Nice Systems.doc - NICE-Systems Ltd by niusheng11

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									                     NICE SYSTEMS LTD (ADR)

                       CHRISTOPHER ZIMMER

                          PRESIDENT SIMM

% of Portfolio:           5%      P/E (TTM):      27.91
# of Shares:               40     P/E (Leading)   24.84
52-week High:            $54.39   EPS (Leading)   $1.98
52-week Low:             $29.84   P/B (MRQ):       1.96
Current Price:           $49.43   P/S (TTM):       3.63
Stop Loss:               $44.49   Beta:            1.01
Target Sell Price:       $63.72   Market Cap:     1.13B

Headquartered in the State of Israel, NICE Systems Ltd was founded in 1986 and
formally known as Neptun Intelligent Computer Engineering Ltd. The Company’s shares
are traded on the Tel Aviv Stock Exchange and the NASDAQ Market as American
Depository Receipts (ADR). Ticker symbol: NICE.

NICE Systems Ltd engages in the development, sale, and support of advanced
multimedia digital recording platforms and software applications. NICE products allow
its customers to monitor, record, interpret, and analyze a wide range of communications
in order to provide quality management solutions. The Company’s integrated content
analytics products are designed to capture a wide range of raw unstructured data (web,
phone, fax, radio, video), and convert it into knowledgeable information that can improve
business decisions and performance, or enhance security operations. NICE Systems’
divides its products and customer base into two major sectors: Enterprise Interaction
Solutions and Public Safety and Security.


Financial Institutions- Brokerage and Trading Houses

 Today, a substantial portion of the business and interactions that takes place in the
  world’s financial markets are carried out over the telephone or internet. NICE
  Systems’ digital voice recording platforms and state-of-the art Voice over Internet
  Protocol (VoIP) technology allow financial institutions the ability to record, store,
  and retrieve voice data transactions in a timely, reliable, and efficient manner. This
  provides brokers, dealers, and regulators the tools to verify transactions, guard against
  the risk of misinterpreted communications, and protect against fraud.

   Customers include: American Express, Bank of America, Barclays, CIBC Oppenheimer, Citibank,
   Deutsche Bank, Dresdner Bank, First Chicago NBD, JP Morgan Chase, Goldman Sachs, Lehman
   Brothers, Morgan Stanley, Sydney Futures Exchange and Tokyo Mitsubishi Bank

Contact Centers- Telemarketing Firms, Customer Service Call Centers, Tele-banking and
Tele-insurance Facilities

 Increasingly, contact centers are the way in which many companies are interacting
  and performing transactions with customers. NICE Systems’ solutions enable global
  contact centers to record the details of telephone orders, along with the processing
  and managing of incoming and outgoing customer interactions. By utilizing NICE
  technology, firms can supervise its call operators, evaluate salespersons efficiency,
  and improve customer service and training. Contact centers are an important
  component of telecommunications firms, financial services firms (credit card,
  banking, insurance, investments), retail, health care, and travel services firms.

   Customers include: American Express, Blue Cross Blue Shield, Citibank, DHL, Federal Express,
   Ford Credit, Home Depot, IBM, Liberty Mutual, National Bank of Canada, Nextel, Nokia, PRC,
   Spectramind, Telecom New Zealand, Time Warner, Vodafone, Wipro, WPS and Wynn Resorts


Voice Platforms and Applications:

Public Safety and Emergency Services- Police and Fire Departments, Ambulance
Services, Coastguard and Mountain Rescue Squads

 In most cases local, state, and federal laws require that public safety departments
  record all communications in order to verify that operating procedures are correctly
  followed and meet required standards. NICE voice platforms and applications can
  collect information from rescue calls and help emergency services respond to calls for
  assistance. Recordings can also be used in courts as evidence to verify prescribed
  procedures and processes were followed.

   Customers include: Chicago Police Department, Indiana State Police, Los Angeles Police
   Department, New Jersey State Police, New York Police Department, Seattle Fire Department, U.S.
   Department of Defense, Hampshire Police – U.K. and Hertfordshire Police – U.K.

Public Transport Agencies- Railway, Bus, and Mass Transit Units

 Many of these organizations are now implementing NICE solutions to record all
  communications traffic. Therefore, in the event of an incident, these agencies can
  reproduce all voice data transmitted over their large-scale fixed and mobile networks.

   Customers include: Singapore Mass Transit Authority and Railtrack – U.K.

