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Nice Systems 6-K 2006

Documents found in this filing:

  1. 6-K
  2. 6-K
6KQ12006

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 the month of May 2006 (report no. 2)

 

Commission File Number: 0-27466

 

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 furnishing 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 assigned to the Registrant in connection with Rule 12g3-2(b):  82- _N/A__

 

 

____ 1 ____ 


THE FINANCIAL STATEMENTS ATTACHED TO THE PRESS RELEASE IN EXHIBIT 99.1 OF THIS REPORT ON FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO NICE-SYSTEMS LTD.`S ("NICE") REGISTRATION STATEMENTS ON FORM F-3 (REGISTRATION STATEMENTS NOS. 333-127883, 333-12350, 333-12996, AND 333-109766) AND NICE`S REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-11842, 333-9352, 333-11154, 333-13686, 333-111112 AND 333-111113), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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 document, which is attached hereto and incorporated by reference herein:

99.1 Press Release: NICE Systems Delivers Another Strong Quarter with Q1 2006 Results. Dated May 10, 2006.

 

 

 

____ 2 ____ 


 

 

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/ Yechiam Cohen

Name: Yechiam Cohen

Title: General Counsel

 

 

 

 

Dated:  May 10, 2006

 

____ 3 ____ 


 

 

EXHIBIT INDEX

 

99.1 Press Release: NICE Systems Delivers Another Strong Quarter with Q1 2006 Results. Dated May 10, 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NICE Systems Delivers Another Strong Quarter with Q1 2006 Results

First quarter revenue growth of 33% translates into pro-forma net income growth of 81%

 

Ra`anana, Israel, May 10, 2006 - NICE Systems (NASDAQ: NICE), the global provider of advanced solutions that enable organizations to extract Insight from Interactions(TM) to drive performance, today announced results for the first quarter of 2006.

 

Highlights of the first quarter 2006 include:

 

        Growing number of repeat orders for NICE Perform(TM), crossing 10% mark of enterprise business

        Record revenues and bookings in Public Safety and Security business

        Strong results from video security business include contribution from completion of FAST integration

 

First quarter 2006 revenue was $87.9 million, representing a 33.0% increase from $66.1 million in the first quarter of 2005.

 

Pro-forma gross margin in the first quarter was $48.9 million, or 55.7%, up from $36.7 million, or 55.5% in the first quarter 2005.  

 

The company also reported first quarter 2006 pro-forma operating profit of $9.3 million and operating margin of 10.5%, compared with $5.6 million and 8.5%, respectively, in the first quarter of 2005.

 

First quarter 2006 pro-forma net income was $10.8 million, up 80.9% from $6.0 million in the first quarter of 2005.  Pro-forma earnings per fully diluted share were at $0.42 up from $0.30 in the same quarter of 2005.  

 

On a GAAP basis: first quarter 2006 gross margin was 54.3%, compared with 55.3% in the first quarter of 2005; operating profit was $5.3 million and operating margin was 6.1%, compared with $5.4 million and 8.2%, respectively, in the first quarter of 2005; and first quarter 2006 net income was $7.1 million, or $0.28 per fully diluted share, compared with net income of $5.8 million, or $0.29 per share, on a fully diluted basis, for the first quarter of 2005.  

 

Total cash and equivalents at March 31, 2006 rose to $420.1 million compared with $411.6 million at December 31, 2005. The net increase of $8.5 million after payment of approximately $21 million in cash for the FAST acquisition.

 

Commenting on the results, Haim Shani, Chief Executive Officer of NICE said, "The first quarter of 2006 was a very strong quarter for NICE, following another record year in 2005.  With the momentum of NICE Perform, our next generation security solutions, and our leadership of the burgeoning market for Contact Center Business Management and Analytics with the announced acquisitions of IEX and Performix, this has been a very exciting year so far."

 

Mr. Shani continued, "We are proud to head these new paradigm shifts in the way organizations make critical business decisions and improve performance, whether their operation is a contact center, a commercial enterprise, or is focused on public safety and security.

 

Ran Oz, NICE`s Corporate Vice President and Chief Financial Officer, stated, "Once again we have demonstrated the leverage of our business model, translating top line growth into much greater bottom line growth."

