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MTS Announces Third Quarter 2011 Financial Results

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

                                    September 30,  December 31,
                                    2011           2010
    ASSETS
 
    CURRENT ASSETS:
    Cash and cash
    equivalents                    $ 2,917       $ 2,124
    Restricted marketable
    securities                         130           147
    Trade receivables, net             964         1,251
    Other accounts
    receivable and prepaid
    expenses                           131           174
    Inventories                          9            17
 
    Total current assets             4,151         3,713
 
    LONG-TERM ASSETS:
    Severance pay fund                 839           798
    Other investments                    6             4
    Deferred income taxes               33            33
 
    Total long-term assets             878           835
 
    PROPERTY AND EQUIPMENT,
    NET                                173           165
 
    OTHER ASSETS:
    Goodwill                         3,479         3,479
    Other intangible
    assets, net                      1,142         1,415
 
    Total other assets               4,621         4,894
 
    Total assets                   $ 9,823       $ 9,607

 

CONSOLIDATED BALANCE SHEETS

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

                            September 30,  December 31,
                            2011           2010
    LIABILITIES AND
    SHAREHOLDERS'
    EQUITY
 
    CURRENT
    LIABILITIES:
    Trade payables      $ 337          $ 305
    Accrued expenses
    and other
    liabilities         2,048          2,085
    Deferred revenues   2,016          2,452
    Liabilities of
    discontinued
    operations            351            351
 
    Total current
    liabilities         4,752          5,193
 
    LONG-TERM
    LIABILITIES -
    Accrued severance
    pay                 1,075          1,051
 
    COMMITMENTS AND
    CONTINGENT
    LIABILITIES
 
    SHAREHOLDERS'
    EQUITY:
    Share capital          13            13
    Additional paid-in
    capital            19,746        19,676
    Treasury shares       (29)          (29)
    Accumulated other
    comprehensive
    income                (29)           (4)
    Accumulated
    deficit           (15,705)      (16,293)
 
    Total
    shareholders'
    equity              3,996          3,363
 
    Total liabilities
    and shareholders'
    equity            $ 9,823        $ 9,607

CONSOLIDATED STATEMENTS OF OPERATIONS

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

                           Nine months ended       Three months ended
 
                         September 30,            September 30,
                      2011          2010      2011          2010
    Revenues:
    Product sales   $ 2,933       $ 3,283     $ 926         $ 897
    Services          5,911         5,340     2,083         1,793
 
    Total revenues    8,844         8,623     3,009         2,690
 
    Cost of
    revenues:
    Product sales       836         1,196       255           369
    Services          1,982         2,134       662           752
 
    Total cost of
    revenues          2,818         3,330       917         1,121
 
    Gross profit      6,026         5,293     2,092         1,569
 
    Operating
    expenses:
    Research and
    development,
    net of grants
    from the OCS      1,445         1,100      500            429
    Selling and
    marketing         1,465         1,877      439            596
    General and
    administrative    2,677         2,269      909            572
 
    Total
    operating
    expenses          5,587         5,246    1,848          1,597
 
    Operating
    profit (loss)       439            47      244            (28)
    Financial
    income
    (expenses),
    net                  79            25      (11)            43
    Capital gain
    on sale of
    investment           78             -        -              -
 
    Income before
    taxes on
    income              596            72      233             15
    Tax on income
    (benefit), net        8            13        7              1
 
    Net income        $ 588          $ 59    $ 226           $ 14
 
    Net Income per
    share:
 
    Basic and
    diluted net
    income per
    Ordinary share   $ 0.13        $ 0.01   $ 0.05         $ 0.00
 
    Weighted
    average number
    of Ordinary
    shares used in
    computing
    basic and
    diluted net                   
    loss per 
    share         4,459,057     4,458,975  4,459,057    4,458,975
 

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