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Key highlights:

  • Revenue of $428.3 million, exceeding guidance of $416-$422
    million
  • Sequential revenue growth of 4.0%
  • Proforma EPS increases 30.0% to $0.26, exceeding guidance of
    $0.24
  • Diluted GAAP EPS of $0.24
  • Second quarter fiscal 2004 guidance: Expected revenue of
    $432-$438 million and proforma EPS of $0.27. Diluted GAAP EPS
    results expected to be $0.01-$0.02 less than proforma EPS.

ST. LOUIS, Jan. 21 /PRNewswire-FirstCall/ — Amdocs Limited
(NYSE: DOX) today reported that for the first quarter ended
December 31, 2003, revenue was $428.3 million, representing
sequential growth of 4.0% and an increase of 26.2% from last year’s
first quarter. Excluding acquisition-related costs and other items
and related tax effects, net income was $57.0 million, or $0.26 per
diluted share, and increased by $13.5 million, or 31.0%, when
compared to net income of $43.5 million, or $0.20 per diluted
share, in the first quarter of fiscal 2003. The Company’s GAAP net
income, which includes acquisition-related charges for amortization
of purchased intangible assets, and, for the first quarter of
fiscal 2003 only, a restructuring charge, and related tax effects
for all the aforementioned items, was $53.1 million, or $0.24 per
diluted share, compared to net income of $32.2 million, or $0.15
per diluted share, in the first quarter of fiscal 2003.

Dov Baharav, Chief Executive Officer of Amdocs Management
Limited, said, „This was a very good quarter for Amdocs. We are
seeing a continued improvement in the market, with carriers showing
a greater readiness to commit to new projects. We achieved strong
sales in all sectors, including billing, CRM and order management,
in both the wireline and mobile markets. Our market leadership,
based on our unique ability to deliver integrated customer
management, positions us well to capitalize on the upturn in the
market. The communications industry continues to face challenges.
However, we are confident that we can leverage the current
improvement in the market to achieve modest sequential growth in
the coming quarters.“

Sales Highlights
During the first quarter, our new business included nine new key
wins, highlighted below. This is a significant increase over
previous quarters.

  • Telkom South Africa will standardize on Amdocs as its core
    platform for integrated customer management. This project involves
    the extension of our relationship, adding order management and
    upgrading existing Amdocs billing and CRM implementations.
  • Amdocs was chosen by a major wireline customer in North America
    to implement Amdocs order management. The system will handle
    complex ordering covering all needs for new generation data
    services.
  • A European mobile communications service provider decided to
    implement Amdocs partner relationship management. The system will
    be used for billing and settlement with content partners.
  • An existing customer in Europe, a major mobile provider,
    selected Amdocs to implement a system to support the special and
    complex needs of the corporate customers sector.
  • Amdocs has been chosen by a major mobile carrier in North
    America to implement its ClarifyCRM suite. This operator, which
    currently utilizes our billing system, will be leveraging Amdocs
    unique value proposition for integrated customer management.
  • A leading mobile communications carrier in North America,
    currently using the Amdocs billing platform, will be implementing
    the Amdocs Enabler product to support billing of new generation
    data and voice services.
  • Through sales of ClarifyCRM products, we obtained initial
    projects at three additional communications service providers. Two
    of these carriers are in Europe, and the third carrier is in the
    Asia Pacific region. In all cases, these sales also establish or
    expand our footprint within the operations of key global and
    regional players.

Operating and Financial Highlights
During the first quarter:

  • Amdocs announced its intention to acquire XACCT Technologies, a
    leading provider of network mediation software to communications
    service providers. This acquisition further expands the scope of
    Amdocs billing capabilities in the network mediation space
    providing the unique capability for supporting end-to-end event
    processing for voice, data, content and commerce prepaid and
    postpaid transactions. Amdocs will acquire XACCT’s outstanding
    shares for approximately $29.5 million, subject to certain
    adjustments, of which approximately $13.5 million will be paid in
    cash and the balance in Amdocs Ordinary Shares. This acquisition is
    due to be completed in the second quarter of fiscal 2004.
  • Amdocs executed a share buyback program involving the
    re-purchase of five million shares, for a total value of
    approximately $124 million. One of the main objectives of the
    buyback program was to offset the dilutive effect of any future
    share issuances, including issuances pursuant to employee equity
    plans or in connection with acquisitions.
  • The Amdocs managed services agreement with Dex Media has been
    extended to include Dex Media West. Under the 5-year agreement,
    Amdocs will provide IT services to support Dex Yellow Pages, White
    Pages and DexOnline, including IT application development and
    maintenance, end-user support and implementation services.
  • Amdocs completed the implementation of the Amdocs Enabler
    product at a mobile operator in Europe, and also at a mobile
    operator in Latin America. At both customers, the system is now
    operating in live production.
  • Amdocs completed the successful implementation of Amdocs
    ClarifyCRM 12 at three customers during the quarter. Version 12
    includes advanced user interface technology incorporating support
    for browser-based access, and new functionality designed to
    transform the high-volume call center into a more efficient and
    effective, multi-channel customer contact center.
  • Free cash flow, defined as cash flow from operations less net
    capital expenditures and payments on capital leases, was $62.5
    million in the quarter.

Financial Outlook
Amdocs expects that revenue for the second quarter ending March 31,
2004, will be between $432-$438 million. Proforma earnings per
share for the quarter are expected to be $0.27, excluding
acquisition-related costs and related tax effects. Diluted GAAP
earnings per share, including acquisition-related costs and related
tax effects, for the quarter are expected to be between $0.01-$0.02
less than proforma EPS. The potential impact of the pending
acquisition of XACCT Technologies has not been incorporated into
these expectations.

Amdocs will host a conference call on January 21, 2004 at 5 p.m.
Eastern Standard Time to discuss the Company’s first quarter
results. The call will be carried live on the Internet via
www.vcall.com and the Amdocs website, www.amdocs.com.

About Amdocs
Amdocs combines innovative software products and services with deep
business knowledge to deliver true integrated customer management
to the world’s leading telecommunications services companies. Our
best-in-class billing and CRM products seamlessly link all
customer-facing business processes — marketing, sales, ordering,
delivery, fulfillment, billing, settlement, service, support, and
analytics — resulting in stronger, more profitable customer
relationships. Amdocs enables its customers to implement their
business strategy with rapid return on investment, lower total cost
of ownership and improved operational efficiencies.
For more information, visit Amdocs at www.amdocs.com.

Cautionary statements
Investors are cautioned that this press release contains proforma
information that is not prepared in accordance with GAAP. Investors
should not construe the proforma financial measures as being
superior to GAAP. The Company’s management uses proforma financial
information in its internal analysis because it enables the
management to consistently analyze the critical components and
results of operations and to have a meaningful comparison to prior
periods. The Company’s management believes that such measures
provide useful information to investors for meaningful comparison
to prior periods and analysis of the critical components and
results of operations.

This press release includes information that constitutes
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements about Amdocs‘ growth and business results in
future quarters. Although we believe the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations will be
obtained or that any deviations will not be material. Such
statements involve risks and uncertainties that may cause future
results to differ from those anticipated. These risks include, but
are not limited to, the effects of general economic conditions,
Amdocs‘ ability to grow in the mobile, wireline and IP business
segments, adverse effects of market competition, rapid
technological shifts that may render the Company’s products and
services obsolete, potential loss of a major customer, our ability
to develop long-term relationships with our customers, and risks
associated with operating businesses in the international market.
These and other risks are discussed at greater length in the
Company’s filings with the Securities and Exchange Commission,
including in our Annual Report on Form 20-F, filed on December 24,
2003.