Verint annual report another step toward Nasdaq

Revenue was near the higher end of the company's guidance.

Comverse Technology Inc. (Pink Sheets: CMVT) subsidiary Verint Systems Inc. (Pink Sheets: VRNT) took another step toward its relisting on Nasdaq with the publication yesterday of its 10-K financial report for its 2009 fiscal year, which ended on January 31, 2010.

Verint is traded on the Pink Sheets because it has not filed audited financial reports for several years because of the options backdating scandal at Comverse. Verint, run by president and CEO Dan Broder, develops video recording systems.

Verint's full-year revenue rose 5.1% to $703.6 million from $669.5 million in fiscal year 2008. Revenue was at the upper end of the company's guidance of $680-710 million announced three months ago when it published partial results. 53.2% of revenue in 2009 came from product sales and the rest from services and support.

GAAP-based net profit was $2 million ($0.06 per share) in fiscal year 2009, compared with a GAAP-based net loss of $93.4 million in fiscal year 2008. Non-GAAP net profit doubled to $119.4 million ($3.09) in fiscal year ended on January 31, 2010, from $56.6 million in fiscal year ended on January 31, 2009.

Employee compensation totaled $44.2 million in 2009, and the company made $22.3 million in write-offs for intangible assets.

Cash flow from operations totaled $100.8 million in 2009, and the company had $184.3 million in cash at the end of January 2010.

Verint's share closed at $26.40 yesterday, giving a market cap of $861 million.

Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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