Financial Performance - Q3 2021 revenues were $7.0 million, a 18.6% increase from $5.9 million in Q3 2020, driven by the messaging segment[9] - Operating income for Q3 2021 was $1.7 million, compared to $1.4 million in Q3 2020, reflecting a 20.0% increase[9] - Net income for Q3 2021 was $1.4 million, or $0.07 per share, consistent with Q3 2020 results[9] - For the first nine months of 2021, revenues totaled $20.4 million, up 16.0% from $17.6 million in the same period of 2020[9] - Net income for the three months ended September 30, 2021, was $1,427,000, compared to $1,406,000 for the same period in 2020, reflecting a growth of 1.5%[23] Revenue Sources - Maintenance and additional services accounted for $6.8 million, or 97% of total revenues in Q3 2021[8] - Europe represented 56% of total revenues in Q3 2021, with the Americas contributing 37%[7] Cash and Assets - Cash position as of September 30, 2021, was $16.1 million, down from $20.4 million at the end of 2020[9] - Total assets decreased to $31.3 million as of September 30, 2021, from $32.4 million at the end of 2020[21] - Cash and cash equivalents at the end of the period were $6,520,000, down from $7,960,000 at the end of the same period in 2020, indicating a decrease of 18.1%[23] - The balance of cash and cash equivalents at the beginning of the period was $6,966,000, compared to $3,837,000 at the beginning of the same period in 2020, indicating an increase of 81.5%[23] Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2021, was $4,421,000, an increase from $4,185,000 in the same period of 2020, representing a growth of 5.6%[23] - The company experienced a net cash used in financing activities of $5,197,000 for the nine months ended September 30, 2021, compared to $4,775,000 in the same period of 2020, reflecting an increase of 8.8%[23] - The net cash provided by investing activities for the nine months ended September 30, 2021, was $(890,000), a decrease from $2,034,000 in the same period of 2020[23] Other Financial Metrics - The company reported a decrease in accounts receivable for trade by $1,039,000 in the three months ended September 30, 2021, compared to an increase of $94,000 in the same period of 2020[23] - Depreciation and amortization expenses for the three months ended September 30, 2021, were $46,000, down from $61,000 in the same period of 2020, showing a decrease of 24.6%[23] - The company reported unrealized gains from marketable securities of $(4,000) for the three months ended September 30, 2021, compared to $(9,000) in the same period of 2020[23] - The company recorded a decrease in deferred revenues of $(1,652,000) for the three months ended September 30, 2021, compared to an increase of $2,000 in the same period of 2020[23] Strategic Initiatives - The new IoT project involves deploying smart electricity meters on a new cellular private network, utilizing the MINDBill platform for SIM activation[12] - The company is actively pursuing acquisitions that meet specific criteria, including proven revenues and complementary technology[13]
MIND C.T.I.(MNDO) - 2021 Q3 - Quarterly Report