Investors in the Israeli company Nice Systems (NICE) can breathe a sigh of relief, as their earnings came in as expected. Some traders that we had spoken to were worried about Nice’s exposure to the financial sector and how the slowdown in spending would impact the numbers. Well it turns out that their security business is doing nicely.

The company came in with revenues of $155.3 million (a record) an increase of over 20% YOY. The company also showed an increase in margins and raised revenue numbers for the rest of ‘08.

According to PR Newswire, CEO Haim Shani said, “The demand for NICE’s solutions remains strong in our two market sectors, enterprise and security, across all regions. “We continue to execute well on our strategy of leading the market with our advanced applications solutions in the enterprise sector and of winning large-scale deals in the security sector.”

All in all, a pretty NICE report.

Disclosure: Author’s fund has a position in NICE. He has no position in any other stock mentioned as of 8/06/08.

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Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.

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