When corporate telephones ring, Intervoice (NASDAQ:INTV) solutions are ready to answer. The automated-voice specialist sends the data to either the customer or the customer-service representative.

Two months ago, fellow Fool Nathan Parmelee noted that the company had completed a second winning year after a tough go through the previous four. Wall Street responded to that success, as this three-year chart shows.

Last night, though, the company reported mixed results. Net income shot up 23.4% to $0.10 a share, beating analyst estimates by three cents. But sales were weak -- up by only 3.2% to $43.3 million.

During its conference call, the company tried to mollify concerns about revenue, but it's clear that the expected double-digit revenue growth for fiscal 2006 (which ends next February) is not likely.

For the upcoming second quarter, analysts are expecting sales of $46.6 million, but the company now says that $40 million to $45 million is more realistic. Since last year's Q2 sales were $44.3 million, getting to year-over-year double-digit gains will require a very strong second half of the fiscal year.

Also disconcerting is that Intervoice characterizes its enterprise sales as disappointing. That message might have traction, and would provide some explanation, if competitor Comverse (NASDAQ:CMVT) weren't reporting 23.2% year-over-year sales growth for its first quarter.

Those looking for the silver lining in Intervoice's future will find comfort in the company's alliances with Hewlett-Packard (NYSE:HPQ) and Microsoft (NASDAQ:MSFT), as well as its continuing ability to innovate. Ah, and then there is the solid-as-gold balance sheet. Total debt is now zero (that's down from $1.7 million from the year-ago first quarter), and cash is up $1.2 million to $61.4 million -- representing 45% of total assets. This is a company on solid financial footing.

Now, if your inner voice is saying, "Buy Intervoice," consider that the stock is trading for 15.8 trailing earnings and 14.3 times estimated forward earnings for the year ending February 2007. That is not out of line, if revenue growth snaps back, as company executives expect it will.

Also keep in mind that the company's business model is built on servicing its solutions -- and that service revenue came in at 50.6% of total sales this quarter. That service revenue provides a stable source of recurring revenue, and it allows the company to create a source of residual income as it acquires new customers.

Intervoice's sales have certainly stumbled out of this year's starting gate, and its shares have plummeted by 33.4% over the past 52 weeks. But if sales recover later this year, per management's hopes, this cash-rich company can offer investors above-average market returns.

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Fool contributor W.D. Crotty does not own shares in any of the companies mentioned. Click here to see The Motley Fool's disclosure policy.