 

Mr. Oz continued, "As we remain confident about the increasing demand for our Insight from Interactions solutions and given our strong visibility, we provide first time Q2 2006 guidance as follows: we expect revenue to be between $89 and $92 million, and pro-forma EPS per fully diluted share in the range of $0.44 - $0.48. We reiterate recently announced full year guidance for 2006, with revenues at $395 - $405 million, and pro-forma EPS at a range of $2.00 - $2.12 per fully diluted 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).  Participants may access the conference call by dialing US toll-free 1-866-860-9642; international: +972-3-918-0610; Israel: 03-918-0610.  The call will also 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 three hours after the call. The replay information: US Toll-free: 1-866-276-1485; international: + 972-3-925-5930; Israel: 03-925-5930.

 

Pro-forma results exclude the amortization of acquired intangible assets of $1.4 million net of taxes in Q1 2006 and $0.2 million in Q1 2005, expensing of options of $2.2 million for Q1 2006, and in-process R&D of $0.2 million in Q1 2006.  A reconciliation between results on a GAAP and pro-forma basis is provided in a table immediately following the Consolidated Statement of Operations (Pro-Forma Basis).  

 

About NICE

NICE Systems (NASDAQ: NICE) is the leading provider of Insight from Interactions(TM), based on advanced content analytics - of traditional telephony and IP, web, radio and video communications.  NICE's solutions improve business and operational performance, as well as security.  NICE has over 23,000 customers in 100 countries, including the world's top 10 banks and over 75 of the Fortune 100.  More information is available at www.nice.com.

  

Media

 

 

Galit Belkind

NICE Systems  

galit.belkind@nice.com

+1 877 245 7448

Investors

 

 

Daphna Golden

NICE Systems

ir@nice.com

+1 877 245 7449

      

Trademark Note:  360o View, Alpha Technologies, Customer Feedback, Dispatcher Assessment, Encorder, eNiceLink, Executive Connect, Executive Insight*, FAST, FAST alpha blue, FAST alpha silver, Freedom, Freedom Connect, Interaction Capture Unit, Insight from Interactions, Investigator, Last Message Replay, Mirra, My Universe, NICE, NICE Analyzer, NiceCall, NiceCall Focus, NiceCLS, NICE Inform, NICE Learning, NiceLog, NICE Perform, NICE Playback Organizer, NiceScreen, NICE Storage Center, NiceTrack, NiceUniverse, NiceUniverse Compact, NiceVision, NiceVision ALTO, NiceVision Harmony, NiceVision Mobile, NiceVision NVSAT, NiceVision PRO, Renaissance, Scenario Replay, ScreenSense, Tienna, Universe, 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.

 

*in Australia only

 

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.

____ 4 ____ 


NICE SYSTEMS LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

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

 

Three months ended

 

March 31,

 

2005

 

2006

 

Unaudited

 

Unaudited

Revenue

 

 

 

Product

$ 47,277

 

$ 57,274

Services

    18,845

 

    30,641

Total revenue

    66,122

 

    87,915

 

 

 

 

Cost of revenue

 

 

 

Product

    15,557

 

    19,799

Services

    13,991

 

    20,401

Total cost of revenue

    29,548

 

    40,200

 

 

 

 

Gross Profit

    36,574

 

    47,715

 

 

 

 

Operating Expenses:

 

 

 

Research and development, net

      6,756

 

      9,269

Selling and marketing

    16,030

 

    20,299

General and administrative

      8,340

 

    11,998

Amortization of acquired intangible assets

          39

 

        598

In-process research and development

            -  

 

        212

Total operating expenses

    31,165

 

    42,376

 

 

 

 

Operating income

      5,409

 

      5,339

 

 

 

 

Financial income, net

      1,052

 

      3,866

 

 

 

 

Income before taxes on income

      6,461

 

      9,205

Income tax expense (benefit)

        685

 

      2,135

 

 

 

 

Net income  

$   5,776

 

$   7,070

 

 

 

 

Basic income per share

$     0.31

 

$     0.29

 

