The management of Amdocs Ltd. (NYSE: DOX) has distributed more modest compensation compared with previous years, but the rise in its share price has boosted the value of stock options held by managers and employees, according to the company's 20-F expanded annual financial report for its 2013 fiscal year filed with the US Securities and Exchange Commission (SEC).
Amdocs reported that it paid $6.2 million in remuneration to 16 executives in fiscal year 2013, which ended in September, 18% less than the $7.6 million in paid in fiscal year 2012, and 53% less than the $13.3 million paid in 2011. The CEO for the past three years has been Eli Gelman.
Amdocs' share price has climbed above $40 for the first time in years. The average share price in fiscal year 2013 was $35.30. Employees exercised options for 7.2 million shared during the fiscal year at an average share price of $29.50, for a bonus of $42.2 million. At the end of September, employees held five million options in the money, which can be exercised at an average share price of $29.50, reflecting a bonus of $56 million.
During fiscal year 2013, Amdocs' workforce grew by 3.3%, or 669 people, to 20,774 employees. The number of employees in Israel rose by 200 to 4,400 at the end of September, amounting to 21% of its total workforce. 34% of its workforce are in India, and 22.5% are in North America, and the rest are in other countries.
AT&T Inc. (NYSE: T) was still Amdocs' largest customer in 2013, accounting for 28% of its revenue, or $909 million, 4.5% more than in 2012. The share of revenue of its next two largest customers, Sprint Corporation (NYSE: S), and Bell Canada Inc. (NYSE; TSX: BCE) fell to below 10% each. Amdocs said that its top ten customers account for 70% of its revenue,
Last week, Amdocs announced that it will switch from the New York Stock Exchange to Nasdaq on December 20.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013