MIND CTI LTD (Form: 6-K, Received: 07/25/2002 09:11:35)

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of May, 2007

Commission File Number: 000-31215

MIND C.T.I. LTD.

(Translation of Registrant's Name into English)

Industrial Park, Building 7, P.O.Box 144, Yoqneam, 20692, Israel
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F:

Form 20-F [X] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes [ ] No [X]

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-N/A.

INCORPORATION BY REFERENCE

The financial statements included in the press release attached as Exhibit 1 to this Report on Form 6-K are hereby incorporated by reference into: (i) the Registrant's Registration Statement on Form S-8, Registration No. 333-117054; (ii) the Registrant's Registration Statement on Form S-8, Registration No. 333-100804; and (iii) the Registrant's Registration Statement on Form S-8, Registration No. 333-54632.

CONTENTS

This report on Form 6-K of the registant consists of the following document, which is attached hereto and incorporated by reference herein:
1. Press Release: MIND CTI Reports EPS of 5 Cents for the First Quarter of 2007. Dated May 9, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 10, 2007

MIND C.T.I. LTD.

By: /s/ Monica Eisinger
Name: Monica Eisinger
===================
Title: Chairperson of the Board of Directors, President and Chief Executive Officer

EXHIBIT INDEX

Exhibit NumberDescription of Exhibit
1.Press Release: MIND CTI Reports EPS of 5 Cents for the First Quarter of 2007. Dated May 9, 2007.


Exhibit 1

MIND CTI Reports EPS of 5 Cents for the First Quarter of 2007

Key Highlights Yoqneam, Israel, May 9, 2007 - MIND CTI Ltd. (NasdaqNM:MNDO), a leading provider of convergent end-to-end billing and customer care product based solutions for tier 2 and tier 3 carriers worldwide, today announced results for the first quarter 2007.

Monica Eisinger, Chairperson and CEO, commented: "In the first quarter of 2007 we once again proved our unique model of execution on profitability, in an environment that is almost universally weakened by delayed decisions. During the quarter we continued to enhance our suite of products that generate new wins and follow-on orders from existing customers. We focus on delivering high quality solutions and on expanding our relationship with our customers as they grow their business or transform their businesses to address convergence. While the sales cycles are long and the timing of required deliveries is difficult to predict, we see demand for our products and services that we expect to provide us with growth opportunities for years to come."

Financial Highlights of Q1 2007 Revenue Distribution for Q1 2007
Sales in Europe represented 43% and sales in the Americas represented 41% of total revenue. Revenue from our customer care and billing software totaled $4.05 million, while revenue from our enterprise call management software was $755 thousand. The revenue breakdown from our business lines of products was $1.91 million, or 40% from licenses, $1.69 million, or 35% from maintenance and $1.21 million, or 25% from services.

Conference Call Information
MIND will host a conference call on May 10, at 8:30 a.m., Eastern Standard Time, to discuss the Company's first quarter 2007 results and other financial and business information. The call will be carried live on the Internet via www.fulldisclosure.com and the MIND website, www.mindcti.com. For those unable to listen to the live web cast, a replay will be available.

About MIND MIND CTI Ltd. is a leading provider of convergent prepaid and postpaid end-to-end billing and customer care solutions for IP networks, Mobile, Wireline and Quad-play carriers worldwide. Since 1997 MIND has been a pioneer in enabling the VoIP technology for emerging and incumbent service providers. In August 2005 MIND acquired Sentori, Inc., a US based provider of customer care and billing solutions to wireless carriers and mobile virtual network operators (MVNOs). Sentori, Inc. brings over ten years of wireless experience and eight years of a wireless operational solution to carriers. A global company, MIND operates from offices in Europe, Israel and the United States. MIND employs 300 IT professionals and serves customers in more than 40 countries around the world. For financial information, reports and presentations, please visit the Investor Relations site: http://www.mindcti.com/ir

Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward-looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The forward-looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission. The Company does not undertake to update any forward-looking information.

