Verint Announces 2006 Third Quarter Record Sales
December 11 2006 - 4:05PM
Business Wire
Verint Systems Inc. (NASDAQ: VRNT) today announced record sales of
approximately $95,161,000 for the third quarter of fiscal 2006,
ended October 31, 2006, an increase of approximately 21.6% compared
with $78,238,000 in sales for the third quarter of fiscal 2005.
Verint also announced that sales increased approximately 3.1%
sequentially, compared with $92,258,000 for the second quarter of
fiscal 2006. Conference Call Details Verint will be conducting a
conference call to review selected fiscal 2006 third quarter
results (quarter ended October 31, 2006) and review business trends
today 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 January 31, 2007. Filing of
Quarterly Report on Form 10-Q Delayed 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,
as well as the facts and circumstances underlying the recently
announced investigation by the Comverse special committee of other
actual and potential accounting errors, and the potential impact,
if any, of such matters on Verint�s Financial Statements, Verint
will not file its Quarterly Report on Form 10-Q for the third
quarter ended October 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 Listing
Update 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 October 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, on September 18, 2006, Verint
Systems Inc. announced that the Company has been informed by The
Nasdaq Stock Market that the Nasdaq Listing and Hearing Council had
stayed the delisting of the Company's securities pending further
review by the Listing Council. The Listing Council, acting pursuant
to its discretionary authority under Marketplace Rule 4807(b),
granted this stay pursuant to a request by the Company to call for
the Listing Council to review and stay the August 18, 2006 decision
by the Nasdaq Listing Qualifications Panel to delist the Company's
securities unless the Company filed its delinquent Annual Report on
Form 10-K for the fiscal year ended January 31, 2006, its Quarterly
Report on Form 10-Q for the fiscal quarter ended April 30, 2006,
and the Current Report on Form 8-K/A to amend the Form 8-K dated
January 9, 2006 by September 25, 2006. In addition to its request
for a stay, the Company also requested that the Listing Council
grant the Company a 60 day extension from the date of the decision
based upon the Listing Council's review in order for the Company to
complete all of its filings. There can be no assurance that the
outcome of the Listing Council�s review will be favorable to the
Company, that the Listing Council will not lift the stay as a
result of the Company�s inability to timely file its Quarter Report
on Form 10-Q for the fiscal quarter ended October 31, 2006, or that
the Company's securities will remain listed on The Nasdaq Stock
Market. CFO Transition Complete Verint today completed its Chief
Financial Officer transition from Mr. Igal Nissim to Mr. Douglas E.
Robinson. Mr. Robinson succeeds Mr. Nissim as the Company�s Vice
President, Chief Financial Officer and Principal Accounting
Officer. Mr. Nissim will continue to work for the Company in a new
corporate planning role reporting to the Chief Executive Officer.
In conjunction with this transition, Mr. Nissim has resigned from
the Company�s Board of Directors effective today. About Verint
Systems Inc. Verint 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: This release contains
�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 facts and circumstances
underlying certain potential accounting errors, as well as certain
other areas requiring additional investigation, recently announced
by Comverse; the impact of governmental inquiries arising out of or
related to option grants and the other accounting errors identified
at Comverse; 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 and Verint�s other acquisitions, including
implementation of adequate internal controls; 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; 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 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 owner.
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