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*Board of Directors Declares Cash Dividend* MIND CTI to Hold Annual Shareholders’ Meeting
YOQNEAM, Israel, March 6, 2024 (GLOBE NEWSWIRE) — MIND C. T. I. LTD. – (NasdaqGM: MNDO), a leading provider of converged end-to-end prepaid/postpaid billing and visitor service convergent responses for service providers, unified communications analytics and call accounting responses for business, and business messaging responses, announced results for its fourth quarter of 2023 and the full year ended December 31, 2023.
Our activities in the fourth quarter of 2023 will be summarized below and a more detailed review of quarterly and full-year currency effects will be provided. The full monetary effects can be found in the Company News segment of our online page in http://www. . mindcti. com/company/news/ and on our Form 6-K.
Fourth Quarter 2023 Financial Highlights
Revenue from $5. 6 million, to $5. 4 million in the fourth quarter of 2022.
Operating source of revenue of $1. 2 million, or 21% of overall revenue, compared to $1. 2 million, or 23% of revenue, in the fourth quarter of 2022.
Net source of revenue of $1. 4 million, or $0. 06 by share, compared to $1. 3 million, or $0. 06 by share, in the fourth quarter of 2022.
Cash from operating activities of $0. 7 million, compared to $1. 4 million in the fourth quarter of 2022.
2023 Financial Highlights
Revenue of $21. 6 million, up to $21. 5 million in 2022.
Operating source of revenue of $4. 7 million, or 22% of total revenue, compared to $5. 5 million, or 26% of total revenue, in 2022.
Net earnings of $5. 2 million, or $0. 26 per share, to $5. 3 million, or $0. 26 per share, in 2022.
Cash from operating activities of $4. 1 million, compared to $4. 5 million in 2022.
Cash of approximately $16. 6 million as of December 31, 2023.
Monica Iancu, CEO of MIND CTI, commented: “The distribution of profits between the billing segment and the courier segment led to minimizing operating margins in 2023. The appreciation of the euro against the U. S. dollar had a positive effect on our overall earnings, but it also led to an increase in personnel costs. The reduction in cash flow from operating activities in 2023 compared to 2022 is mainly due to the extension of payment terms, which is uncommon for us, in one of our projects.
“In our billing segment, we experienced some drop in earnings, mainly due to the delay in putting the finishing touches on a task to implement our converged MINDBill BSS and the migration of legacy systems to the MINDBill platform, for reasons beyond our control. Business results in the messaging segment are difficult to predict, as external factors have a strong impact on both earnings and margins. We expect our trade effects to show volatility in earnings, margins, and cash flows.
“We continue to look for M&A opportunities that may simply be a source of expansion, while continuing to invest in new technologies for our offering, helping 5G technologies, migrating to cloud-native responses, and aiding the virtual transformation of operators. “
Revenue breakdown for the fourth quarter of 2023 Revenue in Europe accounted for 62% (including courier earnings in Germany, which accounted for 39%), earnings in the Americas accounted for 33%, and earnings in the rest of the world accounted for 5%. of our overall benefit.
Revenue from our invoicing and visitor services software is $2. 9 million, or 52% of overall earnings, benefits from payment responses and business messaging are $2. 2 million, or 39% of our overall earnings, and profits from our business call accounting software are $0. 5 million, I mean. 9% of total profits.
Revenue from maintenance and other services was $5. 5 million, or 98% of our overall profit, while licensing profit was $0. 1 million, or 2% of our overall profit.
Revenue breakdown for the year 2023. Revenue in Europe accounted for 54% (including courier profit in Germany, which accounted for 37%), profit in the Americas accounted for 37%, and profit in the rest of the world accounted for 9%. of our overall benefit.
Revenue from our invoicing and visitor services software of $11. 5 million, or 53% of overall earnings, benefits from payment responses and business messaging of $7. 9 million, or 37% of our overall earnings, and profits from our business call accounting software of $2. 2 million, or 10% of our total profits. our overall benefit.
Maintenance and more revenue was $21 million, or 97% of our overall profit, compared to $20. 9 million or 97% of our overall profit in 2022, while license profit was $0. 6 million, or 3% of our overall profit, compared to $0. 6 million, or 3% of total profits in 2022.
Consecutive orders and new profits in 2023Throughout 2023, we recorded consecutive orders and a new profit.
The contract was obtained from a European visitor at the beginning of the third quarter of 2023. The allocation is expected to be finalized in the third quarter of 2024.
Subsequent orders from long-standing consumers basically included license upgrades, based on the number of subscribers, scope enhancements with additional features, and implementations of our webshop/e-commerce module that we developed.
Dividend DistributionWe followed a dividend policy for the first time in 2003 and continue to this day. Our annual dividends embellish shareholder value.
Given our dividend policy and the money remaining after distribution, on March 6, 2024, our Board of Directors declared a gross dividend of $0. 24 consistent with the stock. The dividend will be recorded on March 20, 2024 and the payment date will be April 4. 2024. The tax will be withheld at the rate of 20%.
AGM MIND also announced that its 2024 Annual General Meeting of Shareholders will be held on May 6, 2024 at 10:00 a. m. m. (Israel time), at the Society’s offices, 2 HaCarmel Street, Yoqneam 2066724, Israel.
Shareholders of record at the close on April 3, 2024 have the right to vote at the meeting. All shareholders are cordially invited to attend the General Assembly. Proxy and proxy cards for shareholders who are unable to attend the meeting will be shielded.
The schedule of the assembly is as follows:
(i) reappoint Fahn Kanne
(ii) elect Ms. Orly Sorokin as a Class III Director of the Company through the 2027 Annual General Meeting; and
(iii) to discuss the Company’s audited monetary statements for the year ended December 31, 2023. About MINDMIND CTI Ltd. es a leading provider of converged end-to-end product-based billing and visitation service responses for service providers and unified communications. Call accounting analytics and responses for business, as well as business messaging responses. MIND offers a full diversity of billing programs for any style of business (licensing, SaaS, controlled service, or full outsourced billing service) for wireless, wired, wired, IP, and quad-play carriers. A global company, with more than twenty-five years of experience in providing answers to operators and businesses, MIND operates from offices in Israel, Romania, Germany and the United States.
Cautionary note for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995: All statements other than statements of past fact included in the above press release regarding the Company’s business strategy are “forward-looking statements,” adding related estimates to affect the political scenario in Ukraine, expectations related to the effects of the Company’s Business Optimization Initiative, the integration of the Company’s acquisitions, and their prospects and projected effects of operations. These statements are based on the ideals and assumptions of the administration. as well as the data that has recently been delivered to management. Forward-looking statements are not promises of long-term functionality and actual effects could differ materially. Forward-looking statements involve risks, uncertainties and assumptions, including, but not limited to, economic conditions. in our core markets, as well as the dangers discussed in the Company’s annual report and other filings with the U. S. Securities and Exchange Commission. UU. La Company assumes no legal responsibility to update any forward-looking data.
For information, please contact: Andrea DrayMIND C. T. I. Ltd. Tel. : 972-4-993-6666investor@mindcti. com