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NICE Reports Second Quarter 2011 Results; Record Revenues and Improved Profitability

Israel July 27, 2011

 

NICE Systems (NASDAQ: NICE) June 30, 2011

Second Quarter 2011 non-GAAP Highlights Include :

  • $197 million
  • Operating income increased 21% year-over-year; operating margins up at 18.3%
  • Net income up 21.8% year-over-year, earnings per fully dilut 9 cents $0.50
  • $28 million
  • Book-to-bill ratio above 1
  • Company raises its annual guidance

NICE Systems

"Furthermore, we continue to benefit from the trends that fuel NICE’s growth, including: the increased number of interactions between organizations and their customers through various communication channels, persistent security threats to people and assets, continuous financial crime attempts, as well as a growing focus on compliance with regulations. We believe that NICE is at the pole position to take advantage of these trends," Mr. Bregman concluded.

June 30, 2011

Revenues: $196.7 million $169.5 million

Gross Profit: $127.7 million $108.3 million

Operating Income: $36.1 million $29.8 million

Net Income: $32.3 million $26.5 million

Earnings per Fully Diluted Share: $0.50 $0.41

June 30, 2011

Revenues: $195.5 million $168.5 million

Gross Profit: $118.7 million $101.3 million

Operating Income: $15.1 million $13.2 million

Net Income: $15.5 million $12.7 million

Earnings per Fully Diluted Share: $0.24 $0.20

Opera ting Cash Flow and Cash Balance: $27.7 million June 30, 2011 $658.5 million $28.8 million

Updated Fiscal Year and Introduction of Third Quarter Guidance:

$785 $805 million $2.00 $2.08

$197 and $203 million $0.50 $0.54

Quarterly Results Conference Call

8:30 AM EDT 1:30 PM GMT 3:30 PM United States United Kingdom Israel http://www.nice.com http://www.nice.com/news-and-events/ir-events United States United Kingdom 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, 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

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

Forward-Looking

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                                        June 30,         June 30,                                 ___________________ ___________________                                     2011    2010      2011      2010                                 Unaudited Unaudited Unaudited Unaudited                                 _________ _________ _________ _________      Revenue:     Product                      $ 87,852 $ 79,058   $169,154  $154,139     Services                      107,599   89,471    211,594   174,311                                 _________ _________ _________ _________     Total revenue                 195,451  168,529    380,748   328,450     Cost of revenue:     Product                        28,732   27,500     55,735    53,541     Services                       48,068   39,707     92,266    78,313                                 _________ _________ _________ _________     Total cost of revenue          76,800   67,207    148,001   131,854                                 _________ _________ _________ _________     Gross profit                  118,651  101,322    232,747   196,596     Operating Expenses:     Research and development, net  26,853   23,239     52,754    45,466     Selling and marketing          48,608   41,944     98,979    84,535     General and administrative     22,013   18,200     46,090    37,852     Amortization of acquired     intangible assets               6,047    4,760     11,444     9,491                                  ________ _________ _________ _________     Total operating expenses      103,521   88,143    209,267   177,344                                  ________ _________ _________ _________     Operating income               15,130   13,179     23,480    19,252     Finance and other income, net   2,560    1,848      5,379     3,676                                  ________ _________ _________ _________     Income before taxes on income  17,690   15,027     28,859    22,928     Taxes on income                 2,141    2,318      5,163     4,141                                  ________ _________ _________ _________     Net income                   $ 15,549 $ 12,709   $ 23,696  $ 18,787                                  ======== ========= ========= =========     Basic earnings per share       $ 0.24   $ 0.20     $ 0.37    $ 0.30                                  ======== ========= ========= =========     Diluted earnings per share     $ 0.24   $ 0.20     $ 0.36    $ 0.29                                  ======== ========= ========= =========     Weighted average number of shares     outstanding used to compute:     Basic earnings per share       63,596   62,618     63,579    62,362     Diluted earnings per share     65,052   64,377     64,994    64,154 

