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NICE Ltd. 6-K 2005

Documents found in this filing:

  1. 6-K
  2. Graphic
  3. Graphic
sixkearningrelease2005

 

 

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

 

For May 4,, 2005

 

               NICE-SYSTEMS LTD.                

(Translation of Registrant's Name into English)

 

 

         8 Hapnina Street, P.O. Box 690, Ra'anana, Israel         

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the Registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F    X       Form 40-F  ___

 

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as

permitted by Regulations S-T Rule 101(b)(1):

 

Yes  ____  No    X  

 

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7):

 

Yes  ____  No    X  

 

Indicate by check mark whether by fur-nishing the information contained in this Form 6-K, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes  ____  No    X  

 

If "Yes" is marked, indicate below the file number as-signed to the Registrant in connection with Rule 12g3-2(b):  82- _N/A__

 

Page 1 of 8 Pages

 

 

 

 

 

 

 

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO NICE-SYSTEMS LTD.`S ("NICE") REGISTRATION STATEMENTS ON FORM F-3 (REGISTRATION STATEMENT NOS. 333-12350 AND 333-12996) AND NICE`S REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-6784, 333-8146, 333-9350, 333-11842, 333-7414, 333-9352, 333-11154 , 333-13686, 333-111112 ,333-111113 AND 333-109766), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

 

 

CONTENTS

 

This Report on Form 6-K of NICE consists of the following documents, which are attached hereto and incorporated by reference herein:

 

 

Press Release: Nice Systems Reports 2005 first Quarter  Results.

____ 1 ____ 


 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

NICE-SYSTEMS LTD.

 

 

By:  /s/  Ran Oz

Name:  Ran Oz

Title: Corporate Vice President

And Chief Financial Officer

 

 

 

 

Dated: May 4, 2005

____ 2 ____ 


 

 

 

 

 

NICE Reports 2005 First Quarter Results

 

Highlights:

Q1 revenue at $66.1 million, up 13.3% from Q1 2004

Q1 gross margin improved to 55.3%

EPS was $0.29, up 107% from Q1 2004

Acquisition of Dictaphones CRS business on track

 

Ra'anana, Israel, May 4, 2005 - NICE Systems (NASDAQ: NICE), the global provider of advanced solutions that enable organizations to extract insight from interactions to drive performance, today announced results for the first quarter ending March 31, 2005.

 

First quarter 2005 revenue was $66.1 million, at the upper end of the Company's guidance range.  First quarter revenue represents a 13.3% increase over $58.3 million in the same quarter of 2004.

 

First quarter gross margin was 55.3%, an improvement from the 53.8% reported in the first quarter of 2004.

 

 

The company reported a first quarter operating profit of $5.4 million and operating margins of 8.2%, compared with $2.0 million and 3.5% in the first quarter of 2004.

 

Net income from continuing operations, which excludes income from discontinued operations, was $5.8 million or $0.29 per fully diluted share in the first quarter of 2005, up from $2.6 million or $0.14 per fully diluted share in the same quarter of 2004.  First quarter net income was $5.8 million, or $0.29 per fully diluted share, compared with net income of $5.9 million, or $0.32 per share, on a fully diluted basis, in the first quarter of 2004.  

 

Total cash and equivalents at March 31, 2005 rose to $185.1 million, up from $165.9 million at December 31, 2004. DSO`s for the first quarter stood at 69 days.

 

Commenting on the quarter, Haim Shani, Chief Executive Officer of NICE, said, "After a great year in fiscal 2004, we got off to an outstanding start in fiscal 2005.  We are seeing a general growth in demand for our Insight from Interactions solutions, both in the enterprise and security sector.  And as a result of the increase in demand and further to the Company`s strong operating platform and business model we have achieved significant earnings growth rate and bottom line leverage."

"Last month we announced our acquisition of Dictaphone`s Communications Recording Systems business, which strengthens our leadership positions in each of our key sectors, and the transaction is progressing according to plan."

"We reiterate our annual guidance, with revenues at $295 - $300 million and pro-forma EPS at $1.50 - 1.60.  For the second quarter of 2005, we expect to see 9%-14% growth in revenues to $67-$70 million from the $61.3 million reported in the second quarter of last year. In terms of earnings, we expect a 33%-50% increase over second quarter 2004 EPS of $0.24, to between $0.32 and $0.36 per share."

