Verint Systems Reports Record Fiscal 2004 Third Quarter Sales

Verint Systems Inc., announced record sales of $63,989,000 for the third quarter of fiscal 2004, ended October 31, 2004, a 31% increase compared with $49,012,000 for the third quarter of fiscal 2003. Verint's sales increased approximately 6% sequentially, compared with $60,167,000 for the second quarter of fiscal 2004.

Net income on a generally accepted accounting principles ("GAAP") basis was $5,180,000 for the third quarter of fiscal 2004 ($0.16 per diluted share), compared with a net income of $5,671,000 ($0.17 per diluted share) for the second quarter of fiscal 2004, and net income of $4,667,000 ($0.15 per diluted share) for the third quarter of fiscal 2003. Net income on a pro forma basis was $6,903,000 for the third quarter of fiscal 2004, ($0.21 per diluted share), compared with a pro forma net income of $6,438,000 ($0.20 per diluted share) for the second quarter of fiscal 2004, and pro forma net income of $5,034,000 ($0.16 per diluted share) for the third quarter of fiscal 2003. A reconciliation between results on a GAAP basis and results on a pro forma basis is provided in a table immediately following the Pro Forma Consolidated Statement of Operations.

Dan Bodner, president and CEO of Verint, stated, "Our record third quarter sales were due to demand for our actionable intelligence solutions in the security and business intelligence markets. Pro forma income from operations of $6.9 million, which was also a record, grew 42.6% year-over-year."

The company ended the quarter with cash, cash equivalents and short-term investments of $225,602,000, working capital of $188,416,000 total assets of $387,076,000, and stockholders' equity of $275,455,000.

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