MIND CTI Reports Fourth Quarter and Full Year 2023 Results

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

YOQNEAM, Israel, March 06, 2024 (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 of 2023 and its full year ended December 31, 2023.

The following will summarize our business in the fourth quarter of 2023 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 2023

• Revenues of $5.6 million, compared to $5.4 million in the fourth quarter of 2022.
• Operating income of $ 1.2 million, or 21% of total revenue, compared to $1.2 million, or 23% of revenue in the fourth quarter of 2022.
• Net income of $1.4 million, or $0.06 per share, compared to $1.3 million, or $0.06 per share in the fourth quarter of 2022.
• Cash flow from operating activities of $0.7 million, compared to $1.4 million in the fourth quarter of 2022.

Financial Highlights of Full Year 2023

• Revenues of $21.6 million, compared to $21.5 million in 2022.
• Operating income of $4.7 million, or 22% of total revenue, compared to $5.5 million, or 26% of total revenue in 2022.
• Net income of $5.2 million, or $0.26 per share, compared to $5.3 million, or $0.26 per share in 2022.
• Cash flow from operating activities of $4.1 million, compared to $4.5 million in 2022.
• Cash position of approximately $16.6 million as of December 31, 2023.
  

Monica Iancu, MIND CTI’s Chief Executive Officer, commented: “The revenue mix between the billing segment and the messaging segment led to lower operating margins in 2023. The Euro appreciation to the U.S. dollar had a positive impact on our total revenues, but it also led to increased personnel expenses. The decrease in cash flow from operating activities in 2023 compared to 2022 is mainly due to extended payment terms, uncommon to us, in one of our projects.