Air Traffic Control or (ATC) - Airports, Federal Aviation Administration

 Due to federal requirements, ATC centers are continually evaluating and replacing
  recording devices for voice communications and radio transmissions. Many ATC
  centers are choosing to install NICE digital voice loggers as a way to upgrade current
  voice recording systems.

   Customers include: ATC authorities in Austria, Canada, China, Croatia, Cyprus, Hong Kong,
   Hungary, Iceland, Israel, Japan, Kazakhstan, the Maldive Islands, the Netherlands, Norway, Poland,
   Romania, Switzerland and Turkey

Intelligence Agencies- Law Enforcement, Public and Private Security Organizations

 By utilizing NICE products, these organizations are able to collect large amounts of
  voice data in various forms of media. In addition, these agencies can also evaluate
  and analyze the recordings in order to retrieve valuable security information.

Digital Video Platforms and Applications:

NICE digital video platforms provide continuous video surveillance and recording for
security protection purposes, including closed circuit television (CCTV) applications.
Many organizations are transitioning from traditional analog devices to NICE digital
technology; including casinos, retail stores, correctional facilities, banks,
telecommunication data hosting centers, transportation companies, and city centers.

Customers include: Atlanta Hartsfield International Airport, Bally’s casino in Atlantic City, Bank of
England, Casino Cosmopol in Sweden, Chase Manhattan, Dallas Fort Worth International Airport, Dell
Computer Corporation, European Space Agency, the Helsinki Railway Station - Finland, the Metropolitan
Nashville Airport Authority, Toronto Pearson International Airport, and correctional facilities in Brooklyn,
New York, and Rush City, Minnesota

Law Interception-

Today, there is a growing need for public agencies to utilize sophisticated NICE
applications and software in order to analyze intelligence information in response to the
increasing number of security threats worldwide. In addition, more recently governments
are beginning to adopt new legislation and regulations that require organizations, such as
telecom service providers, to install systems that can intercept communications and relay
the information to monitoring agencies in real-time. NICE is at the forefront of these
rapid changes taking place within law enforcement agencies, and internal security and
intelligence organizations.

NICE Systems markets and distributes its Enterprise Interaction Solutions through:
leading suppliers of complimentary products, independent dealers that specialize in the
voice recording market, and through its own sales and technical support teams

     Financial Trading Segment -
         o IPC Information Systems, Inc, a leading provider of integrated communications solutions
                  to the financial services community, sells NICE as an integral part of its product; as does
                  Etralia, S.A., a European leader of dealer-board systems for trading rooms
             o    Marketing agreement with BT Syntegra, British Telecom’s selling and integration
                  company in the trading floor segment
     Contact Center Segment -
         o Avaya Inc, a leading global provider of enterprise business communication platforms in
                  voice, e-business and data, has a global partnership deal with NICE in which it co-sells
                  its products along with NICE solutions
             o    Marketing collaboration with Dimension Data, IBM, Philips and Siemens
             o    Development programs with Cisco, Concerto, Ericsson, Genesys, Mitel, NEC, Nortel,
                  Philips and Rockwell
             o    Product integrations with Siebel Systems and Amdocs (Clarify Inc.)

NICE Systems markets and distributes its Public Safety and Security Solutions through: a
worldwide network of over 100 local and national independent dealers and distributors,
which also provide installation and maintenance services.

    Public Safety Segment -
        o Marketing agreement with Motorola Inc. for the co-marketing and resale of our range of
                products both in North America and Internationally
            o Market and sell systems through major regional or global partners, such as Alcatel, BT,
                Damovo, Marconi, Nokia and Siemens
    ATC Segment -
       o Awarded contracts for installation on the basis of bids submitted to ATC authorities by
                Denro Systems, Inc. (part of Northrup Grumman, Inc.), which assembles and installs
                NICE applications
    Intelligence Agencies -
         o Network of dealers and security systems integrators such as Anixter, Diebold and
                Siemens Building Technologies, Surveillance Group, and Thales Security
            o Collaboration agreements with IBM and Cisco in the area of digital video surveillance

NICE Products (selected):

Voice Platforms
and Applications:

NICE Perform              Provides voice content analysis with features such as: word spotting, emotion
(flagship product)        detection, talk pattern analysis, and state-of-the-art visualization techniques

NICE Universe             Captures voice, email, chat, screen activity, and essential call details

                          Audio compression technology that performs continuous recordings of up to
NICE Log                  thousands of analog and digital telephone lines and radio channels