 

Conference Call

NICE will host a conference call to discuss the results and its business outlook today at 8:30 a.m. EST (15:30 Israel). The call will be broadcast live on the internet via NICE's website at www.nice.com.  A telephone replay will be available for up to 72 hours after the call. The replay information: US Toll-free: 1-866-276-1485; International: +972-3-925-5930; Israel: 03-925-5930.  

 

 

About NICE

NICE Systems (NASDAQ: NICE) is the leading provider of Insight from Interactions, based on advanced content analytics of telephony, web, radio and video communications.  NICE's solutions improve business and operational performance, as well as security.  NICE has over 15,000 customers in 100 countries, including the world's top 10 banks and 65% of the Fortune 100.  More information is available at www.nice.com.

 

Trademark Note: 3600 View, Agent@home, Big Picture Technology, Executive Connect, Executive Insight*, Experience Your Customer, Investigator, Lasting Loyalty, Listen Learn Lead, MEGACORDER, Mirra, My Universe, NICE, NiceAdvantage, NICE Analyzer, NiceCall, NiceCLS, NiceCMS, NICE Feedback, NiceFix, NiceGuard, NICE Learning, NICE Link, NiceLog, NICE Perform, ScreenSense, NiceScreen, NiceSoft, NICE Storage Center, NiceTrack, NiceUniverse, NiceUniverse LIVE, NiceVision, NiceVision Harmony, NiceVision Mobile, NiceVision Pro, NiceVision Virtual, NiceWatch, Renaissance, Secure Your Vision, Tienna, Wordnet and other product names and services mentioned herein are trademarks and registered trademarks of NICE Systems Ltd. All other registered and unregistered trademarks are the property of their respective owners.
*Only in
Australia

 

Media

 

 

Galit Sadan

NICE Systems  

galit.sadan@nice.com  

972-9-775-3745

 

Investors

 

 

Amit Scheinmann

NICE Systems

ir@nice.com

972-9-775-3026

 

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of the management of NICE Systems Ltd. (the Company) only, and are subject to a number of risk factors and uncertainties, including but not limited to changes in technology and market requirements, decline in demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel, loss of market share, pressure on pricing resulting from competition, and inability to maintain certain marketing and distribution arrangements, which could cause the actual results or performance of the Company to differ materially from those described therein. We undertake no obligation to update these forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NICE SYSTEMS LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except per share amounts)

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

 

2004

 

2005

 

 

Unaudited

 

Unaudited

 

 

 

 

 

 

Revenue

 

 

 

 

Product

$ 41,397

 

$ 47,277

 

Services

16,946

 

18,845

 

Total revenue

58,343

 

66,122

 

 

 

 

 

 

Cost of revenue

 

 

 

 

Product

14,855

 

15,557

 

Services

12,123

 

13,991

 

Total cost of revenue

26,978

 

29,548

 

 

 

 

 

 

Gross Profit

31,365

 

36,574

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

Research and development, net

6,215

 

6,756

 

Selling and marketing

15,261

 

16,069

 

General and administrative

7,865

 

8,340

 

Total operating expenses

29,341

 

31,165

 

 

 

 

 

 

Operating income

2,024

 

5,409

 

 

 

 

 

 

Financial income, net

901

 

1,052

 

 

 

 

 

 

Income before taxes on income

2,925

 

6,461

 

Taxes on income

310

 

685

 

 

 

 

 

 

Net income from continuing operations

2,615

 

5,776

 

 

 

 

 

 

Net income from discontinued operation

3,236

 

-

 

 

 

 

 

 

Net income

$ 5,851

 

$ 5,776

 

 

 

 

 

 

Basic income per share from continuing operations

$ 0.15

 

$ 0.31

 

Basic income per share from discontinued operation

$ 0.19

 

-

 

Basic income per share

$ 0.34

 

$ 0.31

 

 

 

 

 

 

Diluted income per share from continuing operations

$ 0.14

 

$ 0.29

 

Diluted income per share from discontinued operation

$ 0.17

 

-

 

Diluted income per share

$ 0.32

 

$ 0.29

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

outstanding used to compute:

 

 

 

 

 

 

 

 

 

Basic income per share

17,107

 

18,411

 

Diluted income per share

18,568

 