 

 

 

Diluted income per share

$     0.29

 

$     0.28

 

 

 

 

Weighted average number of shares

 

 

 

outstanding used to compute:

 

 

 

 

 

 

 

Basic income per share

18,411

 

24,333

Diluted income per share

19,861

 

25,693

 

 

 

 

____ 5 ____ 


NICE SYSTEMS LTD. AND SUBSIDIARIES

NON-GAAP CONSOLIDATED STATEMENTS OF INCOME

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

 

Three months ended March 31,

 

Three months ended March 31,

 

2005

 

 

2005

 

2006

 

 

2006

 

Reported

Adj.

 

Non-GAAP

 

Reported

Adj.

 

Non-GAAP

Revenue

 

 

 

 

 

 

 

 

 

Product

$ 47,277

 

 

$     47,277

 

$ 57,274

 

 

$   57,274

Services

    18,845

 

 

       18,845

 

    30,641

 

 

     30,641

Total revenue

    66,122

            -  

 

       66,122

 

    87,915

            -  

 

     87,915

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Product

    15,557

       (103)

a

       15,454

 

    19,799

     (1,023)

a,b

     18,776

Services

    13,991

         (47)

a

       13,944

 

    20,401

       (202)

b

     20,199

Total cost of revenue

    29,548

       (150)

 

       29,398

 

    40,200

     (1,225)

 

     38,975

 

 

 

 

 

 

 

 

 

 

Gross Profit

    36,574

        150

 

       36,724

 

    47,715

      1,225

 

     48,940

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Research and development, net

      6,756

 

 

         6,756

 

      9,269

       (246)

b

       9,023

Selling and marketing

    16,030

 

 

       16,030

 

    20,299

       (557)

b

     19,742

General and administrative

      8,340

 

 

         8,340

 

    11,998

     (1,098)

b

     10,900

Amortization of acquired intangible assets

          39

         (39)

a

               -  

 

        598

       (598)

a

             -  

In-process research and development

            -  

 

 

               -  

 

        212

       (212)

c

             -  

Total operating expenses

    31,165

         (39)

 

       31,126

 

    42,376

     (2,711)

 

     39,665

 

 

 

 

 

 

 

 

 

 

Operating income

      5,409

        189

 

         5,598

 

      5,339

      3,936

 

       9,275

 

 

 

 

 

 

 

 

 

 

Financial income, net

      1,052

 

 

         1,052

 

      3,866

 

 

       3,866

 

 

 

 

 

 

 

 

 

 

Income before taxes on income

      6,461

        189

 

         6,650

 

      9,205

      3,936

 

     13,141

Income tax expense (benefit)

        685

 

 

            685

 

      2,135

        211

d

       2,346

 

 

 

 

 

 

 

 

 

 

Net income  

$   5,776

$      189

 

$      5,965

 

$   7,070

$   3,725

 

$   10,795

 

 

 

 

 

 

 

 

 

 

Basic income per share

$     0.31

 

 

$        0.32

 

$     0.29

 

 

$      0.44

 

 

 

 

 

 

 

 

 

 

Diluted income per share

$     0.29

 

 

$        0.30

 

$     0.28

 

 

$      0.42

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

 

 

outstanding used to compute:

 

 

 

 

 

 

 

 

 

Basic income per share

18,411

 

 

18,411

 

24,333

 

 

24,333

Diluted income per share

19,861

 

 

19,861

 

25,693

 

 

25,693

 

 

 

 

 

 

 

 

 

 

a Amortization of acquired intangible assets

 

 

 

 

 

 

 

 

 

b Compensation expense for stock options

 

 

 

 

 

 

 

 

 

c In-process research and development acquired in connection with the acquisition of Fast Video Security A.G.

d Tax benefit associated with the amortization of  acquired intangibles

 

 

 

 

____ 6 ____ 


NICE SYSTEMS LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 

 

December 31,

 

March 31,

 

 

2005

 

2006

 

 

Unaudited

 

Unaudited

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$      254,956

 

$        220,995

Short-term investments

 

           36,261

 

             51,793

Trade receivables

 

           66,153

 

