MIND CTI profits down in 2011 despite strong Q4
MIND CTI revenues reached $18.9 million in 2011, down by 5% from $19.9 million in 2010.
Net income was recorded at $4.3 million ($0.23 per share), a decrease of 12% from $4.9 million ($0.26 per share) previously.
In the fourth quarter, revenues grew 6% to $5.3 million while net income shrank by 32% to $1.3 million or $0.07 per share
“We feel that we reached many of our targets -- very high visibility, increased average deal size, significant recurrent revenue and fully convergent technology,” said CEO Monica Iancu. “We believe that now, our proven methodology and technology we can aim to the next long term target (which is) internal growth.”