TTI Team Telecom International (Nasdaq: TTIL) today published its financial report for the fourth quarter of 2006 and the year as a whole. The operations support systems (OSS) to communications service providers narrowed its net loss for the year as a whole, despite an increase in its loss for the fourth quarter, because of lower revenue.
The company posted $10.1 million revenue for the fourth quarter, 17% less than for the corresponding quarter of 2005, however, its revenue for the year rose 6.7%, compared with 2005, to $46.1 million.
The bottom line results were mixed. The company lost $3 million ($0.16 per share) for the fourth quarter, compared with a net profit of $600,000 for the corresponding quarter. However, for the year as a whole, the company narrowed its loss to $3.8 million ($0.20 per share) from $9.1 million ($0.72 per share) in 2005.
The company had $32.5 million in cash and investments at the end of 2006.
TTI chairman and CEO Meir Lipshes said, “We enter 2007 a more focused and efficient organization, supported by a strong balance sheet and solid backlog. Coupled with continued expense management, the potential for a gradual recovery in North America and strong sales momentum in the rest of the world, we have in place the requirements for a successful 2007 and beyond."
Published by Globes [online], Israel business news - www.globes.co.il - on February 15, 2007
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