MIND CTI Reports First Quarter 2024 Results

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.