Comverse set to publish full financial report

In June, Comverse postponed publishing its reports for recent years by three months.

Comverse Technology Inc. (Pink Sheets:CMVT) is set to publish its full financial report for recent years in the next few days, and possibly even tonight.

The company, which has not published financial reports since 2005 due to the backdating affair, was supposed to publish its reports for recent years before the end of June. However, Comverse postponed publication by three months.

Comverse is currently in crisis with CEO Andre Dahan sending a letter to employees in August warning of job cutbacks. The company has also reportedly hired Goldman Sachs to examine alternatives for raising funds due to "cash pressures."

Comverse did report partial figures for the first half of 2010 which showed a fall in its order backlog but it expected a rise in orders in the second half of 2010.

Comverse share price rose 0.7% this morning to $5.79, giving a market cap of $1.17 billion.

Published by Globes, Israel business news - - on September 27, 2010

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

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