Exhibit 99.1

ASPECT COMMUNICATIONS REPORTS THIRD QUARTER 2003 FINANCIAL RESULTS

Company Reports Third Quarter EPS of $0.11 and Operating Margins of 15%

SAN JOSE, Calif., October 16, 2003 — Aspect Communications Corporation (Nasdaq: ASPT), the leading provider of enterprise customer contact solutions, today reported financial results for the quarter ended September 30, 2003.

THIRD QUARTER FINANCIAL RESULTS:

Revenues for the third quarter of 2003 totaled $92.6 million compared to $89.4 million for the second quarter of 2003 and $96.5 million for the third quarter last year. Software License revenues in the third quarter of 2003 were $18.7 million compared to $16.3 million for the second quarter of 2003 and $21.5 million for the third quarter last year. Hardware revenues totaled $11.6 million in the third quarter compared to $11.2 million for the second quarter and $16.0 million for the third quarter last year. Software License Updates & Product Support revenues totaled $54.6 million in the third quarter compared to $53.7 million for the second quarter and $49.7 million for the third quarter last year. Professional Services & Education revenues in the third quarter were $7.8 million compared to $8.3 million for the second quarter and $9.2 million for the third quarter last year.

Net income for the third quarter of 2003 was $10.2 million. Net income attributable to common shareholders for the third quarter was $8.2 million or a profit of $0.11 per share on a basic and fully diluted basis. This compares with a net income attributable to common shareholders of $4.5 million or a profit of $0.06 per share for the second quarter of 2003 and a net loss of $60.0 million or a loss of $1.14 per share for the third quarter of 2002. Net loss for the third quarter of 2002 includes a $22.7 million restructuring charge, a $38.6 million write off of intangible assets and a $3 million gain from the repurchase of convertible subordinated debentures.

“We are pleased to report another great quarter for Aspect,” said Gary Barnett, Aspect Interim President and CEO. “Our strong financial performance this quarter paired with our continued strength in the contact center solutions space demonstrates our commitment and ability to execute to plan. With nearly two decades of continuous

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Aspect Communications Announces Financial Results for the Quarter ended September 30, 2003, page 2

technology innovation and some of the best financial measurements in over four years, we are optimistic that we will continue to deliver on our commitments and grow shareholder value.”

For the third quarter of 2003, gross margins were 57.3%. This compares to 56.5% for the second quarter of 2003 and 11.8% for the third quarter of 2002. Operating expenses were $39.1 million for the third quarter of 2003 compared to $41.4 million in the second quarter of 2003 and $72.6 million for the same period last year.

Cash, cash equivalents, and short-term investments totaled $126.7 million as of September 30, 2003. This compares to $223.3 million as of June 30, 2003. On August 12, 2003, the company paid approximately $122.8 million in cash to repurchase 99% of the company’s outstanding convertible subordinated debentures. During the quarter, the company generated $24.6 million in cash from operations. Accounts receivable at quarter-end totaled $45.6 million and days sales outstanding were 36 days compared to 38 days at June 30, 2003.

THIRD QUARTER OPERATIONAL HIGHLIGHTS:

During the quarter, the company added several new customers to its platinum customer base, including: Coventry Healthcare, WellPoint, Fremont Bank, Blue Shield of California, 1-800-MATTRESS, Government of South Africa, Suncall and NTL/Swansea Technical Support Bureau.

Aspect’s installed base of customers continued to be an important source for new product revenues. The company received significant revenue from these existing Aspect customers: Dell Computer, Countrywide Home Loans, Sears, Yorkshire Water, Royal Bank of Scotland, CJ Garland & Co. and Arvato Direct Service.

Aspect introduced their new “Uniphi” architecture featuring Uniphi Connect and Aspect Call Center Version 9. This new architecture extends Aspect’s vision of joining best-of-breed, proven technologies into multi-product solutions allowing customers to transition to IP at their own pace.

The company also introduced their new Iphinity Call Center and Iphinity Workforce Management, which provides affordable, turnkey solutions for small and medium-sized contact centers.

Aspect Communications Announces Financial Results for the Quarter ended September 30, 2003, page 3

The company’s Scheduled Callback software won the TMC Labs Innovation Award for innovative and unique capabilities that improve customer satisfaction.

The company announced eBiz 2003, The Aspect User Conference to be held from October 26 — 29, 2003 at the MGM Grand in Las Vegas, Nevada. In addition to keynote speakers, the conference will feature breakout sessions with technology and business tracks. Many of Aspect’s partners will offer technology demonstrations and discussions of leading business practices. In addition, eBiz attendees will also be able to “test drive” Aspect’s contact center solutions and next-generation technology in hands-on demonstrations.

