Nice turns cash-flow positive in Q3

Revenue climbed 11% from second quarter to $33.8 million in the third quarter
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Nice Systems (Nasdaq:NICE) revenue climbed 11% from the second quarter to $33.8 million, the company said today.

The company met its promise, delivered by president and CEO Haim Shani at the end of the second quarter, to achieve operating balance in the third quarter.

But Nice, which develops multimedia digital recording solutions and applications, fell short of CIBC Oppenheimer's forecast of $35 million revenue. Also, in the parallel quarter of 2000, its revenue was higher by 24%.

Operating loss excluding one-time charges came to $4.2 million. Including the charges, it increased to more than $5 million.

Shani said the company achieved positive cash flow by streamlining operations, improving management structure, and reducing costs.

Third-quarter net loss was $3.3 million or 26 cents per share.

Including goodwill amortization, net loss was $4.1 million or 32 cents per share.

The average Street forecast had been for a loss of 34 cents loss per share.

In the corresponding quarter of last year Nice earned $6.4 million, excluding goodwill amortization, or 45 cents per diluted share.

The company ended the third quarter with $86.1 million cash, including long-term marketable securities, compared with $88 million in the second quarter of this year, including long-term deposits.