MIND CTI Reports Third Quarter 2024 Results
YOQNEAM, Israel, Nov. 05, 2024 (GLOBE NEWSWIRE) -- MIND C.T.I. LTD., (NASDAQGM:MNDO), a leading provider of convergent end-to-end prepaid/postpaid billing and customer care product based solutions for service providers, unified communications analytics and call accounting solutions for enterprises as well as enterprise messaging solutions, today announced results for its third quarter ended September 30, 2024.
The following will summarize our major achievements in the third quarter of 2024, as well as our business. Full financial results can be found in the Company News section of our website at http://www.mindcti.com/company/news/ and in our Form 6-K.
Q3 2024 Financial Highlights
Revenues were $5.2 million, compared with $5.3 million in the third quarter of 2023.
Operating income was $0.7 million, compared to $1.2 million in the third quarter of 2023, with the increase in cost of revenues attributed to an infrequent high cost of third-party hardware and licenses supplied as part of our solutions to a customer.
Net income was $0.9 million, or $0.05 per share, compared to $1.3 million, or $0.06 per share in the third quarter of 2023.
Cash flow from operating activities was $1.0 million, the same as in the third quarter of 2023.
One new win with an existing customer and multiple follow-on orders.
Cash position was $15.5 million as of September 30, 2024.
Nine Months Financial Highlights
Revenues were $16.2 million, compared with $16.0 million in the first nine months of 2023.
Operating income was $3.1 million, compared to $3.6 million in the first nine months of 2023.
Net income was $3.4 million, or $0.17 per share, compared to $3.7 million, or $0.19 per share in the first nine months of 2023.
Cash flow from operating activities in the first nine months of 2024 was $3.8 million, compared to $3.4 million in the first nine months of 2023.
Monica Iancu, MIND ...