NICE Reports Record Non-GAAP Revenues, Operating Margin and EPS for the Third Quarter 2011

Company Announces New Share Repurchase Plan

Nov 03, 2011, 06:55 ET from NICE Systems Ltd.

RA'ANANA, Israel, November 3, 2011 /PRNewswire/ --

NICE Systems (NASDAQ: NICE) today announced results for the third quarter ending September 30, 2011.

Third Quarter 2011 non-GAAP Financial and Business Highlights Include:    • Record revenues of $200.4 million, up 14% year over year • Operating margins reached a record 19.4%, up from 18.1% last year • Fully diluted earnings per share increased 20% to a record $0.54 • Company completed its acquisition of Fizzback in October • Company increases EPS guidance for 2011

 

"We are pleased with our strong performance for the third quarter of 2011 as NICE reported another quarter of record revenues, surpassing $200 million for the first time," said Zeevi Bregman, President and CEO of NICE Systems. "Moreover, we continued to drive profitable growth through operating leverage, reaching a record operating margin and EPS." "Coming off a solid third quarter with a strong backlog and a healthy pipeline, 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. Our customers need to analyze vast amounts of unstructured and structured data to give them better insight into their businesses, and we believe that NICE is best positioned to capture these market opportunities," Mr. Bregman concluded.

Non-GAAP Financial Highlights for the Third Quarter Ended September 30, 2011:

Revenues: Third quarter 2011 non-GAAP revenues reached a record $200.4 million, up 13.7% from $176.2 million for the third quarter of 2010.

Gross Profit: Third quarter 2011 non-GAAP gross profit and non-GAAP gross margin were $129.5 million and 64.6%, respectively, compared to $115.9 million and 65.8%, respectively, for the third quarter of 2010.

Operating Income: Third quarter 2011 non-GAAP operating income and non-GAAP operating margin reached a record $38.9 million and 19.4%, respectively, increasing from $31.8 million and 18.1%, respectively, for the third quarter of 2010. Net Income: Third quarter 2011 non-GAAP net income and non-GAAP net margin increased to $34.5 million and 17.2%, respectively, from $28.7 million and 16.3%, respectively, for the third quarter of 2010.

Fully Diluted Earnings Per Share: Third quarter 2011 non-GAAP fully diluted earnings per share increased to a record $0.54, up 20.0% from $0.45 for the third quarter of 2010.

GAAP Financial Highlights for the Third Quarter Ended September 30, 2011: Revenues: Third quarter 2011 revenues reached a record $199.5 million, up 14.1% from $174.9 million for the third quarter of 2010.

Gross Profit: Third quarter 2011 gross profit and gross margin were $121.8 million and 61.1%, respectively, compared to $107.9 million and 61.7%, respectively, for the third quarter of 2010.

Operating Income: Third quarter 2011 operating income and operating margin were $20.4 million and 10.2%, respectively, increasing from $12.6 million and 7.2%, respectively, for the third quarter of 2010. Net Income: Third quarter 2011 net income and net margin increased to $18.3 million and 9.2%, respectively, compared to $12.5 million and 7.2%, respectively, for the third quarter of 2010. Fully Diluted Earnings Per Share: Fully diluted earnings per share for the third quarter 2011 increased 45% to $0.29 compared to $0.20 for the third quarter of 2010. Operating Cash Flow and Cash Balance: Third quarter 2011 operating cash flow was $17.9 million. As of September 30, 2011, total cash and cash equivalents, short term investments and marketable securities were $599.5 million, with no debt.

Share Repurchase Program

In the third quarter of 2011, the Company bought back 1.9 million shares for $59 million at an average price of $30.57.  In the nine months period ended September 30th, 2011, the Company bought back 2.8 million shares for $90 million at an average price of $32.07.

The Company also announced that its Board of Directors has authorized a new program to repurchase up to $100 million of its issued and outstanding ordinary shares and ADRs. Repurchases may be made from time to time in the open market or in privately negotiated transactions and will be in accordance with applicable securities laws and regulations. The timing and amount of the repurchase transactions will be determined by management and may depend on a variety of factors, including market conditions, alternative investment opportunities and other considerations. The program does not obligate the Company to acquire any particular amount of ordinary shares and ADRs and the program may be modified or discontinued at any time without prior notice.

Fourth Quarter and Full Year 2011 Guidance:

Fourth Quarter 2011: non-GAAP revenue for the fourth quarter is expected to be in a range of $208 million to $218 million. Fourth quarter non-GAAP fully diluted earnings per share are expected to be in a range of $0.55 to $0.59. Full Year 2011: non-GAAP revenue for the full year is expected to be in a range of $792 million to $802 million. The range for full year non-GAAP fully diluted earnings per share was increased and is now expect to be in a range of $2.05 to $2.09.

