NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) posted record revenue for the second quarter of 2010 and raised its third quarter and full-year guidance, as backlog rose to a new record as well.
NICE posted record $169.5 million revenue for the second quarter of 2010, 21% more than the $140.5 million for the corresponding quarter of 2009.
GAAP-based net profit rose to $12.7 million ($0.20) for the second quarter from $11.6 million for the corresponding quarter. Non-GAAP net profit rose to $26.5 million ($0.41 per share) for the second quarter from $22.1 million for the corresponding quarter.
The company beat the analysts' consensus of earnings per share of $0.40 on $167 million revenue.
NICE's cash flow from operations was $38.8 million, boosting cash and cash equivalents $596 million at the end of June, with no debt.
NICE raised its third quarter revenue guidance to $171-175 million and non-GAAP earnings per share of $0.41-0.45. The guidance is within the analysts' consensus of earnings per share of $0.43 on $171 million revenue. For the year as a whole, the company expects $675-685 million and non-GAAP earnings per share of $1.67-1.75. This guidance is above the analysts' revenue consensus of $672.7 million and within the earnings per share consensus of $1.71.
NICE president and CEO Zeevi Bregman said, "We ended the quarter with record revenues and a record backlog. These achievements lead us to update our guidance for the second time this year."
Bregman cited NICE's recent strategic acquisition of eGlue Ltd. to complement NICE's business applications and to provide new growth engines. The new acquisition is reflected in a separate development today: NICE introduction of the NICE Sales Effectiveness Business Solution, which combines the capabilities of NICE SmartCenter's cross-channel interaction analytics and eGlue's real-time next-best-action agent guidance and sales process automation.
NICE's share price rose 1.5% on Nasdaq yesterday to $29.09, giving a market cap of $1.82 billion, and rose 1.4% by mid-afternoon on the TASE today to NIS 111.40.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010