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MTS Announces First Quarter 2012 Financial Results

U.S. dollars in thousands

                                                          March      December
                                                             31,          31,
                                                            2012         2011
    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
    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
    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


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

                                                      March 31,       December 31,
                                                           2012           2011
    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
    Accrued severance pay                                   811           762
    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


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

                                                           Three months ended
                                                                March 31,
                                                            2012         2011
    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     4,459,057

Contact: Alon Mualem CFO Tel: +972-9-7777-540 Email:

SOURCE MTS-MER Telemanagement Solutions Ltd

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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