TTI Telecom Reports First Quarter 2010 Financial Results
May 25 2010 - 4:27AM
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 31,
2009 |
March 31, 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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