BUSINESS OUTLOOK:

The following statements are forward-looking, and actual results may differ materially:

• Revenue for the fourth quarter will be flat to slightly up from the third quarter.

• The company is planning for fourth quarter earnings per share to be flat to slightly up from the third quarter.

• The company expects to continue to generate positive cash flow from operations.

The company will host a conference call and web-cast today at 2:00 pm Pacific Time to discuss third quarter 2003 results. A replay of the conference call will be available from October 16, 2003 at 5:00 pm Pacific Time through October 23, 2003 at 8:59 pm Pacific Time by calling 866-566-0821 or 402-220-0423. The web-cast and replay of the conference call may be accessed from the company’s home page at www.aspect.com.

Notes on financial presentation: Actual financial results are prepared in accordance with U.S. generally accepted accounting principles.

The statements contained in the Business Outlook Section, including but not limited to, statements relating to expected fourth quarter revenues, earnings per share and cash flow from operations of the company are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and are made under its safe-harbor provisions. Such

Aspect Communications Announces Financial Results for the Quarter ended September 30, 2003, page 4

forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Specific factors that may cause actual revenue and earnings per share results to differ include: the significant percentage of Aspect’s quarterly sales consummated in the last few days of the quarter and the potential for delays in closing of sales or product deliveries make financial predictions especially difficult and raise a substantial risk of variance in actual results; changes in the overall mix and volume of product line revenues can have a significant impact on gross margin and profitability; fluctuations in our North American and International business levels and/or economic conditions, the hiring and retention of key employees, insufficient, excess or obsolete inventory and variations in valuation, and foreign exchange rate fluctuations can all cause revenues and income to fall significantly short of anticipated levels. The economic, political and other uncertainties caused in the United States and throughout other regions of the world add to these challenges. Additional risks that could cause actual results to differ materially from those projected are discussed in Aspect’s Form 10-K for the year ended December 31, 2002, its Form 10-Q/A for the quarter ended March 31, 2003, and its Form 10-Q for the quarter ended June 30, 2003, all filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. Aspect undertakes no obligation to publicly release the results of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Aspect Communications

Aspect Communications Corporation (Nasdaq: ASPT) is the world’s largest company focused exclusively on contact center solutions, and the only one that unifies workforce, information and communications to deliver exceptional customer service. The Aspect brand is trusted by more than 75 percent of the Fortune 50, and more than 3 million customer sales and service professionals worldwide rely on Aspect’s mission-critical business communications solutions. The company’s leadership is based on 18 years of expertise gained from more than 8,000 successful implementations worldwide. Aspect is headquartered in San Jose, Calif., with 24 offices in 11 countries around the world. For more information, visit Aspect’s Web site at www.aspect.com or call (877) 621-3692.

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Aspect, the Aspect logo and the phrases and marks relating to other Aspect products and services discussed in this press release constitute one or both of the following: (1) registered trademarks and/or service marks of Aspect Communications Corporation in the United States and/or other countries or (2) intellectual property subject to protection under common law principles. All other names and marks mentioned in this document are properties of their respective owners.

Aspect Communications Announces Financial Results for the Quarter ended September 30, 2003, page 5

Carrie Kovac
Investor Relations
Aspect Communications
(408) 325-2437
carrie.kovac@aspect.com

ASPECT COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts — unaudited)

