TODAY'S PAPER
50° Good Morning
50° Good Morning
Business

Verint Systems sales boosted by KANA acquisition

The headquarters of Verint Systems Inc., South Service

The headquarters of Verint Systems Inc., South Service Road in Melville on Jan. 6, 2014. Photo Credit: Steve Pfost

Verint Systems Inc., Long Island's largest software maker, said its third-quarter sales rose sharply as it continues to add revenue from the $514 million data-analysis business it bought this year.

The Melville company, which makes programs to monitor telephone calls and other communications, said its sales rose to $282.6 million during the three months that ended in October, up 25 percent from the same period last year.

"We are pleased with our strong third-quarter results which reflect our focus on innovation and our expanding portfolio of actionable intelligence solutions for a smarter world," Verint chief executive Dan Bodner said in a statement.

Despite the increase in sales, Verint's net income for the quarter fell to $11.5 million, or 17 cents per share. That's down 52 percent from last year as the company continues to absorb expenses from buying and integrating KANA Software Inc., a Sunnyvale, California, business that adds key capabilities to the data-analysis software that Verint sells to corporations.

Verint released its earnings report after the close of regular trading on Wall Street. The company's stock fell 4 percent in after-hours trading to $58.50.

Daniel Ives, an analyst who follows the company for FBR Capital Markets & Co. of Arlington, Virginia, attributed that dip to disappointed investors who had hoped Verint would significantly increase its full-year revenue forecast.

"It's been a massively strong performing stock," Ives said. "Investors were expecting a strong beat and raise . . . but overall the company is executing on all fronts."

Comments

We're revamping our Comments section. Learn more and share your input.

More news