Mind CTI registers higher revenue in Q3

Mind CTI posted $4.6 million in revenue in the third quarter, up slightly from the $4 million it registered in the same period last year.

 

The company, however, suffered a GAAP net loss of $2.4 million in the July-September period, in huge contrast with its GAAP net income of $955,000 in the third quarter of 2007.

 

Non-GAAP operating income stood at $481,000, while GAAP net loss was pegged at $1.2 million. Cash flow from operating activities came up to $1.2 million.

 

As of end-September, the company's cash position was placed at $10.9 million. In the same quarter, the company's board authorized a plan to repurchase up to 2.1 million of Mind's ordinary shares, worth up to $2.8 million, in the open market.

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