			Three months ended						Three months ended						Nine months ended
			September 30,						June 30,						September 30,
			2003			2002			2003			2002			2003			2002
Net revenues:
	Software License		$	18,710		$	21,529		$	16,329		$	17,780		$	49,992		$	62,248
	Hardware			11,582			16,047			11,159			17,829			31,905			51,609
	Software License Updates & Product Support			54,558			49,742			53,656			53,054			160,518			154,048
	Professional Services & Education			7,779			9,183			8,281			9,432			24,047			31,212
		Services		62,337			58,925			61,937			62,486			184,565			185,260
		Total net revenues		92,629			96,501			89,425			98,095			266,462			299,117
Cost of revenues:
	Cost of software license revenues			1,663			2,113			2,416			1,882			6,472			5,640
	Cost of hardware revenues			9,314			12,655			10,074			14,023			28,365			45,212
	Cost of services revenues			25,328			29,832			25,218			34,548			77,570			98,568
	Amortization of intangible assets and stock-based compensation			1,238			2,926			1,211			3,763			3,692			10,453
	Impairment of intangible assets			2,000			37,556			—			—			2,000			37,556
		Total cost of revenues		39,543			85,082			38,919			54,216			118,099			197,429
Gross margin				53,086			11,419			50,506			43,879			148,363			101,688
Operating expenses:
	Research and development			12,189			13,424			12,414			14,749			37,491			43,581
	Sales and marketing			19,598			25,812			20,269			29,230			60,222			86,819
	General and administration			7,091			9,174			5,524			10,086			16,930			29,854
	Restructuring charges			—			22,699			2,997			—			2,997			22,699
	Amortization of intangible assets and stock-based compensation			205			396			211			581			562			1,524
	Impairment of intangible assets			—			1,076			—			—			—			1,076
Total operating expenses				39,083			72,581			41,415			54,646			118,202			185,553
Income (loss) from operations				14,003			(61,162	)		9,091			(10,767	)		30,161			(83,865	)
	Interest and other income (expense), net			(1,182	)		1,560			(1,373	)		(8,996	)		(4,322	)		(7,671	)
Income (loss) before income taxes				12,821			(59,602	)		7,718			(19,763	)		25,839			(91,536	)
	Provision (benefit) for income taxes			2,575			377			1,250			(5,460	)		5,072			(28,002	)
Net income (loss) before cumulative effect of change in accounting principle				10,246			(59,979	)		6,468			(14,303	)		20,767			(63,534	)
	Cumulative effect of change in accounting principle			—			—			—			—			(777	)		(51,431	)
Net income (loss)				10,246			(59,979	)		6,468			(14,303	)		19,990			(114,965	)
	Less preferred stock dividend, accretion, and amortization			(2,053	)		—			(2,013	)		—			(5,605	)		—
Net Income (loss) attributable to Common Shareholders			$	8,193		$	(59,979	)	$	4,455		$	(14,303	)	$	14,385		$	(114,965	)
Earnings (loss) per share before cumulative effect of change in accounting principle			$	0.11		$	(1.14	)	$	0.06		$	(0.27	)	$	0.20		$	(1.21	)
Cumulative effect of change in accounting principle				—			—			—			—			(0.01	)		(0.98	)
Basic earnings (loss) per share (1)			$	0.11		$	(1.14	)	$	0.06		$	(0.27	)	$	0.19		$	(2.19	)
Basic weighted average shares outstanding				54,612			52,678			53,576			52,400			53,834			52,381
Diluted earnings (loss) per share			$	0.11		$	(1.14	)	$	0.06		$	(0.27	)	$	0.19		$	(2.19	)
Diluted weighted average shares outstanding				81,967			55,596			54,914			57,058			56,347			56,459

(1)  Pursuant to GAAP, the Company is required to present earnings per share “as if” all earnings were distributed to Common and Preferred Shareholders. Under this “two class” method, earnings are allocated to Common and Preferred Shareholders in proportion to their respective ownership interests. This calculation for the three months ended September 30, 2003 would allocate approximately 71% of the current earnings to Common Shareholders and yield $0.11 earnings per share per Common Shareholder, as shown above. This calculation for the nine months ended September 30, 2003 would allocate approximately 72% of the current earnings to Common Shareholders and yield $0.19 earnings per share per Common Shareholder, as shown above. However, the Company has not in the past, and does not currently intend to, declare a distribution of earnings. Absent this “as if” apportionment, earnings per share would be $0.13 for the three months ended September 30, 2003 and $0.26 for the nine months ended September 30, 2003.

ASPECT COMMUNICATIONS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands — unaudited)

			September 30,		June 30,		December 31,		September 30,
			2003		2003		2002		2002
Assets
Current assets:
	Cash, cash equivalents and short-term investments		$	126,730	$	223,258	$	146,100	$	145,242
	Accounts receivable, net			45,569		45,269		51,145		61,557
	Inventories			7,964		9,084		6,839		4,773
	Other current assets			14,761		17,351		13,664		17,054
		Total current assets		195,024		294,962		217,748		228,626
Property and equipment, net				71,953		76,709		86,528		92,587
Intangible assets, net				8,687		9,954		12,497		13,768
Other assets				7,962		8,545		8,949		9,876
		Total assets	$	283,626	$	390,170	$	325,722	$	344,857
Liabilities, redeemable convertible preferred stock, and shareholders’ equity
Current liabilities:
	Short-term borrowings		$	7,038	$	6,972	$	7,186	$	7,321
	Accounts payable			6,753		7,351		6,798		11,712
	Accrued compensation and related benefits			16,338		15,769		16,051		19,050
	Other accrued liabilities			61,744		56,865		67,370		69,262
	Deferred revenues			50,449		51,637		30,220		35,139
	Convertible subordinated debentures			956		122,981		124,983		—
		Total current liabilities		143,278		261,575		252,608		142,484
Long term borrowings				35,902		37,733		41,243		42,989
Other long-term liabilities				12,263		14,014		10,174		22,313
Convertible subordinated debentures				—		—		—		123,152
		Total liabilities		191,443		313,322		304,025		330,938
Redeemable convertible preferred stock				32,726		30,672		—		-
Shareholders’ equity				59,457		46,176		21,697		13,919
		Total liabilities, redeemable convertible preferred stock, and shareholders’ equity	$	283,626	$	390,170	$	325,722	$	344,857

