MTS Announces Second Quarter 2011 Financial Results

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

                                                 June 30,  December 31,
                                                    2011          2010
    ASSETS

    CURRENT ASSETS:
      Cash and cash equivalents                  $ 2,664       $ 2,124
      Restricted marketable securities               149           147
      Trade receivables, net                         893         1,251
      Other accounts receivable and prepaid
      expenses                                       190           174
      Inventories                                      9            17

    Total current assets                           3,905         3,713

    LONG-TERM ASSETS:
      Severance pay fund                             890           798
      Other investments                                9             4
      Deferred income taxes                           33            33

    Total long-term assets                           932           835

    PROPERTY AND EQUIPMENT, NET                      196           165

    OTHER ASSETS:
      Goodwill                                     3,479         3,479
      Other intangible assets, net                 1,232         1,415

    Total other assets                             4,711         4,894

    Total assets                                 $ 9,744       $ 9,607

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except  share and per share data)

                                                 June 30,  December 31,
                                                    2011          2010
    LIABILITIES AND SHAREHOLDERS' EQUITY

    CURRENT LIABILITIES:
      Trade payables                               $ 226         $ 305
      Accrued expenses and other liabilities       2,065         2,085
      Deferred revenues                            2,176         2,452
      Liabilities of discontinued operations         351           351

    Total current liabilities                      4,818         5,193

    LONG-TERM LIABILITIES -
      Accrued severance pay                        1,165         1,051

    COMMITMENTS AND CONTINGENT LIABILITIES

    SHAREHOLDERS' EQUITY:
      Share capital                                   13            13
      Additional paid-in capital                  19,721        19,676
      Treasury shares                                (29)          (29)
      Accumulated other comprehensive income         (13)           (4)
      Accumulated deficit                        (15,931)      (16,293)

    Total shareholders' equity                     3,761         3,363

    Total liabilities and shareholders'
    equity                                       $ 9,744       $ 9,607

 

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

                                    Six months ended      Three months ended
                                        June 30,                June 30,
                                   2011         2010       2011         2010
    Revenues:
      Product sales             $ 2,007      $ 2,387      $ 994      $ 1,270
      Services                    3,828        3,546      2,044        1,785

    Total revenues                5,835        5,933      3,038        3,055

    Cost of revenues:
      Product sales                 581          930        268          526
      Services                    1,320        1,279        719          631

    Total cost of revenues        1,901    (*) 2,209        987    (*) 1,157

    Gross profit                  3,934        3,724      2,051        1,898

    Operating expenses:
      Research and development,
      net of grants from the OCS    945          671        470          346
      Selling and marketing       1,026    (*) 1,281        518      (*) 648
      General and administrative  1,768        1,697        872          862

    Total operating expenses      3,739        3,649      1,860        1,856

    Operating profit                195           75        191           42
    Financial income
    (expenses), net                  90          (18)        31           15
    Capital gain on sale of
    investment                       78            -          1            -

    Income before taxes on income   363           57        223           57
    Tax on income (benefit), net      1           12         (6)          10

    Net income                    $ 362         $ 45      $ 229         $ 47

    Net Income per share:

    Basic and diluted net
    income per Ordinary share    $ 0.08       $ 0.01     $ 0.05       $ 0.01

    Weighted average number
    of Ordinary shares used
    in computing basic and
    diluted net income per
    share                     4,459,057    4,459,043  4,459,057    4,459,030

(*) reclassified

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