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Comverse Technology Announces Fiscal 2012 Second Quarter Results; Conference Call To Discuss Selected Financial Information To Be Held Today At 8:30 AM

Stocks in this article: CMVT

NEW YORK, Sept. 7, 2012 (GLOBE NEWSWIRE) -- Comverse Technology, Inc. ("CTI") (Nasdaq:CMVT) today announced its results for the three months ended July 31, 2012.

Consolidated Highlights: Below is selected consolidated financial information for the three and six months ended July 31, 2012 and 2011 prepared in accordance with generally accepted accounting principles ("GAAP") and, where indicated, not in accordance with GAAP ("non-GAAP").

  Three months ended July 31, Six months ended July 31,
(In thousands, except per share data) 2012 2011 2012 2011
Revenue  $ 383,652  $ 377,014 $718,037  $ 717,110
GAAP net loss attributable to Comverse Technology, Inc. $ (274) $ (39,697) $ (53,484) $ (98,892)
GAAP loss per share attributable to Comverse Technology, Inc.'s shareholders:        
Basic and Diluted  $ (0.00) $ (0.19) $ (0.24) $ (0.48)
Non-GAAP net income (loss) attributable to Comverse Technology, Inc. - basic (1)   $ 24,184  $ 21,042  (8,274)  $ 14,011
Non-GAAP net earnings (loss) per share attributable to Comverse Technology, Inc.'s shareholders - basic and diluted  $ 0.11  $ 0.10 $ (0.04)  $ 0.07
(1) "Non-GAAP net income (loss) attributable to Comverse Technology, Inc." and "Non-GAAP earnings (loss) per share attributable to Comverse Technology, Inc.'s shareholders" have not been prepared in accordance with GAAP. See "Presentation of Non-GAAP Financial Measures" and "Consolidated Reconciliation of GAAP to Non-GAAP Financial Measures" below.

CTI is a holding company that conducts business through its subsidiaries, principally, its wholly-owned subsidiary, Comverse, Inc. ("Comverse"), and its majority-owned subsidiaries, Verint Systems Inc. ("Verint") and Starhome B.V. ("Starhome"). As previously disclosed, CTI intends to distribute 100% of the outstanding common shares of Comverse to CTI shareholders on a pro rata basis. In addition, on August 1, 2012, CTI entered into an agreement (the "Share Purchase Agreement") to sell its interest in Starhome B.V. ("Starhome") to unaffiliated purchasers and on August 12, 2012, entered into an agreement and plan of merger (the "Verint Merger Agreement") with Verint pursuant to which CTI will merge with and into a subsidiary of Verint.

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