                            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                                          June 30,            June 30,                                     ___________________ ____________________                                       2011      2010      2011      2010                                     _________ _________ __________ _________     GAAP revenues                   $ 195,451 $ 168,529  $ 380,748 $ 328,450     Valuation adjustment on     acquired deferred product     revenue                               897       450      2,403       941     Valuation adjustment on     acquired deferred     service revenue                       310       565        503     2,752                                     _________ _________ __________ _________                                        Non-GAAP revenues               $ 196,658 $ 169,544  $ 383,654 $ 332,143                                     ========= ========= ========== =========     GAAP cost of revenue             $ 76,800  $ 67,207  $ 148,001 $ 131,854     Amortization of acquired     intangible assets on cost     of product                         (7,279)   (5,637)   (14,007)  (11,080)     Valuation adjustment on     acquired deferred cost     of services                           145       216        333       435     Cost of product revenue     adjustment (1,2,4)                    (74)     (100)      (228) #   (202)     Cost of services revenue     adjustment (1,2,3)                   (641)     (397)    (1,392)   (1,016)                                     _________ __________ _________ __________     Non-GAAP cost of revenue         $ 68,951  $ 61,289  $ 132,707 $ 119,991                                     ========= ========== ========= ==========     GAAP gross profit               $ 118,651 $ 101,322  $ 232,747 $ 196,596     Gross profit adjustments            9,056     6,933     18,200    15,556                                     _________ __________ _________ __________     Non-GAAP gross profit           $ 127,707 $ 108,255  $ 250,947 $ 212,152                                     ========= ========== ========= ==========     GAAP operating expenses         $ 103,521  $ 88,143  $ 209,267 $ 177,344     Research and development (1,2,3)   (1,064)   (1,323)    (2,281)   (2,742)     Sales and marketing (1,2,3)        (2,070)   (1,073)    (4,287)   (2,823)     General and administrative (1,2,3) (2,694)   (2,429)    (5,077)   (6,782)     Amortization of acquired     intangible assets                  (6,047)   (4,760)   (11,444)   (9,491)     Acquisition related expenses (4)        -       (81)    (5,406)     (619)                                      _________ _________ _________ __________     Non-GAAP operating expenses      $ 91,646  $ 78,477  $ 180,772 $ 154,887                                      ========= ========= ========= ==========     GAAP taxes on Income              $ 2,141   $ 2,318    $ 5,163   $ 4,141     Tax adjustments re     non-gaap adjustments                4,177     2,789      7,821     5,690                                      _________ _________ _________ __________     Non-GAAP taxes on income          $ 6,318   $ 5,107   $ 12,984   $ 9,831                                      ========= ========= ========= ==========     GAAP net income                  $ 15,549  $ 12,709   $ 23,696  $ 18,787     Valuation adjustment on     acquired deferred revenue           1,207     1,015      2,906     3,693     Valuation adjustment on acquired     deferred cost of services            (145)     (216)      (333)     (435)     Amortization of acquired     intangible assets                  13,326    10,397     25,451    20,571     Share-based compensation (1)        5,335     4,553     10,988    10,258     Re-organization expenses (2)          709       458        910     2,971     Acquisition related compensation     expense (3)                           499       311      1,361       622     Acquisition related expenses (4)        -        81      5,412       619     Tax adjustments re non-gaap     adjustments                        (4,177)   (2,789)    (7,821)   (5,690)                                      _________ _________ __________ _________     Non-GAAP net income              $ 32,303  $ 26,519   $ 62,570  $ 51,396                                      ========= ========= ========== =========     GAAP diluted earnings per share    $ 0.24    $ 0.20     $ 0.36    $ 0.29                                      ========= ========= ========== =========     Non-GAAP diluted earnings per share$ 0.50    $ 0.41     $ 0.96    $ 0.80                                      ========= ========= ========== =========     Shares used in computing US GAAP     diluted earnings per share         65,052    64,377     64,994    64,154     Shares used in computing Non-     GAAP diluted earnings per share    65,052    64,377     64,994    64,154     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                                            June 30,              June 30,                                  _______________________ ____________________                                      2011          2010       2011      2010                                  ___________ ___________ __________ _________     Cost of product revenue        $ (74)        $ (100)    $ (162)   $ (202)     Cost of service revenue         (619)          (397)    (1,292)   (1,016)     Research and development        (734)        (1,012)    (1,445)   (2,120)     Sales and marketing           (1,997)        (1,073)    (4,007)   (2,316)     General and administrative    (1,911)        (1,971)    (4,082)   (4,604)                                  ___________ ___________ __________ _________                                 $ (5,335)      $ (4,553) $ (10,988)$ (10,258)                                  =========== =========== ========== =========    (2) Re-organization expenses                                        Quarter ended          Year to date                                           June 30,               June 30,                                   ______________________ ____________________                                     2011            2010      2011      2010                                   __________ ___________ __________ _________     Cost of product revenue          $ -            $ -      $ (60)      $ -     Cost of service revenue            -              -          -      (286)     Research and development           -              -       (141)        -     Sales and marketing                -              -          -      (507)     General and administrative      (709)          (458)      (709)   (2,178)                                   __________ ___________ __________ _________                                   $ (709)        $ (458)    $ (910) $ (2,971)                                   ========== =========== ========== =========     (3) Acquisition related compensation expense                                        Quarter ended          Year to date                                           June 30,              June 30,                                   ______________________ ____________________                                      2011          2010       2011      2010                                   __________ ___________ __________ _________     Cost of service revenue        $ (22)           $ -     $ (100)      $ -     Research and development        (330)          (311)      (695)     (622)     Sales and marketing              (73)             -       (280)        -     General and administrative       (74)             -       (286)        -                                   __________ ___________ __________ _________                                   $ (499)        $ (311)  $ (1,361)   $ (622)                                   ========== =========== ========== =========      (4) Acquisition related expenses                                        Quarter ended          Year to date                                           June 30,              June 30,                                   ______________________ ____________________                                       2011         2010       2011      2010                                   __________ ___________ __________ _________     Cost of product revenue          $ -            $ -       $ (6)      $ -     Research and development           -             (1)       (32)       (1)     Sales and marketing                -              -     (2,207)        -     General and administrative         -            (80)    (3,167)     (618)                                   __________ ___________ __________ _________                                      $ -          $ (81)  $ (5,412)   $ (619)                                   ========== =========== ========== ========= 