             62,015

Other receivables and prepaid expenses

 

            9,544

 

             11,047

Inventories

 

           23,172

 

             20,465

Deferred tax assets

 

            3,360

 

              3,862

 

 

 

 

 

Total current assets

 

         393,446

 

           370,177

 

 

 

 

 

LONG-TERM ASSETS:

 

 

 

 

Marketable securities

 

         120,342

 

           147,319

Other long-term assets

 

            9,755

 

             10,248

Deferred Tax Assets

 

            4,976

 

              5,321

Property and equipment, net

 

           14,888

 

             15,026

Other intangible assets, net

 

           23,990

 

             33,936

Goodwill

 

           49,853

 

             62,317

 

 

 

 

 

Total long-term assets

 

         223,804

 

           274,167

 

 

 

 

 

TOTAL ASSETS

 

$      617,250

 

$        644,344

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Trade payables

 

$        18,194

 

$          17,829

Accrued expenses and other liabilities

 

         100,544

 

           108,416

 

 

 

 

 

Total current liabilities

 

         118,738

 

           126,245

 

 

 

 

 

LONG-TERM LIABILITIES:

 

 

 

 

Deferred tax liabilities

 

            2,493

 

              4,068

Other long-term liabilities

 

            8,978

 

              9,407

 

 

 

 

 

Total long-term liabilities

 

           11,471

 

             13,475

SHAREHOLDERS' EQUITY

 

         487,041

 

           504,624

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$      617,250

 

$        644,344

 

 

 

 

 

____ 7 ____ 


NICE SYSTEMS LTD. AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENTS

U.S. dollars in thousands

 

Three months ended

 

March 31,

 

2005

 

2006

 

Unaudited

 

Unaudited

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$   5,776

 

$    7,070

Adjustments required to reconcile net income to net cash

 

 

 

provided by operating activities:

 

 

 

Depreciation and amortization

      3,009

 

      4,025

Accrued severance pay, net

         (49)

 

          (18)

Amortization of discount (premium) and accrued interest

 

 

 

  on marketable securities

        280

 

          (27)

Stock based compensation

           -  

 

      2,159

In-process research and development

           -  

 

         212

Decrease (increase) in trade receivables

     (3,477)

 

      3,553

Decrease in other receivables and prepaid expenses

       (759)

 

          (70)

Decrease in inventories

        229

 

      2,688

Increase (decrease) in trade payables

      3,097

 

     (1,922)

Increase in accrued expenses and other liabilities

      4,700

 

      6,345

Deferred taxes, net

           -  

 

        (606)

Other

          37

 

             1

 

 

 

 

  Net cash provided by operating activities

    12,843

 

     23,410

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

     (1,378)

 

     (1,785)

Investment in short-term bank deposits

         (21)

 

          (19)

Proceeds from short-term bank deposits

          33

 

           31

Proceeds from maturity of marketable securities

    83,485

 

      5,580

Investment in marketable securities

(104,122)

 

    (48,075)

Capitalization of software development costs

       (217)

 

        (120)

Payment for the acquisition of Fast Video Security AG

           -  

 

    (21,174)

Decrease in accrued acquisition costs

           -  

 

          (10)

Proceeds from related party in respect of TCS acquisition

      2,531

 

           -  

 

 

 

 

  Net cash used by investing activities

   (19,689)

 

    (65,572)

 

 

 

 

Cash flows from financing activities:

 

 

 

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

      5,703

 

      8,684

Tax benefit from exercised options

           -  

 

         392

Decrease in accrued expenses associated with the 2005 offering

           -  

 

        (104)

Decrease in short-term bank credit assumed in the acquisition of Fast

           -  

 

        (785)

 

 

 

 

  Net cash provided by financing activities

      5,703

 

      8,187

 

 

 

 

Effect of exchange rate changes on cash

         (16)

 

           14

 

 

 

 

Decrease in cash and cash equivalents

     (1,159)

 

    (33,961)

Cash and cash equivalents at beginning of period

    26,579

 

   254,956

Cash and cash equivalents at end of period

$ 25,420

 

$220,995

#######

____ 8 ____ 

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