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| Press Release - July 24, 2002 |
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Yoqneam, Israel, July 24, 2002 MIND CTI Reports Second Quarter Results Conference Call Scheduled for Thursday, July 25, 2002 at 9:00 a.m. EST MIND CTI Ltd. (NASDAQ: MNDO), a leading global provider of real-time mediation, rating, billing and customer care solutions for pre-paid and post-paid voice, data and content, today announced results for the second quarter ended June 30, 2002. Revenue for the second quarter of 2002 was $2.5 million compared with $3.3 million for the second quarter of 2001 and an increase of 4% over first-quarter 2002 revenue of $2.4 million. Net loss for the quarter ended June 30, 2002 was $145 thousand or $0.01 loss per share, compared with a net loss of $896 thousand, or $0.04 loss per share in the second quarter of 2001 and with a net loss of $635 thousand or $0.03 loss per share, in the first quarter of 2002. During the second quarter of 2002 MIND’s cash position increased by $0.4 million and on June 30, 2002 MIND’s cash position was $40.2 million. Monica Eisinger, MIND’s President and CEO, commented: “We recorded significant achievements during the second quarter, including a multi-year contract with H3G Italy (a Hutchison Whampoa company), that positions us as a leading vendor for mediation and service enabling in the 3G industry. We anticipated the need for real-time solutions for enabling multiple IP services, invested in this direction and thanks to our technology entered this new and evolving market.” Eisinger continued, “We are particularly pleased with our success in increasing our revenue during these difficult times which, we believe, indicates that we have increased our overall market share. We believe that we are making important progress in our on-going efforts to improve our operating results and to return to profitability. Our financial performance in the second quarter reflects our success in increasing efficiency for the third consecutive quarter. We are confident that we are well positioned to overcome the current challenging period and to experience significant growth once the market recovers.” During the second quarter of 2002, one of MIND’s outside directors was replaced. Mr. Zamir Bar Zion, who was until recently a Managing Director of an investment bank, has been elected to replace Mr. Ami Amir as an outside director of the company. Mr. Amir resigned in order to pursue other business opportunities and MIND expressed its gratitude to Mr. Amir for his contribution to the company over the past year. In addition, at the beginning of the third quarter of 2002, MIND completed the process of registering the company’s shares for trading on the Tel-Aviv Stock Exchange. Conference Call MIND will be hosting a conference call on July 25, 2002 at 9:00 a.m. EST. To participate in the conference call, local and international callers should call at least five minutes before the scheduled time and dial either +1-972-512-0694 (international callers) or 800-556-3831 (accessible from the US & Canada). The passcode number is 00373. About MIND MIND is a leading global provider of real-time mediation, rating, billing and customer care solutions for pre-paid and post-paid voice, data and content. Our customers include worldwide leading carriers servicing millions of subscribers, using our end-to-end solutions for the deployment of new services. MIND operates from offices in the United States, Europe, China, Japan and Israeli headquarters. For information about MIND and its products visit the company Web site: http://www.mindcti.com Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward-looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance and actual future results may differ materially. They involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission.
MIND C.T.I. LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, Dec. 31,
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2002 2001 2001
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(Unaudited) (Audited)
U.S. $ in thousands
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents 9,838 40,174 39,723
Accounts receivable:
Trade 2,941 4,919 2,914
Other 737 879 948
Inventories 28 20 26
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T o t a l current assets 13,544 45,992 43,611
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INVESTMENTS:
Long term bank deposits 30,324
Investment in a company 93
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30,324 93
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PROPERTY AND EQUIPMENT:
Cost 3,394 3,261 3,363
L e s s - accumulated depreciation and
amortization 1,772 1,071 1,373
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1,622 2,190 1,990
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OTHER ASSETS, net of accumulated amortization 1,022 1,362 1,133
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T o t a l assets 46,512 49,637 46,734
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Liabilities and shareholders' equity
CURRENT LIABILITIES -
accounts payable and accruals:
Trade 490 754 485
Other 1,997 1,587 1,486
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T o t a l current liabilities 2,487 2,341 1,971
ACCRUED SEVERANCE PAY 731 964 772
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T o t a l liabilities 3,218 3,305 2,743
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MINORITY INTEREST 89
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SHAREHOLDERS' EQUITY:
Share capital 52 51 52
Additional paid-in capital 61,080 61,233 61,078
Deferred stock compensation (64) (410) (145)
Accumulated deficit (17,774)(14,631) (16,994)
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T o t a l shareholders' equity 43,294 46,243 43,991
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To t a l liabilities and
shareholders' equity 46,512 49,637 46,734
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MIND C.T.I. LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six months Three months Year
ended ended ended
June 30, June 30, Dec. 31,
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2002 2001 2002 2001 2001
(Unaudited) (Unaudited) (Audited)
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U.S. $ in thousands (except per share data)
REVENUES 4,920 5,852 2,509 3,298 10,469
COST OF REVENUES 1,284 1,077 626 550 2,242
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GROSS PROFIT 3,636 4,775 1,883 2,748 8,227
RESEARCH AND DEVELOPMENT
EXPENSES - net 1,954 2,301 940 1,281 4,423
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES:
Selling 2,368 3,419 1,151 1,605 6,767
General and
administrative 641 2,223 350 1,293 3,099
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OPERATING LOSS (1,327) (3,168) (558) (1,431) (6,062)
FINANCIAL AND OTHER INCOME
- net 547 1,141 413 535 1,590
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LOSS BEFORE TAXES ON INCOME (780) (2,027) (145) (896) (4,472)
TAXES ON INCOME 7
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LOSS BEFORE MINORITY
INTEREST (780) (2,027) (145) (896) (4,479)
MINORITY INTEREST IN LOSSES
OF A SUBSIDIARY 89
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LOSS $(780) $(2,027) $(145) $(896) $(4,390)
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LOSS PER SHARE - basic and
diluted $(0.04) $(0.10) $(0.01) $(0.04) $(0.21)
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WEIGHTED AVERAGE NUMBER OF
ORDINARY SHARES USED IN
COMPUTATION OF LOSS PER
ORDINARY SHARE - IN
THOUSANDS 20,666 20,566 20,666 20,566 20,654
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