MIND C.T.I. Ltd. announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, the company reported revenues of $5.1 million and net income of $0.5 million. Full year 2024 revenues were $21.4 million, which was flat compared to fiscal year 2023, while full year net income was $4.6 million, resulting in an EPS of $0.23, down from $0.26 in FY 2023.
The Board of Directors declared a gross cash dividend of $0.22 per share, continuing its long-standing dividend policy. The record date for this dividend is set for March 25, 2025, with the payment date scheduled for April 10, 2025. Tax will be withheld at a rate of 20% from the distribution.
CEO Ariel Glassner highlighted the material adverse effect of global economic conditions, industry consolidation, and increased competition on the company's business. He noted that telcos have reduced investment in billing platforms due to 5G deployment costs, leading to no new customer recruitment in 2024. The company anticipates an unfavorable impact on its revenues and profitability in 2025 due to these factors.
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