MIND CTI revenue drops in H1

Israel-based MIND CTI registered $8.86 million in revenues in the first six months of 2007, 15% lower than the $10.33 million posted in the same period last year. Net income was $2.01 million, excluding amortization of intangible assets and equity-based compensation expense. GAAP net income was placed at $1.66 million.

 

The company says its weak first-half results reflect the effect of delayed decisions and long sales cycles. Its strong installed base and long-term relationships with customers, which represent the majority of its revenues, will serve as basis for future revenue stream.

 

The bulk of the company's sales went to the Americas (43%), followed closely by Europe (38%).

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