Mind CTI Ltd. (Nasdaq: MNDO; TASE: MNDO) today announced a $2.8 million share buyback plan.
The company reported that its board of directors authorized a plan for the repurchase of up to 2.1 million of MIND CTI's shares in the open market, in an amount in cash of up to $2.8 million.
MIND chairperson and CEO Monica Eisinger commented, "We believe that in light of current share prices, the history of positive cash flow from operations and the Company’s resources, the purchase of the Company’s shares is a good investment and is in the best interests of the Company and we can do this without sacrificing expansion, capital investment or growth plans. We believe that at this time the repurchase of our stock at these prices will deliver value to our shareholders and is one of the most appropriate uses of our resources."
Mind published its financial reports for the first and second quarters of 2008 in August. It had delayed publication of its financial results because of difficulties in obtaining valuations of its auction rate securities (ARS). After the company obtained a valuation, it wrote off of $15.1 million for 2007, $796,000 in the first quarter, and $1.76 million in the second quarter.
Yokne'am-based Mind CTI develops real-time and off-line billing and customer care software for 3G telecommunications provider and VoIP networks. MIND operates from offices in the United States, UK, Romania and Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2008
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