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Third Quarter Results for Fiscal 2001
Revenue Increased by 36.0% to a Record $404.0 Million

     Earnings Release
St. Louis, MO – July 24, 2001 -- Amdocs Limited (NYSE: DOX) today reported that for the third quarter ended June 30, 2001, revenue reached $404.0 million, an increase of 36.0% over last year’s third quarter. Excluding acquisition-related charges, net income increased 44.4% to $74.1 million, while earnings per share increased 43.5% to $0.33 per diluted share, compared to net income of $51.4 million, or $0.23 per diluted share, in the third quarter of fiscal 2000. The Company’s as-reported net income, which includes acquisition-related charges for amortization of goodwill and purchased intangible assets and related tax effects, and in fiscal 2000 also included in-process research and development write-offs and other indirect acquisition costs, was $18.5 million, or $0.08 per diluted share, compared to a net loss of $67.2 million, or $0.31 per diluted share, in the third quarter of fiscal 2000.

Avi Naor, Chief Executive Officer of Amdocs Management Limited, noted, “We had an excellent quarter. These results continue our consistent track record of strong business performance and stable growth. We continued to expand our penetration in both the wireline and mobile sectors for both voice and IP applications. We have great stability due to our business model, which emphasizes long-term customer relationships, as well as our extensive portfolio which includes CRM, billing and order management; the variety of service alternatives we offer including licensed solutions and outsourcing projects; and the geographic diversity spanning all major global markets.”

Naor continued, “We continue to be very confident moving forward. For Amdocs, the market for customer care and billing systems remains strong. With our broad product offering and complete service coverage, Amdocs is uniquely positioned to leverage its existing relationships with Tier 1 and Tier 2 carriers, the strongest players in the market. Carriers recognize that powerful customer care and billing capabilities are mission-critical for their operations, and enable them to be more competitive. This also holds for our existing customers, where we have significant ongoing support programs and additional system expansion and enhancement projects.”

Naor added, “Due to the slowdown in the global communications market, we have recently experienced a lengthening in our sales cycle, which means that it may take us longer to close deals for new business. Nonetheless, our future outlook is very positive. We continue to have a strong pipeline, and our visibility remains high. With our leading position among the top tier communications carriers, together with our long-term customer relationships, solutions-based business model and diverse product portfolio, our future business prospects remain strong in the current market.”

Amdocs is the world’s leading provider of CRM, billing and order management systems for the communications industry. Amdocs has an unparalleled success record in project delivery of its mission-critical products. With human resources of over 8,450 information systems professionals, Amdocs supports a global customer base. For more information visit our Web site at www.amdocs.com.

Amdocs will host a conference call on July 24 at 5 p.m. Eastern Daylight Time to discuss the Company’s third quarter results. The call will be carried live on the Internet via www.vcall.com and the Amdocs website, www.amdocs.com.

This press release may contain forward-looking statements as defined under the Securities Act of 1933, as amended, 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, 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 Form 6-K filed on May 10, 2001 and in our Form 20-F/A filed on April 3,2001.

Contact:

Thomas G. O'Brien
Treasurer and Director of Investor Relations
Amdocs Limited
314/212-8328
E-mail: dox_info@amdocs.com