NICE Systems Posts 48% Increase for Q1

RA’ANANA, Israel

NICE Systems says its first-quarter revenue was significantly higher than the same quarter last year due to increased service revenue.

The company’s unaudited results for the quarter ended March 31 was $53 million, a 48-percent jump from the same quarter in 2002 and 7 percent more than its four-quarter earnings. Net income was $200,000, or 1 cent per share, compared with a net loss of $33 million, or $2.22 per share, in the fourth quarter. Net loss in the first quarter last year was $1.2 million, or 9 cents per share.

Excluding restructuring charges, non-GAAP net income in the first quarter was $700,000, or 4 cents per share, compared with a net loss of 700,000, or 5 cents per share, in the fourth quarter, and a net loss of $1.2 million, or 9 cents per share, in the year-earlier period.

“Taking into account normal seasonal patterns, we had another good quarter in Q1. Most of the sequential revenue improvement came from increased service revenue, which has been an area of focus for us,” said Haim Shani, president and CEO of NICE.

NICE is a provider of multimedia recording solutions, applications and related professional services for business interaction management.

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