SOURCE: MIND CTI Ltd.

May 04, 2011 08:53 ET

MIND CTI Reports EPS of 6 Cents for the First Quarter of 2011

Conference Call Scheduled for May 5, 2011 at 8:30 AM Eastern Time

YOQNEAM, ISRAEL--(Marketwire - May 4, 2011) - 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 2011.

Key Highlights

  • Non-GAAP revenues were $4.8 million, excluding a one time stock-based compensation granted to a customer in an amount of $332 thousand.
  • Non-GAAP operating income, based on the non-GAAP revenues and excluding equity-based compensation expense of $20 thousand, was $1,274 thousand, or 26.6% of non-GAAP revenues.
  • GAAP revenues were $4.5 million, compared with $5.3 million in the first quarter of 2010.
  • GAAP operating income was $922 thousand, or 20.7 % of GAAP revenue.
  • GAAP net income was $1,162 thousand or $0.06 per share.
  • Cash flow from operating activities was $1.2 million.
  • One new customer and multiple follow-on orders.
  • Backlog as of March 31, 2011 includes $10.2 million that is expected to be billed by year-end.

Cash Position and Annual Dividend Distribution
The cash position including marketable debentures is $17.4 million as of March 31, 2011.

As previously announced, based on our policy of annual dividend distribution, the Board declared a cash dividend of $0.32 per share before withholding tax. The record date for the annual dividend was February 28, 2011 and the payment date was March 21, 2011.

The dividend declared and distributed was approximately $6 million - $4.7 million that was paid to the shareholders in March 2011 and $1.3 million was paid for the withholding tax to the Israeli Tax authority in April 2011.

Revenue Distribution Based on GAAP Revenue for Q1 2011
Sales in the Americas represented 39.3% and sales in Europe represented 46.9% of total revenue and the rest divided between Israel, Africa and Asia-Pacific.

Revenue from customer care and billing software totaled $3.4 million, while revenue from enterprise call accounting software was $1.1 thousand.

Impact of Customer Warrant Award on Revenues
As we previously announced, we issued in January 2011 to EastLink a warrant to purchase ordinary shares of MIND. Given the exercise price and warrant validity period according to US GAAP rules we encountered a one time stock-based compensation granted to a customer adjustment to our revenues of $332 thousand.

Conference Call Information
MIND will host a conference call on May 5, 2011 at 8:30 a.m., Eastern Time, to discuss the Company's first quarter 2011 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.

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.

Follow MIND on Twitter: http://twitter.com/mindcti

Contact Information

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