YOQNEAM, ISRAEL — (Marketwire) — 08/04/11 — 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 second quarter 2011.
Revenues were $4.55 million, compared with $4.9 million in the second quarter of 2010.
Operating income was $843 thousand, or 18.5 % of revenue.
Net income was $967 thousand or $0.05 per share.
Cash flow from operating activities was $1.25 million.
One new customer and multiple follow-on orders.
Backlog as of June 30, 2011 includes $8.6 million that is expected to be billed by year-end, compared to $7.9 million on June 30, 2010.
Cash position (including available for sale securities) of $17.5 million on June 30, 2011, after completion of the yearly dividend distribution and related tax payments in March and April 2011 respectively.
Monica Iancu, Chairperson and CEO, commented: “While revenues were below our expectations, we are encouraged by the continued follow-on business and the opportunities in our pipeline. Similar to last quarter, the decreased revenue is mainly the result of delays in one project implementation by a customer for reasons that are not in our control. The increased backlog reflects this revenue slippage and we expect to see the implementation completed over the next 2-3 quarters.”
Sales in the Americas represented 51.4% and sales in Europe represented 34.6% of total revenue and the rest divided between Israel, Africa and Asia-Pacific.
Revenue from customer care and billing software totaled $3.64 million, while revenue from enterprise call accounting software was $907 thousand.
In the second quarter of 2011 MIND secured one new win with a provider of wire line and wireless services in the US region, operating both GSM and CDMA networks. This new customer has selected us to provide a complete prepaid platform based on our powerful real-time rating.
The follow-on orders include two large upgrades for two US mobile carriers; one for system enhancements and the other is an upgrade to a newer product release.
MIND will host a conference call on August 4, 2011 at 8:30 a.m., Eastern Time, to discuss the Company-s second quarter 2011 results and other financial and business information. The call will be carried live on the Internet via and the MIND website, . 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 and in our Form 6-K as well.
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.
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For more information please contact:
Andrea Dray
MIND CTI Ltd.
Tel: +972-4-993-6666
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