MIND CTI Reports Third Quarter 2023 Results

Rhea-AI Summary

MIND C.T.I. LTD. (MNDO) Announces Q3 2023 Financial Results: Revenues stable at $5.3 million, operating income down to $1.2 million, net income steady at $1.3 million. Cash flow from operating activities remains at $1.0 million. Europe represented 49% of Q3 revenues, with customer care and billing software contributing 55% of total revenues. Nine months revenues at $16.0 million, with Europe representing 51%.

Positive

• Steady revenues at $5.3 million in Q3 2023 compared to Q3 2022.
• Healthy demand from existing customers and timely completion of milestones in ongoing projects.
• Cash position of $15.9 million as of September 30, 2023.

Negative

• Operating income decreased to $1.2 million in Q3 2023 from $1.4 million in Q3 2022.
• Net income decreased to $1.3 million in Q3 2023 from $1.4 million in Q3 2022.
• Revenues down to $16.0 million in the first nine months of 2023 from $16.2 million in the first nine months of 2022.

YOQNEAM, Israel, Nov. 08, 2023 (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, 2023.

The following will summarize our major achievements in the third quarter of 2023, 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 2023 Financial Highlights

• Revenues were $5.3 million, same as in the third quarter of 2022.
• Operating income was $1.2 million, compared to $1.4 million in the third quarter of 2022.
• Net income was $1.3 million, or $0.06 per share, same as in the third quarter of 2022.
• Cash flow from operating activities was $1.0 million, same as in the third quarter of 2022.
• Multiple follow-on orders.
• Cash position was $15.9 million as of September 30, 2023.

Nine Months Financial Highlights

• Revenues were $16.0 million, compared to $16.2 million in the first nine months of 2022.
• Operating income was $3.6 million, compared to $4.3 million in the first nine months of 2022.
• Net income was $3.7 million, or $0.19 per share, compared to $4.0 million, or $0.20 per share in the first nine months of 2022.
• Cash flow from operating activities in the first nine months of 2023 was $3.4 million, compared to $3.1 million in the first nine months of 2022.

Monica Iancu, MIND CTI’s Chief Executive Officer, commented: “These are sad and challenging times for Israel, 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 seamless delivery, development, and ongoing support to our customers. 

“We continue to experience healthy demand from existing customers. We are pleased with our timely completion of milestones in ongoing projects and the recurrent revenue stream.

“We thank our customers and partners for their care, kind words and support for the State of Israel.”

Revenue Distribution for Q3 2023
Europe represented 49% (including the messaging segment revenues in Germany that represented 35%), the Americas represented 38%, and the rest of the world represented 13% of total revenues.

Customer care and billing software totaled $2.9 million, or 55% of total revenues, enterprise messaging and payment solutions were $1.9 million, or 35% of total revenues, and enterprise call accounting software totaled $0.5 million, or 10% of total revenues.

Revenue Distribution for Nine Months 2023
Europe represented 51% (including the messaging segment revenues in Germany that represented 36%), the Americas represented 38%, and the rest of the world represented 11% of total revenues.

Customer care and billing software totaled $8.6 million, or 54% of total revenues, enterprise messaging and payment solutions were $5.8 million, or 36% of total revenues, and enterprise call accounting software totaled $1.6 million, or 10% of 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 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

FAQ

What were MIND C.T.I. LTD.'s Q3 2023 revenues?

MIND C.T.I. LTD.'s Q3 2023 revenues were $5.3 million.

What was the cash position of MIND C.T.I. LTD. as of September 30, 2023?

MIND C.T.I. LTD.'s cash position was $15.9 million as of September 30, 2023.

How did MIND C.T.I. LTD.'s net income for Q3 2023 compare to Q3 2022?

MIND C.T.I. LTD.'s net income was steady at $1.3 million in Q3 2023, the same as in Q3 2022.

What was the revenue distribution for Q3 2023?

Europe represented 49% of Q3 revenues, with customer care and billing software contributing 55% of total revenues.

What were MIND C.T.I. LTD.'s revenues for the first nine months of 2023?

MIND C.T.I. LTD.'s revenues for the first nine months of 2023 were $16.0 million.