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Comverse Technology tops 1Q estimates

    Comverse Technology Inc. (Nasdaq: CMVT) hustled past analysts' estimates in its first quarter Tuesday, raking in $36.5 million, or 48 cents a share, on sales of $160.4 million.

    First Call consensus expected the Woodbury, N.Y. company to earn 45 cents a share in the quarter.

    Comverse Technology shares closed off 9/16 to 67 ahead of the earnings report.

    In the year-ago period, Comverse earned $23.9 million, or 34 cents a share, on sales of $200.5 million.

    The first-quarter earnings exclude a one-time charge of $934,000, or 1 cent a share, related to acquisition of Amarex Technology.

    "Our products continue to be selected by a growing number of customers," said CEO Kobi Alexander in a prepared release.

    Last quarter, Comverse easily topped analysts' estimates, earning $32.3 million, or 66 cents a share, on sales of $190 million.

    Comverse shares rallied up to a 52-week high of 74 3/8 shortly after its stock split 3-for-2 in late April. Way back in October, the stock was trading at a low of 19 9/16.

    All 10 analysts following the stock rate it either a "buy" or "strong buy."

    First Call consensus expects Comverse to earn $1.88 a share in the fiscal year.