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Amdocs (NYSE:DOX) reported a record income of $1.5 billion for the year (Amdocs' accounting year runs from October 1) and $415.5 million in its fourth quarter. The company, the world leader in CRM, billing and order management solutions for the communications industry, continues to show strong growth despite problems in the global economy, particularly in the telecoms sector.

Company profits soared by 40 percent to $78 million, while earnings per share increased to 35 cents. Revenues increased 37 percent for the year compared to 2000, and by 32 percent in quarterly comparison.

Avi Naor, CEO said "We achieved strong revenue and operating results... Our extensive portfolio of products and services, together with our global presence, adds stability by allowing us to adjust to shifting needs and opportunities."

The company also announced yesterday a stock buyback program of approximately 5 percent of the company's stock, which Naor said reflected the management's confidence in Amdocs' future. The CEO added that the company was concentrating on strengthening its position in the market. "Through our strong R&D program, together with pending acquisition of Clarify, a leading CRM vendor, we are expanding our market coverage and enhancing our product line."