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MIND CTI Reports Second Quarter 2024 Results
MNDOMIND C.T.I.(MNDO) Newsfilter·2024-08-06 10:43

Core Viewpoint - MIND C.T.I. Ltd. announced the transition of CEO Monica Iancu to Chairperson of the Board, with Ariel Glassner appointed as the new CEO, highlighting the company's ongoing evolution and leadership changes [1][5]. Financial Performance - Revenues for Q2 2024 were 5.3million,unchangedfromQ22023,butdownfrom5.3 million, unchanged from Q2 2023, but down from 5.8 million in Q1 2024, with the messaging segment benefiting from larger customer campaigns [3]. - Operating income for Q2 2024 was 1.0million,representing201.0 million, representing 20% of total revenues, consistent with the same period in 2023 [3]. - Net income for Q2 2024 was 1.1 million, or 0.06pershare,unchangedfromQ22023[3].−CashflowfromoperatingactivitiesinQ22024was0.06 per share, unchanged from Q2 2023 [3]. - Cash flow from operating activities in Q2 2024 was 2.0 million, slightly up from 1.9millioninQ22023[3].Six−MonthFinancialHighlights−Totalrevenuesforthefirstsixmonthsof2024were1.9 million in Q2 2023 [3]. Six-Month Financial Highlights - Total revenues for the first six months of 2024 were 11.0 million, compared to 10.7millioninthesameperiodof2023[4].−Operatingincomeforthefirsthalfof2024was10.7 million in the same period of 2023 [4]. - Operating income for the first half of 2024 was 2.3 million, or 20.9% of total revenues, down from 2.4millionor222.4 million or 22% in the first half of 2023 [4]. - Net income for the first six months of 2024 was 2.5 million, or 0.12pershare,thesameasthefirsthalfof2023[4].−Cashflowfromoperatingactivitiesforthefirstsixmonthsof2024was0.12 per share, the same as the first half of 2023 [4]. - Cash flow from operating activities for the first six months of 2024 was 2.9 million, compared to 2.4millioninthesameperiodof2023[4].RevenueDistribution−InQ22024,Europeaccountedfor532.4 million in the same period of 2023 [4]. Revenue Distribution - In Q2 2024, Europe accounted for 53% of total revenues, with the Americas at 42% and the rest of the world at 5% [7]. - For the first six months of 2024, Europe represented 56% of total revenues, the Americas 38%, and the rest of the world 6% [9]. - Customer care and billing software generated 2.9 million, or 56% of total revenues in Q2 2024, while enterprise messaging and payment solutions contributed $1.9 million, or 36% [8]. Leadership Transition - Monica Iancu will transition to the role of Chairperson of the Board, emphasizing the company's strong billing platform and scalable solutions [5][6]. - Ariel Glassner, with over 25 years of leadership experience, has been appointed as the new CEO, bringing expertise from his previous roles, including a significant tenure at Amdocs [5][6].