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MIND CTI Reports Cash Flow From Operating Activities of $2 Million in Q4 2009 ($6.3 Million in Financial Year 2009)
(Market Wire Via Acquire Media NewsEdge) YOQNEAM, ISRAEL -- (MARKET WIRE) -- 03/15/10 --
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 fourth quarter and
year ended December 31, 2009.
Financial Highlights of Q4 2009
-- Revenues of $5.0 million, compared with $4.6 million in the fourth
quarter of 2008.
-- Non-GAAP operating income was $1.4 million, or 28% of revenue,
excluding amortization of intangible assets of $87 thousand and
equity-based compensation expense of $36 thousand.
-- GAAP operating income was $1.2 million.
-- GAAP net income of $1.1 million or $0.06 per share, compared with
GAAP net loss of $3.2 million or $0.15 per share in the fourth quarter
of 2008.
Year 2009 Operating Highlights
-- Revenues of $17.6 million, compared with $19.5 million in 2008.
-- Non-GAAP operating income was $2.7 million, or 15% of revenue,
excluding amortization of intangible assets of $338 thousand and
equity-based compensation expense of $143 thousand.
-- GAAP operating income was $2.2 million, compared with operating
loss of $2.3 million in 2008.
-- GAAP net income of $19.8 million or $1.04 per share, including a one
time financial income from a cash settlement in the amount of
$18.5 million, compared with GAAP net loss of $6.4 million or $0.30 per
share in 2008 including impairment of ARS in the amount of
$4.2 million.
-- Cash flow from operating activities was $6.3 million.
-- Cash position as of December 31, 2009 of $18.2 million after a special
dividend distribution of $0.80 per share in the amount of $14.8 million
and a $1.2 million expenditure for the buyback of 1.1 million shares.
-- The number of outstanding shares after completion of the buy-back plan
is 18,428,918.
-- Backlog as of December 31, 2009 includes approximately $12.0 million
that is expected to be billed by year-end.
Monica Eisinger, Chairperson and CEO, commented: "We believe that the
revenue decrease encountered in 2009 was mainly due to lowered spending in
the global telecom markets starting the end of 2007, the impact on MIND
being a lack of significant new wins and follow-on orders in 2008. We are
pleased that in 2009 we were more successful in closing deals that will
generate future revenue. Of course, we are also pleased with our
outstanding execution on cash flow and hope to re-achieve in the near
future the 20% non GAAP operating margin that has been our ongoing target
in the past and has become our goal again as the economy is expected to
improve."
Revenue Distribution for Q4 2009
Sales in the Americas represented 53.5% and sales in Europe represented
37.5% of total revenue.
Revenue from our customer care and billing software totaled $4.43 million,
while revenue from our enterprise call accounting software was $539
thousand. Revenue from licenses was $2.0 million, or 39.7% and $3.0
million, or 60.3% from maintenance and additional services.
Revenue Distribution for Full Year 2009
Sales in the Americas represented 43.9% and sales in Europe represented
47.3% of total revenue.
Revenue from our customer care and billing software totaled $15.1 million,
while revenue from our enterprise call accounting software was $2.5
million. Revenue from licenses was $6.2 million, or 34.9% and $11.4
million, or 65.1% from maintenance and additional services, in line with
our expectations.
Customer Wins
In 2009 we won and announced four new customers and two major upgrades.
-- a follow-on order with an existing US regional mobile operator, for
our first implementation of prepaid IN.
-- a regional mobile operator in the US that offers postpaid and prepaid
wireless, Internet, long distance and paging services.
-- a new operator in Africa, launching a WiMAX network.
-- a follow-on order with an existing Caribbean customer, for a complete
end-to-end convergent prepaid and postpaid billing including among many
modules the MIND Point of Sale, inventory management, and interconnect.
The agreement is for four years and includes migration from existing
solutions, license, implementation services and maintenance support.
-- a leading international communications provider offering mobile,
broadband, domestic and international fixed line services, for their
operation in one country in Central America. MIND will provide
mediation, rating and billing for prepaid calling cards. The MINDBill
solution will handle millions of prepaid calling cards supporting
multiple services through its built-in balance manager.
-- a new NextGen operator that plans to start offering voice and IP
services in Eastern Europe.
Dividend Distribution
As previously announced, on December 30, 2009 the Board of Directors
resolved that the Company should seek the court approval formally required
in order to enable a distribution of a cash dividend in the amount of $0.20
per share, similar to previous years. Under Israeli law, a company with
insufficient retained earnings is required to obtain approval from the
court for such a distribution. Following the receipt of approval from the
District Court of Haifa, on March 14, 2010 the Board declared a cash
dividend of $0.20 per share before withholding tax.
The record date for the dividend will be March 25, 2010 and the payment
date will be April 12, 2010. Tax will be withheld at a rate of 20%.
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. The financial results
can be found in the Investors section and in our Form 6-K as well.
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.
For more information please contact:
Andrea Dray
MIND CTI Ltd.
Tel: +972-4-993-6666
Email Contact
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