Verint Announces Record 2006 First Quarter Sales and Schedules Conference Call to Discuss Selected Unaudited 1st Quarter Result
June 12 2006 - 7:00AM
Business Wire
Verint Systems Inc. (Nasdaq:VRNT), announced record sales of
$87,736,500 for the first quarter of fiscal 2006, ended April 30,
2006, approximately a 21.8% increase compared with $72,039,000 in
sales for the first quarter of fiscal 2005. Verint's sales
increased approximately 4.3% sequentially, compared with
$84,080,000 for the fourth quarter of fiscal 2005. Conference Call
Details Verint will be conducting a conference call to review
selected fiscal 2006-first quarter results (quarter ended April 30,
2006) and review business trends on Thursday June 22, 2006 at 4:30
PM ET. An on-line, real-time Web cast of the conference call will
be available on our website at www.verint.com. The conference call
can also be accessed live via telephone at 706-634-7052. Please
dial in 5-10 minutes prior to the scheduled start time. A replay of
the conference call will be available on our website at
www.verint.com until July 31, 2006. Filing of Quarterly Report on
Form 10-Q Delayed Due to Ongoing Review at Comverse For the reasons
previously announced by Verint relating to the ongoing
investigation by a special committee of the Board of Directors of
Comverse Technology, Inc. ("Comverse"), the 57% stockholder of
Verint, of Comverse's stock option practices and its preliminary
conclusion that the actual dates of measurement for certain past
awards granted by Comverse differed from the recorded grant dates,
for such awards, and the potential impact of such stock option
practices on Verint's Financial Statements, Verint will not file
its Quarterly Report on Form 10-Q for the fiscal quarter ended
April 30, 2006 on the required filing date. Verint expects to file
its Form 10-Q as soon as practicable, but does not currently expect
that it will be filed on or before the fifth calendar day following
the required filing date as prescribed in Rule 12b-25 of the
Securities Exchange Act of 1934. NASDAQ Matters Verint has notified
The Nasdaq Stock Market that it will not timely file its Quarterly
Report on Form 10-Q for the fiscal quarter ended April 30, 2006
and, accordingly, Verint expects to receive an additional Staff
Determination Letter from The Nasdaq Stock Market indicating that
the delay in the filing of the Form 10-Q could serve as an
additional basis for the delisting of Verint's securities from
Nasdaq, under Nasdaq Marketplace Rule 4310(c)(14). As previously
disclosed by Verint, due to the delay in the filing of Verint's
Annual Report on Form 10-K for the fiscal year ended January 31,
2006, as well as Verint's failure to file a Current Report on Form
8-K/A, which would have amended the Current Report on Form 8-K
dated January 9, 2006 to include the financial information required
by Form 8-K in connection with the January 9, 2006 acquisition by
Verint of MultiVision Intelligence Surveillance Limited's networked
video security business, Verint had received a Staff Determination
Letter from The Nasdaq Stock Market indicating that Verint's
securities were subject to delisting, unless Verint requested a
hearing before the Nasdaq Listing Qualifications Panel. Verint
presented its plan to regain compliance with Nasdaq's filing
requirement at an in-person hearing before the Nasdaq Panel. The
Nasdaq Panel has not yet issued a decision as a result of that
hearing. There can be no assurance that the Nasdaq Panel will grant
Verint's request for continued listing on Nasdaq. About Verint
Systems Inc. Verint(R) Systems Inc., headquartered in Melville, New
York, is a leading provider of analytic software-based solutions
for security and business intelligence. Verint software, which is
used by over 1,000 organizations in over 50 countries worldwide,
generates actionable intelligence through the collection, retention
and analysis of voice, fax, video, email, Internet and data
transmissions from multiple communications networks. Verint is a
subsidiary of Comverse Technology, Inc. (Nasdaq:CMVT). Visit us at
our website www.verint.com. Note: Certain statements concerning
Verint's future revenues, earnings per share, results or prospects
are "forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. There can be no assurances that
forward-looking statements will be achieved, and actual results
could differ materially from forecasts and estimates. Important
risks, uncertainties and other important factors that could cause
actual results to differ materially include, among others:
potential impact on Verint's financial results related to
Comverse's creation of a special committee of the Board of
Directors of Comverse to review matters relating to grants of
Comverse stock options, including but not limited to, the accuracy
of the stated dates of Comverse option grants and whether Comverse
followed all of its proper corporate procedures and the results of
the Comverse special committee's review; the effect of Verint's
failure to timely file all required reports under the Securities
Exchange Act of 1934, and the resultant potential delisting of
Verint's common stock from Nasdaq; introducing quality products on
a timely basis that satisfy customer requirements and achieve
market acceptance; lengthy and variable sales cycles create
difficulty in forecasting the timing of revenue; integrating the
business and personnel of CM Insight; risks associated with
significant foreign operations, including fluctuations in foreign
currency exchange rates; aggressive competition in all of Verint's
markets, which creates pricing pressure; integrating the business
and personnel of MultiVision, including implementation of adequate
internal controls; managing our expansion in the Asia Pacific
region; risks that Verint's intellectual property rights may not be
adequate to protect its business or that others may claim that
Verint infringes upon their intellectual property rights; risks
associated with integrating the business and employees of Opus and
RP Sicherheissysteme GMBH; risks associated with Verint's ability
to retain existing personnel and recruit and retain qualified
personnel in all geographies in which Verint operates; decline in
information technology spending; changes in the demand for Verint's
products; challenges in increasing gross margins; risks associated
with changes in the competitive or regulatory environment in which
Verint operates; dependence on government contracts; expected
increase in Verint's effective tax rate; perception that Verint
improperly handles sensitive or confidential information; inability
to maintain relationships with value added resellers and systems
integrators; difficulty of improving Verint's infrastructure in
order to be able to continue to grow; risks associated with
Comverse Technology, Inc. controlling Verint's business and
affairs; and other risks described in filings with the Securities
and Exchange Commission. All documents are available through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov or from Verint's website at www.verint.com.
Verint makes no commitment to revise or update any forward-looking
statements except as otherwise required by law. Verint, the Verint
word mark, Actionable Intelligence, Powering Actionable
Intelligence, STAR-GATE, RELIANT, NEXTIVA, LORONIX, SmartSight,
Lanex and ULTRA are trademarks of Verint Systems Inc. Other names
may be trademarks of their respective owners.
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