MTS Files its Annual Report With Audited Financial Statements With the SEC
30 Mars 2007 - 9:48PM
PR Newswire (US)
RA'ANANA, Israel, March 30 /PRNewswire-FirstCall/ -- MTS - Mer
Telemanagement Solutions Ltd. (Nasdaq Capital Market: MTSL), a
global provider of business support systems (BSS)for comprehensive
telecommunication management and customer care & billing
(CC&B) solutions, today announced that it has filed its annual
report with audited financial statements with the SEC reflecting
revenues for the year ended December 31, 2006 of $10.5 million and
a net loss of $2.25 million compared to revenues of $11 million and
a net loss of $1.5 million as preliminarily reported in a press
release on February 7, 2007. The audited numbers reflect a
write-off of $304,000 relating to a cancellation of a contract by a
client in the Far East after the Company had performed its
obligations under the contract. The Company believes that the
contract cancellation was unfounded and intends to vigorously
pursue its rights under the contract. In addition, an OEM amended
its report of Q4 2006 installations of our software in their
equipment, resulting in a reversal of $251,000 in revenues. The
Company also established a $164,000 tax reserve and adjustment of
deferred taxes that belong to prior years. About MTS Mer
Telemanagement Solutions Ltd. (MTS) is a global provider of
business support systems for comprehensive telecommunication
management and customer care & billing solutions. MTS' business
support system is a full-featured customized solution for
telecommunications management, Interconnect and customer care &
billing. Its telecommunications expense management solution is used
by corporations and organizations to improve the efficiency and
performance of all telecommunication and information technology
operations, and to significantly reduce associated costs. Its
service providers and carriers solutions are used to support
sophisticated billing, web-based self-provisioning, partners
management and interconnect billing. Headquartered in Israel, MTS
markets through wholly owned subsidiaries in the United States,
Hong Kong, Holland, and Brazil, and 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. Contacts: Company: Shlomi Hagai Corporate
COO & CFO Tel: +972-9-762-1733 Email: DATASOURCE: MTS-MER
Telemanagement Solutions Ltd CONTACT: Contacts: Company: Shlomi
Hagai, Corporate COO & CFO, Tel: +972-9-762-1733, Email:
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