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Wednesday, June 1, 2011

Comments & Business Outlook

COMVERSE TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)


	Fiscal Years Ended January 31,
	2011			2010			2009
Revenue:
Product revenue	$	692,448		$	635,057		$	696,369
Service revenue		930,979			898,880			932,258

Total revenue		1,623,427			1,533,937			1,628,627

Costs and expenses:
Product costs		263,429			251,800			282,586
Service costs		455,084			467,399			490,174
Selling, general and administrative		689,306			721,731			657,680
Research and development, net		253,089			267,211			329,148
Other operating (income) expenses:
Litigation settlements		(17,500	)		—			(4,292	)
Impairment of goodwill and other intangible assets		—			3,356			48,388
Restructuring charges		29,934			15,541			15,487
Integration charges		—			—			3,261

Total other operating (income) expenses:		12,434			18,897			62,844

Total costs and expenses		1,673,342			1,727,038			1,822,432

Loss from operations		(49,915	)		(193,101	)		(193,805	)
Interest income		4,105			7,059			29,191
Interest expense		(30,813	)		(25,381	)		(45,826	)
Other income (expense), net		6,392			(16,792	)		(92,130	)

Loss before income tax (provision) benefit		(70,231	)		(228,215	)		(302,570	)
Income tax (provision) benefit		(37,232	)		7,025			(48,847	)

Net loss from continuing operations		(107,463	)		(221,190	)		(351,417	)
Loss from discontinued operations, net of tax		(11,039	)		(43,062	)		(7,371	)

Net Loss		(118,502	)		(264,252	)		(358,788	)
Less: Net (income) loss attributable to noncontrolling interest		(13,820	)		(7,783	)		33,536

Net loss attributable to Comverse Technology, Inc.	$	(132,322	)	$	(272,035	)	$	(325,252	)

Weighted average common shares outstanding:
Basic and Diluted		205,162,720			204,513,420			204,171,793

Loss per share attributable to Comverse Technology, Inc.’s shareholders:
Basic loss per share
Continuing operations	$	(0.61	)	$	(1.13	)	$	(1.56	)
Discontinued operations		(0.03	)		(0.20	)		(0.03	)

Basic loss per share	$	(0.64	)	$	(1.33	)	$	(1.59	)

Diluted loss per share
Continuing operations	$	(0.62	)	$	(1.13	)	$	(1.56	)
Discontinued operations		(0.03	)		(0.20	)		(0.03	)

Diluted loss per share	$	(0.65	)	$	(1.33	)	$	(1.59	)

Net loss attributable to Comverse Technology, Inc.
Net loss from continuing operations	$	(125,617	)	$	(230,430	)	$	(318,891	)
Loss from discontinued operations, net of tax		(6,705	)		(41,605	)		(6,361	)

Net loss attributable to Comverse Technology, Inc.	$	(132,322	)	$	(272,035	)	$	(325,252	)

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