Update (12:50 p.m.): Updated to more accurately reflect reported revenue decline.
The company reported a year-over-year decrease to $166.5 million from $183.5 million, which came up short of the Capital IQ consensus estimate of $170.5 million. Earnings per share, though, increased year over year 70 cents from 49 cents, which beat the consensus estimate of 56 cents.
"During fiscal 2013, we were pleased with the realignment of our product and services portfolio in supporting the transition to IP, cloud-based offerings in Digital Services; the extension of our Kenan initiatives and Comverse One industrialization; and our enhanced managed services deployment," said President and CEO Philippe Tartavull in a statement."We have grown year-over-year product bookings in two of our three geographies. However, we faced significant softness in our Asia Pacific region resulting in an overall decline in bookings compared to fiscal 2012. This softness was primarily a function of the overall economic conditions in India and a delay in orders with a large customer in the region. We believe we have a tremendous portfolio of products and a significant install base to drive future growth." The company also announced a common stock repurchase program for up to $30 million to be executed at management's discretion at any time up to Oct. 9, 2015. As of April 2, Comverse had 22,258,981 shares of common stock outstanding. Comverse would use its own cash resources to repurchase stock under the program.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts