7 million for the prior-year period, and adjusted (non-GAAP) income from operations of $7.7 million for the first quarter of 2007. Adjusted (non-GAAP) operating margin was 7.1% for the second quarter of fiscal 2007, compared with 10.3% for the prior-year period, and 1.9% for the first quarter of fiscal 2007. Reconciliations of adjusted (non-GAAP) income from operations to the most comparable financial measure calculated and presented in accordance with GAAP are set forth herein in the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Reconciliations." Cash, Cash Equivalents, Bank Time Deposits and Short-Term Investments The company ended the second quarter of fiscal 2007 with cash and cash equivalents, bank time deposits and short-term investments of $1,431.4 million, compared to $1,827.1 million at April 30, 2007, for a decrease of approximately $395.7 million. During the second quarter, the company purchased $293 million in preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. from its Verint Systems subsidiary, which used the proceeds to fund, in part, its $950 million acquisition of Witness Systems. During the quarter Verint used $40 million to pay down debt, as described below. Debt The company ended the quarter with convertible debt of $419.6 million. During the second quarter, the company's Verint Systems subsidiary entered into a $650 million 7-year term loan facility to fund, in part, its acquisition of Witness Systems, and later paid down $40 million of that debt, resulting in a balance of $610 million at July 31, 2007. Special Items Loss from operations on a GAAP basis primarily reflects the incurrence of the following special items: * Exclusion of Witness Systems deferred maintenance and service revenue of $7.5 million not recognizable through purchase accounting following its acquisition by Verint. * Stock-based compensation expense of $18.8 million. * Special Committee investigation and related expenses totaled approximately $17.0 million for the three months ended July 31, 2007. * Amortization of acquisition-related intangibles of $15.3 million. * Because of limitations on the company's ability to issue equity-based compensation prior to regaining compliance with its reporting obligations under the federal securities laws, the Boards of Directors of the company and certain of its subsidiaries previously authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: and disclosed additional cash compensation in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. equity-based compensation as a key employee retention tool in the aggregate amount of approximately $61.9 million. In the second quarter of fiscal 2007, $15.0 million of this retention compensation was charged as an expense, for a total of $35.9 million charged through July 31, 2007, and the company expects the balance to be recorded in the current fiscal year ending January 31, 2008. * Workforce reduction and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $14.8 million, including $13.2 million related to the previously announced reduction in workforce at Comverse, Inc. * Acquisition related charges of $5.2 million, including $4.8 million related to the acquisition by Verint of Witness Systems. * In-process R&D charges of $5.6 million related to the acquisition of Witness Systems. Reconciliations of adjusted (non-GAAP) income from operations to the most comparable financial measure calculated and presented in accordance with GAAP are set forth herein in the section entitled "Reconciliations." [TABLE OMITTED] Prior Period Data The following table depicts adjustments that have been made to income (loss) from operations on a GAAP and adjusted (non-GAAP) basis previously disclosed in the company's press releases dated March 22, 2007 and June 11, 2007 (which, as indicated in such press releases, reflected preliminary results subject to change). These adjustments result from information that has recently become available in the course of the company's investigation and restatement process. The company cautions investors that this data remains subject to further adjustment. [TABLE OMITTED] Conference Call Information The company plans to conduct a conference call on Monday, September 10, 2007 at 5:00 PM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . To listen to the conference call live, dial 800-951-9235 (domestic) or 706-902-3107 (international). Please dial-in at least five minutes before the scheduled start time. A live and archived webcast can be accessed at www.cmvt.com. About Comverse Technology, Inc. Comverse Technology, Inc. is the world's leading provider of software and systems enabling network-based multimedia enhanced communication and billing services. The company's Total Communication portfolio includes value-added messaging, personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. data and content-based services, converged IP communications solutions, and real-time converged billing solutions. Over 500 communication and content service providers in more than 130 countries use Comverse products to generate revenue, and improve customer loyalty and operational efficiencies. Other Comverse Technology subsidiaries include: Verint Systems (Pink Sheets: VRNT.PK), a leading provider of analytic software-based actionable intelligence solutions for security and business interaction intelligence; and Ulticom (Pink Sheets: ULCM ULCM United Lutheran Church Men .PK), a leading provider of service essential signaling solutions for wireless, wireline, and Internet communications. For additional information, visit the Comverse Technology website at www.cmvt.com. All product and company names mentioned herein may be registered trademarks or trademarks of Comverse or the respective referenced company(s). This release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve risks and uncertainties. There can be no assurances that any forward-looking statements will be achieved, and actual results could differ materially from forecasts and estimates. Important factors that could affect the company include: the results of the investigation of the Special Committee, appointed by the Board of Directors on March 14, 2006, of matters relating to the company's stock option grant practices and other accounting matters, including errors in revenue recognition, errors in the recording of deferred tax accounts, expense misclassification, the possible misuse of accounting reserves and the understatement of backlog; the impact of any restatement of financial statements of the company or other actions that may be taken or required as a result of such investigation; the company's inability to file reports with the Securities and Exchange Commission; the effects of the delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. of the company's Common Stock from NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on and the quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. of the company's Common Stock in the "Pink Sheets," including any adverse effects relating to the trading of the stock due to, among other things, the absence of market makers; risks relating to the company's ability to relist its Common Stock on NASDAQ; risks relating to alleged defaults under the company's ZYPS ZYPS Zero Yield Puttable Securities (exchange offer) indentures, including acceleration of repayment; risks of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. (including the pending securities class action and derivative lawsuits) and of governmental investigations or proceedings arising out of or related to the company's stock option practices or any other accounting irregularities or any restatement of the financial statements of the company, including the direct and indirect costs Indirect costs are costs that are not directly accountable to a particular function or product; these are fixed costs. Indirect costs include taxes, administration, personnel and security costs. See also
Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. among the company's current and prospective customers; the risks associated with the sale of large, complex, high capacity systems and with new product introductions as well as the uncertainty of customer acceptance of these new or enhanced products from either the company or its competition; risks associated with rapidly changing technology and the ability of the company to introduce new products on a timely and cost-effective basis; aggressive competition may force the company to reduce prices; a failure to compensate any decrease in the sale of the company's traditional products with a corresponding increase in sales of new products; risks associated with changes in the competitive or regulatory environment in which the company operates; risks associated with prosecuting or defending allegations or claims of infringement of intellectual property rights; risks associated with significant foreign operations and international sales and investment activities, including fluctuations in foreign currency exchange rates, interest rates, and valuations of public and private equity; the volatility of macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. and industry conditions and the international marketplace; the risk of declines in information technology spending; risks associated with the company's ability to retain existing personnel and recruit and retain qualified personnel; and other risks described in filings with the Securities and Exchange Commission. The company undertakes no commitment to update or revise forward-looking statements except as required by law. (A) "GAAP" refers to generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Adjusted (non-GAAP) income from operations is presented in a manner consistent with the company's prior practice with respect to presentation of financial measures on a "pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma " (i.e., non-GAAP) basis. |
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