SOURCE: MIND CTI Ltd.

May 05, 2010 16:15 ET

MIND CTI Reports 28% Rise in Revenue and $0.07 Profit per Share

Cash Flow From Operating Activities of $2.4 Million in Q1 2010; Conference Call Scheduled for May 6, 2010 at 8:30 AM Eastern Time

YOQNEAM, ISRAEL--(Marketwire - May 5, 2010) - MIND C.T.I. LTD. (NASDAQ: MNDO), a leading provider of convergent end-to-end billing and customer care product based solutions for service providers as well as telecom expense management (call accounting) solutions, today announced results for the first quarter 2010.

Key Highlights

  • Revenues were $5.3 million, a 28% increase over the first quarter of 2009.
  • One new customer, one major upgrade and one major enhancement.
  • Operating income, excluding amortization of intangible assets of $84 thousand and equity-based compensation expense of $42 thousand, was $1,598 thousand, or 30% of revenue.
  • GAAP operating income was $1,472 thousand, or 28% of revenue.
  • GAAP net income was $1,356 thousand or $0.07 per share.
  • Cash flow from operating activities was $2,446 thousand.
  • Backlog as of March 31, 2010 includes $10 million that is expected to be billed by year-end.
  • Cash position increased by $2.3 million to $20.5 million on March 31, 2010.

Revenue Distribution for Q1 2010
Sales in the Americas represented 51.7% and sales in Europe represented 33.1% of total revenue and the rest divided between Israel, Africa and Asia-Pacific.

Revenue from customer care and billing software totaled $4.3 million, while revenue from enterprise call accounting software was $956 thousand.

Conference Call Information
MIND will host a conference call on May 6, 2010 at 8:30 a.m., Eastern Time, to discuss the Company's first quarter 2010 results and other financial and business information. The call will be carried live on the Internet via www.earnings.com and the MIND website, www.mindcti.com. For those unable to listen to the live web cast, a replay will be available.

Full financial results can be found in the Investors section www.mindcti.com/investor/PressReleases.asp and in our Form 6-K as well.

About MIND
MIND CTI Ltd. is a leading provider of convergent end-to-end billing and customer care product based solutions for service providers as well as telecom expense management (call accounting) solutions. MIND provides a complete range of billing applications for any business model (license, managed service or complete outsourced billing service) for Wireless, Wireline, VoIP and Quad-play carriers in more than 40 countries around the world. A global company, with over twelve years of experience in providing solutions to carriers and enterprises, MIND operates from offices in the United States, UK, Romania and Israel.

For more information, visit MIND at: www.mindcti.com

Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward-looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The forward-looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission. The Company does not undertake to update any forward-looking information.

Contact Information

  • For more information please contact:
    Andrea Dray
    MIND CTI Ltd.
    Tel: +972-4-993-6666
    Email Contact