YOQNEAM, Israel, Nov. 08, 2022 (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, 2022.
The following will summarize our major achievements in the third quarter of 2022, 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 2022 Financial Highlights
- Revenues were $5.3 million, compared to $7.0 million in the third quarter of 2021, and $5.2 million in the second quarter of 2022.
- Operating income was $1.4 million, compared to $1.7 million in the third quarter of 2021, and $1.3 million in the second quarter of 2022.
- Net income was $1.3 million, or $0.06 per share, compared to $1.4 million, or $0.07 per share in the third quarter of 2021, and $1.2 million, or $0.06 per share in the second quarter of 2022.
- Cash flow from operating activities was $1.0 million, compared to $0.6 million in the third quarter of 2021, and $1.6 million in the second quarter of 2022.
- Multiple follow-on orders.
- Cash position was $16.0 million as of September 30, 2022.
Nine Months Financial Highlights
- Revenues were $16.2 million, compared to $20.4 million in the first nine months of 2021, with the decrease mainly attributed to the messaging segment.
- Operating income was $4.3 million, compared to $5.2 million in the first nine months of 2021.
- Net income was $4.0 million, or $0.20 per share, compared to $4.4 million, or $0.22 per share in the first nine months of 2021.
- Cash flow from operating activities in the first nine months of 2022 was $3.1 million, compared to $4.4 million in the first nine months of 2021.
Monica Iancu, MIND CTI's Chief Executive Officer, commented: "While we operate in a challenging business environment, we benefit from the long-term successful relationships with our customers. We continue to invest in new technologies, mainly cloud related. We fully support our customers' 5G deployments and have expanded our platforms to support digital transformations. The online store / e-commerce module that we developed over the last two years was already implemented successfully at our first customer. Our ongoing investment in maintaining up-to-date technology and infrastructure ensures increased security for the customers running our platforms.
"Exchange rate fluctuations impact our financial results. Currently, the majority of our revenues and of our expenses are denominated in Euros and both were affected by the depreciation of the Euro."
Revenue Distribution for Q3 2022
Europe represented 55% (including the Message Mobile and GTX revenues in Germany that represented 33%), the Americas represented 38%, 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 33% of total revenues, and enterprise call accounting software totaled $0.6 million, or 11% of our total revenues.
Revenue Distribution for Nine Months 2022
Europe represented 52% (including the Message Mobile and GTX revenues in Germany that represented 35%), the Americas represented 42%, and the rest of the world represented 6% of total revenues.
Customer care and billing software totaled $8.7 million, or 54% of total revenues, enterprise messaging and payment solutions were $5.7 million, or 35% of total revenues, and enterprise call accounting software totaled $1.8 million, or 11% of our total revenues.
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 the United States, Romania, Germany 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", including estimations relating to the impact of the recent political situation in Ukraine, the impact of the COVID-19 pandemic and mitigation measures in connection thereto, 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, the impact of the COVID-19 pandemic on our customers and 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 CTI Ltd.
Tel: +972-4-993-6666
[email protected]