                          Can use both packet sniffing and active recording methods for recording VoIP
NICE VoIP                 sessions (both by telephone and internet)

Digital Video
Platforms and             HIGHLIGHTS:
                          Accommodates 96 video channels in a single box, offering baggage detection,
NiceVision Pro            crowd detection, vehicle detection, intrusion detection, tail-gaiting alerts
                          Large environments: Airports, Casinos, Public Transportation,

                          Offers a variety of frame rates per channel (single to full-frames per second)
NiceVision Harmony        Mid-size environments: Retail shops, Bank facilities, and Corporate buildings

                          Complete suite of security/intelligence solutions including: voice recognition,
NiceTrack                 phrase spotting, excitement detection, translation tools, real-time target
                          location tracking, statistical and visualization generation reports

NICE Systems Ltd operates in the dynamic Information Technology sector, and can be
classified into a number of different industries, such as: Electronic Instruments and
Controls, Computer Peripherals, Software and Programming, and Communications
Equipment. Due to the fact the Company’s business falls into a new unique niche known
as digital content analytics, the characteristics of any one of aforementioned industries
may or may not apply to the business environment NICE operates in. As a whole, the
NASDAQ market (in which NICE ADR trades) had a 2005 return of 1.2%, versus the
S&P 1500 which advanced 3.8%. The S&P Communications Equipment Index rose
1.0%, while NICE Systems Ltd had a 2005 return of 53.9%. The 2006 outlook for the
Communications Equipment industry remains modest, as the industry could see slight
growth from increased spending on telecom infrastructure.

It appears over the next few years both telecom service providers as well as corporate
customers will look to replace old network equipment and upgrade to keep with
increasing bandwidth demands. There also seems to be a continued trend towards
requirements for multimedia recording capabilities, particularly in contact centers (voice,
fax, email, chat screen), financial trading centers, and public safety (voice, radio, video,
data) markets. Additionally, government spending in the Homeland Security Department
should continue to rise. Initiatives in areas such as border control, critical infrastructure
security, first responder communications, and lawful interception, all require new
multimedia capture technology. Furthermore, the industry should see increased spending
on network platforms that offer advanced security applications, wireless access, and most
importantly Voice over Internet Protocol (VoIP) capabilities. Finally, analysts anticipate
a continued trend towards replacing older analog video recording with new digital video
recording, which leads to the need for network applications in the video recording area.
All of these factors would appear to benefit NICE Systems, both in the short-term
(product purchases) and over the long-term (system maintenance, service and support,

There are certain inherent risks that investors must understand when owning any
Company that operates in an industry characterized by rapid technological changes.
Although NICE views itself as the industry leader in the market for digital recording and
retrieval systems, the Company faces intense competition. New product and service
introductions are frequent, as firms race to introduce unique product advantages and
capabilities, as well as keep pace with the dynamic changes in the communications
industry. NICE relies on its strong brand identity, as well the superiority of its
proprietary technology to differentiate itself. Currently, the Company owns twenty
different patents (including 11 in the United States), and has over a hundred applications
pending approval. In addition, the Company also depends on trade secrets, copyright and
trademark law, non-disclosure and non-competition agreements, as well as third party
licenses to establish and protect the technology used in our systems. It’s important to

note, the competitive advantage that NICE holds is of course subject to liability from its

Patent infringement lawsuits both filed both by the Company and brought by its
competitors can pose the risk of extensive legal and product liability costs, as well as the
potential loss of proprietary expertise. On July 20th 2004, NICE Systems had filed a
lawsuit against Witness Systems Inc, which claims Witness is infringing upon the
Company’s VoIP patent by selling products that incorporate methods of detecting,
monitoring, and recording information (all fully protected under NICE patents).
Currently, NICE continues to seek an injunction which would prevent Witness from
selling these products in the US; Witness has in turn countersued. Furthermore, in June
of 2000, one of the Company’s competitors, Dictaphone Inc, filed a lawsuit that claimed
NICE had infringed upon its patents in relation to certain technology embedded in its
products. By the end of 2003, the two parties settled the lawsuit, and NICE agreed to pay
Dictaphone ten million dollars. In addition, the two Company’s also agreed to a global,
royalty-free, perpetual license, in which both firms decided to share certain portions of
their patent portfolios. Subsequently, on June 1st, 2005, NICE completed the acquisition
of Dictaphone’s Communications Recording Systems business for about $38.5 million,
thus claiming all of the Company’s assets as well as any outstanding patents.

