MIND CTI Reports First Quarter 2023 Results

YOQNEAM, Israel, May 10, 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, 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, 2023.

The following will summarize our major achievements in the first quarter of 2023, 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 $5.5 million, compared with $5.7 million in the first quarter of 2022.
• Operating income was $1.3 million, or 24% of total revenues, compared with $1.6 million, or 29% of total revenues in the first quarter of 2022.
• Net income was $1.3 million, or $0.07 per share, compared with $1.5 million, or $0.07 per share in the first quarter of 2022.
• Cash flow from operating activities was $0.6 million, compared with $0.5 million in the first quarter of 2022.
• Multiple follow-on orders.
• Cash position was $17.9 million as of March 31, 2023 (before the dividend distribution of $4.8 million in April 2023).

Monica Iancu, MIND CTI’s Chief Executive Officer, commented: “As in previous quarters, we continue to benefit from the long-term successful relationships with our customers that appreciate our commitment to provide the highest level of support and the best products and services. We work with well designed and efficient processes that ensure our operating efficiency and productivity. Our customers, from time to time, increase their licenses and the scope of the solutions we provide to them. We expanded our platforms to better support digital transformations and in Q1 2023 we secured a second customer for the online store / e-commerce module that we developed. We made progress with the implementations for the two new customers we won in 2022. We remain active in our search for suitable acquisitions in order to enhance our market position.”