TTI Telecom Reports Fourth Quarter and Year-End 2009 Financial Results
24 Février 2010 - 4:53AM
TTI Team Telecom International Ltd. (Nasdaq:TTIL), ('the Company'),
a global supplier of Operations Support Systems (OSS) to
communications service providers, today announced results for the
fourth quarter and full year ended December 31, 2009.
Total revenues for the fourth quarter were $10.7 million,
compared with $10.3 million in the third quarter of 2009, and $11.3
million for the fourth quarter of 2008. Total operating expenses
were $5.0 million, compared to $4.9 million in the third quarter of
2009 and $6.1 million in the fourth quarter of 2008.
Operating income for the quarter was $566,000 compared with
$744,000 in the third quarter of 2009 and an operating loss of
$150,000 for the fourth quarter of 2008. Net income was $15,000, or
$0.00 per basic and diluted share, compared to $1.3 million, or
$0.07 per basic and diluted share for the third quarter of 2009 and
a net loss of $2.1 million, or $0.13 per basic and diluted share in
the fourth quarter of 2008.
Total revenues for the twelve months ended December 31, 2009
were $42.5 million, compared to $50.3 million in 2008. Total
operating expenses for 2009 were $20.4 million, compared to $27.1
million in 2008.
As part of the 2004 capital draft, the company issued warrants
that were intended for purchasing ordinary company shares. As a
result of the adoption of a new accounting standard on January 1st,
2009, these warrants are no longer eligible to be classified as
equity. Therefore, the company is now required to present the
fair value of the warrants as a liability and to record any changes
in their fair value during the period as a financial expense or as
income. During the course of 2009, the fair value of these warrants
appreciated by approximately 600 thousand dollars that offset part
of our financial income. Excluding this non-cash charge, our net
income for 2009 was 3.3 million dollars.
Operating income for the period was $2.6 million compared with
an operating loss of $54,000 in 2008. Net income was $2.7 million,
or $0.14 per basic and diluted share, compared to a net loss of
$2.0 million, or $0.12 per basic and diluted share for the year
ended December 31, 2008.
As of December 31, 2009, the Company had approximately $30.9
million in cash, liquid investments, and short term deposits.
Commenting on the results, Meir Lipshes, Chairman and CEO of TTI
Telecom, stated, "Looking at 2010, we rely on the overall
anticipation of a gradual recovery in capital spending. We believe
that there are many opportunities for sustainable growth. However,
we do expect our customers to still remain cautious and we also
expect them to continue seeking high value, low TCO, and fast ROI.
We believe that our investments in the LTE domain, the awareness of
customers changed decision making practices and the still effective
cautious financial management of TTI's operations will all bolster
TTI in its goal to be a preferred choice for customers and hence
TTI's market position."
Conference Call Information:
Management will host a conference call on February 24, 2010,
9:00am 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) 229-0736 in the U.S., or (706) 679-0692
internationally. Participants will be asked to provide the
following access code: 56356365. 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 56356365. The recording will be
available from: 02/24/2010 12:30 to 03/03/2010 23:59. Additionally,
a recording of the call will be available, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31,
|
|
Three months ended December 31,
|
|
|
|
|
|
|
|
|
|
2008
|
2009
|
|
2008
|
2009
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
Product
|
|
29,101
|
22,741
|
|
5,593
|
5,737
|
Services
|
|
21,232
|
19,794
|
|
5,659
|
4,999
|
|
|
|
|
|
|
|
Total revenues
|
|
50,333
|
42,535
|
|
11,252
|
10,736
