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Comverse Technology, Inc. (NASDAQ:CMVT) announced for the second quarter of fiscal year 2001, ended July 31, 2001, net income, excluding non-recurring charges, of $50,012,000 ($0.28 per diluted share), compared with net income, excluding non-recurring charges, of $62,489,000 ($0.36 per diluted share) for the second quarter of fiscal 2000.

The Company posted sales of $345,090,000 for the second quarter of fiscal 2001, compared with the $292,070,000 posted for the second quarter of fiscal 2000.

During the second quarter of fiscal 2001, the Company incurred non-recurring after-tax charges totalling $22,028,000 for costs related to a previously announced workforce reduction and write-down of investments. During the second quarter of fiscal 2000, the Company incurred non-recurring after-tax charges totalling $10,786,000 for acquisition-related costs.

Kobi Alexander, Chairman and CEO of Comverse Technology, stated, "Our second quarter results reflect the impact of the global capital spending recession, and the worldwide economic slowdown. At the same time, we remain well-positioned as a leader in our major markets, and believe that these markets offer attractive opportunities for long-term growth. In particular, we believe that communications service providers view enhanced services as an increasingly important strategic weapon for revenue generation, differentiation, and churn reduction. More than 375 wireless and wireline telecommunications network operators have selected Comverse's enhanced services systems and software, which enable the provision of 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 dialling, 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 multimedia 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 $1,770,778,000, working capital of $1,979,810,000, total assets of $2,718,463,000 and stockholders' equity of $1,655,160,000, all of which represent record levels.

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

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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 375 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 centres, 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 programmable 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 and investment activities, including fluctuations in foreign currency exchange rates, interest rates, and valuations of public and private equity; 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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