For more information please contact:
Andrea Dray
MIND CTI Ltd.
Tel: +972-4-993-6666
investor@mindcti.com

(tables to follow)


Back to top

MIND C.T.I LTD

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31 December 31
2007 2006 2006
(Unaudited) (Audited)
U.S. $ in thousands
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents $24,808 $6,905 $27,571
Accounts receivable:
Trade 5,819 5,191 5,385
Other 531 1,034 231
Deferred income taxes 158 154
Inventories 35 30 35
T o t a l current assets 31,351 13,160 33,376
INVESTMENTS AND OTHER NON CURRENT ASSETS:
Marketable debentures 10,000 10,000
Long term bank deposits 30,000
Other 989 730 1,003
PROPERTY AND EQUIPMENT, net of accumulated depreciation 1,547 1,950 1,558
INTANGIBLE ASSETS, net of accumulated amortization 772 1,330 888
GOODWILL 6,966 6,966 6,966
T o t a l assets $51,625 $54,136 $53,791
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Accounts payable and accruals:
Trade $503 $789 $464
Other 2,640 2,151 2,509
Deferred revenues 1,906 1,899 1,236
Advances from customers 241 575 241
T o t a l current liabilities 5,290 5,414 4,450
EMPLOYEE RIGHTS UPON RETIREMENT 1,498 1,404 1,482
T o t a l liabilities 6,788 6,818 5,932
SHAREHOLDERS' EQUITY:
Share capital 54 53 54
Additional paid-in capital 59,628 59,510 59,547
Capital surplus 389 77 325
Accumulated deficit (15,234) (12,322) (12,067)
T o t a l shareholders' equity 44,837 47,318 47,859
T o t a l liabilities and shareholders' equity $51,625 $54,136 $53,791

I

Back to top

MIND C.T.I LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended March 31 Year ended December 31
2007 2006 2006
(Unaudited) (Audited)
U.S. $ in thousands (except per share data)
REVENUES $4,807 $5,252 $20,060
COST OF REVENUES 1,345 1,598 5,675
GROSS PROFIT 3,462 3,654 14,385
RESEARCH AND DEVELOPMENT EXPENSES 1,416 1,738 6,118
SELLING AND MARKETING EXPENSES 935 982 3,628
GENERAL AND ADMINISTRATIVE EXPENSES 443 359 2,135
OPERATING INCOME 668 575 2,504
FINANCIAL INCOME (EXPENSES) - net 504 125 * (222)
INCOME BEFORE TAXES ON INCOME 1,172 700 2,282
TAXES ON INCOME 21 46 1,373
NET INCOME $1,151 $654 $909
EARNING PER ORDINARY SHARE:
Basic and diluted $0.05 $0.03 $0.04
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES USED IN COMPUTATION OF EARNINGS PER ORDINARY SHARE - IN THOUSANDS:
Basic 21,566 21,439 21,515
Diluted 21,577 21,511 21,546
* Financial expenses for the year ended December 31, 2006 include a loss from a premature withdrawal of long-term deposits in the amount of $1,330,000.

II

Back to top

MIND C.T.I LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended March 31 Year ended December 31
2007 2006 2006
(Unaudited) (Audited)
U.S. $ in thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,151 $654 $909
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 245 486 1,391
Deffered income taxes, net 2 (293)
Accrued severance pay 16 102 176
Capital loss (gain) on sale of property and equipment - net 7 (4) (3)
Employees share based compensation expenses 64 77 325
Changes in operating asset and liability items:
Decrease (increase) in accounts receivable:
Trade (434) (1,802) (1,996)
Interest accrued on marketable debentures (135) (37)
Other (165) (244) 537
Increase in inventories (5)
Increase (decrease) in accounts payable and accruals:
Trade 39 103 (222)
Other (605) 4 768
Increase (decrease) in deferred revenues 670 255 (408)
Decrease in advances from customers, net (215) (549)
Net cash provided by (used in) operating activities 855 (584) 593
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (135) (174) (379)
Amounts funded in respect of accrued severance pay 8 3 (119)
Acquisition of marketable debentures held-to-maturity (10,000)
Withdrawal of long-term bank deposits 30,000
Proceeds from sale of property and equipment 10 29 162
Net cash provided by (used in) investing activities (117) (142) 19,664
CASH FLOWS FROM FINANCING ACTIVITIES:
Employee stock options exercised and paid 81 60 149
Dividend paid (3,582) (2,603) (3,009)
Net cash used in financing activities (3,501) (2,543) (2,860)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,763) (3,269) 17,397
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 27,571 10,174 10,174
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD $24,808 $6,905 $27,571
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON CASH ACTIVITIES
Cash paid during the year for income tax $841 $11 $39

III

Back to top
- end of file -