
MTS Announces First Quarter 2011 Financial Results
MTS Announces Josef Brikman as President for Their US Operations
RA'ANANA, Israel, May 12, 2011 /PRNewswire-FirstCall/ -- MTS - Mer Telemanagement Solutions Ltd. (Nasdaq Capital Market: MTSL), a global provider of business support systems (BSS) for comprehensive telecommunication management, telecommunications expense management (TEM) solutions and customer care & billing (CC&B) solutions, today announced its financial results for the first quarter of 2011.
Revenues for the first quarter of 2011 were $2.8 million, compared with $2.9 million in revenues during the same quarter last year. The Company's operating profit was $4,000 in the first quarter of 2011 compared to operating profit of $33,000 for the first quarter of 2010. Net income for the first quarter was $133,000 or $0.03 per diluted share, compared with a net loss of $2,000 or $(0.00) per diluted share in the first quarter of 2010. The net profit in the first quarter of 2011 is including to a capital gain of approximately $77,000 that resulted from the Company's sale of its ownership interest in Silverbyte Systems Ltd.
The Company also announced the appointment of Josef Brikman as president of its US operations. A seasoned executive with over 20 years of experience in the telecommunications and technology industries, Mr. Brikman brings extensive and diverse business knowledge. "We are pleased to welcome Josef to the MTS team," said Eytan Bar, Chief Executive Officer.
Prior to joining the Company, Mr. Brikman served as President of MER Security Inc. where he expanded the company from a services company to a provider of a full portfolio of security products and services. He also previously held positions of CFO, COO and General Manager of the Company where he was a key player in the acquisition of MTS IntegraTRAK and the development and growth of the Company in Europe and the Pacific Rim. Mr. Brikman holds a B.Sc. in Engineering and a degree in Business Administration.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) is a worldwide provider of innovative solutions for comprehensive telecommunications expense management (TEM) used by enterprises, and for business support systems (BSS) used by information and telecommunication service providers.
Since 1984, MTS Telecommunications' expense management solutions have been used by thousands of enterprises and organizations to ensure that their telecommunication services are acquired, provisioned, and invoiced correctly. In addition, the MTS's Application Suite has provided customers with a unified view of telecommunication usage, proactive budget control, personal call management, employee cost awareness and more.
AnchorPoint TEM solutions enable enterprises to gain visibility and control of strategic assets that drive key business processes and crucial competitive advantage. The AnchorPoint's software, consulting and managed services solutions -- including integrated Invoice, Asset, and Usage Management and Business Analytics tools -- provide professionals at every level of the organization with rapid access to concise, actionable data.
MTS's solutions for Information and Telecommunication Service Providers are used worldwide by wireless and wireline service providers for interconnect billing, partner revenue management and for charging and invoicing their customers. MTS has pre-configured solutions to support emerging carriers of focused solutions (e.g. IPTV, VoIP, WiMAX, MVNO) to rapidly install a full-featured and scaleable solution.
Headquartered in Israel, MTS markets its solutions through wholly owned subsidiaries in the United States, Hong Kong and The Netherlands as well as through OEM partnerships with Siemens, Phillips, NEC and other vendors. MTS shares are traded on the NASDAQ Capital Market (symbol MTSL). For more information please visit the MTS web site: http://www.mtsint.com.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, government regulations, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
March 31, December 31,
2011 2010
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,518 $ 2,124
Restricted marketable securities 151 147
Trade receivables, net 708 1,251
Other accounts receivable and prepaid
expenses 250 174
Inventories 11 17
Total current assets 3,638 3,713
LONG-TERM ASSETS:
Severance pay fund 860 798
Other investments 6 4
Deferred income taxes 33 33
Total long-term assets 899 835
PROPERTY AND EQUIPMENT, NET 184 165
OTHER ASSETS:
Goodwill 3,479 3,479
Other intangible assets, net 1,323 1,415
Total other assets 4,802 4,894
Total assets $ 9,523 $ 9,607
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
March 31, December 31,
2011 2010
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables $ 278 $ 305
Accrued expenses and other liabilities 1,964 2,085
Deferred revenues 2,253 2,452
Liabilities of discontinued operations 351 351
Total current liabilities 4,846 5,193
LONG-TERM LIABILITIES -
Accrued severance pay 1,133 1,051
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS' EQUITY:
Share capital 13 13
Additional paid-in capital 19,716 19,676
Treasury shares (29) (29)
Accumulated other comprehensive income 4 23
Accumulated deficit (16,160) (16,293)
Total shareholders' equity 3,544 3,363
Total liabilities and shareholders' equity $ 9,523 $ 9,607
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
Three months ended
March 31,
2011 2010
Revenues:
Product sales $ 1,013 $ 1,117
Services 1,784 1,761
Total revenues 2,797 2,878
Cost of revenues:
Product sales 313 404
Services 601 648
Total cost of revenues 914 (*) 1,052
Gross profit 1,883 1,826
Operating expenses:
Research and development, net of grants from
the OCS 475 325
Selling and marketing 508 (*) 633
General and administrative 896 835
Total operating expenses 1,879 1,793
Operating income (loss) 4 33
Financial income (expenses), net 59 (33)
Other income (expenses), net 77 -
Income (loss) before taxes on income 140 -
Tax on income, net (7) (2)
Net income (loss) $ 133 $ (2)
Net loss per share:
Basic and diluted net income (loss) per
Ordinary share $ 0.03 $ (0.00)
Weighted average number of Ordinary shares
used in computing basic and diluted net loss
per share 4,458,976 4,458,976
(*) reclassified
Contacts:
Company:
Alon Mualem
CFO
Tel: +972-9-7777-540
Email: [email protected]
SOURCE MTS-MER Telemanagement Solutions Ltd
Share this article