MIND CTI Reports Third Quarter 2024 Results

Core Viewpoint - MIND C.T.I. Ltd. reported its third quarter financial results for 2024, showing a slight decline in revenues and operating income compared to the same period in 2023, while maintaining a stable cash flow from operating activities and a strong cash position [1][3][4]. Financial Highlights - Q3 2024 revenues were $5.2 million, a decrease from$5.3 million in Q3 2023 [3] - Operating income for Q3 2024 was $0.7 million, down from$1.2 million in Q3 2023, attributed to increased costs of third-party hardware and licenses [3] - Net income for Q3 2024 was $0.9 million, or$0.05 per share, compared to $1.3 million, or$0.06 per share in Q3 2023 [3] - Cash flow from operating activities remained stable at $1.0 million, the same as in Q3 2023 [3] - Cash position as of September 30, 2024, was$15.5 million [3] Nine Months Financial Highlights - Revenues for the first nine months of 2024 were $16.2 million, slightly up from$16.0 million in the same period of 2023 [4] - Operating income for the first nine months of 2024 was $3.1 million, down from$3.6 million in the first nine months of 2023 [4] - Net income for the first nine months of 2024 was $3.4 million, or$0.17 per share, compared to $3.7 million, or$0.19 per share in the same period of 2023 [4] - Cash flow from operating activities in the first nine months of 2024 was $3.8 million, compared to$3.4 million in the same period of 2023 [4] Revenue Distribution - In Q3 2024, Europe accounted for 53% of total revenues, the Americas for 40%, and the rest of the world for 7% [6] - For Q3 2024, customer care and billing software generated $2.9 million (56$1.8 million (35%), and enterprise call accounting software accounted for $0.5 million (9$8.8 million (54% of total revenues), enterprise messaging and payment solutions totaled $6 million (37$1.4 million (9%) [8] Business Developments - The company secured a new win with an existing customer to enhance the MINDBill platform for a Hosted Mobile Virtual Network Operator (MVNO) [11] - The company continues to receive follow-on orders from existing customers for additional functionality and license upgrades [10][12] - MIND is actively pursuing acquisitions that could provide growth opportunities, focusing on targets with proven revenues and complementary technology [12] Leadership Transition - Monica Iancu announced her transition from CEO to Ariel Glassner, expressing gratitude to investors, employees, customers, and partners for their support during her tenure [6]