While other rivals may choose to focus on certain parts of the value chain such as
manufacturing, distribution, and marketing; at the center of NICE Systems’ business
model is research and development. Due to the fact the Company spends a significant
portion of its expenses on the design and formulation of its latest digital content analysis
technology; NICE chooses to outsource much of the manufacturing, testing, and
distribution of its key products. As a result, the Company depends on global
manufacturers and distributors such as, Flextronics Israel Ltd and Avaya Inc for these
services. Should these outsourcers fail to meet the quality standards NICE demands
and/or its delivery requirements, this could pose a threat to the Company’s future

Due to the fact NICE Systems Ltd is headquartered in the State of Israel, this presents
several risks for investors of the Company’s American Depository Shares (ADS).
Although a substantial majority of the Company’s revenues and expenses are
denominated in U.S. dollars; a significant portion of its personnel and facilities related
expenses are incurred in Israel. Therefore, any inflation in Israel will have the effect of
increasing the dollar cost of the Company’s operations in Israel, unless it is offset on a
timely basis by a devaluation of the New Israeli Shekel (NIS) relative to the U.S. dollar.
In addition, investors of NICE Systems must be aware of the political, economic, and
military risks that that any Company operating in Israel is subject to. Since October
2000, there has been a high level of violence between Israel and the Palestinians, which
has affected Israel’s relationship with several Arab countries. Additionally, with the
election of the Palestinian military extremists known as Hamas, the region could face
increased violence. Although 99% of NICE sales are outside of Israel, the Company’s
headquarters, research and development facilities, and main manufacturing plants, are all

located in the State. Given this exposure, any armed conflict or political instability in
Israel could directly affect the business operations of NICE.

NICE Systems Ltd competes in a relatively new, growth stage market; characterized by
rapid changes in technology, frequent new and enhanced product introductions, as well as
intense competition. While this market continues to develop and evolve, NICE must
meet the challenges brought by its existing competitors as well as any potential market
entrants. The two largest competitors NICE faces in the digital voice recording and
quality management services business are: Verint Systems Inc. (formerly Comverse
Infosys), and Witness Systems Inc. The factors in which NICE competes in the
Enterprise Interactions Solutions market (contact centers, financial institutions, etc)
include: system performance and reliability, integration ability, marketing and
distribution capacity, price, and service/support.

Similar to NICE, Verint Systems provides analytic software-based solutions for the
security and business intelligence markets. The Company’s communications interception
solutions include: STAR-GATE, RELIANT, and VANTAGE; its networked video
solutions product is NEXTIVA; and Verint’s contact center device is known as ULTRA.
Compared to NICE, the Company has a similar business model and arguably a more
developed video surveillance product line. The difference is NICE seems to have a
broader range of product offerings on both the digital voice recording and video analytics
side. Additionally, NICE appears to have slightly better margins as well as a higher
historical return on equity. Despite the fact both companies have almost identical
forecasted growth rates, Verint also trades at a much higher price multiple. Witness
Systems Inc, NICE Systems’ largest competitor in the voice over Internet protocol
business, provides similar solutions that comprise of: customer interaction recording,
performance analysis, compliance, and e-learning management applications. The
Company’s products are sold under the brand: eQuality software. Although Witness and
NICE have battled to become the industry standard in this new market, it seems the
demand for content analytics technology is growing at a pace which should benefit both
companies going forward.

     YEAR:               2001          2002              2003           2004          2005
Revenues* ($):         113,869       155,341            224,258        252,643       311,110
Growth (%)                 *          36.4%             44.4%          12.7%          23.1%
EPS ($)                 (3.59)        (2.46)             0.42           1.31           1.77
Growth (%)                 *          31.3%             117.2%         210.7%         34.9%
*Revenues in thousands of US dollars

NICE Systems has shown tremendous top and bottom-line growth over the last five
years, as the Company has continued to develop its product lines and customer base.
NICE has also realized revenue growth and expanded its market share through the
acquisition of both Dictaphone Inc in 2004 and Thales Contact Solution (TCS) in 2002.
Revenue for the Company is divided into two categories: product sales and service fees.
In recent years there also seems to be a trend developing in which an increasing
percentage of the Company’s revenues are being derived from NICE services. In 2001,
87% of NICE revenues were attributed to product sales as opposed to 13% coming from
servicing fees. In 2005, the Company reported 66% of sales generated through its
products, while about 33% of revenue was derived from servicing fees. The increase in
services revenues seems to reflect an increasing portion of the Company’s installed
customer base hiring NICE for maintenance, additional installation, and product training
mainly related to the enterprise market. It’s important to note nearly all of NICE
System’s revenue is earned outside of Israel, with 44% of sales generated in North
America in 2004.

