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Form
20-F x
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Form
40-F o
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Yes o
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No x
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1.
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Press
Release: MIND CTI Reports
28% Rise in
Revenue and $0.07 Profit per
Share.
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Date
May 5, 2010
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By
Order of the Board of Directors,
/s/
Monica Eisinger
Title:
Monica Eisinger
Chairperson
of the Board of Directors, President and Chief Executive
Officer
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·
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Revenues
were $5.3 million, a 28% increase over the first quarter of
2009.
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·
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One
new customer, one major upgrade and one major
enhancement.
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·
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Operating
income, excluding amortization of intangible assets of $84 thousand and
equity-based compensation expense of $42 thousand, was $1,598 thousand, or
30 % of revenue.
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·
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GAAP
operating income was $1,472 thousand, or 28 % of
revenue.
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·
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GAAP
net income was $1,356 thousand or $0.07 per
share.
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·
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Cash
flow from operating activities was $2,446
thousand.
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·
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Backlog
as of March 31, 2010 includes $10 million that is expected to be billed by
year-end.
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·
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Cash
position increased by $2.3 million to $20.5 million on March 31,
2010.
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Three
months
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Year
ended
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|||||||||||
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ended
March 31,
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December
31,
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|||||||||||
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2010
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2009
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2009
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U.S.
$ in thousands
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(except
per share data)
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Revenues
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$ | 5,278 | $ | 4,111 | $ | 17,574 | ||||||
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Cost
of revenues
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1,674 | 1,428 | 6,413 | |||||||||
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Gross
profit
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3,604 | 2,683 | 11,161 | |||||||||
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Research
and development expenses
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1,081 | 1,205 | 4,448 | |||||||||
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Selling
and marketing expenses
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617 | 491 | 2,220 | |||||||||
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General
and administrative expenses
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434 | 698 | 2,324 | |||||||||
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Operating
income
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1,472 | 289 | 2,169 | |||||||||
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Financial
income (expenses):
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||||||||||||
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Auction rate securities
settlement
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18,500 | |||||||||||
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Impairment of auction rate
securities
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(941 | ) | ||||||||||
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Other financial income
(expenses) - net
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(94 | ) | (28 | ) | 256 | |||||||
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Income
before taxes on income
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1,378 | 261 | 19,984 | |||||||||
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Taxes
on income
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22 | 49 | 197 | |||||||||
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Net
income for the year
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$ | 1,356 | $ | 212 | $ | 19,787 | ||||||
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Earning
per ordinary share:
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Basic and
diluted
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$ | 0.07 | $ | 0.01 | $ | 1.04 | ||||||
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Weighted
average number of ordinary shares used
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in computation of earnings per
ordinary share -
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in thousands:
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Basic
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18,429 | 19,438 | 19,012 | |||||||||
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Diluted
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18,489 | 19,438 | 19,012 | |||||||||
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March
31,
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December
31,
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2010
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2009
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U.S.
$ in thousands
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Assets
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CURRENT
ASSETS:
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Cash and cash
equivalents
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$ | 19,411 | $ | 15,995 | ||||
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Short term bank
deposits
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1,065 | 2,183 | ||||||
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Accounts
receivable:
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Trade
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880 | 1,246 | ||||||
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Other
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185 | 201 | ||||||
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Prepaid
expenses
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152 | 91 | ||||||
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Deferred
cost of revenues
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288 | 141 | ||||||
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Inventories
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34 | 34 | ||||||
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Total
current assets
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22,015 | 19,891 | ||||||
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INVESTMENTS
AND OTHER NON CURRENT ASSETS:
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Severance
pay fund
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1,236 | 1,208 | ||||||
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Deferred
cost of revenues
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215 | 125 | ||||||
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PROPERTY AND EQUIPMENT,
net of accumulated depreciation
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and
amortization
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970 | 1,043 | ||||||
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INTANGIBLE ASSETS, net
of accumulated amortization
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534 | 655 | ||||||
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GOODWILL
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5,989 | 6,029 | ||||||
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Total
assets
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$ | 30,959 | $ | 28,951 | ||||
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Liabilities
and shareholders’ equity
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CURRENT
LIABILITIES :
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Accounts payable and
accruals:
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Trade
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$ | 375 | $ | 450 | ||||
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Other
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1,604 | 1,581 | ||||||
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Deferred
revenues
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3,428 | 2,545 | ||||||
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Dividend
payable
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3,686 | |||||||
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Total
current liabilities
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9,093 | 4,576 | ||||||
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LONG
TERM LIABILITIES :
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Deferred
revenues
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97 | 216 | ||||||
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Employee rights upon
retirement
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1,533 | 1,472 | ||||||
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Total
liabilities
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10,723 | 6,264 | ||||||
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SHAREHOLDERS’
EQUITY:
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Share capital
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54 | 54 | ||||||
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Additional paid-in
capital
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39,147 | 39,105 | ||||||
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Differences from translation of
foreign currency financial statements
of
a subsidiary
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(1,215 | ) | (1,052 | ) | ||||
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Treasury shares
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(2,800 | ) | (2,800 | ) | ||||
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Accumulated
deficit
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(14,950 | ) | (12,620 | ) | ||||
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Total
shareholders’ equity
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20,236 | 22,687 | ||||||
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Total
liabilities and shareholders’ equity
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$ | 30,959 | $ | 28,951 | ||||
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Three
months
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Year
ended
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ended
March 31,
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December
31,
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|||||||||||
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2010
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2009
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2009
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U.S.
