MIND CTI Reports Third Quarter 2023 Results

YOQNEAM, Israel, Nov. 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 third quarter ended September 30, 2023.

The following will summarize our major achievements in the third quarter of 2023, as well as our business. 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.

Q3 2023 Financial Highlights

• Revenues were $5.3 million, same as in the third quarter of 2022.
• Operating income was $1.2 million, compared to $1.4 million in the third quarter of 2022.
• Net income was $1.3 million, or $0.06 per share, same as in the third quarter of 2022.
• Cash flow from operating activities was $1.0 million, same as in the third quarter of 2022.
• Multiple follow-on orders.
• Cash position was $15.9 million as of September 30, 2023.

Nine Months Financial Highlights

• Revenues were $16.0 million, compared to $16.2 million in the first nine months of 2022.
• Operating income was $3.6 million, compared to $4.3 million in the first nine months of 2022.
• Net income was $3.7 million, or $0.19 per share, compared to $4.0 million, or $0.20 per share in the first nine months of 2022.
• Cash flow from operating activities in the first nine months of 2023 was $3.4 million, compared to $3.1 million in the first nine months of 2022.

Monica Iancu, MIND CTI’s Chief Executive Officer, commented: “These are sad and challenging times for Israel, but we continue to operate as usual and support our customers worldwide. MIND is a global company, operating from different countries, according to an extensive business continuity plan that ensures seamless delivery, development, and ongoing support to our customers. 

“We continue to experience healthy demand from existing customers. We are pleased with our timely completion of milestones in ongoing projects and the recurrent revenue stream.

“We thank our customers and partners for their care, kind words and support for the State of Israel.”

Revenue Distribution for Q3 2023
Europe represented 49% (including the messaging segment revenues in Germany that represented 35%), the Americas represented 38%, and the rest of the world represented 13% of total revenues.

Customer care and billing software totaled $2.9 million, or 55% of total revenues, enterprise messaging and payment solutions were $1.9 million, or 35% of total revenues, and enterprise call accounting software totaled $0.5 million, or 10% of total revenues.