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MNDO - MIND CTI LTD (NASDAQ)
Date Open High Low Last Change Volume % Change
12/14/04 5.70 5.74 5.65 5.69 +0.02 65327 +0.35%



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[Dar]

MIND CTI Reports 21% Operating Income in Q4 2004; 2004 EPS of 32 Cents; 38% Year over Year Revenue Growth; Board Declares Cash Dividend


YOQNEAM, Israel, Feb 8, 2005 (BUSINESS WIRE) -- MIND C.T.I. LTD. (Nasdaq: MNDO)



Key Highlights



-- Fourth quarter 2004 revenues were $4.88 million, a 34%

increase over the fourth quarter of 2003.



-- Fourth quarter operating income was $1.03 million, a 138%

increase over the fourth quarter of 2003.



-- Net income for the fourth quarter was $2.14 million or $0.10

per diluted share.



-- Revenues for 2004 were $17.8 million, a 38% increase over

2003.



-- Net income for 2004 was $6.88 million or $0.32 per diluted

share



-- 11th consecutive quarter of revenue growth and improved

profitability of operations.

MIND C.T.I. LTD. (Nasdaq: MNDO), a leading global provider of real-time
mediation, rating, billing and customer care solutions for pre-paid and
post-paid voice, data and content, today announced results for the fourth
quarter and year ended December 31, 2004.

Monica Eisinger, President and CEO, commented: "During 2004 we continued to
successfully execute on our plan of growth and improved profitability. In 2004
we have reached our goals -- sequential revenue growth, 16 new customers, over
20% operating income in Q4 2004 and expansion of the workforce.

"Looking ahead, we expect to see four to five new customer wins per quarter,
mainly in the VoIP area. At the same time the timing of both the order and
revenue recognition for our solutions may be delayed as it occurs typically only
after other vendors have provided the network infrastructure, a process that is
subject to delay. MIND is not providing guidance for the first quarter at this
time, due to uncertainty in the revenue recognition timing for two large recent
wins. Delayed delivery by the equipment vendor of the hardware comprising the
customer`s network infrastructure might delay the acceptance process in one
project and internal customer`s issues might delay the delivery in the second
case.

"We have the right ingredients: our sophisticated technology, our proven ability
to deliver solutions on time and our worldwide team. We believe that in the long
term we will continue along the same path that we have built for over two
years."



As of December 31, 2004, we had 252 employees in our four offices.



Financial Highlights of Q4 2004



-- Revenues were $4.88 million, a 34% increase over the fourth

quarter of 2003.



-- Operating income was $1.03 million, an increase of 138% over

the fourth quarter of 2003 and interest income was $1.14

million.



-- Net income was $2.14 million or $0.10 per diluted share,

compared with a net income of $1.08 million or $0.05 per share

in the fourth quarter of 2003.



-- Cash position increased by $2.55 million to $48.9 million on

December 31, 2004.



Year 2004 Financial Highlights



-- Revenues were $17.8 million, a 38% increase over 2003.



-- Operating income was $3.2 million, a 168% increase over 2003.



-- Net income was $6.88 million or $0.32 per diluted share,

compared with a net income of $3.6 million or $0.17 per

diluted share in 2003.



-- Cash flow from operations was $7.67 million.



Revenue Distribution for Q4 2004

The geographic revenue breakdown, as a percentage of total revenues, was as
follows: sales in Europe represented 80%, the Americas represented 4%, Africa
represented 9%, APAC represented 3% and Israel represented 4%.

Revenue from our customer care and billing software totaled $4.34 million, while
revenue from our enterprise call management software was $536 thousand. The
revenue breakdown from our business lines of products was $3.28 million, or 67%,
from licenses, $1.22 million, or 25%, from maintenance and $380 thousand, or 8%,
from services.

Revenue Distribution for Full Year 2004

The geographic revenue breakdown, as a percentage of total revenues, was as
follows: sales in Europe represented 67%, the Americas represented 12%, Africa
represented 10%, APAC represented 6% and Israel represented 5%.

Revenue from our customer care and billing software totaled $15.23 million,
while revenue from our enterprise call management software was $2.58 million.
The revenue breakdown from our business lines of products was $11.7 million, or
66%, from licenses, $4.43 million, or 25%, from maintenance and $1.68 thousand,
or 9%, from services.

