U.S. dollars in thousands
March December 31, 31, 2012 2011 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 3,362 $ 3,269 Restricted cash 87 45 Restricted marketable securities 136 127 Trade receivables, net 1,093 854 Other accounts receivable and prepaid expenses 151 88 Inventories 4 5 Total current assets 4,833 4,388 LONG-TERM ASSETS: Severance pay fund 655 619 Other investments 4 6 Deferred income taxes 31 31 Total long-term assets 690 656 PROPERTY AND EQUIPMENT, NET 176 161 OTHER ASSETS: Goodwill 3,479 3,479 Other intangible assets, net 962 1,050 Total other assets 4,441 4,529 Total assets $ 10,140 $ 9,734
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
March 31, December 31, 2012 2011 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 248 $ 326 Accrued expenses and other liabilities 2,266 2,354 Deferred revenues 2,207 2,025 Liabilities of discontinued operations 435 435 Total current liabilities 5,156 5,140 LONG-TERM LIABILITIES Accrued severance pay 811 762 COMMITMENTS AND CONTINGENT LIABILITIES SHAREHOLDERS' EQUITY: Share capital 13 13 Additional paid-in capital 19,792 19,773 Treasury shares (29) (29) Accumulated other comprehensive loss (7) (19) Accumulated deficit (15,596) (15,906) Total shareholders' equity 4,173 3,832 Total liabilities and shareholders' equity $ 10,140 $ 9,734
CONSOLIDATED STATEMENTS OF OPERATIONSU.S. dollars in thousands (except share and per share data)
Three months ended March 31, 2012 2011 Revenues: Product sales $ 833 $ 1,013 Services 2,151 1,784 Total revenues 2,984 2,797 Cost of revenues: Product sales 268 313 Services 817 601 Total cost of revenues 1,085 914 Gross profit 1,899 1,883 Operating expenses: Research and development, net of grants from the OCS 374 475 Selling and marketing 524 508 General and administrative 721 896 Total operating expenses 1,619 1,879 Operating income 280 4 Financial income, net 32 59 Other income, net - 77 Income before taxes on income 312 140 Taxes on income, net 2 7 Net income $ 310 $ 133 Net income per Ordinary share: Basic and diluted net income per Ordinary share $ 0.07 $ 0.03 Weighted average number of Ordinary shares used in computing basic and diluted net income per share 4,459,057 4,459,057Contact: Alon Mualem CFO Tel: +972-9-7777-540 Email: Alon.Mualem@mtsint.com SOURCE MTS-MER Telemanagement Solutions Ltd
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