-- Revenue of approximately $4.6 million.
-- Cash position as of December 31, 2008 of $9.8 million after a $1.5
million expenditure for the Company shares repurchased and paid for as of
December 31, 2008.
-- Positive cash flow from operations of approximately $0.5 million
Buyback Update
In September 2008 MIND announced its intention to execute for the first
time a buyback program. The buyback started in November 2008 and the
Company has purchased 2,100,000 ordinary shares. After this purchase, the
number of the Company's ordinary shares as of December 31, 2008 is
19,494,010.
Monica Eisinger, MIND chairperson and chief executive officer, commented:
"We continue to believe that the purchase of the Company's shares is a good
investment and that it is in the best interest of the Company. We will
consider continuing and even enhancing the buyback in the future if at that
time it will still be considered the most appropriate use of our
resources."
Auction Rate Securities
As previously announced, on February 20, 2008, we filed a Statement of
Claim with the Financial Industry Regulatory Authority and commenced
arbitration proceedings against Credit Suisse, the bank that invested funds
on behalf of the Company. We intend to pursue the arbitration
vigorously. The arbitration hearing is now scheduled for June 2009, but no
predictions of the timing of a resolution or possible outcomes can be made
at this time.
Meanwhile, we continue to receive interest payments every month on the held
security.
Conference Call Information
MIND will host a conference call on Thursday, February 19, 2009 at 10:30
a.m., Eastern Time, to discuss the Company's fourth quarter results as well
as other financial and business information. The call will be carried live
on the Internet via www.fulldisclosure.com and the MIND website,
www.mindcti.com. For those unable to listen to the live web cast, a replay
will be available.
About MIND
MIND CTI Ltd. is a leading provider of convergent end-to-end billing and
customer care product based solutions for service providers as well as
telecom expense management (call management) solutions. MIND provides a
complete range of billing applications for any business model (license,
managed service or complete outsourced billing service) for Wireless,
Wireline, VoIP and Quad-play carriers in more than 40 countries around the
world.
A global company, with over ten years of experience in providing solutions
to carriers and enterprises, MIND operates from offices in the United
States, UK, Romania and Israel.
For more information, visit MIND at: www.mindcti.com.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act of 1995: All statements other than
historical facts included in the foregoing press release regarding the
Company's business strategy are "forward-looking statements." These
statements are based on management's beliefs and assumptions and on
information currently available to management. Forward-looking statements
are not guarantees of future performance, and actual results may materially
differ. The forward-looking statements involve risks, uncertainties, and
assumptions, including the risks discussed in the Company's filings with
the United States Securities Exchange Commission. The Company does not
undertake to update any forward-looking information.
Contact Information: For more information please contact: Andrea Dray MIND CTI Ltd. Tel: +972-4-993-6666