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Bethel Finance news:
Comverse Technology Inc. (Pink Sheets: CMVT) network systems unit Comverse Inc. COO Oded Golan has said that the company's strategy for 2012 is to hire new employees for its billing division and to raise salaries. Golan was addressing the quarterly meeting of the company's employees.
Comverse's employees will be breathing a sigh of relief after years of firings in Israel and abroad as the company's cash reserves dwindled in attempts to amend the financial reports of previous years in the wake of the backdating scandal that rocked the company.
Comverse recently submitted an application to the US Securities Exchange Commission (SEC) requesting the allocation and registration of shares options as incentives for the company's executives and employees.
Comverse reported revenue of $243.5 million in its third fiscal quarter of 2011, which ended October 31, up 6.5% from the corresponding quarter of 2010. Profit was up 6.1% from the corresponding period to $43.4 million in the third quarter while there was a positive cash flow of $5 million.
In a letter sent by Comverse Technology CEO Charles Burdick to employees that has reached "Globes," he writes, "Over the past few months, we have made great strides toward overcoming the challenges of the past, and we are now focused on building for a brighter future. With our accounting issues behind us, we have re-listed on NASDAQ, and we are now able to operate without many of the constraints and obstacles of the past. For example, I am currently working with the board of directors and human resources to develop a comprehensive compensation plan that will be competitive in the marketplace. This should enhance our efforts to attract, recruit and retain talented employees, and help us become a more attractive place to work for current and future employees."
He added, "As we approach the end of our fiscal year in January, I encourage you all to demonstrate the winning, “can do” spirit that helped build the market leading position we have today. Let’s all work together to finish the fiscal year with strength and momentum, to carry through into 2012 and beyond."
In addition to Comverse Inc., which provides billing and value added services software, Comverse Technology holds 52% of voice and video recording developer Verint Systems Inc. (Nasdaq: VRNT), and 66% of roaming services company Starhome.
Comverse's share price closed yesterday on Nasdaq at $6.85 giving a market cap of $1.43 billion.
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