Dividend Distribution

As previously announced, the Company adopted a dividend policy on July 15, 2003
according to which, subject to Board approval prior to each dividend declaration
and subject to the Companies Law, the Company will declare a cash dividend once
per calendar year in an amount equal to the Company`s net profits for the
preceding calendar year.

On February 8, 2005, the Board declared a cash dividend in the amount equal to
our 2004 net income, which is approximately $6.88 million. After deduction of a
25% tax payable by the Company on the amount of the dividend (because the
dividend is from income that was tax exempt), a cash dividend of $0.24 per share
will be distributable to shareholders, subject to an Israeli withholding tax of
15%. Accordingly, each shareholder will receive $0.204 per share after deduction
of taxes required by the Israeli Tax Authority.

The record date for the dividend will be March 1, 2004, at 5:00 p.m. Eastern
Standard Time and the payment date will be March 15, 2004.

Conference Call Information

MIND will host a conference call on February 9, at 8:30 a.m., Eastern Standard
Time, to discuss the Company`s fourth quarter and 2004 results and other
financial and business information. The call will be carried live on the
Internet via www.fulldisclosure.com and the MIND website, www.mindcti.com. For
those unable to listen to the live web cast, a replay will be available.

About MIND

MIND CTI Ltd. (http://www.mindcti.com) is a leading global provider of real-time
billing and customer care solutions for pre-paid and post-paid voice, data and
video. Since 1997 MIND has been a pioneer in enabling the VoIP technology for
emerging and incumbent service providers. MIND solutions include "best-in-class"
solutions for Service Enabling of IP services in the wireless arena, end-to-end
convergent billing solutions and internal billing for large enterprises. MIND
operates from offices in Europe, Israel, the United States and China.

For financial information, reports and presentations, please visit the Investor
Relations site: http://www.mindcti.com/ir

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." 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 the risks discussed in the
Company`s filings with the United States Securities Exchange Commission. The
Company does not undertake to update any forward-looking information.



MIND C.T.I. LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS



Dec. 31, Sept. 30,

2004 2003 2004

-------------- --------

(In thousands of U.S. dollars)



Assets



CURRENT ASSETS:

Cash and cash equivalents $18,687 $4,391 $7,870

Accounts receivable:

Trade 3,418 2,181 3,071

Interest accrued on long-term bank

deposits 242 482 1,511

Other 773 864 800

Inventories 18 11 11

------------------------

Total current assets 23,138 7,929 13,263

------------------------

LONG-TERM BANK DEPOSITS 30,000 40,000 47,000

PROPERTY AND EQUIPMENT, net of accumulated

depreciation and amortization 1,790 1,182 1,768

OTHER ASSETS, net of accumulated amortization 788 868 785

------------------------

Total assets $55,716 $49,979 $62,816

========================



Liabilities and shareholders` equity

CURRENT LIABILITIES -

accounts payable and accruals:

Trade $466 $718 $322

Deferred revenues 1,680 1,607 1,675

Other 2,124 1,116 1,944

------------------------

Total current liabilities 4,270 3,441 3,941

------------------------

BANK LOANS 10,000

EMPLOYEE RIGHTS UPON RETIREMENT 1,200 998 1,117

------------------------

Total liabilities 5,470 4,439 15,058

SHAREHOLDERS` EQUITY:

Share capital 53 53 53

Additional paid-in capital 59,079 58,514 58,728

Accumulated deficit (8,886)(13,027)(11,023)

------------------------

Total shareholders` equity 50,246 45,540 47,758

------------------------

Total liabilities and

shareholders` equity $55,716 $49,979 $62,816

========================



MIND C.T.I. LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS





Twelve months Three months

ended ended

Dec. 31, Dec. 31,

------------------------------

2004 2003 2004 2003

------------------------------

U.S. $ in thousands

(except per share data)

------------------------------

REVENUES $17,806 $12,936 $4,880 $3,642

COST OF REVENUES 4,394 3,208 1,205 902

------------------------------

GROSS PROFIT 13,412 9,728 3,675 2,740

RESEARCH AND DEVELOPMENT

EXPENSES - net 3,833 3,319 963 889

SELLING, GENERAL AND

ADMINISTRATIVE EXPENSES:

