Despite the worldwide economic decline affecting the technology and communication markets, integrated, software solution provider

TTI Telecom International

(Nasdaq:TTIL) has shown a growth rate of 35% in the first quarter of 2001, as compared to the corresponding quarter in 2000.

The company's revenues reached $13.1 million in Q1, as compared to $9.7 million for the first quarter of 2000. Operating income rose 52% to $2.6 million, compared to $1.7 million for the same period last year. Net income for the quarter was $3.0 million, or $0.26 per diluted share, versus $1.7 million, or $0.16 per diluted share last year.

TTI's CEO Meir Lipshes says the firm's revenue increase this quarter was due to repeat orders, and the company's successful penetration of large telecom service providers. "We added three new customers, including our largest contract to date, and generated 40% of our revenues from existing customers," Lipshes pointed out.

Commenting on the strategic investment made by TTI Telecom in U.K.-based Axarte last quarter, Lipshes said, "We also completed training the Axarte sales force on our products. By leveraging their sales reach in Europe, coupled with our existing sales forcewe believe we are well positioned to extend our penetration of the European market," he said.

TTI listed on the Nasdaq in 1996. The company develops, markets and supports advanced, modular, integrated software products and services for operations support systems ("OSS") and network management systems ("NMS") in the telecommunications industry. Its solutions, based on its Netrac family of products, manage fault management, performance management, configuration management and security management.