19,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NICE SYSTEMS LTD. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

U.S. dollars in thousands

 

 

 

 

 

 

December 31,

 

March 31,

 

2004

 

2005

 

Audited

 

Unaudited

 

 

 

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$ 26,579

 

$ 25,420

Short-term bank deposits

175

 

161

Marketable securities

24,348

 

41,486

Trade receivables

46,407

 

49,365

Other receivables and prepaid expenses

7,937

 

8,617

Inventories

12,615

 

11,306

Assets of discontinued operation

652

 

652

 

 

 

 

Total current assets

118,713

 

137,007

 

 

 

 

LONG-TERM INVESTMENTS:

 

 

 

Long-term marketable securities

114,805

 

118,024

Other long-term investments

9,410

 

9,324

 

 

 

 

Total long-term investments

124,215

 

127,348

 

 

 

 

PROPERTY AND EQUIPMENT, NET

16,981

 

16,247

 

 

 

 

OTHER ASSETS, NET

38,410

 

36,064

 

 

 

 

TOTAL ASSETS

$  298,319

 

$  316,666

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Trade payables

$  11,975

 

$  15,037

Accrued expenses and other liabilities

55,302

 

59,860

Liabilities of discontinued operation

8

 

8

 

 

 

 

Total current liabilities

67,285

 

74,905

 

 

 

 

LONG-TERM LIABILITIES

8,163

 

8,068

 

 

 

 

SHAREHOLDERS' EQUITY

222,871

 

233,693

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$  298,319

 

$  316,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NICE SYSTEMS LTD. AND SUBSIDIARIES

 

CONSOLIDATED CASH FLOW STATEMENTS

 

U.S. dollars in thousands

 

 

Three months ended

 

March 31,

 

2004

 

2005

 

Unaudited

 

Unaudited

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$ 5,851

 

$ 5,776

Less income for the period from discontinued operation

(3,236)

 

-

Adjustments required to reconcile net income to net cash

 

 

 

provided by operating activities:

 

 

 

Depreciation and amortization

3,510

 

3,009

Accrued severance pay, net

(9)

 

(49)

Amortization of discount (premium) and accrued interest

 

 

 

on marketable securities

303

 

280

Decrease (increase) in trade receivables

1,541

 

(3,477)

Decrease (increase) in other receivables and prepaid expenses

1,145

 

(759)

Decrease in inventories

285

 

229

Increase (decrease) in trade payables

(1,598)

 

3,097

Increase (decrease) in accrued expenses and other liabilities

(99)

 

4,700

Other

11

 

37

 

 

 

 

Net cash provided by operating activities from continuing operations

7,704

 

12,843

Net cash provided by operating activities from discontinued operation

204

 

-

 

 

 

 

  Net cash provided by operating activities

7,908

 

12,843

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

(1,838)

 

(1,378)

Investment in short-term bank deposits

(7)

 

(21)

Proceeds from short-term bank deposits

47

 

33

Proceeds from maturity of short-term marketable securities

7,300

 

83,485

Investment in short-term marketable securities

-

 

(95,050)

Proceeds of call of long-term held-to-maturity marketable securities

15,800

 

-

Investment in long-term held-to-maturity marketable securities

(35,355)

 

(9,072)

Capitalization of software development costs

(443)

 

(217)

Decrease in accrued acquisition costs

(75)

 

-

Payment in respect of terminated contract from TCS acquisition

(1,483)

 

-

Proceeds from related party in respect of TCS acquisition

4,013

 

2,531

 

 

 

 

Net cash used by investing activities from continuing operations

(12,041)

 

(19,689)

Net cash provided by investing activities from discontinued operation

4,136

 

-

 

 

 

 

  Net cash used by investing activities

(7,905)

 

(19,689)

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of shares and exercise of share options, net

8,022

 

5,703

 

 

 

 

  Net cash provided by financing activities

8,022

 

5,703

 

 

 

 

Effect of exchange rate changes on cash

(6)

 

(16)

 

 

 

 

Increase (decrease) in cash and cash equivalents

8,019

 

(1,159)

Cash and cash equivalents at beginning of period

29,859

 

26,579

 

 

 

 

Cash and cash equivalents at end of period

$37,878

 

$25,420

 

 

 

 

 

____ 3 ____ 

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