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Revenues fell from $11.4M in the same quarter last year to $9.1M, while net loss was cut from $5.6M to $4.9M
May 25, 2005
PETACH TIKVA, Israel -- TTI Team Telecom International Ltd. (NASDAQ: TTIL - News), ("the Company'), a global supplier of Operations Support Systems (OSS) and Business Support Systems (BSS) to communications service providers, today announced results for the fourth quarter ended March 31, 2005.
Total revenues for the first quarter were $9.1 million, compared to $11.4 million for the first quarter of 2004. Operating loss for the quarter was $5.1 million, compared with an operating loss of $5.8 million for the same quarter of 2004, and net loss was $4.9 million, or $0.41 per diluted share, versus a net loss of $5.6 million, or $0.47 per diluted share, in the same quarter last year.
During the quarter, the Company completed its previously announced private placement of approximately 6,636,391 of its Series A Convertible Preferred Shares, convertible into Ordinary Shares, to institutional and private investors for an aggregate purchase price of $14.6 million. As a result of this transaction, the Company ended the quarter with approximately $31.8 million in cash and liquid investments, or $2.68 per diluted share. The Company remains debt-free.
First Quarter FY2005 Highlights:
Completed private placement, raising $14.6 million to strengthen balance sheet and for working capital purposes
Closed $14 million in new orders in the quarter, including follow-on orders from tier-1 carriers in North America and Europe
Subsequent to the close of the quarter, implemented additional restructuring steps designed to lower expense structure and put the Company firmly on course to achieve breakeven financial results by the fourth quarter of 2005
Commenting on the quarter's results, Meir Lipshes, chairman and CEO of TTI Telecom, stated, "Our plans to realign costs are starting to bear fruit, and to further display financial stability and strength to customers and investors alike, we completed a private placement that added $14.6 million to our balance sheet. This, combined with a healthy backlog for 2005 and bookings to date, gives us a good start to the year.
"Subsequent to the quarter, we initiated additional restructuring steps intended to bring us to breakeven operating results by the fourth quarter of 2005. This will be achieved, in part, through headcount reductions globally and by rationalizing our R&D efforts and Product portfolio."
Concluded Lipshes, "We remain mindful that our long-term success is contingent upon an improvement in revenue generation, the continued realignment of our cost structure and ongoing investment in leading-edge products. Our performance over the past few quarters gives us reason for optimism, and we believe we are well positioned to realize our goals."
TTI Telecom International Ltd.
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