Monica Iancu to Transition from CEO to Chair before Year End
Board Appoints Ariel Glassner as Successor
YOQNEAM, Israel, Aug. 06, 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 second quarter ended June 30, 2024.
The following will summarize our major developments in the second 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 of $5.3 million, same as the second quarter of 2023, and compared to $5.8 in the first quarter of 2024, where the messaging segment was favorably impacted by larger than usual customer campaigns.
- Operating income of $1.0 million, or 20% of total revenues, compared with $1.1 million, or 20% of total revenues in the second quarter of 2023.
- Net income was $1.1 million, or $0.06 per share, compared with $1.1 million, or $0.06 per share in the second quarter of 2023.
- Cash flow from operating activities was $2.0 million, compared with $1.9 million in the second quarter of 2023.
Six Month Financial Highlights
- Revenues of $11.0 million, compared with $10.7 million in the first six months of 2023.
- Operating income of $2.3 million, or 20.9% of total revenues, compared with $2.4 million or 22% of total revenues in the first six months of 2023.
- Net income of $2.5 million, or $0.12 per share, same as the first six months of 2023.
- Cash flow from operating activities in the first six months of 2024 was $2.9 million, compared with $2.4 million in the first six months of 2023.
Monica Iancu, MIND CTI’s CEO, commented: “In August 2024, MIND celebrates 24 years as a public company. We have delivered some years of growth and encountered some difficult periods, including the present year, with multiple challenges to overcome. We have an incredibly strong billing platform, highly scalable analytic enterprise solutions, a flexible messaging platform and a strong team with proven successful execution. It is the right time for me to retire as CEO and to transition into the role of Chairperson of the Board, and I intend to continue to hold my shareholder position for the foreseeable future. After we completed a selection process, the Board of Directors has nominated Mr. Ariel Glassner for the CEO position. Mr. Glassner brings over 25 years of leadership experience and his career includes CEO roles at startup companies during the last five years. Mr. Glassner shaped his expertise in Telco solutions during his 15-year tenure at Amdocs, leading the implementation of complex solutions for major telecommunication operators. He played a pivotal role in driving revenues and overseeing transactions, and is also a graduate of the Amdocs Excellent Leaders program.
“We built MIND around a culture of integrity and innovation that will continue to serve our employees and customers for years to come. We own great technology, and have a team that is ready to deliver a bright and secure future for our customers. I am confident that Ariel will preserve the same values and believe he is the right leader to take MIND to new heights.”
Cash Position
Our cash position, including short-term deposits and marketable securities, was $14.6 million as of June 30, 2024, compared with $15 million as of June 30, 2023.
As previously announced, the Board declared on March 8, 2024, a cash dividend of $0.24 per share before withholding tax. The dividend sum of approximately $4.9 million was distributed in April 2024.
Revenue Distribution for Q2 2024
Europe represented 53% (including the messaging segment revenues in Germany that represented 36%), the Americas represented 42%, and the rest of the world represented 5% of total revenues.
Customer care and billing software totaled $2.9 million, or 56% of total revenues, enterprise messaging and payment solutions were $1.9 million, or 36% of total revenues and enterprise call accounting software totaled $0.5 million, or 8% of total revenues.
Maintenance and additional services totaled $5.2 million, or 98% of total revenues, while licenses were $0.1 million, or 2% of total revenues.
Revenue Distribution for the First Six Months of 2024
Europe represented 56% (including the messaging segment revenues in Germany that represented 38%), the Americas represented 38%, and the rest of the world represented 6% of total revenues.
Customer care and billing software totaled $5.9 million, or 53% of total revenues, enterprise messaging and payment solutions were $4.2 million, or 38% of total revenues and enterprise call accounting software totaled $0.9 million, or 9% of total revenues.
Maintenance and additional services totaled $10.9 million, or 99% of total revenues, while licenses were $0.1 million, or 1% 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 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
