NEW YORK-Comverse Technology Inc. reported increases in sales and income for the third quarter.
The company reported sales of $299 million for the period, up 21.8 percent from sales of $245 million during the same quarter last year. For the nine-month period, Comverse reported sales of $858 million, compared with $700 million during the same period last year.
Net income on a GAAP basis was $38 million, or 18 cents per diluted share, up 140 percent from net income of $16 million, or 8 cents per diluted share, last year. For the first three quarters, net income stood at $97 million, or 45 cents per diluted share, compared with net income of $36 million, or 18 cents per share.
The company’s stock was up more than 5 percent to $27.28 after the news.
The company noted this is its 12th consecutive quarter of sequential sales growth, and it highlighted demand for its Total Communication portfolio, which enables applications such as call answering and call completion services, advanced messaging and other data applications.
In October, Comverse Technology subsidiary Comverse Inc. announced plans to purchase CSG System International Inc.’s Global Software & Services Division for $251 million.