$ in thousands
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Cash
flows from operating activities:
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Net
income
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$ | 1,356 | $ | 212 | $ | 19,787 | ||||||
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Adjustments
to reconcile net income to net cash provided by
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operating
activities:
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Auction rate
securities settlement
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(18,500 | ) | ||||||||||
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Depreciation and
amortization
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180 | 200 | 778 | |||||||||
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Impairment of
auction rate securities
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941 | |||||||||||
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Deferred income
taxes, net
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39 | 113 | ||||||||||
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Accrued severance
pay
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79 | 19 | 39 | |||||||||
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Capital gain on
sale of property and equipment - net
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(4 | ) | (9 | ) | (10 | ) | ||||||
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Employees
share-based compensation expenses
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42 | 36 | 143 | |||||||||
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Changes in
operating asset and liability items:
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Decrease
(increase) in accounts receivable:
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Trade
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348 | 27 | 2,265 | |||||||||
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Other
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15 | 88 | (51 | ) | ||||||||
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Decrease (increase)
in prepaid expenses and deferred charges
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(299 | ) | (38 | ) | 270 | |||||||
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Decrease
in inventories
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2 | |||||||||||
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Increase
(decrease) in accounts payable and accruals:
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Trade
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(73 | ) | (155 | ) | (19 | ) | ||||||
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Other
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37 | (3 | ) | (169 | ) | |||||||
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Increase in
deferred revenues
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765 | 180 | 677 | |||||||||
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Net
cash provided by operating activities
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2,446 | 596 | 6,266 | |||||||||
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Cash
flows from investing activities:
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Proceeds
from cash settlement
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18,500 | |||||||||||
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Purchase
of property and equipment
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(35 | ) | (75 | ) | (367 | ) | ||||||
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Severance
pay funds
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(46 | ) | (220 | ) | (416 | ) | ||||||
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Investment
in short term bank deposits
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(1,104 | ) | (2,183 | ) | ||||||||
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Proceeds
from short term bank deposits
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1,118 | |||||||||||
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Proceeds
from sale of property and equipment
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12 | 68 | 194 | |||||||||
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Net
cash provided by (used in) investing activities
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1,049 | (1,331 | ) | 15,728 | ||||||||
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Cash
flows from financing activities:
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Cost
of acquisition of treasury shares
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(151 | ) | (1,169 | ) | ||||||||
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Dividend
paid
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(14,780 | ) | ||||||||||
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Net
cash used in financing activities
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(151 | ) | (15,949 | ) | ||||||||
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Translation
adjustments on cash and Cash equivalents
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(79 | ) | (28 | ) | 228 | |||||||
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Increase
(decrease) in cash and cash equivalents
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3,416 | (914 | ) | 6,273 | ||||||||
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Balance
of cash and cash equivalents at beginning
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Of period
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15,995 | 9,722 | 9,722 | |||||||||
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Balance
of cash and cash equivalents at end of period
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$ | 19,411 | $ | 8,808 | $ | 15,995 | ||||||