Quarterly Results Conference Call

NICE management will host its earnings conference call at 8:30 AM EDT, 12:30 PM GMT, 2:30 PM Israel, to discuss the results and the company's outlook. To participate in the call, please dial the following dial-in numbers: United States 1-866-229-7198 or 1-888-668-9141, International +972-3-9180609, United Kingdom 0-800-917-5108 Israel 03-9180609. The call will be webcast live on http://www.nice.com at http://www.nice.com/news-and-events/ir-events . An online replay will also be available approximately three hours following the call. A telephone replay of the call will be available for 72 hours after the live broadcast, and may be accessed by dialing: United States 1-888-782-4291, International +972-3-9255900, United Kingdom 0-800-917-4256 Israel 03-9255900.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, re-organization expenses, share-based compensation expenses, as well as certain business combination accounting entries The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Business combination accounting rules requires us to recognize a legal performance obligation related to a revenue arrangement of an acquired entity. The amount assigned to that liability should be based on its fair value at the date of acquisition. The non-GAAP adjustment is intended to reflect the full amount of such revenue. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business. We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income.

About NICE

NICE Systems (NASDAQ: NICE) is the worldwide leader of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security. NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies. http://www.nice.com Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Systems.  All other marks are trademarks of their respective owners.  For a full list of NICE Systems' marks, please see: http://www.nice.com/nice-trademarks

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Messer Bregman, are based on the current expectations of the management of NICE-Systems Ltd. (the Company) only, and are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of the global economic environment on the Company's customer base (particularly financial services firms) and the resulting uncertainties; 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. 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, including the Company's Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

NICE SYSTEMS LTD. AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF INCOME    U.S. dollars in thousands (except per share amounts)   

         
                                      Quarter ended          Year to date
                                      September 30,          September 30,
                                 --------------------   ---------------------
                                      2011       2010        2011        2010
                                 Unaudited  Unaudited   Unaudited   Unaudited
 
    Revenue:
                                                                 
     Product                      $ 88,677   $ 83,556    $257,831    $237,695
     Services                      110,784     91,300     322,378     265,611
                                 ---------   --------   ---------   ---------
    Total revenue                  199,461    174,856     580,209     503,306
 
    Cost of revenue:
     Product                        29,394     26,061      85,129      79,603
     Services                       48,265     40,944     140,531     119,257
                                 ---------   --------   ---------   ---------
    Total cost of revenue           77,659     67,005     225,660     198,860
                                 ---------   --------   ---------   ---------
 
    Gross profit                   121,802    107,851     354,549     304,446
 
    Operating Expenses:
     Research and development, net  27,065     25,481      79,820      70,947
     Selling and marketing          45,963     44,050     144,941     128,585
     General and administrative     22,528     20,717      68,618      58,569
     Amortization of acquired 
     intangible assets               5,818      4,968      17,262      14,459
                                 ---------   --------   ---------   ---------
    Total operating expenses       101,374     95,216     310,641     272,560
                                 ---------   --------   ---------   ---------
 
    Operating income                20,428     12,635      43,908      31,886
 
    Finance and other income, net    2,075      3,377       7,454       7,054
                                 ---------   --------   ---------   ---------
 
    Income before taxes on income   22,503     16,012      51,362      38,940
    Taxes on income                  4,181      3,474       9,344       7,615
                                 ---------   --------   ---------   ---------
 
    Net income                    $ 18,322   $ 12,538    $ 42,018    $ 31,325
                                 =========   ========   =========   =========
 
    Basic earnings per share        $ 0.29     $ 0.20      $ 0.66      $ 0.50
                                 =========   ========   =========   =========
 
    Diluted earnings per share      $ 0.29     $ 0.20      $ 0.65      $ 0.49
                                 =========   ========   =========   =========
 
    Weighted average number of shares
    outstanding used to compute:
 
    Basic earnings per share        62,824     62,711      63,325      62,478
    Diluted earnings per share      64,002     63,720      64,661      64,009
 

NICE SYSTEMS LTD. AND SUBSIDIARIES    RECONCILIATION OF GAAP TO NON-GAAP RESULTS    U.S. dollars in thousands (except per share amounts)   

