Comverse Technology Inc. (Pink Sheets: CMVT) US subsidiary Ulticom Inc. (Pink Sheets: ULCM) is the first of the company's units to publish an audited financial report since the options backdating scandal in 2006.
Ulticom yesterday filed with the US Securities and Exchange Commission (SEC) its annual reports for the fiscal years 2005 through 2008 (Form 10-K). The company's fiscal year ends on January 31. The company develops signaling component and system solutions for wireless, wireline, and Internet communications.
Ulticom posted $60.6 million revenue in fiscal year 2005, $63.6 million in 2006, $59 million in 2007 and $53 million in 2008 (which ended on January 31, 2009). Most of the drop in revenue in 2008, compared with 2007, was in product sales, while services revenue was stable.
Net profit was $20.5 million in 2005, $12.5 million in 2006, and $3.9 million in 2007, and the company posted a net loss of $3.1 million in 2008.
Ulticom's unaudited revenue for the first half of fiscal year 2009 was $23.5 million. The company said that it expects to file audited financial reports for the first and second fiscal quarters by October 31.
Ulticom said that costs related to the accounting scandal totaled $13.5 million over the past three years. President and CEO Shawn Osborne made $2.2 million in 2008, 3.5 times more than in 2007.
Ulticom closed at $2.90 on the pink sheets over the counter trading yesterday, giving a market cap of $96 million.
Sister company Verint Systems Inc. (Pink Sheets: VRNT) still has to publish its audited financial reports, followed by Comverse Technology.
Published by Globes [online], Israel business news - www.globes-online.com - on October 1, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009