Comverse Technology (Nasdaq:CMVT) missed the average forecast by analysts with a net loss of $23 million for the first quarter of 2002.
The company announced on Wednesday evening that first-quarter sales had reached $211.2 million. The average forecast had been $219 million. Compared with the previous quarter, sales slid by 20%. Against the corresponding quarter, the situation is even worse ¿ sales crumbled by 40%, from $365 million.
Its loss per share, excluding non-recurring charges, stood at 4 cents. Its net loss per share was 13 cents, compared with the average forecast of a 6-cent loss per share.
For the previous quarter, Comverse reported netting $10.6 million, or 6 cents per share. In the parallel quarter it netted $79 million, or 43 cents per share. During the first quarter of fiscal 2002, Comverse said it incurred non-recurring charges of $15.4 million relating to the write-down of investments.
Chairman and CEO Kobi Alexander said that the Verint Systems division, which completed its initial public offering last month and contributed 17% of company-wide sales for the quarter, achieved revenue growth, primarily due to an expansion of its activities relating to digital security and surveillance.