When examining both the historical and current ratios of NICE Systems versus the
industry and sector, several important trends and positive patterns are apparent. Most
notably seems to be the consistent sales growth NICE has exhibited over the last four
years. The Company has had an average sales growth rate of 29%, compared to a five
year sector average of just under 9%. NICE Systems average revenue growth rate
remains in line with its competitors, yet NICE currently trades at 27 times 2005 earnings,
versus Verint’s trailing P/E of 43 (Witness has not earned a profit to date). Additionally,
the Company’s gross margin has steadily increased over the last five years, from 41% in
2001 to 56% in 2005. The improvement in gross profit was due primarily to higher sales
volume, product cost reductions, staff utilization, and a higher proportion of software
sales in the Company’s product mix. NICE believes its gross profit margin should
gradually increase, as NICE continues to improve efficiencies throughout its entire global
service operations. Historically, NICE has held its inventory and accounts receivable
turnover ratios fairly consistent, both of which are healthy compared to the industry

In order to establish a valuation for NICE Systems, I began by formulating a free cash
flow to equity model. Assumptions in the area of prior year sales and sales growth were
taken as reported by the Company in its February 8th 2006 earnings report and forecast.
Currently, NICE has projected 2006 revenues to range from $367-375 million and
Earnings per Share for the year to range between $1.90 and $2.00 on a fully diluted basis.
This translates to a 2006 sales growth rate of 18%, which I feel will increase sequentially
to 22% and 24%, with a terminal revenue growth rate of 12%. As far as operating
expenses are concerned, the Company’s historical averages for R&D, Selling and
Marketing, as well as General and Administrative expenses, have all remained reasonably
consistent. Therefore, these expense forecasts where taken as a percentage of sales; 10%,

24%, and 12.5% respectively. While historically depreciation and capital expenditures
have also remained fairly constant, I used a modest cap ex growth rate of 10-14% to take
into account any additional capacity the Company may need to invest in to support its
growth. In recent years, NICE has seen its net working capital investment decline,
mostly due to a shift from product revenue to sales from servicing activities, which
lowers the need for capital on hand for inventory and other short-term needs. Over the
next few years I would expect the percentages of revenue from products and services to
stabilize, which is why I forecasted Incremental NWC as a percent of sales.

Although NICE has been able to utilize its Net Operating Loss (NOL) Carry Forward in
the last few years to offset any income taxes, it appears the Company has fully used this
tax asset and will begin paying tax on future earned income beginning in 2006.
Additionally, because the Company is headquartered in Israel it can take advantage of
certain reduced tax structures granted to corporations. Currently the Company’s
“Approved Enterprises” in Israel are subject to a reduced corporate tax rate of 10-25%
(based on the percentage of foreign ownership in each taxable year). In order to qualify
as an “Approved Enterprise,” NICE must continue to make certain investments in fixed
assets, research & development, and manufacturing of products, within Israel. As of
2004, approximately 75% of NICE income was accredited to “Approved Enterprises.”
Therefore, an estimate of 17.5% combined income tax rate was used for the Company
(75% of income taxed at 10%, 25% taxed at 2006 Israeli corporate rate of 32%). Finally,
in order to discount the Company’s free cash flow estimates, I used the CAPM formula to
compute a cost of equity of 12.07% (market risk premium of 7.25%, beta of 1.01).

Given these assumptions, I compiled a five year net income forecast for NICE Systems.
In order to estimate free cash flow, I added back non-cash charges (depreciation &
amortization) as well as net borrowing, and subtracted both fixed and working capital
investments. In 2005, NICE had a 27.25% growth rate in its free cash flow; that’s
compared to my forecast of FCFE, which recorded an average growth rate of 19.3% from
2006 through 2010. Despite these high historical and forecasted rates, I chose to use
conservative sustainable free cash flow growth rate of 9.5% in order to compute a
terminal value. The result, when discounted and divided by the Company’s weighted
average shares outstanding, is a target price of $65.38. I believe all of the assumptions
used to forecast this target price on NICE Systems are modest and reasonable, in order to
ensure a policy of conservatism.

