MIND C.T.I. Ltd Announces Executive Changes; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018
May 07, 2018 at 12:09 pm
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MIND C.T.I. Ltd. announced the appointment of new CFO and CTO. Ran Mendelaw, joined in order to replace Mr. Aviram Cohen as the new CFO, starting June 2018. Mr. Cohen joined MIND in 2006 and served as CFO since 2010 and now intends to pursue other business opportunities. Mr. Mendelaw comes to MIND after serving as a group controller in Tadir-Gan Precision Products (1993) Ltd. (TDGN on the Tel-Aviv Stock Exchange). Prior to that, he served 10 years at PwC Israel, including as a senior manager. Reuben Halevi rejoined MIND in April 2018 as CTO, bringing over 25 years of a proven track record as an executive, business and technical leader and consultant in the US and Israeli software industry. For the last three years Mr. Halevi worked as a consultant, assisting hi-tech startup companies in all strategy and business aspects. Prior to that, he served in several executive roles, including as VP Engineering at MIND in 2014-2015, VP R&D and US COO at Retalix (acquired by NCR).
The company reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenues of $4,542,000 against $4,455,000 a year ago. Operating income was $1,257,000 against $944,000 a year ago. Income before taxes on income was $1,265,000 against $1,128,000 a year ago. Net income for the period was $1,162,000 against $913,000 a year ago. Earnings per basic and diluted share was $0.06 against $0.05 a year ago. Net cash provided by operating activities was $1,336,000 against $538,000 a year ago. Purchase of property and equipment was $31,000 against $12,000 a year ago.
Mind C.T.I. Ltd. develops, manufactures, markets and implements real-time and off-line convergent billing and customer care software solutions. The Company offers its solutions for various types of communication providers, including traditional wireline and wireless, voice over Internet Protocol (VoIP), and broadband IP network operators, long-term evolution (LTE) operators, cable operators and mobile virtual network operators (MVNOs). The Company operates through providing integrated products and services segment. Its product lines include billing and customer care solutions for service providers, and call accounting and call management solutions for enterprises. The Company's convergent billing and customer care solution supports multiple services, including voice, data and content services, as well as prepaid, postpaid and pay-in-advance payment models in a single platform. Prepaid subscribers are offered with a range of services, such as special bundles, rating plans and limits.