Business
MIND CTI Reports Fourth Quarter and Full Year 2022 Results
*Board Declares Cash Dividend* MIND CTI to Host Annual Meeting of Shareholders YOQNEAM, Israel, March 08, 2023 (GLOBE NEWSWIRE) -- MIND C.T.I. LTD. –
About this update from Mind C.t.i. Ltd.
[{"type":"text","content":"*Board Declares Cash Dividend* MIND CTI to Host Annual Meeting of Shareholders YOQNEAM, Israel, March 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 fourth quarter of 2022 and its full year ended December 31, 2022. The following will summarize our business in the fourth quarter of 2022 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 2022 Revenues of $5.4 million, compared to $6.0 million in the fourth quarter of 2021, with the decrease mainly attributed to the messaging segment.Operating income of $1.2 million, or 23% of total revenue, compared to $1.6 million, or 27% of revenue in the fourth quarter of 2021.Net income of $1.3 million, or $0.06 per share, compared to $1.5 million, or $0.08 per share in the fourth quarter of 2021.Cash flow from operating activities of $1.4 million, compared to $2.5 million in the fourth quarter of 2021. Financial Highlights of Full Year 2022 Revenues of $21.5 million, compared to $26.3 million in 2021, with the decrease mainly attributed to the messaging segment.Operating income of $5.5 million, or 25.6% of total revenue, compared to $6.8 million, or 25.9% of total revenue in 2021.Net income of $5.3 million, or $0.26 per share, compared to $5.9 million, or $0.30 per share in 2021.Cash flow from operating activities of $4.5 million, compared to $6.9 million in 2021.Cash position of approximately $17.5 million as of December 31, 2022. Monica Iancu, MIND CTI’s Chief Executive Officer, commented: “The decline in 2022 results, compared to 2021, was expected. As previously announced, the record revenues in 2021 were driven by temporary activities related to COVID-19 in our messaging segment. In our telecom markets, we experienced a decline mainly due to the continuous market trend of lower prices, low demand and strong competition. We expect a continuation of these unfavorable trends in ...