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TTI Telecom Reports First Quarter 2010 Financial Results
GlobeNewswire
2010-05-25
ROSH HA'AYIN, Israel, May 25, 2010 (GLOBE NEWSWIRE) -- TTI Team Telecom
International Ltd. (Nasdaq:TTIL), ('the Company'), a global supplier of
Operations Support Systems (OSS) to communications service providers,
today announced the results of the first quarter ending on March 31,
2010.
Total revenues for the first quarter were $10.5 million, compared to
$10.8 million in the first quarter of 2009, and $10.7 million in the
fourth quarter of 2009. Total operating expenses were $4.8 million,
compared to $5.2 million in the first quarter of 2009 and $5 million in
the fourth quarter of 2009.
Operating income for the quarter was $291 thousand compared to an
operating income of $596 thousand for the first quarter of 2009 and an
operating income of $566 thousand in the fourth quarter of 2009. Net
loss was $192 thousand, or $0.01 per basic and diluted share, compared
to a net income of $466 thousand, or $0.02 per basic and diluted share
in the first quarter of 2009 and a net income of $15 thousand, or $0.00
per basic and diluted share in the fourth quarter of 2009.
The increase in financial expenses this quarter can be mainly explained
by the weakening Euro compared to the American dollar.
As of March 31, 2010, the Company had approximately 31 million dollars
in cash and cash equivalents.
Commenting on the results of the quarter, Meir Lipshes, Chairman and
CEO of TTI Telecom, said, "Solutions wise, we have stabilized our LTE
team and are working vigorously to create our LTE solution, to present
its demo to customers and to ensure its fast integration with LTE
networks. Financially, we are cautiously balancing between the required
future investments and the need to still keep our expenses tightly
controlled."
Conference Call Information:
Management will host a conference call on May 25, 9:00 a.m. ET for
interested investors and analysts. To participate in the live call,
please dial the following teleconferencing numbers at least five
minutes before the scheduled start time: (888) 2290736 in the U.S., or
(706) 679-0692 internationally. Participants will be asked to provide
the following access code: 74834104. For those unable to participate in
the live call, a replay will be available two hours after the call's
completion. To access the replay, please call (800) 642-1687 in the
U.S., and (706) 645-9291 internationally. The access code for the
replay is 74834104. The recording will be available from: 05/25/2010
12:30 to 06/01/2010 23:59. Additionally, a recording of the call will
be available, twelve hours after the call's completion, as an MP3 file
at www.tti-telecom.com.
About TTI Telecom:
TTI Team Telecom International Ltd. ("TTI Telecom") is a leading
provider of next generation Operations Support Systems (OSS) to
communications service providers worldwide. The company's Netrac
portfolio delivers an automated, proactive and customer-centric
approach to service assurance and network management.
Anchored by market-leading service assurance solutions -- Fault
Management (FaM) and Performance Management (PMM) -- that give
customers an end-to-end view of their network, TTI Telecom's Netrac
enables service providers to reduce operating costs, enhance
profitability and launch new, revenue-generating services more rapidly.
Netrac is compatible with multiple technologies and industry standards,
and is uniquely positioned to bridge legacy, next-generation,
convergent, and IMS Networks. TTI Telecom's customer base consists of
tier-one and tier-two service providers globally, including large
incumbents in the Americas, Europe and Asia-Pacific.
Forward looking statements in this release involve a number of risks
and uncertainties including, but not limited to, product demand,
pricing, market acceptance, changing economic conditions, risks in
product and technology development, the effect of the Company's
accounting policies as well as certain other risk factors which are
detailed in the Company's SEC filings.
TTI TEAM TELECOM INTERNATIONAL LTD.
STATEMENTS OF INCOME
-------------------------------------------------------
(in thousands of U.S dollars)
Three Months Ended
March 31,
----------------------
2009 2010
---------- ----------
Unaudited
----------------------
Revenues
Product 5,452 5,472
Services 5,362 5,051
---------- ----------
Total revenues 10,814 10,523
---------- ----------
Cost of revenues:
Product 3,383 3,851
Services 1,666 1,573
---------- ----------
Total cost of revenues 5,049 5,424
---------- ----------
Gross profit 5,765 5,099
---------- ----------
Operating expenses:
Research and development 2,086 1,433
Sales and marketing 2,039 2,270
General and administrative 1,044 1,105
---------- ----------
Total operating expenses 5,169 4,808
---------- ----------
Operating income 596 291
Financial expenses, net 37 370
---------- ----------
Income (loss) before taxes on
income 559 (79)
Taxes on income 46 113
---------- ----------
Income (loss) from continuing
operations 513 (192)
========== ==========
Loss from discontinued
operations (47) 0
========== ==========
Net Income (loss) 466 (192)
========== ==========
Net income attributed to
preferred shares
from continuing and
discontinued operation 80 0
========== ==========
Net income (loss) attributed to
ordinary shares from
continuing operation 433 (192)
========== ==========
Net loss attributed to ordinary
shares from discontinued
operation (47) 0
========== ==========
Basic and diluted income (loss)
per share
attributable to Ordinary
shareholders
From continuing operations 0.02 (0.01)
========== ==========
From discontinued operations 0.00 0.00
========== ==========
Net income (loss) per share 0.02 (0.01)
========== ==========
Weighted average number of
shares used for computing
net income per share to
ordinary shareholders-Basic
and Diluted 16,003,158 16,093,663
========== ==========
TTI TEAM TELECOM INTERNATIONAL LTD.
CONSOLIDATED BALANCE SHEET
----------------------------------------------
(in thousands of U.S dollars)
----------------------------------------------
December March
31, 31,
2009 2010
-------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 22,980 25,939
Short term deposits 7,887 100
Trade receivables 7,904 6,830
Unbilled receivables 1,630 2,524
Related parties 529 535
Other accounts receivable
and prepaid expenses 2,296 3,301
-------- --------
Total current assets 43,226 39,229
-------- --------
LONG-TERM INVESTMENTS AND
RECEIVABLES:
Marketable Securities 0 4,912
Investment in affiliate 165 165
Severance pay fund 4,229 4,404
-------- --------
Total long-term
investments 4,394 9,481
-------- --------
PROPERTY AND EQUIPMENT
Cost 18,458 18,195
Less - accumulated
depreciation 12,594 12,521
-------- --------
Property and equipment,
net 5,864 5,674
-------- --------
Total assets 53,484 54,384
======== ========
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables 1,594 1,868
Related parties 194 445
Deferred revenues 3,368 3,647
Other accounts payable and
accrued expenses 5,957 6,602
-------- --------
Total current liabilities 11,113 12,562
-------- --------
ACCRUED SEVERANCE PAY 6,279 6,613
-------- --------
Long term liability 1,788 1,093
-------- --------
SHAREHOLDERS' EQUITY:
Share capital 2,595 2,595
Additional paid-in capital 75,278 75,286
Accumulated other
comprehensive loss 0 (4)
Accumulated deficit (43,569) (43,761)
-------- --------
Total shareholders' equity 34,304 34,116
-------- --------
53,484 54,384
======== ========
CONTACT: TTI Team Telecom International Ltd.
Rebecca (Rivi) Aspler, Investor Relations Director
+972-3-926-9093
Mobile: +972-54-777-9093
Fax: +972-3-926-9574
rebecca.aspler@tti-telecom.com
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