YOQNEAM, Israel, Nov. 05, 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, unified communications analytics and call accounting solutions for enterprises as well as enterprise messaging solutions, today announced results for its third quarter ended September 30, 2024.
The following will summarize our major achievements in the third quarter of 2024, as well as our business. Full 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.
Q3 2024 Financial Highlights
- Revenues were $5.2 million, compared with $5.3 million in the third quarter of 2023.
- Operating income was $0.7 million, compared to $1.2 million in the third quarter of 2023, with the increase in cost of revenues attributed to an infrequent high cost of third-party hardware and licenses supplied as part of our solutions to a customer.
- Net income was $0.9 million, or $0.05 per share, compared to $1.3 million, or $0.06 per share in the third quarter of 2023.
- Cash flow from operating activities was $1.0 million, the same as in the third quarter of 2023.
- One new win with an existing customer and multiple follow-on orders.
- Cash position was $15.5 million as of September 30, 2024.
Nine Months Financial Highlights
- Revenues were $16.2 million, compared with $16.0 million in the first nine months of 2023.
- Operating income was $3.1 million, compared to $3.6 million in the first nine months of 2023.
- Net income was $3.4 million, or $0.17 per share, compared to $3.7 million, or $0.19 per share in the first nine months of 2023.
- Cash flow from operating activities in the first nine months of 2024 was $3.8 million, compared to $3.4 million in the first nine months of 2023.
Monica Iancu, MIND CTI's Chief Executive Officer, commented: "Similar to previous quarters, we continue to benefit from the long-term successful relationships with our customers that value our commitment to provide the highest level of support and the best products and services, and from time to time, increase the scope of their solutions. We work with well-designed processes that ensure operating efficiency and productivity. We remain active in our search for suitable acquisitions and continue our ongoing investment to better support digital transformations and 5G networks, and to maintain up-to-date technology and infrastructure with increased security. 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.
"As I hand over the CEO position to Ariel Glassner, I wish to thank our long-term investors, employees, customers, and partners for enabling my long, eventful, and gratifying leadership journey."
Revenue Distribution for Q3 2024
Europe represented 53% (including the messaging segment revenues in Germany that represented 34%), the Americas represented 40%, and the rest of the world represented 7% of total revenues.
Customer care and billing software totaled $2.9 million, or 56% of total revenues, enterprise messaging and payment solutions were $1.8 million, or 35% of total revenues, and enterprise call accounting software totaled $0.5 million, or 9% of total revenues.
Revenue Distribution for Nine Months 2024
Europe represented 55% (including the messaging segment revenues in Germany that represented 37%), the Americas represented 39%, and the rest of the world represented 6% of total revenues.
Customer care and billing software totaled $8.8 million, or 54% of total revenues, enterprise messaging and payment solutions totaled $6 million, or 37% of total revenues, and enterprise call accounting software totaled $1.4 million, or 9% of total revenues.
New Win & Follow-on Orders
Our customers, from time to time, increase their licenses and the scope of the solutions we provide to them. This quarter, like in all previous quarters, we received follow-on orders from existing customers for additional functionality and license upgrades.
The new win is with an existing customer to enhance and customize the MINDBill platform to support a Hosted Mobile (MVNO) - transforming the existing customer into a full MVNE. The MVNE platform includes all MINDBill modules, omnichannel ecommerce, mobile app and WEB selfcare for residential and commercial users. The MINDBill platform enables integration with external applications such as ERP, support for multiple languages, branding throughout the applications and communication methods and the customizations include contract layout, invoice layout, receipt layout, and notifications.
Active Pursuit of Acquisitions
As previously announced, we continue targeting potential acquisitions that could be a source of growth, by focusing on acquisition targets at reasonable valuations that satisfy the criteria we defined: proven revenues, complementary technology or geography and expected accretion to earnings within two to three quarters.
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
