Comverse Technology announces first quarter results: Net income per share of $0.17 vs. $0.12; Revenues increase 34% to record level.WOODBURY, N.Y.--(BUSINESS WIRE)--May 10, 1995--Comverse Technology Inc. (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 :CMVT CMVT Converse Technology ) announced for the quarter ended March 31, 1995 net income after taxes of $3,517,000 ($0.17 per share), compared with $2,457,000 ($0.12 per share) for the corresponding period in 1994. The company also posted record total revenues of $28,744,000 for the first quarter of 1995, an increase of $7,275,000 (34%) over the first quarter of 1994. Kobi Alexander Jacob "Kobi" Alexander is the founder and the former CEO of New York-based Comverse Technology. Alexander founded Comverse Technology (NASDAQ: CMVT) in 1982 and built it up from a 3-person Israeli startup to employing over 5,000, becoming the leading provider of software and , chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Comverse, stated that, "The increase in first quarter revenues reflects significant growth in worldwide sales of the company's TRILOGUE(R) and AUDIODISK(TM) product lines. During the first quarter we announced the general availability of our next-generation TRILOGUE INfinity infinity, in mathematics, that which is not finite. A sequence of numbers, a1, a2, a3, … , is said to "approach infinity" if the numbers eventually become arbitrarily large, i.e. multimedia enhanced telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. platform, and achieved an AUDIODISK sales milestone as our digital recording and monitoring system is now being used in twenty countries in support of activities including law enforcement, intelligence gathering and counter-terrorism." Alexander added, "The increase in net income and earnings per share was achieved despite continued heavy investment in research and development and sales and marketing activities, which is intended to position Comverse for long-term leadership in its two major markets, both of which possess strong growth potential." The company ended the quarter with cash, cash equivalents, bank deposits and short-term investments of $124,434,000, working capital of $144,524,000, total assets of $193,673,000 and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $106,506,000. Financial highlights at and for the three month period ended March 31, 1995 and prior year comparisons are as follows: -0-
Financial Highlights
(In thousands, except per share data)
Operations Data: Three months ended
March 31,
1994 1995
Total revenues $21,469 $28,744 Net income $ 2,457 $ 3,517 Net income per share, primary and fully diluted $ 0.12 $ 0.17
Balance Sheet Data: Dec. 31, March 31,
1994 1995
Total assets $187,677 $193,673 Working capital $144,659 $144,524 Stockholders' Equity $102,572 $106,506 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., located in Woodbury, designs, develops, manufactures and markets special purpose computer and telecommunications systems for communications and information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. applications, including telephone-accessed, multimedia messaging and information processing systems marketed under the name TRILOGUE(R) and multiple channel, multimedia digital recording systems marketed under the name AUDIODISK(TM). CONTACT: Comverse Technology Inc. Kobi Alexander/Paul D. Baker, 516/677-7200 |
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