According to several market multiple valuations, NICE Systems appears to be
undervalued in relation to its competitors. Since the Company turned profitable in 2003,
its Price-to-Earnings Ratio has fallen from about 56 times earnings to about 27 times in
2005. According to analysts Earnings per Share estimates for 2006, NICE has a forward
P/E of 24.84, compared to Verint’s forward P/E of 27.23. Therefore, for comparison
purposes NICE would have a justified price of $53.82 based on average 2006 EPS
estimates of $1.98/share for the Company. As of the market close on February 24th,
2006, NICE shares closed at $49.43. In addition, NICE has historically traded at a low

Price-to-Book multiple of about two, compared to an industry and close competitor
average of about four. Given this benchmark P/B ratio and the Company’s book value
per share of 23.59, a share price of $88.70 would be justified. Similarly, NICE currently
has a sales per share figure of 15.07, which when compared to its competitors Price-to-
Sales multiple, justifies a trading price of $57.56.


(YTD Chart: 50, 100, 150 EMA and WITS, VRNT, QQQQ Returns)


NICE Systems Ltd operates in a niche high-tech industry, which I believe will continue
to see tremendous growth in terms of profitability and product line expansion. The
ability to monitor, record, and analyze communications of all types is becoming an
increasingly valuable asset to all businesses. In many cases, NICE technology isn’t just
an important resource, it’s actually becoming mandatory. Regulatory compliance in the
financial trading and brokerage business is turning NICE platforms into a necessity on
market floors and in investment houses. Within the contact center business, VoIP is
becoming an industry standard; and as corporations continue to replace analog recording
devices with digital multimedia devices, NICE should benefit. Whether it’s employers
monitoring employee email and fax, casinos using advanced surveillance to spot card
counters, or department stores tracking customer activity; NICE Platforms and
Applications are being utilized in every area of business. Additionally, governments in
many countries, including the US Department of Homeland Defense, are purchasing
NICE products to provide detailed threat detection, terrorist suspect identification, and
traffic analysis.

Safety is always a top priority in public transportation systems such as airports, subways,
and railways. As a result, NICE technology is being placed in these locations to spot
suspicious persons activity, unattended baggage, and unlawful entry. NICE equipment
has already been installed in many air traffic control centers, as well as public safety units
such as the New York City Fire Department. I think NICE will realize future revenue
growth among the Company’s existing customers, as service and technology upgrades are
critical. In addition, as more firms begin to understand the benefits of digital content
analytics, I think NICE will see its customer base of over 23,000 grow steadily.

I also believe NICE Systems will continue to expand through strategic acquisitions, like
that of Dictaphone and TCS. In December of 2005, NICE had a secondary offering of
4.6 million shares, which currently gives the Company close to $300 million in cash
equivalents on its balance sheet. I think the Company will look to utilize this large cash
reserve to obtain complimentary technology and add to its superior proprietary patents
through acquisitions. This growth strategy has proven successful for NICE in the past,
and I believe it will continue to allow the Company to gain market share and earnings
growth for shareholders. So, given the in-depth research I’ve conducted, along with the
detailed financial valuation models I’ve constructed, I propose the SBU Students In
Money Management Fund purchase 40 shares of NICE Systems Ltd at the market (which
is equivalent to 5% of the Fund’s total portfolio value).


NICE Systems Ltd, SEC Filing: Form 20-F, Annual Report as of December 31st, 2004.

Yahoo Finance: NICE Systems Ltd, Witness Systems Inc, Verint Systems Inc, Ticker: NICE, WITS, VRNT, Ticker: NICE, WITS, VRNT

NICE Systems Home Page

“A NICE Pile of Cash,” Stephen D. Simpson, CFA, Motley Fool, February 8th, 2006.

“NICEly Done,” Stephen D. Simpson, CFA, Motley Fool, November 9th, 2005.

“Another NICE Quarter,” Stephen D. Simpson, CFA, Motley Fool, May 4th, 2005.

“Is Verint an Intelligent Buy?” Stephen D. Simpson, CFA, Motley Fool, September 9th,

“NICE’s Naughty Business,” Stephen D. Simpson, CFA, Motley Fool, February 2nd,

NICE Systems Ltd, Interactive Chart,, February 25th, 2006.

Ameritrade Advanced Analyzer: NICE, February 25th, 2006.

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