Comverse (Pink:CMVT)

Discussion in 'Stocks' started by m22au, Aug 14, 2010.

  1. m22au


    Comverse Warns of Dwindling Cash

    In a filing with the Securities and Exchange Commission, Comverse said its net cash fell to $327 million as of July 31, down from $371 million at April 30 and $448 million at Jan. 31. During the quarter ended July 31, Comverse spent about $39.1 million on professional fees for the restatements.

    The company said unless one or more of its initiatives pan out, its cash forecast for the fiscal year ending Jan. 31, 2012, reflects a potential shortfall of about $50 million in the cash required to support the working capital needs of the business during the quarter ending that date.