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» MIND C.T.I. Ltd. CEO Discusses Q3 2010 Results – Earnings Call Transcript
I would like to update you on our annual general meeting. MIND’s annual general meeting was held on Tuesday, September 27, 2011 at the offices of the company and all the proposed resolutions were approved. Among them, the re-election of two Directors and a new option plan. Under the company’s Articles of Association, our Board of Director’s, excluding our external Directors, is divided into the three classes of Directors designated as Class 1, Class 2 and Class 3, which are differentiated by the dates of expiration of the terms of office of their respective directors.Mr. Michael Rotenberg was appointed by the Board of Directors of the company as a Class 2 Director in 2008. At this AGM, the re-election of Mr. Michael Rotenberg as a Class 2 Director of the company for an additional term as well as his new compensation were approved. The MIND 1998 share option plan and MIND 2000 share option plan expired on December 31, 2010. The purpose and intent of the new plan is to provide incentives to Employees, Directors, Consultants and or Contractors of the company by providing them with opportunities to purchase shares in the company. The plan was included in our materials for the AGM. The plan shall expire ten years from the date of adoption of the plan. The Board of Directors is authorized to determine the terms of any options granted under the plan including variations from terms set in the plan. The approved pool under the plan is up to $1,800,000 ordinary shares. I would now like to turn the call over to Monica. Monica, please go ahead. Monica Iancu Thank you, Andrea. Good day ladies and gentlemen. Thank you for your interest in MIND and for joining us today. In our call today, I will summarize our major achievements in the third quarter of 2011 and discuss our business. The financials can be found in our press release.
Yesterday, we reported our business results for the third quarter of 2011. They include the revenue for the third quarter at $4.63 million, the revenue from our customer care and bidding was $3.57 million and revenue from our enterprise call accounting solutions was approximately $1 million. The geographic revenue breakdown was roughly 50% from the America’s and 36% from Europe. Operating income was $992,000 and net income was $891,000 or $0.05 per share.Our balance sheet continues to be strong, with our total cash position of $17.6 million at the end of the quarter, including the available for sale securities. During the third quarter, we signed one new customer and received multiple follow-on orders. The new win is with an Israeli MVNO that is expected to offer cellular services in Israel’s communication market starting 2012. Mind will supply a complete MVNO-in-a-box solution including the platform required as well as the integration and implementation services. Mobile Virtual Network Operator or MVNO is a company that resells wireless services under its brand. It provides mobile phone services, but does not have its own license frequency allocation of radio spectrum. Not that it’s necessarily have the entire infrastructure required to provide mobile telephone services. A company that does have frequency allocation and the required infrastructure to run an independent network is known simply as a Mobile Network Operator or MNO. MVNOs are roughly equivalent to the switch-list resellers of the traditional landline telephone market. MVNOs can generally set their own service offerings and pricing structures. Usually, the MVNO does not own any GSM or CDMA or other call mobile network related infrastructure, such as mobile switching centers or radio access network. Some may own their own home location register or HLR, which allows more flexibility and ownership of the subscriber’s mobile phone numbers. In this case, the MVNO appears as a roaming partner to other networks abroad and there is a network within its own region. Some MVNOs run their own billing and customer care solution and others use the services of a Mobile Virtual Network Enabler. Read the rest of this transcript for free on seekingalpha.com