MIND CTI Reports Fourth Quarter and Full Year 2019 Results

*Board Declares Cash Dividend
* MIND CTI to Host Annual Meeting of Shareholders

YOQNEAM, Israel, March 11, 2020 (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 fourth quarter and full year ended December 31, 2019.

The following will summarize our business in the fourth quarter of 2019 and provide a more detailed review of the financial results for the quarter and for the full year. 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.

Financial Highlights of Q4 2019

• Revenues of $6.7 million, compared to $4.5 million in the fourth quarter of 2018, with the increase attributed to the acquisition of Message Mobile in March 2019 and GTX in September 2019, which generated revenues of approximately $2.8 million during the quarter.
• Operating income was $1.2 million, or 18% of revenue, compared to $1.5 million, or 33% of revenue in the fourth quarter of 2018.
• Net income of $1.3 million or $0.07 per share, compared to $1.4 million or $0.07 per share in the fourth quarter of 2018.
• Cash flow from operating activities was $1.2 million, compared to $0.6 million in the fourth quarter of 2018.
• One new win.

Financial Highlights of Full Year 2019

• Revenues of $22.7 million, compared to $18.1 million in 2018, with the increase attributed to the acquisition of Message Mobile in March 2019 and GTX in September 2019, which generated revenues of approximately $6.1 million during the year.
• Operating income was $5.0 million, or 22% of revenue, compared to $5.3 million, or 30.0% of revenue in 2018.
• Net income of $5.1 million, or EPS of $0.26 (diluted EPS of $0.25), compared to $5.1 million, or $0.27 per share in 2018.
• Cash flow from operating activities was $6.7 million, compared to $4.5 million in 2018.
• Cash position of approximately $15.3 million as of December 31, 2019.

As of December 31, 2019, we had 214 employees, compared to 221 as of December 31, 2018.