                              Quarter ended              Year to date
                               September 30,              September 30,
                            ----------------------  ---------------------
                               2011         2010       2011       2010
                           ---------     ---------  --------- -----------
    GAAP revenues          $ 199,461     $ 174,856  $ 580,209  $ 503,306
    Valuation adjustment on 
    acquired deferred product 
    revenue                      607           638      3,010      1,579
    Valuation adjustment 
    on acquired deferred 
    service revenue              362           713        865      3,465
                           ---------     ---------  --------- ----------
    Non-GAAP revenues      $ 200,430     $ 176,207  $ 584,084  $ 508,350
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
 
    GAAP cost of revenue    $ 77,659      $ 67,005  $ 225,660  $ 198,860
    Amortization of 
    acquired intangible 
    assets on cost of product (6,390)       (6,146)   (20,397)   (17,226)
    Valuation adjustment on 
    acquired deferred 
    cost of services             133           205        466        640
    Cost of product 
    revenue adjustment (1,2,4)   (79)         (113)      (307)      (315)
    Cost of services 
    revenue adjustment (1,2,3)  (378)         (670)    (1,770)    (1,972)
                           ---------     ---------  --------- ----------
    Non-GAAP cost of 
    revenue                 $ 70,945      $ 60,281  $ 203,652  $ 179,987
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------

    GAAP gross profit      $ 121,802     $ 107,851  $ 354,549  $ 304,446
    Gross profit adjustments   7,683         8,075     25,883     23,917
                           ---------     ---------  --------- ----------
    Non-GAAP gross profit  $ 129,485     $ 115,926  $ 380,432  $ 328,363
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
    GAAP operating 
    expenses               $ 101,374      $ 95,216  $ 310,641  $ 272,560
    Research and 
    development (1,2,3)         (861)         (978)    (3,142)    (3,720)
    Sales and marketing 
    (1,2,3)                   (1,796)       (1,738)    (6,083)    (4,561)
    General and 
    administrative (1,2,3)    (1,519)       (2,450)    (6,596)    (8,523)
    Amortization of 
    acquired intangible 
    assets                    (5,818)       (4,968)   (17,262)   (14,459)
    Acquisition related 
    expenses (4)                (793)         (980)    (6,199)    (1,599)
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
    Non-GAAP operating
    expenses                $ 90,587      $ 84,102  $ 271,359  $ 239,698
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
    GAAP finance & 
    other income, net        $ 2,075       $ 3,377    $ 7,454    $ 7,054
    Realized gain on 
    previously impaired 
    marketable securities          -          (625)         -       (625)
    Acquisition related 
    expenses (4)                   -            97          -         97
                           ---------     ---------  --------- ----------
    Non-GAAP finance & 
    other income, net        $ 2,075       $ 2,849    $ 7,454    $ 6,526
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
 
    GAAP taxes on Income     $ 4,181       $ 3,474    $ 9,344    $ 7,615
    Tax adjustments re 
    non-gaap adjustments       2,318         2,539     10,139      8,229
                           ---------     ---------  --------- ----------
    Non-GAAP taxes on income $ 6,499       $ 6,013   $ 19,483   $ 15,844
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
    GAAP net income         $ 18,322      $ 12,538   $ 42,018   $ 31,325
    Valuation adjustment 
    on acquired deferred 
    revenue                      969         1,351      3,875      5,044
    Valuation adjustment 
    on acquired deferred 
    cost of services            (133)         (205)      (466)      (640)
    Amortization of 
    acquired intangible 
    assets                    12,208        11,114     37,659     31,685
    Share-based compensation
    (1)                        4,285         5,638     15,273     15,896
    Re-organization 
    expenses (2)                   -             -        910      2,262
    Acquisition related 
    compensation expense (3)     345           311      1,706        933
    Acquisition 
    related expenses (4)         796         1,077      6,208      1,696
    Realized gain on 
    previously impaired 
    marketable securities          -          (625)        -        (625)
    Tax adjustments re 
    non-gaap adjustments      (2,318)       (2,539)  (10,139)     (8,229)
                           ---------     ---------  --------- ----------
    Non-GAAP net income     $ 34,474      $ 28,660  $ 97,044    $ 79,347
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
    GAAP diluted earnings 
    per share                 $ 0.29        $ 0.20    $ 0.65      $ 0.49
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ---------- 
    Non-GAAP diluted 
    earnings per share        $ 0.54        $ 0.45    $ 1.50      $ 1.24
                           ---------     ---------  --------- ----------
                           ---------     ---------  --------- ----------
    Shares used in 
    computing US GAAP 
    diluted earnings per 
    share                     64,002        63,720    64,661      64,009
 
