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TheStreet Open House

MTS Announces Third Quarter 2012 Financial Results

Stocks in this article: MTSL

U.S. dollars in thousands

                                                         September    December
                                                               30,         31,
                                                              2012        2011
    ASSETS
 
    CURRENT ASSETS:
    Cash and cash equivalents                              $ 4,516     $ 3,269
    Restricted cash                                            146          45
    Restricted marketable securities                           123         127
    Trade receivables, net                                     751         854
    Prepaid expenses and other assets                          152          93
 
    Total current assets                                     5,688       4,388
 
    LONG-TERM ASSETS:
    Severance pay fund                                         696         619
    Other long term assets                                      35          37
 
    Total long-term assets                                     731         656
 
    PROPERTY AND EQUIPMENT, NET                                201         161
 
    OTHER ASSETS:
    Goodwill                                                 3,479       3,479
    Other intangible assets, net                               809       1,050
 
    Total other assets                                       4,288       4,529
 
    Total assets                                          $ 10,908     $ 9,734
 

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

                                                                    
                                                   September 30,   December 31,
                                                            2012          2011
    LIABILITIES AND SHAREHOLDERS' EQUITY
 
    CURRENT LIABILITIES:
    Trade payables                                         $ 255        $ 326
    Accrued expenses and other liabilities                 2,694        2,354
    Deferred revenues                                      1,690        2,025
    Liabilities of discontinued operations                   435          435
 
    Total current liabilities                              5,074        5,140
 
    LONG-TERM LIABILITIES -
    Accrued severance pay                                    835          762
 
    COMMITMENTS AND CONTINGENT LIABILITIES
 
    SHAREHOLDERS' EQUITY:
    Share capital                                             13           13
    Additional paid-in capital                            19,903       19,773
    Treasury shares                                          (29)         (29)
    Accumulated other comprehensive income                     3          (19)
    Accumulated deficit                                  (14,891)     (15,906)
 
    Total shareholders' equity                             4,999        3,832
 
    Total liabilities and shareholders'
    equity                                              $ 10,908      $ 9,734
 

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,
                                2012          2011         2012         2011
    Revenues:
    Product sales            $ 2,622       $ 2,933       $ 870         $ 926
    Services                   7,026         5,911       2,515         2,083
 
    Total revenues             9,648         8,844       3,385         3,009
 
    Cost of revenues:
    Product sales                887           836         269           255
    Services                   2,458         1,982         846           662
 
    Total cost of
    revenues                   3,345         2,818       1,115           917
 
    Gross profit               6,303         6,026       2,270         2,092
 
    Operating expenses:
    Research and
    development, net of
    grants from the OCS       1,003         1,445         299           500
    Selling and marketing     1,600         1,465         557           439
    General and
    administrative            2,206         2,267         717           909
 
    Total operating
    expenses                  4,809         5,587       1,573         1,848
 
    Operating profit          1,494           439         697           244
    Financial income
    (expenses), net            (20)           79           1           (11)
    Capital gain on sale
    of investment                -            78           -             -
 
    Income before taxes
    on income                 1,474           596         698           233
    Tax on income
    (benefit), net              459             8         453             7
 
    Net income              $ 1,015         $ 588       $ 245         $ 226
 
    Net Income per share:
 
    Basic net income per
    Ordinary share           $ 0.23        $ 0.13      $ 0.05        $ 0.05
    Diluted net income
    per Ordinary share       $ 0.22          0.13      $ 0.05        $ 0.05
    Weighted average
    number of Ordinary
    shares used in
    computing basic net
    income per share       4,462,807     4,459,057   4,470,306     4,459,057
    Weighted average
    number of Ordinary
    shares used in
 
    computing diluted net
    income per share       4,525,694     4,459,057   4,533,193     4,459,057
 

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

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