With its CEO leaving to head the Ministry of Finance, NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) reported second quarter net-profit that beat analyst expectations.
Nice reported revenue of $140.5 million, 9.6% lower than the $155.3 million in the corresponding quarter of 2008. In the first quarter, revenue was $139.2 million. The figure was in line with analyst expectations of $140.6 million.
On a non-GAAP basis, net profit was $22.1 million, compared with $24 million in the second quarter of 2008. Non-GAAP net profit was $21.4 million in the first quarter. On a per share basis, non-GAAP earnings per fully diluted share were $0.36, compared to $0.39 in the second quarter of 2008.
The average analyst estimate had been for $0.35 earnings per share.
CEO Haim Shani was optimistic about the second half for the company which he is leaving. Shani said, "In the second quarter we started to see improvement, with bookings, revenues, operating margins, and profitability coming in higher than the first quarter. Business improved in both the Americas and APAC, in the different product lines. Looking ahead, we believe that these trends and the strong pipeline of large security projects will translate into top and bottom line growth in the second half of 2009, compared to the first half of the year."
Nice's share closed at $26.18 yesterday, giving a market cap of $1.59 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2009
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