MTS Announces Second Quarter 2012 Financial Results

U.S. dollars in thousands

                                                        June 30,    December 31,
                                                          2012          2011
    ASSETS
 
    CURRENT ASSETS:
    Cash and cash equivalents                            $ 4,192       $ 3,269
    Restricted cash                                          242            45
    Restricted marketable securities                         127           127
    Trade receivables, net                                   684           854
    Other accounts receivable and prepaid expenses           143            88
    Inventories                                                7             5
 
    Total current assets                                   5,395         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                              204           161
 
    OTHER ASSETS:
    Goodwill                                               3,479         3,479
    Other intangible assets, net                             873         1,050
 
    Total other assets                                     4,352         4,529
 
    Total assets                                        $ 10,641       $ 9,734
 

CONSOLIDATED BALANCE SHEETS

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

                                                 June 30,        December 31,
                                                   2012              2011
    LIABILITIES AND SHAREHOLDERS' EQUITY
 
    CURRENT LIABILITIES:
    Trade payables                                 $ 254             $ 326
    Accrued expenses and other liabilities         2,566             2,354
    Deferred revenues                              1,937             2,025
    Liabilities of discontinued operations           435               435
 
    Total current liabilities                      5,192             5,140
 
    LONG-TERM LIABILITIES -
    Accrued severance pay                            805               762
 
    COMMITMENTS AND CONTINGENT LIABILITIES
 
    SHAREHOLDERS' EQUITY:
    Share capital                                     13                13
    Additional paid-in capital                    19,811            19,773
    Treasury shares                                  (29)              (29)
    Accumulated other comprehensive income           (15)              (19)
    Accumulated deficit                          (15,136)          (15,906)
 
    Total shareholders' equity                     4,644             3,832
 
    Total liabilities and shareholders'
    equity                                      $ 10,641           $ 9,734
 

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,
                                2012         2011       2012         2011
    Revenues:
    Product sales             $ 1,753      $ 2,007      $ 921        $ 994
    Services                    4,511        3,828      2,359        2,044
 
    Total revenues              6,264        5,835      3,280        3,038
 
    Cost of revenues:
    Product sales                 618          581        351          268
    Services                    1,613        1,320        795          719
 
    Total cost of revenues      2,231        1,901      1,146          987
 
    Gross profit                4,033        3,934      2,134        2,051
 
    Operating expenses:
    Research and
    development, net of
    grants from the OCS           704          945        330          470
    Selling and marketing       1,043        1,026        519          518
    General and
    administrative              1,489        1,768        768          872
 
    Total operating expenses    3,236        3,739      1,617        1,860
 
    Operating profit              797          195        517          191
    Financial income
    (expenses), net               (21)          90        (53)          31
    Capital gain on sale of
    investment                      -           78          -            1
 
    Income before taxes on
    income                        776          363        464          223
    Tax on income (benefit),
    net                             6            1          4           (6)
 
    Net income                  $ 770        $ 362      $ 460        $ 229
 
    Net Income per share:
 
    Basic and diluted net
    income per Ordinary
    share                      $ 0.17       $ 0.08     $ 0.10       $ 0.05
 
    Weighted average number
    of Ordinary shares used
    in computing basic and
    diluted net income per
    share                   4,459,057    4,459,057  4,459,057    4,459,057
 

 

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