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NICE Reports Record Fourth Quarter and Full Year 2010 Results; Quarterly Non-GAAP Revenues of $187 million and EPS of $0.51; Announces Share Repurchase Plan

Israel February 15, 2011 December 31, 2010

    Fourth Quarter 2010 non-GAAP Highlights Include:      - Revenues at a new all time high of $187 million, up from $163 million       in the fourth quarter of 2009     - Earnings per fully diluted share reached $0.51, up from $0.45 last year     - Strong cash flow from operations of $44 million     - Record bookings resulting in book to bill substantially greater than 1      Full Year 2010 non-GAAP Highlights Include:      - Record revenues at $695 million, up from $589 last year     - Earnings per fully diluted share of $1.75, up from $1.54 in 2009     - Backlog at year-end reaches an all-time high     - Record cash generated from operations of $145 million  

NICE Systems

"We expect 2011 to be another year of growth. We are entering the year with strong backlog and pipeline, a comprehensive product portfolio and a business that is driven by multiple growth engines. We expect to continue to focus on innovating additional advanced applications. Furthermore, we intend to grow our business both organically and inorganically, as reflected in the CyberTech acquisition we announced today," Mr. Bregman concluded.

Share Repurchase Program

$100 million

NICE Systems

December 31, 2010

$186.9 million $162.8 million $695.3 million $588.6 million

$123.5 $102.9 million $451.9 $371.1 million

$34.8 million $30.7 million $123.4 million $103.6 million

$32.7 million $28.6 million $112.1 million $96.0 million

$0.51 $0.45 $1.75 $1.54

December 31, 2010

$186.1 million $158.8 million $689.5 million $583.1 million

$115.9 million $93.7 million $420.4 million $345.9 million

$17.2 million $11.0 million $49.1 million $38.2 million

$17.4 million $12.7 million $48.7 million $42.8 million

$0.27 $0.20 $0.76 $0.68

$44.1 million December 31, 2010 $663.2 million

Fiscal Year and First Quarter 2011 Guidance:

March 2011 $25 million

$775 and $800 million $1.96 $2.06

$179 and $183 million $0.43 $0.47

Quarterly Results Conference Call

February 15, 2011 8:30 ET Israel United States Israel http://www.nice.com http://www.nice.com/news-and-events/ir-events United States Israel

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, re-organization expenses, share based compensation expenses, realized gain on previously impaired marketable securities as well as certain business combination accounting entries. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Business combination accounting rules requires us to recognize a legal performance obligation related to a revenue arrangement of an acquired entity. The amount assigned to that liability should be based on its fair value at the date of acquisition. The non-GAAP adjustment is intended to reflect the full amount of such revenue. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business. We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income.

