סיטי בנק בסקירה על ישראל: מחירי הדיור אחרי השיא - יירדו ב-20%-25%
Discounting charges, company met guidance; annual revenue climbed 27% to $163 million
Nice Systems (NASDAQ:NICE) notes that if the charges it took in the fourth quarter are set aside, it met its guidance.
That said, special charges including $28.3 million for goodwill impairment on acquisitions made before the fourth quarter, and $1.3 million for in-process R&D related to the acquisition of Thales Contact Solutions on November 2, 2002, lowered NICE's bottom line to a loss of $33.3 million for the fourth quarter of 2002.
The company, which makes multimedia recording solutions, applications and related professional services for business interaction management, noted that for the parallel quarter of 2001, it posted a net loss of $6 million.
The company's revenues for the quarter totaled $49.7 million, up 31% from the parallel quarter.
Revenues for the year 2002 totaled $162.5 million, versus $127.1 million for the year 2001, an increase of 27%.
The company's loss for the year 2002 totaled $34 million, mainly generated by those charges taken in the fourth quarter.
Both fourth quarter and full year results include the operating results of Thales Contact Solutions from November, NICE noted. NICE¿s fourth quarter results included $8.5 million in revenues and a loss of $2.2 million from TCS.
Its fourth-quarter results also included the previously-announced cost of settling a securities claim, $3.5 million, NICE says.
Excluding the special charges, the fourth quarter net loss was $0.7 million, or $0.05 per share. NICE generated net operating cash flow of $11.5 million in the fourth quarter.
¿Operationally, we had an outstanding quarter,¿ commented the company's CEO and president, Haim Shani, in the company's statement. ¿NICE¿s standalone results exceeded our guidance, and bookings reached another record high. This was an excellent achievement considering that we were in the process of integrating the former TCS operations throughout the quarter."
Shani added that TCS's results for November and December are not indicative of what NICE expects in the future. "The fourth quarter impact reflects all the negative effects of the integration process but none of the benefits of headcount reduction, closing offices and shifting employees into different positions. Still it was a very smooth process and it was accomplished very quickly."
NICE is already selling its products through former TCS channels, Shani said, and expects the acquisition to be accretive for 2003 as a whole.
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