NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) today published its financial report for the first quarter of 2009. The company posted $139.2 million revenue for the first quarter, 5% less than the $144.4 million for the corresponding quarter of 2008.
GAAP-based net profit rose to $10.6 million ($0.17 per share) for the first quarter from $7.9 million for the corresponding quarter. However, non-GAAP net profit fell 2.9% to $21.4 million ($0.35 per share) for the first quarter from $22 million for the corresponding quarter.
NICE's first quarter operating cash flow was $32 million. The company increased its cash and cash equivalents to $529.9 million at the end of March, with no debt, from $501.4 million at the end of 2008.
NICE CEO Haim Shani said, "The economic environment coupled with uncertainty regarding budget releases with some of our customers, led to longer sale cycles than originally anticipated for the first quarter. Despite this environment we were able to achieve our profitability targets and minimize the impact on revenues."
Shani added, "We have been seeing signs of improvement since April, mainly in our business in the Americas. Subject to market uncertainty we currently expect second quarter financial results not to differ substantially from the first quarter results." He went on to say, "We continue to actively pursue acquisitions to further support the company's growth prospects as we strongly believe NICE will emerge from this global economic downturn an even stronger company."
NICE closed at $25.80 on Nasdaq yesterday, giving a market cap of $1.57 billion. In Tel Aviv, the share fell 0.5% by early afternoon today to NIS 105.50.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2009
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