MTS Announces First Quarter 2012 Financial Results

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 OPERATIONS

U.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     4,459,057
 

Contact: Alon Mualem CFO Tel: [phone] Email: [e-mail]

SOURCE MTS-MER Telemanagement Solutions Ltd

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