About NICE

http://www.nice.com

http://www.nice.com/nice-trademarks

Forward-Looking Statements

Messer Bregman

     NICE SYSTEMS LTD. AND SUBSIDIARIES     CONSOLIDATED STATEMENTS OF INCOME      U.S. dollars in thousands (except per share amounts)                                      Quarter ended         Year to date                                      December 31,           December 31,                                   ------------------     -----------------                                  2009        2010        2009         2010                                Unaudited   Unaudited   Unaudited   Unaudited                                ---------   ---------   ---------   ---------      Revenue:      Product                  $ 78,274     $ 87,734     $281,783    $325,429      Services                   80,547       98,411      301,332     364,022                              ---------     --------    ---------   ---------     Total revenue              158,821      186,145      583,115     689,451      Cost of revenue:      Product                    24,707       27,587       88,030     107,190      Services                   40,428       42,628      149,175     161,885                              ---------     --------    ---------   ---------     Total cost of revenue       65,135       70,215      237,205     269,075                              ---------     --------    ---------   ---------      Gross profit                93,686      115,930      345,910     420,376      Operating Expenses:      Research and        development, net         21,917       26,136       77,382      97,083      Selling and marketing      38,532       49,822      141,526     178,407      General and        administrative           17,541       17,775       72,791      76,345      Amortization of acquired        intangible assets         4,683        5,030       16,012      19,489                               --------     --------     --------    --------     Total operating expenses    82,673       98,763      307,711     371,324      Operating income            11,013       17,167       38,199      49,052      Financial income, net        1,472        1,953        7,712       9,135     Other expense, net             (15)         (26)        (115)       (154)                               --------     --------     --------    --------     Income before taxes on       income                    12,470       19,094       45,796      58,033     Taxes on income               (279)       1,711        3,040       9,326                               --------     --------     --------    --------     Net income                $ 12,749     $ 17,383     $ 42,756    $ 48,707                               ========     ========     ========    ========      Basic earnings per share    $ 0.21       $ 0.28       $ 0.70      $ 0.78                               ========     ========     ========    ========      Diluted earnings per share  $ 0.20       $ 0.27       $ 0.68      $ 0.76                               ========     ========     ========    ========      Weighted average number of       shares outstanding used       to compute:      Basic earnings per share    61,909       62,819       61,395      62,652     Diluted earnings per share  63,397       64,144       62,490      64,132       NICE SYSTEMS LTD. AND SUBSIDIARIES     RECONCILIATION OF GAAP TO NON-GAAP RESULTS      U.S. dollars in thousands (except per share amounts)                                     Quarter ended           Year to date                                      December 31,            December 31,                                ---------   ---------   ---------   ---------                                    2009        2010        2009        2010                                ---------   ---------   ---------   ---------     GAAP revenues              $ 158,821   $ 186,145   $ 583,115   $ 689,451     Valuation adjustment on       acquired deferred       product revenue                1,1         332       1,594       1,911     Valuation adjustment on       acquired deferred       service revenue              2,892         442       3,867       3,907                                ---------   ---------   ---------   ---------     Non-GAAP revenues          $ 162,827   $ 186,919   $ 588,576   $ 695,269                                =========   =========   =========   =========      GAAP cost of revenue        $ 65,135    $ 70,215   $ 237,205   $ 269,075     Amortization of       acquired intangible       assets on cost of       product                     (5,128)     (6,369)    (17,557)    (23,595)     Valuation adjustment on       acquired deferred cost       of services                    323         188         323         828     Cost of product revenue       adjustment (1,2)              (107)         60        (346)       (255)     Cost of services revenue       adjustment (1,2)              (345)       (693)     (2,187)     (2,665)                                ---------   ---------   ---------   ---------     Non-GAAP cost of revenue    $ 59,878    $ 63,401   $ 217,438   $ 243,388                                =========   =========   =========   =========      GAAP gross profit           $ 93,686   $ 115,930   $ 345,910   $ 420,376     Gross profit adjustments       9,263       7,588      25,228      31,505                                ---------   ---------   ---------   ---------     Non-GAAP gross profit      $ 102,949   $ 123,518   $ 371,138   $ 451,881                                =========   =========   =========   =========      GAAP operating expenses     $ 82,673    $ 98,763   $ 307,711   $ 371,324     Research and development       (1,2,3)                     (1,530)     (1,174)     (5,391)     (4,894)     Sales and marketing (1,2)     (1,588)     (1,866)     (6,560)     (6,427)     General and administrative       (1,2,3)                     (2,650)     (1,796)     (8,163)    (10,319)     Amortization of acquired       intangible assets           (4,683)     (5,030)    (16,012)    (19,489)     Acquisition related       expenses (4)                     -        (158)     (4,069)     (1,757)                                 --------   ---------   ---------   ---------     Non-GAAP operating expenses $ 72,222    $ 88,739   $ 267,516   $ 328,438                                 ========   =========   =========   =========      GAAP finance & other       income, net                $ 1,457     $ 1,927     $ 7,597     $ 8,981     Realized gain on       previously impaired       marketable securities            -           -           -        (625)     Re-organization expenses           -           -          52           -     Acquisition related       expenses (4)                     -           -           -          97                                 --------   ---------   ---------   ---------     Non-GAAP finance &       other income, net          $ 1,457     $ 1,927     $ 7,649     $ 8,453                                 ========   =========   =========   =========      GAAP taxes on Income          $ (279)    $ 1,711     $ 3,040     $ 9,326     Tax adjustments re       non-gaap adjustments         