Business
MIND CTI Reports Third Quarter 2022 Results
YOQNEAM, Israel, Nov. 08, 2022 (GLOBE NEWSWIRE) -- MIND C.T.I. LTD. – (NasdaqGM: MNDO), a leading provider of convergent end-to-end prepaid/postpaid billing
About this update from Mind C.t.i. Ltd.
[{"type":"text","content":"YOQNEAM, Israel, Nov. 08, 2022 (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, 2022. The following will summarize our major achievements in the third quarter of 2022, 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 2022 Financial Highlights Revenues were $5.3 million, compared to $7.0 million in the third quarter of 2021, and $5.2 million in the second quarter of 2022.Operating income was $1.4 million, compared to $1.7 million in the third quarter of 2021, and $1.3 million in the second quarter of 2022.Net income was $1.3 million, or $0.06 per share, compared to $1.4 million, or $0.07 per share in the third quarter of 2021, and $1.2 million, or $0.06 per share in the second quarter of 2022.Cash flow from operating activities was $1.0 million, compared to $0.6 million in the third quarter of 2021, and $1.6 million in the second quarter of 2022.Multiple follow-on orders.Cash position was $16.0 million as of September 30, 2022. Nine Months Financial Highlights Revenues were $16.2 million, compared to $20.4 million in the first nine months of 2021, with the decrease mainly attributed to the messaging segment.Operating income was $4.3 million, compared to $5.2 million in the first nine months of 2021.Net income was $4.0 million, or $0.20 per share, compared to $4.4 million, or $0.22 per share in the first nine months of 2021.Cash flow from operating activities in the first nine months of 2022 was $3.1 million, compared to $4.4 million in the first nine months of 2021. Monica Iancu, MIND CTI’s Chief Executive Officer, commented: “While we operate in a challenging business environment, we benefit from the long-term successful relationships with our customers. We continue to invest in new technologies, mainly cloud related. We fully support our customers’ 5G deployments and have expanded our platforms to support digital transformations. The online store / e-commerce module that we developed ove...