Comverse reports financial data

Comverse Technology Inc. (Pink Sheets: CMVT.PK) has issued financial data for the past four years.

For its fiscal year ended January 31, 2009, it recorded revenue of $960 million. Revenue for the fiscal year ended January 31, 2008 was $1.09 billion revenue; for the fiscal year ended January 31, 2007, $980 million, and for the fiscal year ended January 31, 2006, revenue was $800 million.

The company expects revenue for its fiscal year ended January 31, 2010 to be between $750-800 million.

Comverse's backlog at January 31, 2010 is expected to be between $1.2 billion and $1.25 billion. The company's expected revenue from its backlog does not include revenue from maintenance agreements.

At January 31, 2010, Comverse, led by CEO Andre Dahan, had cash and cash equivalents of approximately $730 million, down from about $1.33 billion at January 31, 2009. These amounts do not include auction rate securities ("ARS") totaling $207 million in original face value, valued as of January 31, 2010 at approximately $114 million.

At January 31, 2010, Comverse had consolidated debt of about $623 million. The debt was made up primarily of $2 million in outstanding principle of convertible debt obligations due May 15, 2023 and long-term debt of its Verint Systems Inc. (Pink Sheets: VRNT.PK) subsidiary. Verint owes $606 million in aggregate principal amount outstanding under a seven-year term loan facility that matures on May 25, 2014 and has $15 million outstanding under a six-year revolving credit facility that matures on May 25, 2013.

The Company owns 57% of the outstanding common stock of Verint, and owns 68% of the outstanding common stock of another unit, Ulticom Inc. (Pink Sheets: ULCM).

Comverse shares closed yesterday at $9.69.

Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2010