Verint Announces Record 2006 Second Quarter Sales
September 11 2006 - 4:05PM
Business Wire
Verint Systems Inc. (Nasdaq: VRNT), today announced record sales of
$92,258,000 for the second quarter of fiscal 2006, ended July 31,
2006, an increase of 23.5% compared with $74,709,000 in sales for
the second quarter of fiscal 2005. Verint's sales increased 5.2%
sequentially, compared with $87,736,500 for the first quarter of
fiscal 2006. Verint intends to schedule a conference call to
discuss its full financial results for all open periods, including
its second quarter, as soon as practical after it receives the
financial information it requires from Comverse Technology, Inc.
and subsequently files its financial statements for fiscal 2005,
the first quarter of fiscal 2006 and the second quarter of fiscal
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 July 31, 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 July 31, 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 (the "2005 Form 10-K"), its Quarterly
Report on Form 10-Q for the fiscal quarter ended April 30, 2006
(the "April 30, 2006 Form 10-Q"), as well as Verint's inability 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 (the "Form
8-K/A"), 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 and, on June 28, 2006, was granted
its request for continued listing on The Nasdaq Stock Market
subject to the requirement that the Company file its 2005 Form 10-K
by August 18, 2006 and that, by no later than August 25, 2006, it
file its April 30, 2006 Form 10-Q and its Form 8-K/A. The Company
submitted a request to the Nasdaq Listing Qualifications Panel for
an additional extension of the deadline for the Company to regain
compliance with the NASDAQ continued listing requirements related
to the filing of SEC reports and, on August 18, 2006, was granted
an extension to make the required filings by September 25, 2006.
Verint subsequently made a submission to The NASDAQ Listing and
Hearing Review Council requesting that the Listing Council grant a
stay of the NASDAQ Listing Qualifications Panel's decision which
established the September 25, 2006 deadline for the Company to make
its necessary filings. The Company also requested an additional 60
day extension from the date of the Listing Council's decision to
make the necessary filings. There can be no assurance that the
Listing Council will grant the Company's requested extension or
that the Company's securities will remain listed on The NASDAQ
Stock Market. 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 as a result of
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 on NASDAQ; the impact of governmental
inquiries arising out of or related to option grants; 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 Mercom and 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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