Verint Systems Inc. (VRNT) saw its loss widen to $19.79 million, or $0.32 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $17.46 million, or $0.28 a share. On the other hand, adjusted net income for the quarter stood at $31 million, or $0.49 a share compared with $29.20 million or $0.46 a share, a year ago.

Revenue during the quarter grew 6.34 percent to $261 million from $245.42 million in the previous year period. Gross margin for the quarter contracted 143 basis points over the previous year period to 57.55 percent. Operating margin for the quarter stood at negative 3.60 percent as compared to a negative 4.60 percent for the previous year period.

Operating loss for the quarter was $9.38 million, compared with an operating loss of $11.29 million in the previous year period.

However, the adjusted operating income for the quarter stood at $42.73 million compared to $34.80 million in the prior year period. At the same time, adjusted operating margin improved 219 basis points in the quarter to 16.37 percent from 14.18 percent in the last year period.

"We are pleased to start the year strong with revenue growth in both of our segments, Customer Engagement and Cyber Intelligence," said Dan Bodner, Verint chief executive officer and president. Bodner continued, “In Customer Engagement, we continue to grow and extend our market leadership through our expanding portfolio, flexible on-premises and cloud deployment models and growing partnership program. We believe our investments in innovation - including business automation and enterprise intelligence - enable us to win new customers, expand our footprint with existing customers, and become a more strategic vendor." "In Cyber Intelligence, first quarter revenue increased 19% year-over-year, driven by demand for data mining solutions to address terrorism, crime, cyber-attacks, and other threats that remain pervasive around the world. We believe ongoing security threats present a long-term growth opportunity for Verint and we continue to invest to meet global customer demand," Bodner concluded.

For fiscal year 2018, Verint Systems forecasts revenue to be in the range of $1,117.20 million to $1,162.80 million. The company forecasts diluted earnings per share to be $2.70.

The company has spent $22.12 million cash to meet investing activities during the quarter as against cash outgo of $71.25 million in the last year period.

The company has spent $3.58 million cash to carry out financing activities during the quarter as against cash outgo of $20.86 million in the last year period.

Cash and cash equivalents stood at $340.09 million as on Apr. 30, 2017, up 5 percent or $16.19 million from $323.90 million on Apr. 30, 2016.

Working capital declines
Verint Systems Inc. has witnessed a decline in the working capital over the last year. It stood at $221.40 million as at Apr. 30, 2017, down 11.82 percent or $29.67 million from $251.08 million on Apr. 30, 2016. Current ratio was at 1.45 as on Apr. 30, 2017, down from 1.54 on Apr. 30, 2016.

Cash conversion cycle (CCC) has decreased to 44 days for the quarter from 53 days for the last year period. Days sales outstanding went down to 89 days for the quarter compared with 91 days for the same period last year.

Days inventory outstanding has decreased to 7 days for the quarter compared with 17 days for the previous year period. At the same time, days payable outstanding went down to 52 days for the quarter from 55 for the same period last year.