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First Quarter Earnings Per Share (Diluted) Of $0.43 Vs. $0.32

First Quarter Sales Up 36%, Net Income Up 40% To Record Levels


Comverse Technology, Inc. (NASDAQ:CMVT) announced for the first quarter of fiscal year 2001,
ended April 30, 2001, net income growth of 40%, to a record $78,956,000 ($0.43 per diluted
share), compared with $56,206,000 ($0.32 per diluted share) for the first quarter of fiscal
2000.

The company posted record sales of $365,037,000 for the first quarter of fiscal 2001, an
increase of 36% over the first quarter of fiscal 2000.

Kobi Alexander, Chairman and CEO of Comverse Technology, stated, "Our first quarter results
reflect our leadership position in our major markets. We believe that we are expanding our
market share in all three of our major areas of operation. More than 370 wireless and
wireline telecommunications network operators have selected Comverse's enhanced services
systems and software, which enable the provision of revenue-generating value-added services
including call answering with one-touch call return, short messaging services, IP-based
unified messaging (voice, fax, and email in a single mailbox), 2.5G/3G multimedia messaging
(MMS), wireless instant messaging, wireless data and Internet-based services,
voice-controlled dialing, messaging and browsing, prepaid wireless services, and additional
personal communication services. In addition, our Comverse Infosys division continues to
expand its market share, as more customers use our monitoring, business intelligence and
customer relationship management products, and our Ulticom division continues to benefit from
the growth in intelligent network services, as well as the convergence of circuit and packet
communications technologies."

The company ended the quarter with cash and cash equivalents, bank time deposits and
short-term investments of $1,741,983,000, working capital of $1,934,020,000, total assets of
$2,663,398,000 and stockholders' equity of $1,315,385,000, all of which represent record
levels.

Financial highlights at and for the three month period ended April 30, 2001 and prior year
comparisons are as follows:

For full tabulated results, please contact Katherine James at Brodeur Worldwide on 01753
790700 or kjames@uk.brodeur.com.

Conference Call Information

A conference call to discuss the company's results will be conducted Monday, June 4, 2001, at
5:00pm EDT. Participants should dial +1 904-779-4767. A replay will be available for 72
hours at +1 402-220-2491, access code 9017670.

-ends-

About Comverse Technology, Inc.

Comverse Technology, Inc., headquartered in Woodbury, New York, is the world's leading
provider of software and systems enabling network-based multimedia enhanced communications
services, with over 370 customers in more than 100 countries. Comverse provides a wide range
of solutions enabling multimedia messaging, multi-protocol mobile Internet platforms,
wireless data and short messaging services, speech-controlled portal, wireless prepaid
services, wireless instant messaging, interactive voice response and other personal
communications services. Other Comverse Technology business units include Comverse Infosys,
which provides multiple channel, multimedia digital recording, logging, business intelligence
and quality monitoring systems marketed to contact centers, facilities, and law enforcement
agencies; and Ulticom, a leading provider of service-enabling network software for wireless,
wireline, and Internet communications applications for intelligent, converged and programmble
networks. Comverse Technology is an S&P 500 and NASDAQ-100 Index company. For additional
information, visit the Comverse Technology web site at http://www.cmvt.com.

Note: This release may contain forward-looking statements that involve risks and
uncertainties. There can be no assurances that forward-looking statements will be achieved,
and actual results could differ materially from forecasts and estimates. Important factors
that could cause actual results to differ materially include: changes in the demand for the
company's products; changes in capital spending among the company's current and prospective
customers; the risks associated with the sale of large, complex, high capacity systems and
with new product introductions as well as the uncertainty of customer acceptance of these new
or enhanced products from either the company or its competition; risks associated with
rapidly changing technology and the ability of the company to introduce new products on a
timely and cost-effective basis; risks associated with changes in the competitive or
regulatory environment in which the company operates; risks associated with significant
foreign operations and international sales, including fluctuations in foreign currency
exchange rates and interest rates; the volatility of macroeconomic and industry conditions
and the international marketplace; risks associated with the company's ability to retain
existing personnel and recruit and retain qualified personnel; and other risks described in
filings with the Securities and Exchange Commission. These risks and uncertainties, as well
as others, are discussed in greater detail in the filings of the company with the Securities
and Exchange Commission, including its most recent Annual Report on Form 10-K and its
subsequent Quarterly Reports on Form 10-Q. The company makes no commitment to revise or
update any forward-looking statements in order to reflect events or circumstances after the
date any such statement is made.
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