YOQNEAM, Israel, May 08, 2024 (GLOBE NEWSWIRE) -- MIND C.T.I. LTD. - (NasdaqGM:MNDO), a leading provider of convergent end-to-end prepaid/postpaid billing and customer care product-based solutions for service providers, enterprise solutions for unified communications analytics and call accounting solutions as well as enterprise messaging solutions, today announced results for its first quarter ended March 31, 2024.
The following will summarize our major achievements in the first quarter of 2024, as well as our business. The financial results can be found in the Company News section of our website at http://www.mindcti.com/company/news/ and in our Form 6-K.
Financial Highlights
- Revenues were $5.8 million, compared with $5.5 million in the first quarter of 2023.
- Operating income was $1.2 million, or 22% of total revenues, compared with $1.3 million, or 24% of total revenues in the first quarter of 2023.
- Net income was $1.3 million, or $0.07 per share, same as in the first quarter of 2023.
- Cash flow from operating activities was $0.9 million, compared with $0.6 million in the first quarter of 2023.
- Multiple follow-on orders.
- Cash position was $17.4 million as of March 31, 2024 (before the dividend distribution of $4.9 million in April 2024).
Monica Iancu, MIND CTI's Chief Executive Officer, commented: "Our messaging segment was favorably impacted this quarter by larger than usual customer campaigns. In our billing segment, we continue to invest in new technologies, mainly to support the 5G and IoT, and to expand our platforms to better support digital transformations. This quarter we released the first version of our SIM OTA (Over-The-Air) provisioning platform that helps our customers to remotely manage the SIM card resources, mainly the encryption keys, the applications on the SIMs and the preferred PLMN (Public Land Mobile Network).
"The situation in Israel is still tense, but we continue to operate as usual and support our customers worldwide. MIND is a global company, operating from different countries, according to an extensive business continuity plan that ensures resilience, seamless delivery, development, and ongoing support to our customers."
Revenue Distribution
Revenues in Europe represented 60% (including the messaging segment revenues in Germany that represented 41%), revenues in the Americas represented 34%, and revenues in the rest of the world represented 6% of total revenues.
Revenues from our customer care and billing software were $2.9 million, or 51% of total revenues, revenues from our enterprise messaging and payment solutions were $2.4 million, or 41% of total revenues, and revenues from our enterprise call accounting software were $0.5 million, or 8% of total revenues.
Revenues from maintenance and additional services were $5.7 million, or 99% of total revenues, while revenues from licenses were $0.1 million, or 1% of total revenues.
Dividend Distribution
As previously announced, the Board declared on March 6, 2024 a gross dividend of $0.24 per share with tax being withheld at a rate of 20%.
The dividend of approximately $4.9 million, is presented in our balance sheet as of March 31, 2024 among other payables. The distribution and the impact on cash position occur in Q2 2024.
AGM and Board of Directors Update
The Company held its Annual General Meeting of Shareholders on May 6, 2024 and all the proposed resolutions were approved.
About MIND
MIND CTI Ltd. is a leading provider of convergent end-to-end billing and customer care product-based solutions for service providers, unified communications analytics and call accounting solutions for enterprises as well as enterprise messaging solutions. MIND provides a complete range of billing applications for any business model (license, SaaS, managed service or complete outsourced billing service) for Wireless, Wireline, Cable, IP Services and Quad-play carriers. A global company, with over twenty-five years of experience in providing solutions to carriers and enterprises, MIND operates from offices in Israel, Romania, Germany and the United States.
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", including estimations relating to the impact of the political situation in Ukraine, expectations of the results of the Company's business optimization initiative, integration of the company's acquisitions and its projected outlook and results of operations. 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, but not limited to, economic conditions in our key markets, as well as the risks discussed in the Company's annual report and other 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 C.T.I. Ltd.
Tel: +972-4-993-6666
investor@mindcti.com