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
Product
|
|
15,627
|
13,473
|
|
3,449
|
3,712
|
Services
|
|
7,627
|
6,141
|
|
1,836
|
1,487
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
23,254
|
19,614
|
|
5,285
|
5,199
|
|
|
|
|
|
|
|
Gross profit
|
|
27,079
|
22,921
|
|
5,967
|
5,537
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
Research and development
|
|
11,407
|
7,478
|
|
2,736
|
1,635
|
Sales and marketing
|
|
9,883
|
7,994
|
|
2,274
|
2,013
|
General and administrative
|
|
5,843
|
4,899
|
|
1,107
|
1,323
|
|
|
|
|
|
|
|
Total operating expenses
|
|
27,133
|
20,371
|
|
6,117
|
4,971
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
(54)
|
2,550
|
|
(150)
|
566
|
Financial income (loss), net
|
|
(554)
|
522
|
|
(440)
|
(606)
|
|
|
|
|
|
|
|
Income (loss) before taxes on income
|
|
(608)
|
3,072
|
|
(590)
|
(40)
|
Taxes on income
|
|
371
|
79
|
|
85
|
(55)
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
(979)
|
2,993
|
|
(675)
|
15
|
Income (loss) from discontinued
operations
|
(1,022)
|
(314)
|
|
(1,445)
|
0
|
Net Income
|
|
(2,001)
|
2,679
|
|
(2,120)
|
15
|
|
|
|
|
|
|
|
Net income attributed to preferred shares from continuing and
discontinued operation
|
0
|
464
|
|
0
|
2
|
|
|
|
|
|
|
|
Net income (loss) attributed to ordinary shares from continuing
operation
|
(979)
|
2,529
|
|
(675)
|
13
|
|
|
|
|
|
|
|
Net loss attributed to ordinary shares from discontinued
operation
|
(1,022)
|
(314)
|
|
(1,445)
|
0
|
|
|
|
|
|
|
|
Basic and diluted income (loss) per share
attributable to Ordinary shareholders
|
|
|
|
From continuing operations
|
|
(0.06)
|
0.16
|
|
(0.04)
|
0.00
|
From discontinued operations
|
|
(0.06)
|
(0.02)
|
|
(0.09)
|
0.00
|
Net income per share
|
|
(0.12)
|
0.14
|
|
(0.13)
|
0.00
|
|
|
|
|
|
|
|
Weighted average number of shares used for
computing net income per share to ordinary
shareholders-Basic and Diluted
|
16,003,158
|
16,003,158
|
|
16,003,158
|
16,003,158
|
TTI TEAM TELECOM INTERNATIONAL LTD.
|
CONSOLIDATED BALANCE SHEET
|
(in thousands of U.S dollars)
|
|
|
|
|
|
December 31,
2008
|
|
December 31,
2009
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
Cash and cash equivalents
|
24,921
|
|
22,980
|
Short term deposits
|
0
|
|
7,887
|
Trade receivables
|
9,790
|
|
7,904
|
Unbilled receivables
|
3,093
|
|
1,630
|
Related parties
|
459
|
|
529
|
Other accounts receivable and prepaid expenses
|
2,150
|
|
2,295
|
Current assets of discontinued operations
|
958
|
|
0
|
|
|
|
|
Total current assets
|
41,371
|
|
43,225
|
|
|
|
|
LONG-TERM INVESTMENTS:
|
|
|
|
|
|
|
|
Investment in affiliate
|
165
|
|
165
|
Severance pay fund
|
3,836
|
|
4,229
|
|
|
|
|
Total long-term investments
|
4,001
|
|
4,394
|
|
|
|
|
PROPERTY AND EQUIPMENT
|
|
|
|
Cost
|
25,771
|
|
18,458
|
Less - accumulated depreciation
|
18,572
|
|
12,594
|
|
|
|
|
Property and equipment, net
|
7,199
|
|
5,864
|
|
|
|
|
Total Assets
|
52,571
|
|
53,483
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Trade payables
|
2,187
|
|
1,594
|
Related parties
|
420
|
|
194
|
Deferred revenues
|
3,648
|
|
3,368
|
Other accounts payable and accrued expenses
|
6,040
|
|
6,603
|
Liabilities of discontinued operations
|
844
|
|
0
|
|
|
|
|
Total current liabilities
|
13,139
|
|
11,759
|
|
|
|
|
ACCRUED SEVERANCE PAY
|
6,412
|
|
6,279
|
|
|
|
|
Long term liability
|
1,372
|
|
1,141
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
Share capital
|
2,595
|
|
2,595
|
Additional paid-in capital
|
75,251
|
|
75,278
|
Retained earnings (Accumulated deficit)
|
(46,198)
|
|
(43,569)
|
|
|
|
|
Total liabilities and shareholders' equity
|
31,648
|
|
34,304
|
|
|
|
|
|
52,571
|
|
53,483
|
CONTACT: TTI Team Telecom International Ltd.
Rebecca (Rivi) Aspler, Director, Investor Relations
+972-3-926-9093
Mobile: +972-54-777-9093
Fax: +972-3-926-9574
rebecca.aspler@tti-telecom.com
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