Tti Team Telecom International (TTIL) Inactive
Filed: 24 Nov 09, 12:00am
EXHIBIT 99.1
ROSH HA'AYIN, Israel, Nov. 19, 2009 (GLOBE NEWSWIRE) -- 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 third quarter ended September 30, 2009.
Total revenues for the third quarter were $10.3 million, compared with $12.7 million in the third quarter of 2008, and $10.7 million for the second quarter of 2009. Total operating expenses were $4.9 million, compared to $7.0 million in the third quarter of 2008 and $5.3 million in the second quarter of 2009.
Operating income for the third quarter was $744 thousands compared with an operating loss of $441 thousands for the third quarter last year and an operating income of $644 thousands in the second quarter of 2009. Net income for the third quarter was of $1.3 million or $0.07 dollar per basic and diluted share, compared to a net loss of $1 million or $0.06 dollar per basic share and diluted share in the third quarter of 2008, and net income of $0.9 million or $0.05 dollar per basic and diluted share for the second quarter of 2009.
Total revenues for the nine months ended September 30, 2009 were $31.8 million, compared to $39.1 million in the nine months ended September 30, 2008. Total operating expenses for the period were $15.4 million, compared to $21 million in the first nine months of 2008.
Operating income for the nine months ended September 30, 2009 was $2 million compared with operating income of $96 thousands in the comparable period in 2008. Net income was $2.7 million or $0.14 dollar per basic and diluted share, compared to net income of $119 thousands or $0.00 dollar per basic and diluted share for the first nine months of 2008.
As of September 30, 2009, the Company had approximately $30.1 million in cash and liquid investments.
Commenting on this quarter's results, Meir Lipshes, Chairman and CEO of TTI, said, "This quarter, as the previous one, still stands in light of the continuing recession. Since we do see an awakening in the market, we carefully look forward to seeing the results of the fourth quarter. In preparation for a market awakening, we have decided to accelerate our investment in the building of an LTE solution that will offer product capabilities and additional services for the LTE domain. We believe that these investments will strengthen TTI's market position".
Conference Call Information:
A conference call has been scheduled for 10:00am ET today, November 19, 2009, during which management will discuss the Company's performance for the quarter.
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: 41165100.
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 41165100. The recording will be available from: 11/19/2009 11:30 to11/24/2009 23:59.
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 LTE 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. For more information, please visit www.tti-telecom.com
TTI TEAM TELECOM INTERNATIONAL LTD.
STATEMENTS OF INCOME
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(in thousands of U.S. dollars)
Nine Months ended Three Months ended
September 30, September 30,
---------------------- ----------------------
2008 2009 2008 2009
---------- ---------- ---------- ----------
Unaudited Unaudited
---------------------- ----------------------
Revenues
Product 23,508 17,004 6,716 5,510
Services 15,573 14,795 5,992 4,814
---------- ---------- ---------- ----------
Total revenues 39,081 31,799 12,708 10,324
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Cost of revenues:
Product 12,177 9,761 4,119 3,276
Services 5,793 4,654 2,059 1,377
---------- ---------- ---------- ----------
Total cost
of revenues 17,970 14,415 6,178 4,653
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Gross profit 21,111 17,384 6,530 5,671
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Operating expenses:
Research and
development 8,671 5,843 2,721 1,781
Sales and marketing 7,609 5,981 2,682 1,857
General and
administrative 4,735 3,576 1,568 1,289
---------- ---------- ---------- ----------
Total operating
expenses 21,015 15,400 6,971 4,927
---------- ---------- ---------- ----------
Operating income
(loss) 96 1,984 (441) 744
Financial income
(expenses), net (114) 1,128 (504) 566
---------- ---------- ---------- ----------
Income (loss)
before taxes
on income (18) 3,112 (945) 1,310
Taxes on income 286 134 45 25
---------- ---------- ---------- ----------
Income (loss) from
continuing
operations (304) 2,978 (990) 1,285
Income (loss) from
discontinued
operations 423 (314) (24) 0
---------- ---------- ---------- -----------
Net Income (loss) 119 2,664 (1,014) 1,285
========== ========== ========== ==========
Net income
attributed to
preferred shares
from continuing and
discontinued
operation 66 462 0 200
========== ========== ========== ==========
Net income (loss)
attributed to
ordinary shares
from continuing
operation (304) 2,516 (990) 1,085
========== ========== ========== ==========
Net income (loss)
attributed to
ordinary shares
from discontinued
operation 357 (314) (24) 0
========== ========== ========== ==========
Basic and diluted
income (loss) per
share attributable
to Ordinary
shareholders
From continuing
operations (0.02) 0.16 (0.06) 0.07
========== ========== ========== ==========
From discontinued
operations 0.02 (0.02) 0.00 0.00
========== ========== ========== ==========
Net income per share 0.00 0.14 (0.06) 0.07
========== ========== ========== ==========
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
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(in thousands of U.S. dollars)
Dec. 31, Sept. 30,
2008 2009
------- -------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 24,921 23,749
Short term deposits 0 6,327
Trade receivables 9,790 7,870
Unbilled receivables 3,093 2,542
Related parties 459 528
Other accounts receivable and prepaid expenses 2,150 2,472
Current assets of discontinued operations 958 0
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Total current assets 41,371 43,488
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LONG-TERM INVESTMENTS:
Long term deposits 0 50
Investment in affiliate 165 165
Severance pay fund 3,836 4,271
------- -------
Total long-term investments 4,001 4,486
------- -------
PROPERTY AND EQUIPMENT
Cost 25,771 18,558
Less - accumulated depreciation 18,572 12,474
------- -------
Property and equipment, net 7,199 6,084
------- -------
Total Assets 52,571 54,058
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables 2,187 1,638
Related parties 420 78
Deferred revenues 3,648 4,643
Other accounts payable and accrued expenses 6,040 5,758
Liabilities of discontinued operations 844 0
------- -------
Total current liabilities 13,139 12,117
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ACCRUED SEVERANCE PAY 6,412 6,414
------- -------
Long term liability 1,372 1,256
------- -------
SHAREHOLDERS' EQUITY:
Share capital 2,595 2,595
Additional paid-in capital 75,251 75,260
Accumulated deficit (46,198) (43,584)
------- -------
Total shareholders' equity 31,648 34,271
------- -------
Total liabilities and shareholders' equity 52,571 54,058
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CONTACT: TTI Team Telecom International Ltd.
Rebecca (Rivi) Aspler, Investor Relations Director
+972-3-926-9093
Mobile: +972-54-777-9093
Fax: +972-3-926-9574
rebecca.aspler@tti-telecom.com