Selling 4,517 4,065 1,057 1,120

General and administrative 1,864 1,149 621 296

------------------------------

OPERATING INCOME 3,198 1,195 1,034 435

FINANCIAL AND OTHER INCOME - net 3,841 2,607 1,144 738

------------------------------

INCOME BEFORE TAXES ON INCOME 7,039 3,802 2,178 1,173

TAXES ON INCOME 162 169 41 94

------------------------------

NET INCOME $6,877 $3,633 $2,137 $1,079

==============================

EARNING PER SHARE:

Basic $0.33 $0.18 $0.10 $0.05

==============================

Diluted $0.32 $0.17 $0.10 $0.05

==============================

WEIGHTED AVERAGE NUMBER OF

ORDINARY SHARES USED IN

COMPUTATION OF EARNINGS PER

ORDINARY SHARE - IN THOUSANDS:

Basic 21,089 20,732 21,184 20,744

==============================

Diluted 21,468 21,143 21,585 21,170

==============================



MIND C.T.I. LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



Years ended Three months ended

December 31 December 31

2004 2003 2004 2003

----------------- ---------------

(U.S. dollars in thousands)



CASH FLOWS FROM OPERATING

ACTIVITIES:

Net income $6,877 $3,633 $2,137 $1,079

Adjustments to reconcile net

income to net cash provided by

operating activities:

Depreciation and amortization 680 806 160 189

Deferred income taxes - net (8)

Accrued severance pay - net 202 189 83 56

Capital loss (gain) on

sale of property and

equipment - net (7) (35) 5 (24)

Changes in operating

asset and liability

items:

Decrease (increase) in

accounts receivable:

Trade (1,237) (155) (347) (705)

Interest accrued

on short-term

bank deposits 240 1,149 1,269 2,651

Other 93 (198) 27 (16)

Increase (decrease) in

accounts payable and accruals:

Trade (252) 551 144 494

Other 1,081 214 268 (475)

Decrease (increase) in

inventories (7) 3 (7) 3

-------------------------------------

Net cash provided by

operating activities 7,670 6,149 3,739 3,252

-------------------------------------

CASH FLOWS FROM INVESTING

ACTIVITIES:

Purchase of property and

equipment (1,226) (499) (196) (117)

Amounts funded in respect of

accrued severance pay (120) (105) (53) (32)

Investment in short-term bank

deposits (40,000) (77,000) (30,000) (37,000)

Withdrawal of long-term bank

deposits 50,000 67,000 47,000 34,825

Proceeds from sale of fixed

assets 145 109 59 50

-------------------------------------

Net cash provided by (used

in) investing activities 8,799 (10,495) 16,810 (2,274)

-------------------------------------



CASH FLOWS FROM FINANCING

ACTIVITIES:

Employee stock options

exercised and paid 563 354 351 257

Dividend paid (2,736) (2,929) (2,929)

Short term bank loans (10,083)

-------------------------------------

Net cash used in financing

activities (2,173) (2,575) (9,732) (2,672)

-------------------------------------



NET INCREASE (DECREASE) IN CASH

AND CASH EQUIVALENTS 14,296 (6,921) 10,817 (1,694)

BALANCE OF CASH AND CASH

EQUIVALENTS AT BEGINNING OF

PERIOD 4,391 11,312 7,870 6,085

-------------------------------------



BALANCE OF CASH AND CASH

EQUIVALENTS AT END OF PERIOD $18,687 $4,391 $18,687 $4,391

=====================================

SOURCE: MIND C.T.I. LTD.



CONTACT: MIND CTI Ltd.

Andrea Dray, [phone]

[e-mail]




Copyright (C) 2005 Business Wire. All rights reserved.





KEYWORD: ISRAEL INTERNATIONAL AFRICA/MIDDLE EAST

INDUSTRY KEYWORD: HARDWARE

TELECOMMUNICATIONS

SOFTWARE

EARNINGS

CONFERENCE

CALLS

Copyright

Business

Wire

2005






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