3,830       2,284      12,201      10,513                                 --------   ---------   ---------   ---------     Non-GAAP taxes on income     $ 3,551     $ 3,995    $ 15,241    $ 19,839                                 ========   =========   =========   =========      GAAP net income             $ 12,749    $ 17,383    $ 42,756    $ 48,707     Valuation adjustment on       acquired deferred       revenue                      4,006         774       5,461       5,818     Valuation adjustment on       acquired deferred cost       of services                   (323)       (188)       (323)       (828)     Amortization of acquired       intangible assets            9,811      11,399      33,569      43,084     Share-based compensation (1)   5,298       5,158      18,237      21,054     Re-organization expenses (2)       -           -       2,213       2,262     Acquisition related       compensation expense (3)       922         311       2,249       1,244     Acquisition related       expenses (4)                     -         158       4,069       1,854     Realized gain on       previously impaired       marketable securities            -           -           -        (625)     Tax adjustments re non-gaap       adjustments                 (3,830)     (2,284)    (12,201)    (10,513)                                 --------    --------    --------   ---------     Non-GAAP net income         $ 28,633    $ 32,711    $ 96,030   $ 112,057                                 ========    ========    ========   =========      GAAP diluted earnings       per share                   $ 0.20      $ 0.27      $ 0.68      $ 0.76                                 ========    ========    ========   =========      Non-GAAP diluted earnings       per share                   $ 0.45      $ 0.51      $ 1.54      $ 1.75                                 ========    ========    ========   =========      Shares used in computing       US GAAP diluted earnings       per share                   63,397      64,144      62,490      64,132     Shares used in computing       Non-GAAP diluted earnings       per share                   63,715      64,144      62,550      64,132      NICE SYSTEMS LTD. AND SUBSIDIARIES     RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)     U.S. dollars in thousands      (1) Share-based Compensation                                     Quarter ended            Year to date                                     December 31,             December 31,                                 -----------------       --------------------                                  2009        2010         2009        2010                               --------    --------    ----------   ---------     Cost of product revenue     $ (107)       $ 60       $ (345)     $ (255)     Cost of service revenue       (345)       (693)      (1,867)     (2,379)     Research and development      (884)       (863)      (2,980)     (3,650)     Sales and marketing         (1,588)     (1,866)      (5,759)     (5,920)     General and administrative  (2,374)     (1,796)      (7,286)     (8,850)                               --------    --------    ---------   ---------                               $ (5,298)   $ (5,158)   $ (18,237)  $ (21,054)                               ========    ========    =========   =========     (2) Re-organization expenses                                    Quarter ended              Year to date                                    December 31,               December 31,                                 -----------------       --------------------                                  2009        2010         2009        2010                               --------    --------    ----------   ---------     Cost of product revenue        $ -         $ -         $ (1)        $ -     Cost of service revenue          -           -         (320)       (286)     Research and development         -           -         (991)          -     Sales and marketing              -           -         (801)       (507)     General and administrative       -           -          (48)     (1,469)     Other expense                    -           -          (52)          -                               --------    --------     ---------   --------                                    $ -         $ -     $ (2,213)   $ (2,262)                               ========    ========    =========   =========      (3) Acquisition related compensation expense                                    Quarter ended              Year to date                                    December 31,               December 31,                                 -----------------       --------------------                                  2009        2010         2009        2010                               --------    --------    ----------   ---------     Research and development    $ (646)     $ (311)    $ (1,420)   $ (1,244)     General and administrative    (276)          -         (829)          -                               --------    --------     ---------   --------                                 $ (922)     $ (311)    $ (2,249)   $ (1,244)                               ========    ========    =========   =========      (4) Acquisition related expense                                    Quarter ended              Year to date                                    December 31,               December 31,                                 -----------------       --------------------                                  2009        2010         2009        2010                               --------    --------    ----------   ---------     Research and development       $ -         $ -          $ -       $ (73)     Sales and marketing              -           -            -         (77)     General and administrative       -        (158)      (4,069)     (1,607)     Other expense, net               -           -            -         (97)                               --------    --------     ---------   --------                                    $ -      $ (158)    $ (4,069)   $ (1,854)                               ========    ========    =========   =========                                           December 31,      December 31,                                           2009               2010                                        ------------      ------------                                         Unaudited         Unaudited         ASSETS      CURRENT ASSETS:       Cash and cash equivalents           $ 214,811         $ 109,526       Short-term investments                108,850           242,593       Trade receivables                     102,147            99,257       Other receivables and         prepaid expenses                     23,887            31,924       Inventories                            14,445            10,861       Deferred tax assets                     8,181             6,798                                        ------------      ------------        Total current assets                  472,321           500,959                                        ============      ============      LONG-TERM ASSETS:        