ASPECT COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands — unaudited)

			Three months ended						Nine months ended
			September 30,						September 30,
			2003			2002			2003			2002
Cash flows from operating activities:
	Net income (loss)		$	10,246		$	(59,979	)	$	19,990		$	(114,965	)
	Reconciliation of net income (loss) to cash provided by operating activities:
		Depreciation		5,816			8,034			18,549			26,814
		Amortization of intangible assets		1,267			3,202			3,810			11,539
		Amortization of stock-based compensation		173			122			446			443
		Loss on disposal of property		273			1,812			297			2,460
		Loss (Gain) on extinguishment of debt		—			(3,103	)		17			(7,249	)
		Cumulative effect of change in accounting principle		—			—			777			51,431
		Impairment of long term investment		—			—			—			8,859
		Impairment of intangible assets		2,000			38,631			2,000			38,631
		Non-cash interest expense on debentures		802			2,008			4,409			6,983
		Deferred taxes		(141	)		(74	)		—			8
	Changes in operating assets and liabilities
		Accounts receivable		(155	)		13,671			7,645			19,852
		Inventories		1,118			2,037			(882	)		7,485
		Other current assets and other assets		1,128			428			(1,869	)		4,165
		Accounts payable		(582	)		(3,413	)		1,066			5,439
		Accrued compensation and related benefits		602			(1,280	)		138			(18	)
		Other accrued liabilities		3,179			9,094			(7,429	)		3,382
		Deferred revenues		(1,167	)		932			19,581			4,761
		Net cash provided by operating activities		24,559			12,122			68,545			70,020
Cash flows from investing activities:
	Short-term investment purchases			(30,871	)		(88,734	)		(134,215	)		(152,231	)
	Short-term investment sales and maturities			32,797			77,443			145,484			135,519
	Property and equipment purchases			(1,185	)		(1,961	)		(3,145	)		(9,463	)
		Net cash provided by (used in) investing activities		741			(13,252	)		8,124			(26,175	)
Cash flows from financing activities:
	Proceeds from issuance of common stock, net			5,273			471			6,393			2,802
	Proceeds from issuance of preferred stock, net			—			—			43,564			—
	Payments on capital lease obligations			(31	)		(220	)		(342	)		(592	)
	Proceeds from borrowings			—			25,000			—			27,000
	Payments on borrowings			(1,734	)		(18,993	)		(5,147	)		(20,136	)
	Payments on repurchase of convertible subordinated debentures			(122,827	)		(19,120	)		(128,439	)		(59,769	)
		Net cash used in financing activities		(119,319	)		(12,862	)		(83,971	)		(50,695	)
	Effect of exchange rate changes on cash and cash equivalents			(427	)		462			(281	)		253
Net decrease in cash and cash equivalents				(94,446	)		(13,530	)		(7,583	)		(6,597	)
Cash and cash equivalents:
	Beginning of period			152,914			79,497			66,051			72,564
	End of period			58,468			65,967			58,468			65,967
Short-term investments at the end of period				68,262			79,275			68,262			79,275
Cash, cash equivalents and short-term investments			$	126,730		$	145,242		$	126,730		$	145,242
Supplemental disclosure of cash flow information:
	Cash paid for interest		$	675		$	630		$	2,195		$	2,031
	Cash paid for income taxes		$	40		$	—		$	396		$	—
Supplemental schedule of noncash investing and financing activities
	Accrued preferred stock dividend and amortization of redemption premium		$	1,704		$	—		$	4,647		$	—
	Amortization of beneficial conversion feature		$	349		$	—		$	958		$	—
	Beneficial conversion feature		$	—		$	—		$	17,583		$	—