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NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) reported record revenue and net profit on double-digit growth for the third quarter of 2011, breaking the $200 million quarterly revenue barrier. Revenue rose 13.7% to $200.4 million for the third quarter from $176.2 million for the corresponding quarter of 2010.
GAAP-based net profit rose 9.2% to $18.3 million ($0.29 per share) for the third quarter from $12.5 million for the corresponding quarter. Non-GAAP-based net profit rose 17.2% to $34.5 million ($0.54 per share) for the third quarter from $28.7 million for the corresponding quarter.
NICE just missed the analysts' revenue consensus of $201.8 million, but beat the earnings per share consensus of $0.53.
In its fourth quarter guidance, NICE expects non-GAAP earnings per share of $0.55-0.59 on $208-218 million revenue. For the year as a whole, it expects non-GAAP earnings per share of $2.05-2.09 on $792-802 million revenue.
Cash flow from operations was $17.9 million for the third quarter, boosting cash and cash equivalents to $599.5 million, with no debt, at the end of September. NICE bought back $59 million worth of shares during the third quarter at an average price of $30.57, bringing the total amount of the buyback since January to $90 million. The board of directors has authorized an additional $100 million buyback.
NICE president and CEO Zeevi Bregman said, "We expect a strong fourth quarter, resulting in another year of additional growth and increased profitability. We see good demand for our solutions resulting from increasing compliance and regulatory requirements, rising security threats and the need to improve business performance."
NICE's share price rose 2.6% to $35.17 on Nasdaq yesterday, giving a market cap of $2.25 billion, and rose 2.8% by early afternoon on the TASE today to NIS 129.
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