NICE Records 17% Year-over-Year Non-GAAP Revenue Growth

Workforce optimization provider NICE Systems (News - Alert), a provider of applications for contact center, financial services and business intelligence, announced results for the first quarter ending March 31, 2010.

According to the results, NICE Systems achieved 17 percent year-over-year revenue growth to $163 million. The company also reported record number of first quarter bookings, with 40 percent year-over-year growth, with book-to-bill ratio greater than one.

Another significant outcome, the company achieved a new backlog record. Also, earnings per fully diluted share increased to $0.38, up from $0.35 in the first quarter of 2009.

First quarter 2010 non-GAAP revenues reached $162.6 million, up 17 percent from $139.2 million in the first quarter of 2009. Non-GAAP Gross profit increased to $104.2 million, or 64.1 percent gross margin, up from $88.0 million, or 63.2 percent in the first quarter of 2009.

Non-GAAP operating income for the first quarter 2010 was increased to $27.1 million, or 16.6 percent operating margin, up from $23.3 million and compared to 16.8 percent in the first quarter of 2009. First quarter 2010 non-GAAP net income reached $24.2 million, up from $21.4 million, in the first quarter of 2009.

The first quarter Non-GAAP earnings per fully diluted share were up at $0.38 from $0.35 in the first quarter of 2009.

According to Zeevi Bregman, president and chief executive officer, NICE Systems, the first quarter results surpassed their expectations in most parameters.

"Although the first quarter is traditionally a seasonally softer quarter in our industry, we achieved significant year-over-year growth in bookings, and ended the quarter with a record backlog," Bregman said.

A part of this growth is attributed to the prevailing market trends. Organizations are facing an ever-growing amount of data related to customer interactions, transactions and surveillance. To better understand their customers, and enhance business performance, ensure compliance with the growing number of regulations, and enable safety and security, they seek solutions to help capture, manage, analyze and act in real-time.

"We believe that with our large install base and intent-based business solutions, NICE is best positioned to leverage on these market trends," Bregman said.

NICE Systems enables enterprises and security organizations to "extract Insight from Interactions, transactions and surveillance to drive business performance, reduce risk and ensure safety," according to company officials.

Earlier this year NICE Systems and AnswerOn, which sells customer retention, acquisition and loyalty products to telecommunications service providers, announced that Cincinnati Bell (News - Alert) has selected the joint NICE-AnswerOn Customer Churn Reduction product. Read this blog to know the details.