Verint Systems 4Q profits jump 53%
Fourth-quarter profits rose sharply for Verint Systems Inc., as a global economic rebound buoyed demand for the company's software to help corporations pinpoint security threats and evaluate employee performance.
The Melville company said Wednesday its net income climbed 53 percent to $27.3 million, or 50 cents per share, during November, December and January, compared to the same period a year earlier. Sales climbed 8 percent to $229 million.
Verint chief executive Dan Bodner told analysts he expected the company's growth to continue this year, with sales rising 6 percent to 7 percent. Bodner said the global economy appeared to have finally shaken its doldrums.
"We see signs the U.S. economy has stabilized," Bodner said during a call with analysts. Asia appeared to have found its footing, too, he said.
Verint, founded in 1994, produces software used by businesses and government agencies to sift through data from telephone calls and surveillance cameras to evaluate performance and detect potential problems. The company's customers include more than 10,000 organizations in about 150 countries, including 85 percent of Fortune 100 companies, according to Verint's annual report.
The fourth quarter is typically Verint's strongest sales period. The company's $229 million in revenue beat the expectations of analysts, who had forecast $226.2 million, according to data compiled by Bloomberg.
Verint released its earnings report after the close of regular trading on Wall Street. The company's stock rose 6 percent in after-hours trading to $36.99. Shares of Verint are up more than 24 percent since Dec. 31.