-- Revenues of $4.6 million, compared with $5.6 million in the fourth
quarter of 2007.
-- Non-GAAP operating income was $640 thousand, or 13.8% of revenue,
excluding amortization of intangible assets of $85 thousand, equity-based
compensation expense of $47 thousand and impairment of goodwill of $2.2
million.
-- GAAP operating loss was $1.6 million.
-- Impairment of Auction Rate Security in the amount of $1.3 million.
-- GAAP net loss of $3.2 million or $0.15 per share, compared with GAAP
net loss of $14.6 million or $0.67 per share in the fourth quarter of 2007.
Year 2008 Operating Highlights
-- Revenues were $19.5 million, compared with $18.4 million in 2007.
-- Non-GAAP operating income was $2,118 thousand, or 10.9% of revenue,
excluding amortization of intangible assets of $547 thousand, equity-based
compensation expense of $181 thousand and impairment of goodwill and
intangible asset of $3.7 million.
-- GAAP operating loss was $2.3 million, compared with operating income
of $1.3 million in 2007.
-- Impairment of Auction Rate Security in the amount of $4.2 million.
-- GAAP net loss of $6.4 million or $0.30 per share, compared with GAAP
net loss of $12 million or $0.55 per share in 2007.
-- Cash position as of December 31, 2008 of $9.7 million after a $1.6
million expenditure for the buyback of 2.1 million Company shares.
Monica Eisinger, Chairperson and CEO, commented: "We believe that our
results reflect the existing market conditions and we are pleased that we
have the skills, experience and understanding to react quickly to any
change. We have made practical decisions to reduce cost over the course of
the quarter and, as a result, we improved our non-GAAP operating margins
and reached our annual cash flow target. We remain confident in our
long-term strategy, prospects and future. We serve service providers around
the world, supporting their mission-critical activities in long-term
relationships including managed services. Service providers continue to
invest and enhance their offerings, although in a more cautious way and
during the last six months, we experienced delays in deal closing. In the
meantime, we are pleased with our backlog, our margins and our cash flow."
Revenue Distribution for Q4 2008
Sales in the Americas represented 44% and sales in Europe represented 48%
of total revenue. Revenue from our customer care and billing software
totaled $3.87 million, while revenue from our enterprise call management
software was $766 thousand. The revenue breakdown from our business lines
of products was $1.36 million, or 29% from licenses and $3.28 million, or
71% from maintenance and additional services.
Revenue Distribution for Full Year 2008
Sales in the Americas represented 41% and sales in Europe represented 51%
of total revenue. Revenue from our customer care and billing software
totaled $16.2 million, while revenue from our enterprise call management
software was $3.3 million. The revenue breakdown from our business lines of
products was $6.2 million, or 32% from licenses and $13.3 million, or 68%
from maintenance and additional services.
Conference Call Information
MIND will host a conference call on February 19, 2009 at 10:30 a.m.,
Eastern Standard Time, to discuss the Company's fourth quarter 2008 results
and other financial and business information. The call will be carried live
on the Internet via www.fulldisclosure.com and the MIND website,
www.mindcti.com. For those unable to listen to the live web cast, a replay
will be available.
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 management) 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 ten 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