          NICE SYSTEMS LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS                            U.S. dollars in thousands                                                     June 30,    December 31,                                                      2011          2010                                                    __________  ___________                                                    Unaudited    Unaudited                                                    __________  ___________      ASSETS      CURRENT ASSETS:     Cash and cash equivalents                     $ 142,606    $ 109,526     Short-term investments                          213,997      242,593     Trade receivables                               112,783      99,257     Other receivables and prepaid expenses           38,212       31,924     Inventories                                      15,049       10,861     Deferred tax assets                               6,850        6,798                                                    __________  ___________     Total current assets                            529,497      500,959                                                    __________  ___________      LONG-TERM ASSETS:     Marketable securities                           301,908      311,081     Other long-term assets                           34,154       31,118     Property and equipment, net                      25,025       22,014     Other intangible assets, net                    140,947      141,632     Goodwill                                        573,260      527,614                                                   ___________  ___________     Total long-term assets                        1,075,294    1,033,459                                                   ___________  ___________     TOTAL ASSETS                                $ 1,604,791  $ 1,534,418                                                   ===========  ===========      LIABILITIES AND SHAREHOLDERS' EQUITY      CURRENT LIABILITIES:     Trade payables                                 $ 18,548     $ 20,019     Accrued expenses and other liabilities          347,402      307,031                                                    __________  ___________     Total current liabilities                       365,950      327,050                                                    __________  ___________     LONG-TERM LIABILITIES:     Deferred tax liabilities                         19,971       19,705     Other long-term liabilities                      29,086       26,903                                                    __________  ___________     Total long-term liabilities                      49,057       46,608                                                    __________  ___________      SHAREHOLDERS' EQUITY                          1,189,784    1,160,760                                                    __________  ___________     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $ 1,604,791  $ 1,534,418                                                    ==========  =========== 

          NICE SYSTEMS LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS                           U.S. dollars in thousands                                          Quarter ended     Year to date                                              June 30,         June 30,                                      _______________________________________                                          2011    2010       2011      2010                                      Unaudited Unaudited Unaudited Unaudited                                      _________ _________ _________ _________     Operating Activities     Net income                         $ 15,549  $ 12,709  $ 23,696 $ 18,787     Adjustments to reconcile net     income to net cash from operations:     Depreciation, amortization and other 17,201    13,841    32,828   27,475     Stock based compensation              5,335     4,553    10,988   10,258     Excess tax benefit from share-based     payment arrangements                    (85)       (8)     (469)    (195)     Net recognized losses on investments     and derivatives                       1,048     1,555     1,287    1,020     Deferred taxes, net                  (4,177)   (2,798)   (6,925)  (5,465)     Changes in operating assets     and liabilities     Trade Receivables                    (2,241)   (4,821)   (7,885)  11,387     Other receivables and prepaid     expenses                              3,946    (7,601)     (715)  (9,031)     Inventories                          (1,924)    1,463    (2,626)   2,004     Trade payables                          449     1,805    (2,999)  (8,595)     Accrued expenses and other     current liabilites                   (8,274)   18,179    35,345   21,950     Other long-term liabilities             825       (78)      614     (438)                                          ________ ________ ________ _________     Net cash provided by operating     activities                           27,652    38,799    83,139   69,157                                          ________ ________ ________ _________     Investing Activities     Purchase of property and equipment   (4,304)   (2,494)   (7,492)  (5,041)     Proceeds from sale of property     and equipment                            19        10        19        8     Purchase of investments             (68,535)  (80,431) (119,243)(207,307)     Proceeds from investments            97,081    31,341   156,331   93,167     Capitalization of software     development costs                      (312)     (432)     (539)    (738)     Payments for acquisitions,     net of cash acquired                    (49)   (5,001)  (64,947) (26,066)                                          ________ ________ ________ _________     Net cash provided by (used in)     investing activities                 23,900   (57,007) (35,871) (145,977)                                          ________ ________ ________ _________     Financing Activities     Proceeds from issuance of shares     upon exercise of share options     and ESPP                              8,105     2,541   14,981    11,673     Purchase of treasury shares         (28,807)        -  (30,972)        -     Excess tax benefit from share-based     payment arrangements                     85         8      469       195                                          ________ ________ ________ _________     Net cash provided by (used in)     financing activities                (20,617)    2,549  (15,522)   11,868                                          ________ ________ ________ _________     Effect of exchange rates on cash     and cash equivalents                    934      (536)   1,334      (762)                                          ________ ________ ________ _________     Net change in cash and     cash equivalents                     31,869   (16,195)  33,080   (65,714)     Cash and cash equivalents,     beginning of period                 110,737   165,292  109,526   214,811                                         _________ ________ ________ _________     Cash and cash equivalents,     end of period                     $ 142,606 $ 149,097 $142,606  $149,097                                         ========= ======== ======== =========     Acquisition related expenses 

Galit Belkind

[email protected]

 

Daphna Golden

[email protected]

 

 

SOURCE Nice Systems Ltd.

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