June 12, 2007 / 4:57 AM / 13 years ago

Comverse Technology posts Q1 loss

(Adds details, Verint results)

June 11 (Reuters) - Comverse Technology Inc. CMVT.PK posted a loss from operations on increased expenses from its investigation of its accounting practices and said it would cut 6 percent of the jobs at its unit, Comverse Inc.

The software maker posted a loss from operations of $60.4 million for the latest first quarter, compared with an income from operations of $8.6 million in the same period a year ago.

Before items, including about $31.4 million in expenses related to the investigation, the company’s adjusted income from operations fell to $7.9 million from $37.1 million, Comverse said in its statement.

Sales rose to $405.7 million from $369.2 million last year. Analysts were expecting the company to post sales of $429.9 million, according to Reuters Estimates.

In February, the company was delisted from the Nasdaq for failing to meet filing deadlines due to its ongoing review of its stock option accounting practices.

Separately, Verint Systems Inc. VRNT.PK, in which Comverse owns majority stake, said it posted first-quarter net income of $9.4 million, or 28 cents a share, excluding stock-based compensation and other expenses, on revenue of $101.3 million.

On that basais, analysts were expecting Verint to earn 37 cents a share, excluding items, on revenue of $102.4 million.

(Reporting by Supantha Mukherjee in Bangalore)

((Editing by Anthony Kurian; Reuters Messaging: supantha.mukherjee.reuters.com@reuters.net; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800)) Keywords: COMVERSETECHNOLOGY RESULTS/

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