MIND CTI Reports Second Quarter 2023 Results

YOQNEAM, Israel, Aug. 08, 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, 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, 2023.

The following will summarize our major developments in the second 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 of $5.3 million, compared with $5.2 million in the second quarter of 2022.
• Operating income of $1.1 million, or 20% of total revenues, compared with $1.3 million, or 25% of total revenues in the second quarter of 2022.
• Net income was $1.1 million, or $0.06 per share, compared with $1.2 million, or $0.06 per share in the second quarter of 2022.
• New win after quarter end.
• Cash flow from operating activities in the quarter of $1.9 million, compared with $1.6 million in the second quarter of 2022.

Six Month Financial Highlights

• Revenues of $10.7 million, compared with $10.9 million in the first six months of 2022.
• Operating income of $2.4 million, or 22% of total revenues, compared with $2.9 million or 27% of total revenues in the first six months of 2022.
• Net income of $2.5 million, or $0.12 per share, compared with $2.7 million, or $0.14 per share in the first six months of 2022.
• Cash flow from operating activities in the first six months of 2023 was $2.4 million, compared with $2.1 million in the first six months of 2022.

Monica Iancu, MIND CTI CEO, commented: “We are pleased to announce that after a very long selection process, we were chosen to supply our comprehensive billing and customer care solution to a telecommunications customer, which operates in Europe. The new contract, closed after second quarter end, includes implementation revenues that are expected to be recognized in the coming three quarters and additional revenues starting the second quarter of 2024, encompassing managed services, support and license subscription.