    Shares used in computing
    Non-GAAP diluted earnings
    per share                 64,002        63,720    64,661      64,009

NICE SYSTEMS LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued) U.S. dollars in thousands

    
 
    (1) Share-based Compensation
        ------------------------
                                        Quarter ended         Year to date
                                         September 30,          September 30,
                                   -------------------  ---------------------
                                        2011     2010        2011       2010
                                   ---------  --------  ----------  ---------
        Cost of product revenue       $ (76)   $ (113)     $ (238)    $ (315)
        Cost of service revenue        (362)     (670)     (1,654)    (1,686)
        Research and development       (640)     (667)     (2,085)    (2,787)
        Sales and marketing          (1,743)   (1,738)     (5,750)    (4,054)
        General and administrative   (1,464)   (2,450)     (5,546)    (7,054)
                                   ---------  --------  ----------  ---------
                                   $ (4,285) $ (5,638)  $ (15,273) $ (15,896)
                                   =========  ========  ==========  =========
 
    (2) Re-organization expenses
        ------------------------
                                         Quarter ended         Year to date
                                          September 30,        September 30,
                                   -------------------  ---------------------
                                         2011     2010        2011      2010
                                   ---------  --------  ----------  ---------
        Cost of product revenue           $ -      $ -      $ (60)       $ -
        Cost of service revenue             -        -          -       (286)
        Research and development            -        -       (141)         -
        Sales and marketing                 -        -          -       (507)
        General and administrative          -        -       (709)    (1,469)
                                   ---------  --------  ----------  ---------
                                          $ -      $ -     $ (910)  $ (2,262)
                                    ========= ========  ==========  =========
 
    (3) Acquisition related compensation expense
        ----------------------------------------
                                         Quarter ended         Year to date
                                          September 30,        September 30,
                                   -------------------  ---------------------
                                        2011    2010        2011      2010
                                   ---------  --------  ----------  ---------
        Cost of service revenue        $ (16)      $ -      $ (116)      $ -
        Research and development        (221)     (311)       (916)     (933)
        Sales and marketing              (53)        -        (333)        -
        General and administrative       (55)        -        (341)        -
                                   ---------  --------  ----------  ---------
                                      $ (345)   $ (311)   $ (1,706)   $ (933)
                                   =========  ========= =========== =========
 
    (4) Acquisition related expenses
        ----------------------------
                                        Quarter ended          Year to date
                                         September 30,         September 30,
                                   -------------------  ---------------------
                                        2011      2010        2011      2010
                                   ---------  --------  ----------  ---------
        Cost of product revenue         $ (3)      $ -        $ (9)      $ -
        Research and development         (49)      (72)        (81)      (73)
        Sales and marketing               27       (77)     (2,180)      (77)
        General and administrative      (771)     (831)     (3,938)   (1,449)
        Other expense, net                 -       (97)          -       (97)
                                   ---------  --------  ----------  ---------
                                      $ (796) $ (1,077)   $ (6,208) $ (1,696)
                                    =========  ========  ========== =========

NICE SYSTEMS LTD. AND SUBSIDIARIES                    CONDENSED CONSOLIDATED BALANCE SHEETS          U.S. dollars in thousands                   

    
 
                                                 September 30,  December 31,
                                                      2011          2010
                                                --------------  ------------
                                                    Unaudited     Unaudited
                                                --------------  ------------
 
           ASSETS
 
    CURRENT ASSETS:
           Cash and cash equivalents                $ 122,156     $ 109,526
           Short-term investments                     185,416       242,593
           Trade receivables                          120,965        99,257
           Other receivables and prepaid expenses      45,842        31,924
           Inventories                                 13,007        10,861
           Deferred tax assets                          6,501         6,798
                                                --------------  ------------
 
           Total current assets                       493,887       500,959
                                                --------------  ------------
 
    LONG-TERM ASSETS:
           Marketable securities                      291,896       311,081
           Other long-term assets                      31,789        31,118
           Property and equipment, net                 27,144        22,014
           Other intangible assets, net               128,996       141,632
           Goodwill                                   569,308       527,614
                                                --------------  ------------
 
           Total long-term assets                   1,049,133     1,033,459
                                                --------------  ------------
 
    TOTAL ASSETS                                  $ 1,543,020   $ 1,534,418
                                                ==============  ============
 
           LIABILITIES AND SHAREHOLDERS' EQUITY
 
    CURRENT LIABILITIES:
           Trade payables                            $ 21,187      $ 20,019
           Accrued expenses and other liabilities     335,302       307,031
                                                --------------  ------------
 