Marketable securities                224,828           311,081        Other long-term assets                29,314            31,118        Property and equipment, net           22,052            22,014        Other intangible assets, net         156,664           141,632        Goodwill                             494,498           527,614                                        ------------      ------------         Total long-term assets               927,356         1,033,459                                        ------------      ------------      TOTAL ASSETS                        $ 1,399,677       $ 1,534,418                                        ============      ============          LIABILITIES AND SHAREHOLDERS' EQUITY      CURRENT LIABILITIES:       Trade payables                       $ 26,342          $ 20,019       Accrued expenses and other         liabilities                         261,519           307,031                                        ------------      ------------        Total current liabilities             287,861           327,050                                        ------------      ------------      LONG-TERM LIABILITIES:       Deferred tax liabilities               25,899            19,705       Other long-term liabilities            23,163            26,903                                        ------------      ------------        Total long-term liabilities            49,062            46,608                                        ------------      ------------      SHAREHOLDERS' EQUITY                  1,062,754         1,160,760                                        ------------      ------------      TOTAL LIABILITIES AND       SHAREHOLDERS' EQUITY              $ 1,399,677       $ 1,534,418                                        ============      ============       NICE SYSTEMS LTD. AND SUBSIDIARIES     CONSOLIDATED CASH FLOW STATEMENTS     U.S. dollars in thousands                                     Quarter ended          Year to date                                     December 31,           December 31,                                --------------------    ---------------------                                  2009         2010        2009        2010                                Unaudited   Unaudited   Unaudited   Unaudited                                ---------   ---------   ---------   ---------      Cash flows from operating       activities:        Net income                $ 12,749    $ 17,383    $ 42,756   $ 48,707        Adjustments required to reconcile net income to net cash         provided by operating activities:         Depreciation and           amortization            13,441      15,017      47,217     57,110         Stock based compensation   5,298       5,158      18,237     21,054         Excess tax shortfall          (benefit) from           share-based payment           arrangements              (337)        417        (968)        18         Accrued severance pay, net  (186)       (440)     (1,534)    (1,015)         Amortization of discount           (premium) and accrued           interest on marketable           securities                 262        (151)      1,656        328         Loss (gain) on marketable           securities sold, called           or impaired                  -           7        (823)    (1,197)         Deferred taxes, net          111       1,595      (6,984)    (4,862)         Decrease (increase) in           trade receivables       (8,190)     (2,548)      8,898      6,344         Decrease (increase) in           other receivables and           prepaid expenses         5,330         175      (2,265)    (4,200)         Decrease (increase) in           inventories             (3,815)      2,218        (531)     3,546         Increase (decrease) in           trade payables           9,868       3,735       1,536     (7,136)         Increase (decrease) in           accrued expenses and           other liabilities       (5,509)      1,453      12,039     25,913         Other                        341          60         453        410                                  -------     -------     -------    -------          Net cash provided by           operating activities    29,363      44,079     119,687    145,020                                  -------     -------     -------    -------      Cash flows from investing activities:          Purchase of property           and equipment           (2,835)     (3,156)     (8,851)   (11,704)         Proceeds from sale of           property and equipment      34           -          70         13         Investment in marketable           securities             (73,980)    (83,441)   (197,499)  (387,988)         Proceeds from maturity,           call and sale of           marketable securities   48,150      57,000     197,790    136,568         Investment in short-term           bank deposits                -           -    (110,021)         -         Proceeds from short-term           bank deposits           65,008           -     134,473     40,029         Capitalization of           software development           costs                     (372)       (260)     (1,315)    (1,311)         Purchase of intangible           assets                       -           -      (1,000)         -         Payments for           acquisitions               (23)          -     (84,926)   (52,267)                                  -------     -------     -------    -------          Net cash provided by           (used in) investing           activities              35,982     (29,857)    (71,279)  (276,660)                                  -------     -------     -------    -------      Cash flows from financing activities:        Proceeds from issuance of         shares upon exercise of         share options and         ESPP, net                  4,398      10,827      19,948     25,984       Excess tax benefit         (shortfall) from         share-based payment         arrangements                 337        (417)        968        (18)                                  -------     -------     -------    -------        Net cash provided by         financing activities       4,735      10,410      20,916     25,966                                  -------     -------     -------    -------      Effect of exchange rate       changes on cash                 46         267       1,111        389                                  -------     -------     -------    -------      Increase (decrease) in       cash and cash       equivalents                 70,126      24,899      70,435   (105,285)     Cash and cash equivalents       at beginning of period     144,685      84,627     144,376    214,811                                  -------     -------     -------    -------      Cash and cash equivalents       at end of period         $ 214,811   $ 109,526    $214,811   $109,526        Corporate Media     Galit Belkind      NICE Systems     [email protected]     +1-877-245-7448      Investors     Anat Earon-Heilborn     NICE Systems     [email protected]     +1-877-245-7449  

SOURCE Nice Systems Ltd.

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