UPDATE 1-Nice Q1 results beat forecast, lifts 2010 forecast

* Q1 non-GAAP earnings per share $0.38, vs $0.37 forecast
* Sees Q2 2010 non-GAAP EPS $0.38-$0.42
* Increases 2010 non-GAAP EPS forecast to $1.67-$1.75

(Adds details, CEO quote)

TEL AVIV, May 11 (BestGrowthStock) – Israeli digital recording
systems maker Nice Systems (NICE.O: ) posted higher first-quarter
earnings that beat expectations due to strong demand for its
security and compliance products and it raised its 2010 outlook.

Nice (NICE.TA: ) on Tuesday said quarterly earnings excluding
one-off items rose to 38 cents a share from 35 cents a year
earlier. Revenue rose 17 percent to $163 million.

Analysts expected Nice, which produces recording systems for
call centres and software for compliance and risk management, to
earn 37 cents a share on revenue of $156.9 million, according to
Thomson Reuters I/B/E/S.

“Although the first quarter is traditionally a seasonally
softer quarter in our industry, we achieved significant
year-over-year growth in bookings and ended the quarter with a
record backlog,” president and chief executive Zeevi Bregman
said in a statement.

“Nice continues to benefit from the market trends that
position the company for future growth. Organisations are facing
an ever-growing amount of data related to customer interactions,
transactions and surveillance.”

Nice, which also has a video surveillance and security
business, raised its revenue forecast for 2010 to $665 million-
$680 million from a previous estimate of $652 million-$670
million. It expects non-GAAP EPS in a $1.67-$1.75 range, up from
a previous estimate of $1.66-$1.74.

Nice said revenue for the second quarter was expected to be
$164 million-$170 million with non-GAAP EPS in a 38-42 cent
range.

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(Reporting by Tova Cohen; Editing by Louise Heavens)

UPDATE 1-Nice Q1 results beat forecast, lifts 2010 forecast