           Total current liabilities                  356,489       327,050
                                                --------------  ------------
 
    LONG-TERM LIABILITIES:
           Deferred tax liabilities                    17,311        19,705
           Other long-term liabilities                 26,420        26,903
                                                --------------  ------------
 
           Total long-term liabilities                 43,731        46,608
                                                --------------  ------------
 
    SHAREHOLDERS' EQUITY                            1,142,800     1,160,760
                                                --------------  ------------
 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY    $ 1,543,020   $ 1,534,418
                                                ==============  ============
 

 

NICE SYSTEMS LTD. AND SUBSIDIARIES       

CONSOLIDATED CASH FLOW STATEMENTS       

U.S. dollars in thousands       

                                        Quarter ended           Year to date
                                         September 30,          September 30,
                                  -------------------------------------------
                                       2011       2010       2011       2010
                                  Unaudited  Unaudited  Unaudited  Unaudited
                                  ---------  ---------  ---------  ----------
 
    Operating Activities
 
    Net income                     $ 18,322   $ 12,538   $ 42,018   $ 31,325
    Adjustments to reconcile 
    net income to net cash from 
    operations:
     Depreciation, amortization 
     and other                       16,080     14,747     48,908     42,222
     Stock based compensation         4,285      5,638     15,273     15,896
     Excess tax shortfall (benefit) 
     from share-based payment 
     arrangements                       102       (204)      (367)      (399)
     Net recognized losses (gains) 
     on investments and derivatives     329       (471)     1,616       (727)
     Deferred taxes, net             (1,807)      (991)    (8,732)    (6,457)
     Changes in operating 
     assets and liabilities:
      Trade Receivables              (9,325)    (2,156)   (17,210)     9,194
      Other receivables and 
      prepaid expenses                1,526      3,672        811     (4,387)
      Inventories                     1,169       (825)    (1,457)     1,357
      Trade payables                  2,761     (2,309)      (238)   (10,864)
      Accrued expenses and other 
      current liabilites            (15,390)     1,372     19,955     24,002
      Other long-term liabilities      (110)      (101)       504       (547)
                                  ---------  ---------  ---------  ----------
 
      Net cash provided by 
      operating activities           17,942     30,910    101,081    100,615
                                  ---------  ---------  ---------  ----------
 
    Investing Activities
 
     Purchase of property 
     and equipment                   (5,689)    (3,463)   (13,181)    (8,550)
     Proceeds from sale of 
     property and equipment              62          4         81         15
     Purchase of investments        (51,132)   (97,240)  (170,375)  (304,546)
     Proceeds from investments       73,628     26,422    229,959    119,597
     Capitalization of software 
     development costs                 (311)      (313)      (850)    (1,051)
     Purchase of intangible assets   (3,000)         -     (3,000)         -
     Payments for acquisitions, 
     net of cash acquired                 -    (26,201)   (64,947)   (52,267)
                                  ---------  ---------  ---------  ----------
 
      Net cash provided by (used in) 
      investing activities           13,558   (100,791)   (22,313)  (246,802)
                                  ---------  ---------  ---------  ----------
 
    Financing Activities
 
     Proceeds from issuance of 
     shares upon exercise of share 
     options and ESPP                 3,099      3,677     18,080     15,351
     Purchase of treasury shares    (54,019)         -    (84,991)         -
     Excess tax benefit (shortfall) 
     from share-based payment 
     arrangements                      (102)       204        367        399
                                  ---------  ---------  ---------  ----------
 
     Net cash provided by (used in) 
     financing activities           (51,022)     3,881    (66,544)    15,750
                                  ---------  ---------  ---------  ----------
 
    Effect of exchange rates on 
    cash and cash equivalents          (928)     1,530        406        253
                                  ---------  ---------  ---------  ----------
 
    Net change in cash and 
    cash equivalents                (20,450)   (64,470)    12,630   (130,184)
    Cash and cash equivalents, 
    beginning of period             142,606    149,097    109,526    214,811
                                  ---------  ---------  ---------  ----------
 
    Cash and cash equivalents, 
    end of period                 $ 122,156   $ 84,627   $122,156   $ 84,627
                                  =========  =========  =========  ==========

 

 

Corporate Media Contact Galit Belkind, +1-877-245-7448, galit.belkind@nice.com       

Investors Marty Cohen, +1-212-574-3635, ir@nice.com, ET

Anat Earon-Heilborn, +972-9-775-3798, ir@nice.com, CET

SOURCE NICE Systems Ltd.