Comverse Technology Inc. (Pink Sheets: CMVT) subsidiary Verint Systems Inc. (Nasdaq: VRNT) reported lower operating profit on a small increase in revenue for its first fiscal quarter of 2011, which ended in April. Revenue rose 2.1% to $176.3 million from $172.6 million for the corresponding quarter of 2010.
Verint's GAAP-based net loss per share narrowed to $0.10 per share for the first fiscal quarter from $0.60 for the corresponding quarter, but non-GAAP net profit per share fell to $0.56 from $0.57.
The company's non-GAAP operating profit fell to $39.5 million for the first fiscal quarter from $42.3 million for the corresponding quarter.
Verint president and CEO Dan Bodner said, "Verint’s continued investment in innovation coupled with our strong operating margins positions us well for future success and growth."
Comverse Technology owns 52% of Verint. Verint's share price rose 0.9% yesterday to $33.13, giving a market cap of $1.23 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2011
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