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MTS Announces First Quarter 2014 Financial Results - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

MTS Announces First Quarter 2014 Financial Results

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SOURCE Mer Telemanagement Solutions Ltd.

Eytan Bar Leaves the Company to Pursue New Business Opportunities

RA'ANANA, Israel, May 15, 2014 /PRNewswire/ -- MTS – Mer Telemanagement Solutions Ltd. (Nasdaq Capital Market: MTSL), a global provider of Mobile Virtual Network Enabler (MVNE), Mobile Money and telecommunications expense management (TEM) solutions and services, today announced its financial results for the first quarter of 2014.

Revenues for the first quarter of 2014 were $1.8 million, compared with $3.3 million in revenues during the same quarter last year. The Company's operating (loss) was $313,000 in the first quarter of 2014, compared to operating profit of $420,000 in the first quarter of 2013. Net loss in the first quarter was $315,000, or $(0.07) per diluted share, compared to net income of $344,000, or $0.07 per diluted share, in the first quarter of 2013. The principal factor that adversely affected the quarter's results was the termination of revenues from the agreement with Simple Mobile that ended on December 31, 2013.

As of March 31, 2014, MTS had cash and marketable securities of $6.3 million, as compared to $6.5 million as of December 31, 2013.

The Company announced today that its Board of Directors has agreed with Eytan Bar that he will step down as Chief Executive Officer. The Board has named Alon Mualem, the Company's Chief Financial Officer, to fill the role of Chief Executive Officer on an interim basis. The board will promptly begin to search for a permanent successor. "We would like to thank Eytan for his ten year career with MTS and his contribution to our company," said Mr. Chaim Mer, the Company's Chairman of the Board.

About MTS

Mer Telemanagement Solutions Ltd. (MTS) is a worldwide provider of innovative products and services for Telecom Expense Management (TEM), Enterprise Mobility Management (EMM), Mobile Virtual Network Operators and Enablers (MVNO/MVNE) and Mobile Money services and solutions used by mobile service providers.

The MTS TEM Suite solution enables enterprises to gain visibility and control of strategic fixed and mobile telecom assets, services and IT security policies that drive key business processes and crucial competitive advantage.  The MTS cloud, consulting and managed services solutions - including integrated management of invoices, assets, wireless, optimization, usage, mobile device management, procurement, help desk and bill payment, along with dashboards and reporting tools - provide professionals at every level of the organization with rapid access to concise, actionable data.

MTS's solutions for telecommunication service providers are used worldwide by wireless and wireline service providers for interconnect billing, partner revenue management and for charging and invoicing their customers. MTS provides MVNE services to allow the quick launch of new MVNO initiatives in a pay as you grow and revenue share models.  In addition, MTS has pre-configured solutions to support emerging carriers of focused solutions (e.g. IPTV, VoIP, WiMAX, MVNO) to rapidly install a full-featured and scalable solution.

Headquartered in Israel, MTS markets its solutions through wholly owned subsidiaries in the United States and Hong Kong and through distribution channels. MTS shares are traded on the NASDAQ Capital Market (symbol MTSL). For more information please visit the MTS web site: 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:

Alon Mualem  
CFO 
Tel: +972-9-7777-540
Email: Alon.Mualem@mtsint.com 

 


CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands




March 31,


December 31,



2014


2013

ASSETS










CURRENT ASSETS:





Cash and cash equivalents


$       6,182


$       6,369

Restricted cash


236


63

Restricted marketable securities


157


153

Trade receivables, net


622


943

Other accounts receivable and prepaid expenses


167


147






Total current assets


7,364


7,675






LONG-TERM ASSETS:





Severance pay fund


706


725











PROPERTY AND EQUIPMENT, NET


162


183






OTHER ASSETS:





Goodwill


3,479


3,479

Other intangible assets, net


522


567






Total other assets


4,001


4,046






Total assets


$         12,233


$            12,629







 

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share and per share data)




March 31,


December 31,



2014


2013

     LIABILITIES AND SHAREHOLDERS' EQUITY










CURRENT LIABILITIES:





     Trade payables


$           219


$           254

     Accrued expenses and other liabilities


2,073


2,200

     Deferred revenues


1,862


1,766

     Liabilities of discontinued operations


362


362






Total current liabilities


4,516


4,582






LONG-TERM LIABILITIES





     Accrued severance pay


827


857

     Deferred tax liability


29


29






Total long-term liabilities


856


886






COMMITMENTS AND CONTINGENT LIABILITIES










SHAREHOLDERS' EQUITY:





Share capital


13


13

Additional paid-in capital


20,334


20,317

Treasury shares


(29)


(29)

Accumulated other comprehensive loss


(8)


(6)

Accumulated deficit


(13,449)


(13,134)






Total shareholders' equity


6,861


7,161






Total liabilities and shareholders' equity


$        12,233


$     12,629






 

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)




Three months ended

March 31,



2014


2013

Revenues:





Services


$          1,460


$       2,702

Product sales


338


595






Total revenues


1,798


3,297






Cost of revenues:





Services


619


908

Product sales


175


243






Total cost of revenues


794


1,151






Gross profit


1,004


2,146






Operating expenses:





Research and development


355


344

Selling and marketing


478


588

General and administrative


484


794






Total operating expenses


1,317


1,726






Operating income (loss)


(313)


420

Financial income, net


4


19

Other income (loss), net


(1)


-






Income (loss) before taxes on income


(310)


439

Taxes on income, net


5


95






Net income (loss)


$            (315)


$           344






Net income (loss) per Ordinary share:










Basic and diluted net income (loss) per Ordinary share


$          (0.07)


$           0.07






Weighted average number of Ordinary shares used in computing basic net income (loss) per share


4,665,557


4,639,899

Weighted average number of Ordinary shares used in computing diluted net income  (loss) per share


4,684,146


4,784,153






 

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